Green Brick Partners Q3 2024 10-Q Filing

TL;DR

GRBK 10-Q filed. Q3 2024 results are in. Check financials.

AI Summary

Green Brick Partners, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Key financial data and operational details are presented in this filing, which covers their real estate development and homebuilding activities.

Why It Matters

This filing provides investors with a detailed look at Green Brick Partners' financial performance and operational status for the third quarter of 2024, crucial for understanding the company's current health and future prospects in the housing market.

Risk Assessment

Risk Level: medium — As a homebuilder, the company is subject to cyclical real estate market conditions, interest rate fluctuations, and regulatory changes.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial reporting period covered by the 10-Q.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the first nine months of the fiscal year for financial reporting.)
• 2023-01-01 to 2023-09-30 — Prior Year-to-Date Period (Provides a comparative period for the first nine months of the previous fiscal year.)

Key Players & Entities

• Green Brick Partners, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-30 (date) — Filing date
• 5501 HEADQUARTERS DR SUITE 300W PLANO TX 75024 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share GRBK The New York Stock Exch
• $18.5 million — with a carrying value of approximately $18.5 million. For the three and nine months ended Se
• $64.0 million — in GB Challenger, LLC for approximately $64.0 million in cash. Sale of GB Challenger Owners
• $10.7 million — million in cash. A gain on this sale of $10.7 million is included in other income, net in the
• $24.9 m — th Rainwater Crossing was approximately $24.9 million, representing its $12.7 million i
• $12.7 million — imately $24.9 million, representing its $12.7 million investment and the Company's remaining
• $12.2 million — ment to contribute to the joint venture $12.2 million in quarterly payments through March 31,
• $11.0 million — e received two initial contributions of $11.0 million from its two members, GBRK Edgewood and
• $33.5 million — ts involvement with Magnolia Ridge, was $33.5 million representing the Company's investment i
• $22.5 million — olia Ridge of $11.0 million and up to a $22.5 million completion guarantee on the JV's revolv

Filing Documents

• grbk-20240930.htm (10-Q) — 1366KB
• ex311certificationofchiefe.htm (EX-31.1) — 10KB
• ex312certificationofchieff.htm (EX-31.2) — 10KB
• ex321certificationofchiefe.htm (EX-32.1) — 5KB
• ex322certificationofchieff.htm (EX-32.2) — 5KB
• 0001373670-24-000084.txt ( ) — 7145KB
• grbk-20240930.xsd (EX-101.SCH) — 35KB
• grbk-20240930_cal.xml (EX-101.CAL) — 53KB
• grbk-20240930_def.xml (EX-101.DEF) — 224KB
• grbk-20240930_lab.xml (EX-101.LAB) — 477KB
• grbk-20240930_pre.xml (EX-101.PRE) — 390KB
• grbk-20240930_htm.xml (XML) — 1025KB

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets, September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6

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 23

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 34

Exhibits

Item 6. Exhibits 34

Signatures

Signatures 35 1 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) September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 80,069 $ 179,756 Restricted cash 24,579 19,703 Receivables 11,329 10,632 Inventory 1,918,046 1,533,223 Investments in unconsolidated entities 59,356 84,654 Right-of-use assets - operating leases 7,535 7,255 Property and equipment, net 6,901 7,054 Earnest money deposits 13,869 16,619 Deferred income tax assets, net 15,307 15,306 Intangible assets, net 303 367 Goodwill 680 680 Other assets 34,096 27,583 Total assets $ 2,172,070 $ 1,902,832 LIABILITIES AND EQUITY Liabilities: Accounts payable $ 67,346 $ 54,321 Accrued expenses 165,900 96,457 Customer and builder deposits 45,065 43,148 Lease liabilities - operating leases 8,600 7,898 Borrowings on lines of credit, net ( 1,718 ) ( 2,328 ) Senior unsecured notes, net 298,994 336,207 Notes payable — 12,981 Total liabilities 584,187 548,684 Commitments and contingencies Redeemable noncontrolling interest in equity of consolidated subsidiary 42,841 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 September 30, 2024 and December 31, 2023, respectively 47,603 47,603 Common stock, $ 0.01 par value: 100,000,000 shares authorized; 44,498,248 issued and outstanding as of September 30, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively 445 450 Additional paid-in capital 243,199 255,614 Retained earnings 1,229,490 997,037 Total Green Brick Partners, Inc. stockholders' equity 1,520,737 1,300,704 Noncontrolling interests 24,305 17,309 Total equity 1,545,042 1,318,013 Total liabilities and equity $ 2,172,070 $ 1,902,832 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 TABLE OF CONTENTS G

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