Green Brick Partners — Feb 26, 2025 release

Exhibit 99 GREEN BRICK PARTNERS, INC. REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2024 RESULTS RECORD Q4 HOME CLOSINGS REVENUE OF $557M, UP 24.2% YOY DILUTED EPS OF $2.31, A RECORD FOR ANY FOURTH QUARTER, UP 46.2% YOY RECORD FULL-YEAR HOMEBUILDING GROSS MARGIN OF 33.8%, UP 290 BPS YOY NET NEW HOME ORDERS OF 878, A RECORD FOR ANY FOURTH QUARTER, UP 29.3% YOY DEBT TO TOTAL CAPITAL OF 17.2%; NET DEBT TO TOTAL CAPITAL OF 10.7% BOARD INCREASES SHARE REPURCHASE AUTHORIZATION TO $100M PLANO, Texas, February 26, 2025 — Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”), today reported record results for its fourth quarter and full year ended December 31, 2024. Green Brick finished 2024 with a record full-year diluted EPS of $8.45, up 37.6% year over year, and record total revenues of $2.1 billion, up 18.1% year over year. “We are extremely proud to celebrate our 10th anniversary as a public homebuilder with record quarterly and full-year results while exceeding $2 billion in home closings revenue for the first time.” said Jim Brickman, CEO and Co-Founder. “During the fourth quarter, we closed a record 1,019 homes, which brought our full-year closings to 3,783, a year-over-year increase of 21.1%. Homebuilding gross margin was 33.8% on deliveries for the year, which was a record and represented a year-over-year increase of 290 bps. Our homebuilding gross margins again led our industry.” “Our fourth quarter net new orders increased 29.3% year over year to 878 homes. Our growth engine, Trophy Signature Homes continued to represent the lion’s share of total sales orders at 53.6% of homes sold. For the fourth quarter, incentives averaged 6.4%, up slightly from 5.9% the previous quarter in the face of increasing mortgage rates. Our cancellation rate remained low at 7.8%.” Mr. Brickman added, “As a result of our strong operating performance, fully-diluted EPS was $2.31 for the quarter and $8.45 for the full year, up 46.2% and 37.6% year over year respectively. These achievements are attributable to our footprint in desirable infill and infill-adjacent submarkets where we continued to generate over 80% of our full-year revenues. Return on equity for the full year was 26.8% vs 24.9% in 2023. Notably, this growth was achieved while maintaining low financial leverage. Our debt-to-total-capital ratio was 17.2% at the end of 2024, which was down 390 bps to our lowest year-end level since 2015.” “We entered 2025 with a strong position for growth with total lots owned and controlled up 31.9% year over year,” continued Mr. Brickman. “At the end of 2024, we had 106 active selling communities, representing a 16.5% year-over-year growth. New home starts of 4,067 for the year were up 22.2%. Additionally, we owned over 4,700 finished lots at the end of 2024, over 80% of which are in infill and infill-adjacent submarkets where supply is more constrained. We remain optimistic on the housing market over the long term, which is supported by demographic tailwinds and persistent housing shortages. We have a great land and lot position. On February 17, 2025, our Board approved an increase in our share repurchase authorization to $100 million. Integral to our capital allocation process, we continue to evaluate our land acquisition strategy along with our share repurchase program and other long term company goals” Results for the Quarter Ended December 31, 2024: (Dollars in thousands, except per share data) Three Months Ended December 31, 2024 2023 Change New homes delivered 1,019  825  23.5  % Total revenues $ 567,314  $ 450,382  26.0  % Total cost of revenues 373,279  308,754  20.9  % Total gross profit $ 194,035  $ 141,628  37.0  % Income before income taxes $ 138,094  $ 101,843  35.6  % Net income attributable to Green Brick Partners, Inc. $ 103,813  $ 73,020  42.2  % 1 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 2.31  $ 1.58  46.2  % Residential units revenue $ 556,855  $ 448,525  24.2  % Average sales price of homes delivered $ 546.5  $ 543.5  0.6  % Homebuilding gross margin percentage 34.3  % 31.4  % 290 bps Selling, general and administrative expenses as a percentage of residential units revenue 10.9  % 11.4  % -50 bps Backlog revenue $ 495,883  $ 555,200  (10.7) % Homes under construction 2,341  2,057  13.8  % Results for the Year Ended December 31, 2024: (Dollars in thousands, except per share data) Twelve Months Ended December 31, 2024 2023 Change New homes delivered 3,783  3,123  21.1  % Total revenues $ 2,098,943  $ 1,777,710  18.1  % Total cost of revenues 1,395,422  1,229,528  13.5  % Total gross profit $ 703,521  $ 548,182  28.3  % Income before income taxes $ 511,880  $ 391,313  30.8  % Net income attributable to Green Brick Partners, Inc. $ 381,583  $ 284,626  34.1  % Diluted net income attributable to Green Brick Partners, Inc. per common share $ 8.45  $ 6.14  37.6  % Residential units revenue $ 2,070,136  $ 1,769,255  17.0  % Average sales price of homes delivered $ 547.1  $ 566.1  (3.4) % Homebuilding gross margin percentage 33.8  % 30.9  % 290 bps Selling, general and administrative expenses as a percentage of residential units revenue 10.9  % 10.9  % 0 bps Home starts, last 12 months 4,067  3,327  22.2  % Earnings Conference Call: We will host our earnings conference call to discuss our fourth quarter ended December 31, 2024 at 12:00 p.m. Eastern Time on Thursday, February 27th, 2025. The call can be accessed by dialing 1-888-660-6353 for domestic participants or 1-929-203-2106 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/872399197 A telephone replay of the call will be available through March 29, 2025. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-609-800-9909 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com. 2 GREEN BRICK PARTNERS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Residential units revenue $ 556,855  $ 448,525  $ 2,070,136  $ 1,769,255  Land and lots revenue 10,459  1,857  28,807  8,455  Total revenues 567,314  450,382  2,098,943  1,777,710  Cost of residential units 365,726  307,479  1,370,888  1,223,079  Cost of land and lots 7,553  1,275  24,534  6,449  Total cost of revenues 373,279  308,754  1,395,422  1,229,528  Total gross profit 194,035  141,628  703,521  548,182  Selling, general and administrative expenses (60,654) (50,919) (226,566) (192,977) Equity in income of unconsolidated entities 313  5,477  5,083  16,742  Other income, net 4,400  5,657  29,842  19,366  Income before income taxes 138,094  101,843  511,880  391,313  Income tax expense 22,909  21,484  94,725  84,638  Net income 115,185  80,359  417,155  306,675  Less: Net income attributable to noncontrolling interests 11,372  7,339  35,572  22,049  Net income attributable to Green Brick Partners, Inc. $ 103,813  $ 73,020  $ 381,583  $ 284,626  Net income attributable to Green Brick Partners, Inc. per common share: Basic $ 2.32  $ 1.60  $ 8.51  $ 6.20  Diluted $ 2.31  $ 1.58  $ 8.45  $ 6.14  Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: Basic 44,498  45,160  44,508  45,446  Diluted 44,578  45,635  44,839  45,917  3 GREEN BRICK PARTNERS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share data) December 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 141,543  $ 179,756  Restricted cash 18,153  19,703  Receivables 13,858  10,632  Inventory 1,937,732  1,533,223  Investments in unconsolidated entities 60,582  84,654  Right-of-use assets - operating leases 7,242  7,255  Property and equipment, net 6,551  7,054  Earnest money deposits 13,629  16,619  Deferred income tax assets, net 13,984  15,306  Intangible assets, net 282  367  Goodwill 680  680  Other assets 35,758  27,583  Total assets $ 2,249,994  $ 1,902,832  LIABILITIES AND EQUITY Liabilities: Accounts payable $ 59,746  $ 54,321  Accrued expenses 110,068  96,457  Customer and builder deposits 37,068  43,148  Lease liabilities - operating leases 8,343  7,898  Borrowings on lines of credit, net 22,645  (2,328) Senior unsecured notes, net 299,090  336,207  Notes payable 14,871  12,981  Total liabilities 551,831  548,684  Commitments and contingencies Redeemable noncontrolling interest in equity of consolidated subsidiary 44,709  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 December 31, 2024 and December 31, 2023, respectively 47,603  47,603  Common stock, $0.01 par value: 100,000,000 shares authorized; 44,498,097 issued and outstanding as of December 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively 445  450  Additional paid-in capital 244,653  255,614  Retained earnings 1,332,714  997,037  Total Green Brick Partners, Inc. stockholders’ equity 1,625,415  1,300,704  Noncontrolling interests 28,039  17,309  Total equity 1,653,454  1,318,013  Total liabilities and equity $ 2,249,994  $ 1,902,832  4 GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited) Residential Units Revenue and New Homes Delivered (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 Change % 2024 2023 Change % Home closings revenue $ 556,855  $ 448,395  $ 108,460  24.2% $ 2,069,756  $ 1,767,788  $ 301,968  17.1  % Mechanic’s lien contracts revenue —  130  (130) (100.0)% 380  1,467  (1,087) (74.1) % Residential units revenue $ 556,855  $ 448,525  $ 108,330  24.2% $ 2,070,136  $ 1,769,255  $ 300,881  17.0  % New homes delivered 1,019  825  194  23.5% 3,783  3,123  660  21.1  % Average sales price of homes delivered $ 546.5  $ 543.5  $ 3.0  0.6% $ 547.1  $ 566.1  $ (19.0) (3.4) % New Home Orders and Backlog (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 Change % 2024 2023 Change % Net new home orders 878  679  199  29.3% 3,681  3,356  325  9.7  % Revenue from net new home orders $ 470,890  $ 381,044  $ 89,846  23.6% $ 2,010,439  $ 1,953,903  $ 56,536  2.9% Average selling price of net new home orders $ 536.3  $ 561.2  $ (24.9) (4.4)% $ 546.2  $ 582.2  $ (36.0) (6.2)% Cancellation rate 7.8  % 7.2  % 0.6  % 8.3% 7.3  % 6.6  % 0.7  % 10.6  % Absorption rate per average active selling community per quarter 8.3  7.6  0.7  9.2% 9.1  9.9  (0.8) (8.1) % Average active selling communities 106  89  17  19.1% 101  85  16  18.8  % Active selling communities at end of period 106  91  15  16.5% Backlog revenue $ 495,883  $ 555,200  $ (59,317) (10.7)% Backlog units 668  770  (102) (13.2)% Average sales price of backlog $ 742.3  $ 721.0  $ 21.3  3.0% 5 GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited) December 31, 2024 December 31, 2023 Central Southeast Total Central Southeast Total Lots owned Finished lots 3,932  790  4,722  4,014  964  4,978  Lots in communities under development 22,524  1,670  24,194  9,122  1,335  10,457  Land held for future development (1) 3,800  —  3,800  8,366  —  8,366  Total lots owned 30,256  2,460  32,716  21,502  2,299  23,801  Lots controlled Lots under option contracts 806  —  806  1,169  —  1,169  Land under option for future development 1,091  349  1,440  1,710  460  2,170  Lots under option through unconsolidated development joint ventures 2,614  255  2,869  1,210  331  1,541  Total lots controlled 4,511  604  5,115  4,089  791  4,880  Total lots owned and controlled (2) 34,767  3,064  37,831  25,591  3,090  28,681  Percentage of lots owned 87.0  % 80.3  % 86.5  % 84.0  % 74.4  % 83.0  % (1) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. (2) Total lots excludes lots with homes under construction. The following table presents additional information on the lots we owned as of December 31, 2024 and December 31, 2023. December 31, 2024 December 31, 2023 Total lots owned (1) 32,716  23,801  Add certain lots included in Total Lots Controlled Land under option for future acquisition and development 1,440  2,170  Lots under option through unconsolidated development joint ventures 2,869  1,541  Total lots self-developed 37,025  27,512  Self-developed lots as a percentage of total lots owned and controlled (1) 97.9  % 95.9  % (1) Total lots owned includes finished lot purchases, which were less than 1.4% of total lots self-developed as of December 31, 2024. Non-GAAP Financial Measures In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. 6 The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the twelve months ended December 31, 2024 and 2023 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure. (Unaudited, in thousands): Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Residential units revenue $ 556,855  $ 448,525  $ 2,070,136  $ 1,769,255  Less: Mechanic’s lien contracts revenue —  (130) (380) (1,467) Home closings revenue $ 556,855  $ 448,395  $ 2,069,756  $ 1,767,788  Homebuilding gross margin $ 191,140  $ 141,010  $ 699,143  $ 545,654  Homebuilding gross margin percentage 34.3  % 31.4  % 33.8  % 30.9  % Homebuilding gross margin 191,140  141,010  699,143  545,654  Add back: Capitalized interest charged to cost of revenues 2,741  2,740  11,280  13,196  Add back: Inventory impairment charge 1,488  —  2,796  —  Less: Warranty reserve adjustment (13,178) —  (13,178) —  Adjusted homebuilding gross margin $ 182,191  $ 143,750  $ 700,041  $ 558,850  Adjusted homebuilding gross margin percentage 32.7  % 32.1  % 33.8  % 31.6  % Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less cash and cash equivalents. The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net debt to total capitalization ratio as of December 31, 2024: Gross Cash and cash equivalents Net Total debt, net of debt issuance costs $ 336,606  $ (141,543) $ 195,063  Total Green Brick Partners, Inc. stockholders’ equity 1,625,415  —  1,625,415  Total capitalization $ 1,962,021  $ (141,543) $ 1,820,478  Debt to total capitalization ratio 17.2  % Net debt to total capitalization ratio 10.7  % About Green Brick Partners, Inc. Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a 50% interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title, GRBK Mortgage, and Green Brick Insurance. Green Brick is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.’s subsidiary homebuilders, please visit https://greenbrickpartners.com/brands-services/. Forward-Looking and Cautionary Statements: This press release and our earnings 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,”, “poised,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our plans to increase spending on land development; (ii) our strategic advantages, including our focus on owning land and self-developing and on infill and infill-adjacent locations, and the impact on our future results; (iii) our positioning to capture future demand, increase market share and succeed in the current environment, including our ability to maintain industry-leading performance and margins; (iv) our expectations regarding the 7 self-development of our inventory; (v) our ability to successfully implement our growth strategy, including our expectations for expansion and growth of our Trophy brand, including in the Houston market ; (vi) our expectations regarding trends in our markets, such as demographic trends and demand; (vii) our business priorities and our strategies to maintain the strength of our balance sheet and financial flexibility, and our positioning in the industry; (viii) the advantages of our lot and land strategies and locations, including the benefits to our returns, margins and ability to scale; (ix) our investments in land, lots and development in 2025, and the impact on our growth; (x) our flexibility in adjusting home prices; (xi) the demand for home ownership in the markets in which we operate and our ability to capitalize on such demand; and (xii) our ability to deliver efficient and cost-effective growth, including our ability to manage costs and cycle times. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increasing interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (3) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (4) significant periods of inflation or deflation; (5) a shortage of qualified labor; (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including the successful development of our communities within expected time frames and the growth and expansion of our Trophy brand; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) the geographic concentration of our operations; (10) government regulation risks; (11) adverse changes in the availability or volatility of mortgage financing; (12) severe weather events or natural disasters; (13) difficulty in obtaining sufficient capital to fund our growth; (14) our ability to meet our debt service obligations; (15) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; (16) our ability to adequately self-insure; and (17) changes in accounting standards that adversely affect our reported earnings or financial condition.. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Contact: Benting Hu Vice President of Finance 469-573-6755 IR@greenbrickpartners.com 8