Green Brick Partners — Jul 30, 2025 release

Exhibit 99 GREEN BRICK PARTNERS, INC. REPORTS SECOND QUARTER 2025 RESULTS RECORD NEW HOMES DELIVERIES OF 1,042, UP 5.6% YOY HOME CLOSINGS REVENUE OF $547M HOMEBUILDING GROSS MARGINS OF 30.4% DILUTED EPS OF $1.85 NET NEW HOME ORDERS OF 908, UP 6.2% YOY, RECORD FOR ANY SECOND QUARTER DEBT TO TOTAL CAPITAL OF 14.4%; NET DEBT TO TOTAL CAPITAL OF 9.4% PLANO, Texas, July 30, 2025 — Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its second quarter ended June 30, 2025. “Our performance remained resilient despite a softer housing market, and underscores the strength of our land acquisition and self-development strategy. Second quarter net income attributable to Green Brick was $82 million or $1.85 per diluted share,” said Jim Brickman, CEO “New homes delivered increased 5.6% year-over-year to 1,042 units, a record for any second quarter. The growth in deliveries was offset by a lower average sales price primarily as a result of increased discounts and incentives. As a result, home closings revenue of $547 million in the second quarter was roughly in line with the same period last year. Approximately 80% of home closings revenue was once again generated from infill and infill-adjacent locations. Homebuilding gross margins of 30.4% decreased 410 bps year-over-year and 80 bps sequentially due to higher incentives and lower average sales prices. However, our gross margins remained the highest in the public homebuilding industry, and we have successfully maintained gross margins in excess of 30% for nine consecutive quarters. ” “Net new orders grew 6.2% year-over-year to 908 units, marking our strongest second quarter on record,” continued Mr. Brickman. “Moreover, our monthly sales pace remained steady year-over-year at approximately 3.0 sales per community. Incentives for new orders rose 320 bps year-over-year and 100 bps sequentially to 7.7%. Operationally, we achieved a major milestone by reducing our average construction cycle times to under 5 months. In particular, Trophy’s average cycle time was only 3.5 months.” Mr. Brickman added, “While affordability and the sales environment became more challenging in the second quarter, we remain laser focused on executing our long-term strategies and delivering value to our shareholders, all while staying agile in response to evolving market conditions. Year-to-date, we invested $109 million in land acquisition and $139 million in land development. For 2025, we continue to expect full-year land development spending to be about $300 million. With a high-quality land position of over 40,000 lots, we remain extremely disciplined and selective on land acquisitions. In addition, we continued to return capital to our shareholders by repurchasing approximately $44 million of common stock during the second quarter at an average cost of $58.24 per share. Year-to-date, we have repurchased a total of $60 million in shares, with $40 million remaining under the current buyback authorization.” Mr. Brickman concluded, “At the end of the second quarter, our net debt to total capital ratio was 9.4% and our debt to total capital ratio was only 14.4%, the lowest level since 2015. The weighted average interest rate on our long-term notes was 3.4%. With the backbone of an investment grade balance sheet and our strategic land advantages, we believe Green Brick is poised to navigate near-term market headwinds successfully and capitalize on long-term demographic trends leading to growing demand for housing in our markets.” Results for the Quarter Ended June 30, 2025: (Dollars in thousands, except per share data) Three Months Ended June 30, 2025 2024 Change New homes delivered 1,042  987  5.6  % Total revenues $ 549,147  $ 560,631  (2.0) % Total cost of revenues 381,633  370,965  2.9  % Total gross profit $ 167,514  $ 189,666  (11.7) % Income before income taxes $ 112,288  $ 139,177  (19.3) % 1 Net income attributable to Green Brick Partners, Inc. $ 81,948  $ 105,358  (22.2) % Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.85  $ 2.32  (20.3) % Residential units revenue $ 547,109  $ 547,138  —  % Average sales price of homes delivered $ 525.1  $ 554.2  (5.3) % Homebuilding gross margin percentage 30.4  % 34.5  % -410 bps Selling, general and administrative expenses as a percentage of residential units revenue 10.9  % 10.5  % 40 bps Backlog revenue $ 516,183  $ 650,349  (20.6) % Homes under construction 2,204  2,229  (1.1) % Results for the Six Months Ended June 30, 2025: (Dollars in thousands, except per share data) Six Months Ended June 30, 2025 2024 Change New homes delivered 1,952  1,808  8.0  % Total revenues $ 1,046,768  $ 1,007,969  3.8  % Total cost of revenues 723,469  670,046  8.0  % Total gross profit $ 323,299  $ 337,923  (4.3) % Income before income taxes $ 218,436  $ 254,810  (14.3) % Net income attributable to Green Brick Partners, Inc. $ 157,007  $ 188,659  (16.8) % Diluted net income attributable to Green Brick Partners, Inc. per common share $ 3.52  $ 4.14  (15.0) % Residential units revenue $ 1,042,426  $ 990,422  5.3  % Average sales price of homes delivered $ 534.0  $ 547.6  (2.5) % Homebuilding gross margin percentage 30.8  % 34.0  % -320 bps Selling, general and administrative expenses as a percentage of residential units revenue 11.0  % 10.9  % 10 bps Earnings Conference Call: We will host our earnings conference call to discuss our second quarter ended June 30, 2025 at 12:00 p.m. Eastern Time on Thursday, July 31, 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/670549521 A telephone replay of the call will be available through August 30, 2025. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-647-362-9199 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Residential units revenue $ 547,109  $ 547,138  $ 1,042,426  $ 990,422  Land and lots revenue 2,038  13,493  4,342  17,547  Total revenues 549,147  560,631  1,046,768  1,007,969  Cost of residential units 380,656  358,183  721,277  653,496  Cost of land and lots 977  12,782  2,192  16,550  Total cost of revenues 381,633  370,965  723,469  670,046  Total gross profit 167,514  189,666  323,299  337,923  Selling, general and administrative expenses (59,772) (57,602) (114,667) (108,172) Equity in income of unconsolidated entities 511  1,186  984  3,778  Other income, net 4,035  5,927  8,820  21,281  Income before income taxes 112,288  139,177  218,436  254,810  Income tax expense 22,957  23,896  45,180  48,738  Net income 89,331  115,281  173,256  206,072  Less: Net income attributable to noncontrolling interests 7,383  9,923  16,249  17,413  Net income attributable to Green Brick Partners, Inc. $ 81,948  $ 105,358  $ 157,007  $ 188,659  Net income attributable to Green Brick Partners, Inc. per common share: Basic $ 1.86  $ 2.34  $ 3.53  $ 4.18  Diluted $ 1.85  $ 2.32  $ 3.52  $ 4.14  Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: Basic 43,770  44,760  44,103  44,826  Diluted 43,824  45,154  44,188  45,277  3 GREEN BRICK PARTNERS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 112,459  $ 141,543  Restricted cash 33,334  18,153  Receivables 41,997  13,858  Real estate inventory: Inventory owned 1,807,854  1,771,203  Consolidated inventory related to VIE 169,057  166,529  Total inventory 1,976,911  1,937,732  Investments in unconsolidated entities 82,342  60,582  Right-of-use assets - operating leases 6,826  7,242  Property and equipment, net 5,515  6,551  Earnest money deposits 15,407  13,629  Deferred income tax assets, net 13,984  13,984  Intangible assets, net 239  282  Goodwill 680  680  Other assets 25,575  35,758  Total assets $ 2,315,269  $ 2,249,994  LIABILITIES AND EQUITY Liabilities: Accounts payable $ 78,830  $ 59,746  Accrued expenses 102,632  110,068  Customer and builder deposits 39,635  37,068  Lease liabilities - operating leases 7,935  8,343  Borrowings on lines of credit, net 2,183  22,645  Senior unsecured notes, net 274,281  299,090  Notes payable 14,871  14,871  Total liabilities 520,367  551,831  Commitments and contingencies Redeemable noncontrolling interest in equity of consolidated subsidiary 45,967  44,709  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, 2025 and December 31, 2024, respectively 47,603  47,603  Common stock, $0.01 par value: 100,000,000 shares authorized; 43,565,098 issued and outstanding as of June 30, 2025 and 44,498,097 issued and outstanding as of December 31, 2024, respectively 436  445  Additional paid-in capital 244,006  244,653  Retained earnings 1,433,328  1,332,714  Total Green Brick Partners, Inc. stockholders’ equity 1,725,373  1,625,415  Noncontrolling interests 23,562  28,039  Total equity 1,748,935  1,653,454  Total liabilities and equity $ 2,315,269  $ 2,249,994  4 GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited) Residential Units Revenue and New Homes Delivered (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change % 2025 2024 Change % Home closings revenue $ 547,109  $ 546,948  $ 161  —% $ 1,042,426  $ 990,042  $ 52,384  5.3  % Mechanic’s lien contracts revenue —  190  (190) (100.0)% —  380  (380) (100.0) % Residential units revenue $ 547,109  $ 547,138  $ (29) —% $ 1,042,426  $ 990,422  $ 52,004  5.3  % New homes delivered 1,042  987  55  5.6% 1,952  1,808  144  8.0  % Average sales price of homes delivered $ 525.1  $ 554.2  $ (29.1) (5.3)% $ 534.0  $ 547.6  $ (13.6) (2.5) % Land and Lots Revenue (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change % 2025 2024 Change % Lots revenue $ 2,038  $ 790  $ 1,248  158.0% $ 4,342  $ 4,844  $ (502) (10.4) % Land revenue —  12,703  (12,703) (100.0)% —  12,703  (12,703) (100.0) % Land and lots revenue $ 2,038  $ 13,493  $ (11,455) (84.9)% $ 4,342  $ 17,547  $ (13,205) (75.3) % Lots closed 18 8 10  125.0% 42  71  (29) (40.8) % Average sales price of lots closed $ 113.2  $ 98.8  $ 14.4  14.6% $ 103.4  $ 68.2  $ 35.2  51.6  % New Home Orders and Backlog (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change % 2025 2024 Change % Net new home orders 908  855  53  6.2% 2,014  1,926  88  4.6  % Revenue from net new home orders $ 469,119  $ 471,807  $ (2,688) (0.6)% $ 1,062,725  $ 1,085,191  $ (22,466) (2.1)% Average selling price of net new home orders $ 516.7  $ 551.8  $ (35.1) (6.4)% $ 527.7  $ 563.4  $ (35.7) (6.3)% Cancellation rate 9.9  % 9.2  % 0.7  % 7.6% 7.9  % 6.5  % 1.4  % 21.5  % Absorption rate per average active selling community per quarter 8.9  8.5  0.4  4.7% 9.7  9.8  (0.1) (1.0) % Average active selling communities 102  101  1  1.0% 104  98  6  6.1  % Active selling communities at end of period 102  105  (3) (2.9)% Backlog revenue $ 516,183  $ 650,349  $ (134,166) (20.6)% Backlog units 730  889  (159) (17.9)% Average sales price of backlog $ 707.1  $ 731.6  $ (24.5) (3.3)% 5 GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited) June 30, 2025 December 31, 2024 Central Southeast Total Central Southeast Total Lots owned Finished lots 3,841  723  4,564  3,932  790  4,722  Lots in communities under development 25,345  1,759  27,104  22,524  1,670  24,194  Land held for future development (1) 3,800  —  3,800  3,800  —  3,800  Total lots owned 32,986  2,482  35,468  30,256  2,460  32,716  Lots controlled Lots under option contracts 504  121  625  806  —  806  Land under option for future development 1,170  266  1,436  1,091  349  1,440  Lots under option through unconsolidated development joint ventures 2,564  107  2,671  2,614  255  2,869  Total lots controlled 4,238  494  4,732  4,511  604  5,115  Total lots owned and controlled (2) 37,224  2,976  40,200  34,767  3,064  37,831  Percentage of lots owned 88.6  % 83.4  % 88.2  % 87.0  % 80.3  % 86.5  % (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 June 30, 2025 and December 31, 2024. June 30, 2025 December 31, 2024 Total lots owned (1) 35,468  32,716  Add certain lots included in Total Lots Controlled Land under option for future acquisition and development 1,436  1,440  Lots under option through unconsolidated development joint ventures 2,671  2,869  Total lots self-developed 39,575  37,025  Self-developed lots as a percentage of total lots owned and controlled (1) 98.4  % 97.9  % (1) Total lots owned includes finished lot purchases, which were less than 1.3% of total lots self-developed as of June 30, 2025. 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 three and six months ended June 30, 2025 and 2024 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure. (Unaudited, in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Residential units revenue $ 547,109  $ 547,138  $ 1,042,426  $ 990,422  Less: Mechanic’s lien contracts revenue —  (190) —  (380) Home closings revenue $ 547,109  $ 546,948  $ 1,042,426  $ 990,042  Homebuilding gross margin $ 166,453  $ 188,893  $ 321,149  $ 336,810  Homebuilding gross margin percentage 30.4  % 34.5  % 30.8  % 34.0  % Homebuilding gross margin 166,453  188,893  321,149  336,810  Add back: Capitalized interest charged to cost of revenues 2,605  3,067  4,838  5,751  Adjusted homebuilding gross margin $ 169,058  $ 191,960  $ 325,987  $ 342,561  Adjusted homebuilding gross margin percentage 30.9  % 35.1  % 31.3  % 34.6  % 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 June 30, 2025: Gross Cash and cash equivalents Net Total debt, net of debt issuance costs $ 291,335  $ (112,459) $ 178,876  Total Green Brick Partners, Inc. stockholders’ equity 1,725,373  —  1,725,373  Total capitalization $ 2,016,708  $ (112,459) $ 1,904,249  Debt to total capitalization ratio 14.4  % Net debt to total capitalization ratio 9.4  % 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 full-year land development spending; (ii) our ability to strengthen our presence in Texas; (iii) our ability adjust pricing in order to meet market demand; (iv) the impact of tariffs on our closing and earnings for 2025; (v) our strategic advantages, including our unique business model and focus on infill and infill-adjacent locations, and the impact on our future results; (vi) our lot and land strategy and its impact on our future financial position; (vii) our ability to successfully implement our growth strategy; (viii) our ability to navigate near-term market headwinds and capitalize on long-term demographic trends; (ix) our future financial and operational performance; and (x) our ability to deliver 7 efficient and cost-effective growth, including our ability to manage costs and cycle times. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. 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 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