Green Brick Partners

Green Brick helps people find and buy new homes in the United States. They build houses and develop land in growing neighborhoods for families. The company also provides mortgage and title services to help people pay for their homes.

Homes, Land, and Loans

• Builder Operations Central: Construction and sale of homes in the Texas market; generated $340.2 million in revenue during the first quarter of 2026.
• Builder Operations Southeast: Residential building activities in Georgia and Florida; contributed $108.3 million in revenue in the quarter ended March 31, 2026.
• Land Development: Acquisition and preparation of land for residential lots; produced $7.5 million in revenue during the first three months of 2026.
• Financial Services: Mortgage banking, title insurance, and insurance agency operations; accounted for $9.5 million in revenue in the first quarter of 2026.

Recent Strategic Moves

• Authorized a new $150 million share repurchase program in December 2025 to buy back and retire common stock.
• Extended the maturity of a $330 million unsecured revolving credit facility until December 14, 2028.
• Terminated a $35 million secured revolving credit line with Inwood National Bank in March 2026 to adjust its debt structure.
• Maintained a partnership with a Florida developer to operate GRBK GHO Homes, LLC, where the company holds an 80% interest.

Why the Business Model Works

The company uses a captive business model where its internal mortgage and title units primarily serve its own homebuilding customers. Green Brick also maintains a significant land supply, owning or controlling over 48,000 residential lots as of March 31, 2026.

Numbers You Should Know

• Total revenue reached $465.5 million in the quarter ended March 31, 2026, down 4.9% from $489.3 million in the same period in 2025.
• Net income was $60.9 million in the first quarter of 2026, an 18.8% decrease from $75.1 million in the prior year period.
• Residential gross margin, which measures profitability after building costs, fell to 29% in early 2026 from 32.1% in the first quarter of 2025.
• Free cash flow was $55 million in the first quarter of 2026, down 19.1% from $68 million in the first quarter of 2025.

Evolution of the Business

Green Brick has transitioned from a land developer into a diversified homebuilder that controls its own lot supply and buyer financing. This integrated structure allows the company to manage the full residential development cycle in key Sunbelt markets.