Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Entity Information [Line Items] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Green Brick Partners, Inc. | |
Entity Central Index Key | 0001373670 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Tax Identification Number | 20-5952523 | |
Entity Common Stock, Shares Outstanding | 45,378,364 | |
Entity Shell Company | false | |
Entity File Number | 001-33530 | |
Entity Address, Address Line One | 5501 Headquarters Drive, Suite 300W | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75024 | |
City Area Code | (469) | |
Local Phone Number | 573-6755 | |
Entity Small Business | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | GRBK | |
Security Exchange Name | NYSE | |
Series A Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/1000th interest in a share of 5.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share) | |
Trading Symbol | GRBK PRA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 223,453 | $ 76,588 |
Restricted cash | 22,708 | 16,682 |
Receivables | 9,955 | 5,288 |
Inventory | 1,462,264 | 1,422,680 |
Investments in unconsolidated entities | 80,210 | 74,224 |
Right-of-use assets - operating leases | 7,877 | 3,458 |
Property and equipment, net | 5,402 | 2,919 |
Earnest money deposits | 18,212 | 23,910 |
Deferred income tax assets, net | 16,448 | 16,448 |
Intangible assets, net | 388 | 452 |
Goodwill | 680 | 680 |
Other assets | 19,049 | 12,346 |
Total assets | 1,866,646 | 1,655,675 |
Liabilities [Abstract] | ||
Accounts payable | 56,565 | 51,804 |
Accrued expenses | 110,909 | 91,281 |
Customer and builder deposits | 47,239 | 29,112 |
Lease liabilities - operating leases | 7,923 | 3,582 |
Line of Credit, Current, After Adjustments | 1,983 | |
Borrowings on lines of credit, net | (17,395) | |
Senior unsecured notes, net | 336,112 | 335,825 |
Notes payable | 12,998 | 14,622 |
Total liabilities | 569,763 | 543,621 |
Commitments and contingencies | ||
Redeemable noncontrolling interest in equity of consolidated subsidiary | 35,236 | 29,239 |
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, 2023 and December 31, 2022, respectively | $ 47,603 | $ 47,696 |
Shares, Outstanding | 45,378,364 | 46,032,930 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 454 | $ 460 |
Additional paid-in capital | 256,759 | 259,410 |
Retained earnings | 940,400 | 754,341 |
Total Green Brick Partners, Inc. stockholders’ equity | 1,245,216 | 1,061,907 |
Noncontrolling interests | 16,431 | 20,908 |
Total equity | 1,261,647 | 1,082,815 |
Total liabilities and equity | $ 1,866,646 | $ 1,655,675 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2023 $ / shares shares |
Statement of Financial Position [Abstract] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 |
Preferred stock, shares issued (in shares) | 2,000 |
Preferred stock, shares outstanding (in shares) | 2,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 |
Common stock, shares issued (in shares) | 45,378,364 |
Common stock, shares outstanding (in shares) | 45,378,364 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenues | $ 418,978 | $ 407,944 | $ 1,327,328 | $ 1,326,704 |
Total cost of revenues | 279,965 | 274,625 | 920,774 | 916,133 |
Total gross profit | 139,013 | 133,319 | 406,554 | 410,571 |
Selling, general and administrative expenses | 46,884 | 43,251 | 142,058 | 119,314 |
Equity in income of unconsolidated entities | 1,345 | 5,697 | 11,265 | 19,907 |
Other income, net | 4,612 | 1,831 | 13,709 | 7,347 |
Income before income taxes | 98,086 | 97,596 | 289,470 | 318,511 |
Income tax expense | 20,975 | 16,963 | 63,154 | 65,678 |
Net income | 77,111 | 80,633 | 226,316 | 252,833 |
Less: Net income attributable to noncontrolling interests | 4,955 | 7,113 | 14,710 | 16,480 |
Net income attributable to Green Brick Partners, Inc. | $ 72,156 | $ 73,520 | $ 211,606 | $ 236,353 |
Net income attributable to Green Brick Partners, Inc. per common share: | ||||
Basic (in dollars per share) | $ 1.58 | $ 1.58 | $ 4.60 | $ 4.86 |
Diluted (in dollars per share) | $ 1.56 | $ 1.57 | $ 4.55 | $ 4.82 |
Basic (in shares) | 45,320 | 46,032 | 45,543 | 48,205 |
Diluted (in shares) | 45,792 | 46,390 | 45,988 | 48,544 |
Residential Real Estate [Member] | ||||
Total revenues | $ 415,923 | $ 396,749 | $ 1,320,730 | $ 1,273,925 |
Total cost of revenues | 277,446 | 268,536 | 915,600 | 879,108 |
Real Estate, Other [Member] | ||||
Total revenues | 3,055 | 11,195 | 6,598 | 52,779 |
Total cost of revenues | $ 2,519 | $ 6,089 | $ 5,174 | $ 37,025 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Statement) - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Common Stock [Member] | Retained Earnings | Noncontrolling Interest | Treasury Stock, Common | Parent |
Common stock, shares issued (in shares) | 51,151,911 | ||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 512 | ||||||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 47,696 | ||||||
Preferred stock, shares outstanding (in shares) | 2,000 | ||||||
Treasury Stock, Common, Shares | 391,939 | ||||||
Treasury Stock, Value | $ 3,167 | ||||||
Additional paid-in capital | 289,641 | ||||||
Retained Earnings (Accumulated Deficit) | 539,866 | ||||||
Stockholders' Equity Attributable to Parent | 874,548 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 14,146 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 888,694 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 168,651 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 664 | ||||||
Dividends | $ (2,092) | $ (2,092) | (2,092) | ||||
Stock Repurchased During Period, Value | 101,463 | 101,463 | |||||
Net income attributable to Green Brick Partners, Inc. | 236,353 | 236,353 | 236,353 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 13,135 | ||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 249,488 | ||||||
Temporary Equity, Accretion to Redemption Value, Adjustment | (448) | $ (448) | (448) | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 2,753 | 2,751 | $ 2 | 2,753 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 46,415 | ||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,075 | (1,074) | $ (1) | 1,075 | |||
Stock Repurchased During Period, Shares | 4,844,559 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 5,718 | 5,718 | |||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $ 664 | 664 | |||||
Common stock, shares issued (in shares) | 51,275,158 | ||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 513 | ||||||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 47,696 | ||||||
Preferred stock, shares outstanding (in shares) | 2,000 | ||||||
Treasury Stock, Common, Shares | 4,804,152 | ||||||
Treasury Stock, Value | $ 95,479 | ||||||
Additional paid-in capital | 293,336 | ||||||
Retained Earnings (Accumulated Deficit) | 701,325 | ||||||
Stockholders' Equity Attributable to Parent | 947,391 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,104 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 963,495 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (1,011) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 204 | 204 | 204 | ||||
Dividends | (718) | (718) | |||||
Stock Repurchased During Period, Value | 9,151 | $ 9,151 | 9,151 | ||||
Stock Repurchased and Retired During Period, Shares | (5,236,498) | 5,236,498 | |||||
Treasury Stock, Retired, Cost Method, Amount | 0 | (29,964) | $ (53) | (74,613) | $ (104,630) | 0 | |
Noncontrolling Interest, Change in Redemption Value | 2,005 | ||||||
Net income attributable to Green Brick Partners, Inc. | 73,520 | 73,520 | 73,520 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 5,459 | ||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 78,979 | ||||||
Temporary Equity, Accretion to Redemption Value, Adjustment | (2,005) | (2,005) | (2,005) | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ (1) | (1) | $ 0 | (1) | |||
Stock Repurchased During Period, Shares | 432,346 | ||||||
Common stock, shares issued (in shares) | 46,037,649 | ||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 460 | ||||||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 47,696 | ||||||
Preferred stock, shares outstanding (in shares) | 2,000 | ||||||
Preferred Stock, Value, Outstanding | $ 47,696 | ||||||
Treasury Stock, Common, Shares | 0 | ||||||
Treasury Stock, Value | $ 0 | ||||||
Additional paid-in capital | 261,570 | ||||||
Retained Earnings (Accumulated Deficit) | 699,514 | ||||||
Stockholders' Equity Attributable to Parent | 1,009,240 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 21,563 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,030,803 | ||||||
Common stock, shares issued (in shares) | 46,032,930 | ||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 460 | ||||||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 47,696 | ||||||
Preferred stock, shares outstanding (in shares) | 2,000 | ||||||
Treasury Stock, Common, Shares | 0 | ||||||
Treasury Stock, Value | $ 0 | ||||||
Additional paid-in capital | 259,410 | ||||||
Retained Earnings (Accumulated Deficit) | 754,341 | ||||||
Stockholders' Equity Attributable to Parent | 1,061,907 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 20,908 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,082,815 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 208,882 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 1,393 | 1,393 | 1,393 | ||||
Dividends | (2,156) | (2,156) | (2,156) | ||||
Stock Repurchased During Period, Value | 27,991 | $ 27,991 | 27,991 | ||||
Stock Repurchased and Retired During Period, Shares | (803,591) | (803,591) | |||||
Treasury Stock, Retired, Cost Method, Amount | (4,592) | (23,391) | $ (27,991) | ||||
Noncontrolling Interest, Change in Redemption Value | (2,706) | (2,706) | (2,706) | ||||
Net income attributable to Green Brick Partners, Inc. | 211,606 | 211,606 | 211,606 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 9,579 | ||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 221,185 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,232 | 5,230 | $ 2 | 5,232 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 59,857 | ||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 1,976 | 1,976 | $ 0 | 1,976 | |||
Stock Repurchased During Period, Shares | 803,591 | ||||||
Stock Repurchased and Retired During Period, Value | $ (8) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 14,056 | 14,056 | |||||
Common stock, shares issued (in shares) | 45,378,678 | ||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 454 | ||||||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 47,696 | ||||||
Preferred stock, shares outstanding (in shares) | 2,000 | ||||||
Additional paid-in capital | $ 256,965 | ||||||
Retained Earnings (Accumulated Deficit) | 868,962 | ||||||
Stockholders' Equity Attributable to Parent | 1,174,077 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,148 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,190,225 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 314 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 363 | 363 | 363 | ||||
Dividends | (718) | (718) | (718) | ||||
Stock Repurchased During Period, Value | 0 | 0 | |||||
Stock Repurchased and Retired During Period, Shares | 0 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | 0 | $ 0 | 0 | 0 | ||
Noncontrolling Interest, Change in Redemption Value | (569) | $ (569) | (569) | ||||
Net income attributable to Green Brick Partners, Inc. | 72,156 | $ 72,156 | $ 72,156 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 3,283 | ||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 75,439 | ||||||
Common stock, shares issued (in shares) | 45,378,364 | ||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,378,364 issued and outstanding as of September 30, 2023 and 46,032,930 issued and outstanding as of December 31, 2022, respectively | $ 454 | ||||||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 47,603 | ||||||
Preferred stock, shares outstanding (in shares) | 2,000 | ||||||
Preferred Stock, Value, Outstanding | $ 47,603 | ||||||
Treasury Stock, Common, Shares | 0 | ||||||
Treasury Stock, Value | $ 0 | ||||||
Additional paid-in capital | 256,759 | ||||||
Retained Earnings (Accumulated Deficit) | 940,400 | ||||||
Stockholders' Equity Attributable to Parent | 1,245,216 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,431 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,261,647 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 226,316 | $ 252,833 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 2,442 | 1,717 |
Gain on disposal of property and equipment, net | (70) | (386) |
Share-based compensation expense | 6,333 | 3,329 |
Equity in income of unconsolidated entities | (11,265) | (19,907) |
Allowances for option deposits and pre-acquisition costs | 54 | 839 |
Distributions of income from unconsolidated entities | 10,489 | 9,870 |
Changes in operating assets and liabilities: | ||
Increase in receivables | (4,667) | (368) |
Increase in inventory | (38,602) | (248,303) |
Decrease in earnest money deposits | 5,697 | 727 |
Increase in other assets | (6,835) | (1,486) |
Increase in accounts payable | 4,761 | 15,302 |
Increase in accrued expenses | 19,920 | 38,161 |
Increase (decrease) in customer and builder deposits | 18,126 | (20,988) |
Net cash provided by operating activities | 232,699 | 31,340 |
Cash flows from investing activities: | ||
Investments in unconsolidated entities | (5,210) | (3,597) |
Purchase of property and equipment, net of disposals | (4,789) | (1,349) |
Net cash used in investing activities | (9,999) | (4,946) |
Cash flows from financing activities: | ||
Borrowings from lines of credit | 22,000 | 355,000 |
Repayments of lines of credit | (42,000) | (312,000) |
Proceeds from notes payable | 63 | 14,472 |
Repayments of notes payable | (1,687) | (44) |
Payments of debt issuance costs | (72) | (86) |
Payments of withholding tax on vesting of restricted stock awards | (1,976) | (1,075) |
Share repurchases | (27,991) | (101,463) |
Net proceeds from issuance of preferred shares | (93) | 0 |
Dividends paid | (2,156) | (2,092) |
Distributions to redeemable noncontrolling interest | (1,840) | 0 |
Distributions to noncontrolling interests | (14,057) | (5,718) |
Net cash used in financing activities | (69,809) | (53,006) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 152,891 | (26,612) |
Cash and cash equivalents and restricted cash, beginning of period | 93,270 | 93,554 |
Cash and cash equivalents and restricted cash, end of period | 246,161 | 66,942 |
Supplemental Cash Flow Information [Abstract] | ||
Income Taxes Paid, Net | $ 65,802 | $ 63,527 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or subsequent periods due to seasonal variations and other factors. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”). All intercompany balances and transactions have been eliminated in consolidation. The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities’ earnings or losses, if any, is included in the condensed consolidated statements of income. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. For a complete set of the Company’s significant accounting policies, refer to Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Recent Accounting Pronouncements |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 2. INVENTORY A summary of inventory is as follows (in thousands): September 30, 2023 December 31, 2022 Homes completed or under construction $ 535,334 $ 603,953 Land and lots - developed and under development 874,436 768,194 Land held for future development (1) 48,991 48,369 Land held for sale 3,503 2,164 Total inventory $ 1,462,264 $ 1,422,680 (1) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred. As of September 30, 2023, the Company reviewed the performance and outlook for all of its communities and land inventory for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. For the three and nine months ended September 30, 2023 and 2022, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value. A summary of interest costs incurred, capitalized and expensed is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest capitalized at beginning of period $ 22,599 $ 20,420 $ 22,752 $ 19,950 Interest incurred 3,641 4,206 11,008 11,985 Interest charged to cost of revenues (2,971) (3,183) (10,491) (10,492) Interest capitalized at end of period $ 23,269 $ 21,443 $ 23,269 $ 21,443 Capitalized interest as a percentage of inventory 1.6 % 1.5 % |
Payables and Accruals
Payables and Accruals | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | A summary of the Company’s accrued expenses is as follows (in thousands): September 30, 2023 December 31, 2022 Real estate development reserve to complete (1) $ 31,692 $ 28,793 Warranty reserve 22,009 17,945 Accrued property tax payable 17,186 4,047 Accrued compensation 16,407 13,917 Other accrued expenses 23,615 26,579 Total accrued expenses $ 110,909 $ 91,281 (1) Our real estate development reserve to complete consists of estimated payments for future costs to complete the development of our communities. Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three and nine months ended September 30, 2023 and 2022 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Warranty accrual, beginning of period $ 20,824 $ 12,065 $ 17,945 $ 9,378 Warranties issued 2,568 1,923 7,489 6,134 Changes in liability for existing warranties 57 2,079 608 2,495 Payments made (1,440) (1,161) (4,033) (3,101) Warranty accrual, end of period $ 22,009 $ 14,906 $ 22,009 $ 14,906 |
Investments, Equity Method and
Investments, Equity Method and Joint Ventures | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | 3. INVESTMENT IN UNCONSOLIDATED ENTITIES A summary of the Company’s investments in unconsolidated entities is as follows (in thousands): September 30, 2023 December 31, 2022 GB Challenger, LLC $ 49,186 $ 49,897 GBTM Sendera, LLC 19,530 14,319 EJB River Holdings, LLC 10,398 8,554 BHome Mortgage, LLC 1,096 1,147 Green Brick Mortgage, LLC (1) — 307 Total investment in unconsolidated entities $ 80,210 $ 74,224 (1) As of September 30, 2023, our Green Brick Mortgage joint venture was terminated and the Company incurred a de minimis loss upon dissolution. A summary of the unaudited condensed financial information of the four unconsolidated entities as of September 30, 2023 and five unconsolidated entities as of December 31, 2022 that are accounted for by the equity method is as follows (in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 24,877 $ 15,265 Accounts receivable 8,315 4,972 Bonds and notes receivable 16,252 10,381 Loans held for sale, at fair value 5,172 8,829 Inventory 195,156 195,732 Other assets 6,454 9,352 Total assets $ 256,226 $ 244,531 Liabilities: Accounts payable $ 9,154 $ 10,166 Accrued expenses and other liabilities 14,609 12,177 Notes payable 84,415 82,484 Total liabilities 108,178 104,827 Owners’ equity: Green Brick 75,046 70,812 Others 73,002 68,892 Total owners’ equity 148,048 139,704 Total liabilities and owners’ equity $ 256,226 $ 244,531 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 66,782 $ 65,620 $ 199,852 $ 221,650 Costs and expenses 66,844 54,140 179,990 181,612 Net earnings of unconsolidated entities $ (62) $ 11,480 $ 19,862 $ 40,038 Company’s share in net earnings of unconsolidated entities $ 1,345 $ 5,697 $ 11,265 $ 19,907 A summary of the Company’s share in net earnings by unconsolidated entity is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 GB Challenger, LLC $ (71) $ 5,196 $ 7,441 $ 16,282 EJB River Holdings, LLC 770 203 1,844 1,587 BHome Mortgage, LLC 646 145 1,980 1,055 Green Brick Mortgage, LLC — 153 — 983 Total net earnings from unconsolidated entities $ 1,345 $ 5,697 $ 11,265 $ 19,907 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | . DEBT Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, 2023 December 31, 2022 Secured Revolving Credit Facility $ — $ — Unsecured Revolving Credit Facility $ — $ 20,000 Debt issuance costs, net of amortization (1,983) (2,605) Total borrowings on lines of credit, net $ (1,983) $ 17,395 Secured Revolving Credit Facility The Company is party to a revolving credit facility (the “Secured Revolving Credit Facility”) with Inwood National Bank, which provides for an aggregate commitment amount of $35.0 million. On February 9, 2022, the Company entered into the Eighth Amendment to this credit agreement to extend its maturity from May 1, 2022 to May 1, 2025 and to reduce the minimum interest rate from 4.00% to 3.15%. All other material terms of the credit agreement, as amended, remained unchanged. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of September 30, 2023 there were no letters of credit outstanding under our Secured Revolving Credit Facility and the net available commitment amount was $35.0 million. Unsecured Revolving Credit Facility The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). On December 9, 2022, the Company entered into the Tenth Amendment to this credit agreement which increased the secured outstanding commitments from $300.0 million to $325.0 million and extended the termination date by one year to December 14, 2025. The Tenth Amendment also replaced LIBOR as the benchmark interest rate with the Secure Overnight Financing Rate. The Unsecured Revolving Credit Facility is guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Senior Unsecured Notes Senior unsecured notes, net of debt issuance costs, as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, 2023 December 31, 2022 4.00% senior unsecured notes due in 2026 (“2026 Notes”) $ 75,000 $ 75,000 3.35% senior unsecured notes due in 2027 (“2027 Notes”) 37,500 37,500 3.25% senior unsecured notes due in 2028 (“2028 Notes”) 125,000 125,000 3.25% senior unsecured notes due in 2029 (“2029 Notes”) 100,000 100,000 Debt issuance costs, net of amortization (1,388) (1,675) Total senior unsecured notes, net $ 336,112 $ 335,825 The Senior Unsecured Notes are guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Optional prepayment of each of the Notes is allowed with a payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears. 2026 Notes Principal on the 2026 Notes is required to be paid in increments of $12.5 million on August 8, 2024 and $12.5 million on August 8, 2025. The final principal payment of $50.0 million is due on August 8, 2026. 2027 Notes The aggregate principal amount of the 2027 Notes is due on August 26, 2027. 2028 Notes Principal on the 2028 Notes is due in increments of $25.0 million on February 25, 2024; $25.0 million on February 25, 2025; $25.0 million on February 25, 2026; $25.0 million on February 25, 2027 and $25.0 million on February 25, 2028. 2029 Notes Principal of $30.0 million is due on December 28, 2028 and the remaining principal amount of $70.0 million on the 2029 Notes is due on December 28, 2029. Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of September 30, 2023. Notes payable |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combination | The Company has a noncontrolling interest attributable to its 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by its Florida-based partner that is included as redeemable noncontrolling interest in equity of consolidated subsidiary in the Company’s condensed consolidated financial statements. On March 23, 2023, the Company and the minority partner amended the operating agreement of GRBK GHO to change the start of the put and purchase options from April 2024 to April 2027. Refer to Note 2 in the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for details on the put/call structure of this agreement. The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 2022 Redeemable noncontrolling interest, beginning of period $ 32,995 $ 22,001 Net income attributable to redeemable noncontrolling interest partner 1,672 1,654 Distributions of income to redeemable noncontrolling interest partner — — Change in fair value of redeemable noncontrolling interest 569 2,005 Redeemable noncontrolling interest, end of period $ 35,236 $ 25,660 Nine Months Ended September 30, 2023 2022 Redeemable noncontrolling interest, beginning of period $ 29,239 $ 21,867 Net income attributable to redeemable noncontrolling interest partner 5,131 3,345 Distributions of income to redeemable noncontrolling interest partner (1,840) — Change in fair value of redeemable noncontrolling interest 2,706 448 Redeemable noncontrolling interest, end of period $ 35,236 $ 25,660 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | 7. STOCKHOLDERS’ EQUITY 2021 Share Repurchase Program During the nine months ended September 30, 2022, the Company completed discrete open market repurchases under the 2021 Share Repurchase Program of 1,193,037 shares for approximately $25.8 million. The Company completed the repurchases under the 2021 Repurchase Plan on April 29, 2022. The repurchased shares were subsequently retired. 2022 Share Repurchase Program On April 27, 2022, the Board approved a stock repurchase program (the “2022 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of its outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. The 2022 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time in its sole discretion. During the nine months ended September 30, 2023, the Company repurchased 803,591 shares for approximately $27.7 million, excluding excise tax. No shares were repurchased during the three months ended September 30, 2023. As of September 30, 2023, the remaining dollar value of shares that may be repurchased under the 2022 Repurchase Plan was $21.0 million, excluding excise tax. The repurchased shares were subsequently retired. 2023 Share Repurchase Program On April 27, 2023, the Board approved a stock repurchase program (the “2023 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of our outstanding common stock, upon completion of our 2022 Repurchase Plan, through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The 2023 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time in its sole discretion. As of September 30, 2023, the remaining dollar value of shares that may be repurchased under the 2023 Repurchase Plan was $100.0 million, excluding excise tax. Preferred Stock The table below presents a summary of the perpetual preferred stock outstanding at September 30, 2023 and December 31, 2022. Series Description Initial date of issuance Total Shares Outstanding Liquidation Preference per Share (in dollars) Carrying Value (in thousands) Per Annum Dividend Rate Redemption Period Series A (1) 5.75% Cumulative Perpetual December 2021 2,000 $ 25 $ 50,000 5.75 % n/a (1) Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. Dividends Dividends paid on our Series A preferred stock were $0.7 million and $2.2 million for the three and nine months ended September 30, 2023, respectively, and $0.7 million and $2.1 million for the three and nine months ended September 30, 2022, respectively. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | SHARE-BASED COMPENSATION The Company’s stock compensation plan, the 2014 Omnibus Equity Incentive Plan, is administered by the Board and allows for the grant of stock awards (“SAs”), restricted stock awards (“RSAs”), performance restricted stock units (“PRSUs”), and stock options. Share-Based Award Activity During the nine months ended September 30, 2023, the Company granted SAs to executive officers (“EOs”), RSAs to employees and non-employee members of the Board, and PRSUs to employees. The SAs granted to EOs were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are usually granted with a one-year vesting for non-employee directors, two-year cliff vesting for employee RSAs, and three-year cliff vesting for PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. The Company withheld 59,857 shares of common stock from EOs, at a total cost of $2.0 million, to satisfy statutory minimum tax requirements upon grant of the SAs. A summary of share-based awards activity during the nine months ended September 30, 2023 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Nonvested, December 31, 2022 38 $ 23.94 Granted 184 $ 33.78 Vested (129) $ 31.15 Forfeited (1) $ 32.35 Nonvested, September 30, 2023 92 $ 33.38 Stock Options A summary of stock options activity during the nine months ended September 30, 2023 is as follows: Number of Shares (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, December 31, 2022 500 $ 7.49 Granted — — Exercised — — Forfeited — — Options outstanding, September 30, 2023 500 $ 7.49 1.08 $ 17,010 Options exercisable, September 30, 2023 500 $ 7.49 1.08 $ 17,010 Share-Based Compensation Expense Share-based compensation expense was $0.3 million and $0.2 million for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, share-based compensation expense was $6.3 million and $3.3 million, respectively. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Disaggregation of Revenue The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 293,640 $ 2,580 $ 259,033 $ 3,950 Southeast 122,283 475 137,716 7,245 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Type of Customer Homebuyers $ 415,923 $ — $ 396,749 $ — Homebuilders and Multi-family Developers — 3,055 — 11,195 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Product Type Residential units $ 415,923 $ — $ 396,749 $ — Land and lots — 3,055 — 11,195 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Timing of Revenue Recognition Transferred at a point in time $ 415,827 $ 3,055 $ 394,731 $ 11,195 Transferred over time (1) 96 — 2,018 — Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 (1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 960,258 $ 6,123 $ 885,611 $ 45,416 Southeast 360,472 475 388,314 7,363 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Type of Customer Homebuyers $ 1,320,730 $ — $ 1,273,925 $ — Homebuilders and Multi-family Developers — 6,598 — 52,779 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Product Type Residential units $ 1,320,730 $ — $ 1,273,925 $ — Land and lots — 6,598 — 52,779 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Timing of Revenue Recognition Transferred at a point in time $ 1,319,393 $ 6,598 $ 1,268,329 $ 52,779 Transferred over time (1) 1,337 — 5,596 — Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 (1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Contract Balances Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): September 30, 2023 December 31, 2022 Customer and builder deposits $ 47,239 $ 29,112 The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by terminations of contracts. The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Type of Customer Homebuyers $ 13,537 $ 22,798 $ 25,329 $ 51,753 Homebuilders and Multi-Family Developers — 428 — 620 Total deposits recognized as revenue $ 13,537 $ 23,226 $ 25,329 $ 52,373 Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information related to the Company’s reportable segments is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: (1) Builder operations Central $ 293,640 $ 259,033 $ 960,258 $ 885,611 Southeast 122,758 144,961 360,947 395,677 Total builder operations 416,398 403,994 1,321,205 1,281,288 Land development 2,580 3,950 6,123 45,416 Total revenues $ 418,978 $ 407,944 $ 1,327,328 $ 1,326,704 Gross profit: Builder operations Central $ 108,699 $ 94,122 $ 318,982 $ 311,694 Southeast 40,931 47,493 120,128 116,543 Total builder operations 149,630 141,615 439,110 428,237 Land development 737 1,610 2,283 12,852 Corporate, other and unallocated (2) (11,354) (9,906) (34,839) (30,518) Total gross profit $ 139,013 $ 133,319 $ 406,554 $ 410,571 Income before income taxes: Builder operations Central $ 76,967 $ 67,698 $ 219,784 $ 230,174 Southeast 27,204 34,042 81,969 79,720 Total builder operations 104,171 101,740 301,753 309,894 Land development 1,148 915 3,063 12,125 Corporate, other and unallocated (3) (7,233) (5,059) (15,346) (3,508) Income before income taxes $ 98,086 $ 97,596 $ 289,470 $ 318,511 September 30, 2023 December 31, 2022 Inventory: Builder operations Central $ 598,810 $ 515,981 Southeast 318,177 293,787 Total builder operations 916,987 809,768 Land development 503,411 570,065 Corporate, other and unallocated (4) 41,866 42,847 Total inventory $ 1,462,264 $ 1,422,680 Goodwill: Builder operations - Southeast $ 680 $ 680 (1) The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. Land and lot closings revenue were $0.5 million for the three and nine months ended September 30, 2023. Land and lot closings revenues were $7.2 million and $7.4 million for the three and nine months ended September 30, 2022. (2) Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3) Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, Ventana Insurance, LLC, and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments. (4) Corporate, other and unallocated inventory consists of capitalized overhead and interest related to homes under construction and land under development. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | 11. INCOME TAXESThe Company’s income tax expense for the three and nine months ended September 30, 2023 was $21.0 million and $63.2 million, respectively, compared to $17.0 million and $65.7 million in the prior year periods. The effective tax rate was 21.4% and 21.8% for the three and nine months ended September 30, 2023, respectively, compared to 17.4% and 20.6% in the comparable prior year periods. The change in the effective tax rate for the three and nine months ended September 30, 2023 is primarily due to the benefit of the 45L Energy Efficient Home Credit enacted by Congress in August 2022 as part of the Inflation Reduction Act of 2022 (“the 2022 Act”). The 2022 Act extends and modifies the energy efficient home credit that Congress had enacted through the Taxpayer Certainty and Disaster Tax Relief Acts of 2019 and 2020. This tax credit had expired at the end of 2021, but following its enactment in August 2022, the 2022 Act extended the tax credit through 2032. Beginning in 2023, eligibility requirements increased resulting in fewer homes qualifying for this credit. |
Net Income Attributable to Gree
Net Income Attributable to Green Brick Partners, Inc. Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Green Brick Partners, Inc. Per Share | 12. EARNINGS PER SHARE The Company’s RSAs have the right to receive forfeitable dividends on an equal basis with common stock and its PRSUs do not participate in dividends with common stock. As such, these stock awards are not considered participating securities and are excluded from the calculation of net income per share using the two-class method. Basic earnings per common share is computed by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of RSAs and PRSUs during each period. Net income applicable to common stockholders is net income adjusted for preferred stock dividends including dividends declared and cumulative dividends related to the current dividend period that have not been declared as of period end. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options, RSAs and PRSUs. The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to Green Brick Partners, Inc. $ 72,156 $ 73,520 $ 211,606 $ 236,353 Preferred dividends (719) (719) (2,156) (2,156) Net income applicable to common stockholders 71,437 72,801 209,450 234,197 Weighted-average number of common shares outstanding - basic 45,320 46,032 45,543 48,205 Basic net income attributable to Green Brick Partners, Inc. per common share $ 1.58 $ 1.58 $ 4.60 $ 4.86 Weighted-average number of common shares outstanding - basic 45,320 46,032 45,543 48,205 Dilutive effect of stock options and restricted stock awards 472 358 445 339 Weighted-average number of common shares outstanding - diluted 45,792 46,390 45,988 48,544 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.56 $ 1.57 $ 4.55 $ 4.82 The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Antidilutive options to purchase common stock and restricted stock awards — — (24) (17) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The Company’s financial instruments, none of which are held for trading purposes, include cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, customer and builder deposits, borrowings on lines of credit, senior unsecured notes, and notes payable. Per the fair value hierarchy, level 1 financial instruments include: cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, and customer and builder deposits due to their short-term nature. The Company estimates that, due to the short-term nature of the underlying financial instruments or the proximity of the underlying transaction to the applicable reporting date, the fair value of level 1 financial instruments does not differ materially from the aggregate carrying values recorded in the condensed consolidated financial statements as of September 30, 2023 and December 31, 2022. Level 2 financial instruments include borrowings on lines of credit, senior unsecured notes, and notes payable. Due to the short-term nature and floating interest rate terms, the carrying amounts of borrowings on lines of credit are deemed to approximate fair value. The estimated fair value of the senior unsecured notes was $311.1 million and $306.1 million as of September 30, 2023 and December 31, 2022, respectively. The aggregate principal balance of the senior unsecured notes was $337.5 million as of September 30, 2023 and December 31, 2022. There were no transfers between the levels of the fair value hierarchy for any of our financial instruments during the three and nine months ended September 30, 2023 and 2022. |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 |
Related Party Disclosures
Related Party Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS During the three and nine months ended September 30, 2023 and 2022, the Company had the following related party transactions in the normal course of business. Corporate Officers Trevor Brickman, the son of Green Brick’s Chief Executive Officer, is the President of CLH20, LLC (“Centre Living”). Green Brick’s ownership interest in Centre Living is 90% and Trevor Brickman’s ownership interest is 10%. Green Brick has 90% voting control over the operations of Centre Living. As such, 100% of Centre Living’s operations are included within our condensed consolidated financial statements. GRBK GHO GRBK GHO leases office space from entities affiliated with the president of GRBK GHO. During the three and nine months ended September 30, 2023 and 2022, GRBK GHO incurred de minimis and $0.1 million rent expense, respectively, under such lease agreements. As of September 30, 2023 and December 31, 2022, there were no amounts due to the affiliated entities related to such lease agreements. |
Commitments and Contingencies
Commitments and Contingencies - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 10 | $ 5 | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Letters of Credit and Performance Bonds During the ordinary course of business, certain regulatory agencies and municipalities require the Company to post letters of credit or performance bonds related to development projects. As of September 30, 2023 and December 31, 2022, letters of credit and performance bonds outstanding were $10.0 million and $5.0 million, respectively. The Company does not believe that it is likely that any material claims will be made under a letter of credit or performance bond in the foreseeable future. Operating Leases The Company has leases associated with office and design center space in Georgia, Texas, and Florida that, at the commencement date, have a lease term of more than 12 months and are classified as operating leases. The exercise of any extension options available in such operating lease contracts is not reasonably certain. Operating lease cost of $0.6 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and $0.4 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $1.3 million for the three and nine months ended September 30, 2023, respectively, and $0.4 million and $1.2 million in the prior year periods. As of September 30, 2023, the weighted-average remaining lease term and the weighted-average discount rate used in calculating the Company’s lease liabilities were 6.7 years and 7.2%, respectively. The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of September 30, 2023 are presented below (in thousands): Remainder of 2023 $ 161 2024 1,225 2025 1,618 2026 1,533 2027 1,501 Thereafter 4,287 Total future lease payments 10,325 Less: Interest 2,402 Present value of lease liabilities $ 7,923 The Company elected the short-term lease recognition exemption for all leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For such leases, the Company does not recognize right-of-use assets or lease liabilities and instead recognizes lease payments in the condensed consolidated income statements on a straight-line basis. Short-term lease cost of $0.2 million and $0.7 million for the three and nine months ended September 30, 2023, respectively, and $0.5 million and $1.0 million for the comparable prior year periods, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Legal Matters Lawsuits, claims and proceedings may be instituted or asserted against us in the normal course of business. The Company is also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, title company regulations, employment practices and environmental protection. As a result, the Company may be subject to periodic examinations or inquiry by agencies administering these laws and regulations. The Company records an accrual for legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. The Company accrues for these matters based on facts and circumstances specific to each matter and revises these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, the Company generally cannot predict their ultimate resolution, related timing or eventual loss. If evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, the Company will disclose their nature with an estimate of the possible range of losses or a statement that such loss is not reasonably estimable. We believe that the disposition of legal claims and related contingencies will not have a material adverse effect on our results of operations and liquidity or on our financial condition. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or subsequent periods due to seasonal variations and other factors. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”). All intercompany balances and transactions have been eliminated in consolidation. |
Equity Method Investments | The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities’ earnings or losses, if any, is included in the condensed consolidated statements of income. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsChanges to U.S. GAAP are established by the FASB through Accounting Standards Updates (“ASU”) to the FASB ASC. The Company considers the applicability and impact of all ASUs and has determined that any recently adopted accounting pronouncements did not have a material impact on the Company's condensed consolidated financial statements and all recent accounting pronouncements not yet adopted are not applicable or are not expected to have a material impact on the Company's condensed consolidated financial statements. |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Real Estate Inventory | A summary of inventory is as follows (in thousands): September 30, 2023 December 31, 2022 Homes completed or under construction $ 535,334 $ 603,953 Land and lots - developed and under development 874,436 768,194 Land held for future development (1) 48,991 48,369 Land held for sale 3,503 2,164 Total inventory $ 1,462,264 $ 1,422,680 (1) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred. As of September 30, 2023, the Company reviewed the performance and outlook for all of its communities and land inventory for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. For the three and nine months ended September 30, 2023 and 2022, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value. |
Summary of Real Estate Inventory Capitalized Interest Costs | A summary of interest costs incurred, capitalized and expensed is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest capitalized at beginning of period $ 22,599 $ 20,420 $ 22,752 $ 19,950 Interest incurred 3,641 4,206 11,008 11,985 Interest charged to cost of revenues (2,971) (3,183) (10,491) (10,492) Interest capitalized at end of period $ 23,269 $ 21,443 $ 23,269 $ 21,443 Capitalized interest as a percentage of inventory 1.6 % 1.5 % |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 Real estate development reserve to complete (1) $ 31,692 $ 28,793 Warranty reserve 22,009 17,945 Accrued property tax payable 17,186 4,047 Accrued compensation 16,407 13,917 Other accrued expenses 23,615 26,579 Total accrued expenses $ 110,909 $ 91,281 |
Schedule of Warranty Activity | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Warranty accrual, beginning of period $ 20,824 $ 12,065 $ 17,945 $ 9,378 Warranties issued 2,568 1,923 7,489 6,134 Changes in liability for existing warranties 57 2,079 608 2,495 Payments made (1,440) (1,161) (4,033) (3,101) Warranty accrual, end of period $ 22,009 $ 14,906 $ 22,009 $ 14,906 |
Investment in Unconsolidated En
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | A summary of the Company’s investments in unconsolidated entities is as follows (in thousands): September 30, 2023 December 31, 2022 GB Challenger, LLC $ 49,186 $ 49,897 GBTM Sendera, LLC 19,530 14,319 EJB River Holdings, LLC 10,398 8,554 BHome Mortgage, LLC 1,096 1,147 Green Brick Mortgage, LLC (1) — 307 Total investment in unconsolidated entities $ 80,210 $ 74,224 |
Investment in Unconsolidated Entities | 3. INVESTMENT IN UNCONSOLIDATED ENTITIES A summary of the Company’s investments in unconsolidated entities is as follows (in thousands): September 30, 2023 December 31, 2022 GB Challenger, LLC $ 49,186 $ 49,897 GBTM Sendera, LLC 19,530 14,319 EJB River Holdings, LLC 10,398 8,554 BHome Mortgage, LLC 1,096 1,147 Green Brick Mortgage, LLC (1) — 307 Total investment in unconsolidated entities $ 80,210 $ 74,224 (1) As of September 30, 2023, our Green Brick Mortgage joint venture was terminated and the Company incurred a de minimis loss upon dissolution. A summary of the unaudited condensed financial information of the four unconsolidated entities as of September 30, 2023 and five unconsolidated entities as of December 31, 2022 that are accounted for by the equity method is as follows (in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 24,877 $ 15,265 Accounts receivable 8,315 4,972 Bonds and notes receivable 16,252 10,381 Loans held for sale, at fair value 5,172 8,829 Inventory 195,156 195,732 Other assets 6,454 9,352 Total assets $ 256,226 $ 244,531 Liabilities: Accounts payable $ 9,154 $ 10,166 Accrued expenses and other liabilities 14,609 12,177 Notes payable 84,415 82,484 Total liabilities 108,178 104,827 Owners’ equity: Green Brick 75,046 70,812 Others 73,002 68,892 Total owners’ equity 148,048 139,704 Total liabilities and owners’ equity $ 256,226 $ 244,531 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 66,782 $ 65,620 $ 199,852 $ 221,650 Costs and expenses 66,844 54,140 179,990 181,612 Net earnings of unconsolidated entities $ (62) $ 11,480 $ 19,862 $ 40,038 Company’s share in net earnings of unconsolidated entities $ 1,345 $ 5,697 $ 11,265 $ 19,907 A summary of the Company’s share in net earnings by unconsolidated entity is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 GB Challenger, LLC $ (71) $ 5,196 $ 7,441 $ 16,282 EJB River Holdings, LLC 770 203 1,844 1,587 BHome Mortgage, LLC 646 145 1,980 1,055 Green Brick Mortgage, LLC — 153 — 983 Total net earnings from unconsolidated entities $ 1,345 $ 5,697 $ 11,265 $ 19,907 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Lines of Credit Outstanding | Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, 2023 December 31, 2022 Secured Revolving Credit Facility $ — $ — Unsecured Revolving Credit Facility $ — $ 20,000 Debt issuance costs, net of amortization (1,983) (2,605) Total borrowings on lines of credit, net $ (1,983) $ 17,395 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 2022 Redeemable noncontrolling interest, beginning of period $ 32,995 $ 22,001 Net income attributable to redeemable noncontrolling interest partner 1,672 1,654 Distributions of income to redeemable noncontrolling interest partner — — Change in fair value of redeemable noncontrolling interest 569 2,005 Redeemable noncontrolling interest, end of period $ 35,236 $ 25,660 |
Compensation Related Costs, S_2
Compensation Related Costs, Share Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Awards Activity | A summary of share-based awards activity during the nine months ended September 30, 2023 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Nonvested, December 31, 2022 38 $ 23.94 Granted 184 $ 33.78 Vested (129) $ 31.15 Forfeited (1) $ 32.35 Nonvested, September 30, 2023 92 $ 33.38 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information related to the Company’s reportable segments is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: (1) Builder operations Central $ 293,640 $ 259,033 $ 960,258 $ 885,611 Southeast 122,758 144,961 360,947 395,677 Total builder operations 416,398 403,994 1,321,205 1,281,288 Land development 2,580 3,950 6,123 45,416 Total revenues $ 418,978 $ 407,944 $ 1,327,328 $ 1,326,704 Gross profit: Builder operations Central $ 108,699 $ 94,122 $ 318,982 $ 311,694 Southeast 40,931 47,493 120,128 116,543 Total builder operations 149,630 141,615 439,110 428,237 Land development 737 1,610 2,283 12,852 Corporate, other and unallocated (2) (11,354) (9,906) (34,839) (30,518) Total gross profit $ 139,013 $ 133,319 $ 406,554 $ 410,571 Income before income taxes: Builder operations Central $ 76,967 $ 67,698 $ 219,784 $ 230,174 Southeast 27,204 34,042 81,969 79,720 Total builder operations 104,171 101,740 301,753 309,894 Land development 1,148 915 3,063 12,125 Corporate, other and unallocated (3) (7,233) (5,059) (15,346) (3,508) Income before income taxes $ 98,086 $ 97,596 $ 289,470 $ 318,511 September 30, 2023 December 31, 2022 Inventory: Builder operations Central $ 598,810 $ 515,981 Southeast 318,177 293,787 Total builder operations 916,987 809,768 Land development 503,411 570,065 Corporate, other and unallocated (4) 41,866 42,847 Total inventory $ 1,462,264 $ 1,422,680 Goodwill: Builder operations - Southeast $ 680 $ 680 (1) The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. Land and lot closings revenue were $0.5 million for the three and nine months ended September 30, 2023. Land and lot closings revenues were $7.2 million and $7.4 million for the three and nine months ended September 30, 2022. (2) Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3) Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, Ventana Insurance, LLC, and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments. (4) Corporate, other and unallocated inventory consists of capitalized overhead and interest related to homes under construction and land under development. |
Net Income Attributable to Gr_2
Net Income Attributable to Green Brick Partners, Inc. Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to Green Brick Partners, Inc. $ 72,156 $ 73,520 $ 211,606 $ 236,353 Preferred dividends (719) (719) (2,156) (2,156) Net income applicable to common stockholders 71,437 72,801 209,450 234,197 Weighted-average number of common shares outstanding - basic 45,320 46,032 45,543 48,205 Basic net income attributable to Green Brick Partners, Inc. per common share $ 1.58 $ 1.58 $ 4.60 $ 4.86 Weighted-average number of common shares outstanding - basic 45,320 46,032 45,543 48,205 Dilutive effect of stock options and restricted stock awards 472 358 445 339 Weighted-average number of common shares outstanding - diluted 45,792 46,390 45,988 48,544 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.56 $ 1.57 $ 4.55 $ 4.82 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Antidilutive options to purchase common stock and restricted stock awards — — (24) (17) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of September 30, 2023 are presented below (in thousands): Remainder of 2023 $ 161 2024 1,225 2025 1,618 2026 1,533 2027 1,501 Thereafter 4,287 Total future lease payments 10,325 Less: Interest 2,402 Present value of lease liabilities $ 7,923 |
Significant Accounting Policies
Significant Accounting Policies Leases, Adoption of ASC 842 (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lease liabilities - operating leases | $ 7,923 | $ 3,582 |
Right-of-use assets - operating leases | $ 7,877 | $ 3,458 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |||
Finished Homes and Homes under Construction | $ 535,334 | $ 603,953 | |
Land and lots - developed and under development | 874,436 | 768,194 | |
Land Available for Development | 48,991 | 48,369 | |
Inventory, Land Held-for-sale | 3,503 | 2,164 | |
Total inventory | $ 1,462,264 | 1,422,680 | |
Document Period End Date | Sep. 30, 2023 | ||
Allowances for option deposits and pre-acquisition costs | $ 54 | $ 839 | |
Inventory [Line Items] | |||
Finished Homes and Homes under Construction | 535,334 | 603,953 | |
Land and lots - developed and under development | 874,436 | 768,194 | |
Land Available for Development | 48,991 | 48,369 | |
Inventory, Land Held-for-sale | $ 3,503 | $ 2,164 |
Inventory (Capitalization of In
Inventory (Capitalization of Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ||||
Interest capitalized at beginning of period | $ 22,599 | $ 20,420 | $ 22,752 | $ 19,950 |
Interest incurred | 3,641 | 4,206 | 11,008 | 11,985 |
Interest charged to cost of revenues | (2,971) | (3,183) | (10,491) | (10,492) |
Interest capitalized at end of period | $ 23,269 | $ 21,443 | $ 23,269 | $ 21,443 |
Document Period End Date | Sep. 30, 2023 | |||
Capitalized interest as a percentage of inventory | 1.60% | 1.50% |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||||
Warranty accrual, beginning of period | $ 20,824 | $ 12,065 | $ 17,945 | $ 9,378 | |
Warranties issued | 2,568 | 1,923 | 7,489 | 6,134 | |
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 57 | 2,079 | 608 | 2,495 | |
Payments made | (1,440) | (1,161) | (4,033) | (3,101) | |
Warranty accrual, end of period | 22,009 | 14,906 | 22,009 | 14,906 | |
Accrued liabilities [Line Items] | |||||
Standard Product Warranty Accrual | 22,009 | $ 14,906 | 22,009 | $ 14,906 | $ 17,945 |
Accrued expenses | 110,909 | 110,909 | 91,281 | ||
Accrued Expenses | |||||
Accrued liabilities [Line Items] | |||||
Inventory, Real Estate, Land and Land Development Costs | 31,692 | 31,692 | 28,793 | ||
Accrued Income Taxes | 17,186 | 17,186 | 4,047 | ||
Accrued Bonuses | 16,407 | 16,407 | 13,917 | ||
Other Accrued Liabilities | $ 23,615 | $ 23,615 | $ 26,579 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Summary of Financial Information of Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||||||
Company’s share in net earnings of unconsolidated entities | $ 1,345 | $ 5,697 | $ 11,265 | $ 19,907 | ||||
Assets | 1,866,646 | 1,866,646 | $ 1,655,675 | |||||
Liabilities | 569,763 | 569,763 | 543,621 | |||||
Stockholders' Equity Attributable to Parent | 1,245,216 | 1,009,240 | 1,245,216 | 1,009,240 | $ 1,174,077 | 1,061,907 | $ 947,391 | $ 874,548 |
Stockholders' Equity Attributable to Noncontrolling Interest | 16,431 | 21,563 | 16,431 | 21,563 | 16,148 | 20,908 | 16,104 | 14,146 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,261,647 | 1,030,803 | 1,261,647 | 1,030,803 | 1,190,225 | 1,082,815 | 963,495 | 888,694 |
Liabilities and Equity | 1,866,646 | 1,866,646 | 1,655,675 | |||||
Total revenues | 418,978 | 407,944 | 1,327,328 | 1,326,704 | ||||
Net income | 77,111 | 80,633 | 226,316 | 252,833 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity in income of unconsolidated entities | 1,345 | 5,697 | 11,265 | 19,907 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,431 | 21,563 | 16,431 | 21,563 | 16,148 | 20,908 | 16,104 | 14,146 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,261,647 | 1,030,803 | 1,261,647 | 1,030,803 | 1,190,225 | 1,082,815 | 963,495 | 888,694 |
Total revenues | 418,978 | 407,944 | 1,327,328 | 1,326,704 | ||||
Net income | 77,111 | 80,633 | 226,316 | 252,833 | ||||
Assets | 1,866,646 | 1,866,646 | 1,655,675 | |||||
Liabilities | 569,763 | 569,763 | 543,621 | |||||
Stockholders' Equity Attributable to Parent | 1,245,216 | 1,009,240 | 1,245,216 | 1,009,240 | $ 1,174,077 | 1,061,907 | $ 947,391 | $ 874,548 |
Liabilities and Equity | 1,866,646 | 1,866,646 | 1,655,675 | |||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||
Income Statement [Abstract] | ||||||||
Company’s share in net earnings of unconsolidated entities | 1,345 | 5,697 | 11,265 | 19,907 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity in income of unconsolidated entities | 1,345 | 5,697 | 11,265 | 19,907 | ||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||
Income Statement [Abstract] | ||||||||
Assets | 256,226 | 256,226 | 244,531 | |||||
Liabilities | 108,178 | 108,178 | 104,827 | |||||
Stockholders' Equity Attributable to Parent | 75,046 | 75,046 | 70,812 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 73,002 | 73,002 | 68,892 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 148,048 | 148,048 | 139,704 | |||||
Liabilities and Equity | 256,226 | 256,226 | 244,531 | |||||
Total revenues | 66,782 | 65,620 | 199,852 | 221,650 | ||||
Cash | 24,877 | 24,877 | 15,265 | |||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 73,002 | 73,002 | 68,892 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 148,048 | 148,048 | 139,704 | |||||
Total revenues | 66,782 | 65,620 | 199,852 | 221,650 | ||||
Accounts and Other Receivables, Net, Current | 8,315 | 8,315 | 4,972 | |||||
Financing Receivable, after Allowance for Credit Loss | 16,252 | 16,252 | 10,381 | |||||
Financing Receivable, Held-for-Sale | 5,172 | 5,172 | 8,829 | |||||
Inventory, Net | 195,156 | 195,156 | 195,732 | |||||
Other Assets, Current | 6,454 | 6,454 | 9,352 | |||||
Accounts Payable, Current | 9,154 | 9,154 | 10,166 | |||||
Accrued Liabilities, Current | 14,609 | 14,609 | 12,177 | |||||
Notes Payable, Current | 84,415 | 84,415 | 82,484 | |||||
Costs and Expenses | 66,844 | $ 54,140 | 179,990 | $ 181,612 | ||||
Assets | 256,226 | 256,226 | 244,531 | |||||
Cash | 24,877 | 24,877 | 15,265 | |||||
Liabilities | 108,178 | 108,178 | 104,827 | |||||
Stockholders' Equity Attributable to Parent | 75,046 | 75,046 | 70,812 | |||||
Liabilities and Equity | $ 256,226 | $ 256,226 | $ 244,531 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||
Investments in unconsolidated entities | $ 80,210 | $ 80,210 | $ 74,224 | ||
Equity in income of unconsolidated entities | $ 1,345 | $ 5,697 | $ 11,265 | $ 19,907 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Goodwill | $ 680 | $ 680 | $ 680 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | $ 80,210 | $ 80,210 | $ 74,224 | ||
Equity in income of unconsolidated entities | 1,345 | $ 5,697 | 11,265 | $ 19,907 | |
Total revenues | 418,978 | 407,944 | 1,327,328 | 1,326,704 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | 66,782 | 65,620 | 199,852 | 221,650 | |
Costs and Expenses | 66,844 | 54,140 | 179,990 | 181,612 | |
BHome Mortgage, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | 1,096 | 1,096 | 1,147 | ||
Equity in income of unconsolidated entities | 646 | 145 | 1,980 | 1,055 | |
GB Challenger, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | 49,186 | 49,186 | 49,897 | ||
Equity in income of unconsolidated entities | (71) | 5,196 | 16,282 | ||
GBTM Sendera, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | 19,530 | 19,530 | 14,319 | ||
EJB River Holdings, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | 10,398 | 10,398 | 8,554 | ||
Equity in income of unconsolidated entities | 770 | 203 | 1,844 | 1,587 | |
Green Brick Mortgage, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | 0 | 0 | $ 307 | ||
Equity in income of unconsolidated entities | 153 | 983 | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income of unconsolidated entities | $ 1,345 | $ 5,697 | $ 11,265 | $ 19,907 |
Debt (Schedule of Lines of Cred
Debt (Schedule of Lines of Credit Outstanding) (Details) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 15, 2015 | Jul. 30, 2015 | |
Line of Credit Facility [Line Items] | |||||
Document Period End Date | Sep. 30, 2023 | ||||
Debt issuance costs, net of amortization | $ (1,983,000) | $ (2,605,000) | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | 1,983,000 | 17,395,000 | |||
Letters of Credit Outstanding, Amount | 10,000,000 | 5,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 35,000,000 | ||||
Payments of Debt Issuance Costs | 72,000 | $ 86,000 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 325,000,000 | $ 35,000,000 | |||
Unsecured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | $ 0 | $ (20,000,000) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 29, 2029 | Dec. 28, 2028 | Feb. 25, 2028 | Feb. 25, 2027 | Aug. 08, 2026 | Feb. 25, 2026 | Aug. 08, 2025 | Feb. 25, 2025 | Aug. 08, 2024 | Feb. 25, 2024 | Dec. 31, 2022 | Feb. 09, 2022 | Feb. 07, 2022 | Dec. 15, 2015 | Jul. 30, 2015 | |
Debt Instrument [Line Items] | |||||||||||||||||
Document Period End Date | Sep. 30, 2023 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||||||||||||||
Payments of Debt Issuance Costs | $ 72,000 | $ 86,000 | |||||||||||||||
Costs associated with amendment | 1,983,000 | $ 2,605,000 | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 35,000,000 | ||||||||||||||||
Senior unsecured notes, net | 336,112,000 | 335,825,000 | |||||||||||||||
Letters of Credit Outstanding, Amount | 10,000,000 | 5,000,000 | |||||||||||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.60% | ||||||||||||||||
Notes payable | 12,998,000 | 14,622,000 | $ 14,400,000 | ||||||||||||||
2026 Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior unsecured notes, net | 75,000,000 | 75,000,000 | |||||||||||||||
2027 Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior unsecured notes, net | 37,500,000 | 37,500,000 | |||||||||||||||
2028 Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior unsecured notes, net | 125,000,000 | 125,000,000 | |||||||||||||||
2029 Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior unsecured notes, net | 100,000,000 | 100,000,000 | |||||||||||||||
Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Costs associated with amendment | 1,388,000 | 1,675,000 | |||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 325,000,000 | $ 35,000,000 | |||||||||||||||
Borrowings on lines of credit | $ 0 | $ 0 | |||||||||||||||
Forecast [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 70,000,000 | ||||||||||||||||
Long-Term Debt, Maturity, Year Two | $ 12,500,000 | $ 25,000,000 | |||||||||||||||
Long-Term Debt, Maturity, Year Four | $ 25,000,000 | ||||||||||||||||
Long-Term Debt, Maturity, Year One | $ 12,500,000 | $ 25,000,000 | |||||||||||||||
Long-Term Debt, Maturity, Year Three | $ 50,000,000 | $ 25,000,000 | |||||||||||||||
Long-Term Debt, Maturity, Year Five | $ 30 | $ 25,000,000 |
Business Combination (Narrative
Business Combination (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Assets acquired | ||||||||
Goodwill | $ 680 | $ 680 | $ 680 | |||||
Liabilities assumed | ||||||||
Homebuilding revenues | 418,978 | $ 407,944 | 1,327,328 | $ 1,326,704 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 98,086 | 97,596 | 289,470 | 318,511 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 1,672 | 1,654 | 5,131 | 3,345 | ||||
Temporary Equity, Accretion to Redemption Value | 2,706 | 448 | ||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 35,236 | 25,660 | 35,236 | 25,660 | $ 29,239 | $ 32,995 | $ 21,867 | $ 22,001 |
Distributions to redeemable noncontrolling interest | 0 | 0 | (1,840) | $ 0 | ||||
Noncontrolling Interest, Change in Redemption Value | $ 569 | $ (2,005) | $ 2,706 | |||||
GHO Homes [Member] | ||||||||
Liabilities assumed | ||||||||
Ownership percentage by noncontrolling owners | 20% | 20% |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 27, 2023 | Apr. 27, 2022 | |
Share Repurchase Programs [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | $ 100,000,000 | |||
Payments for Repurchase of Common Stock | $ 27,991,000 | $ 101,463,000 | |||
Preferred Units [Line Items] | |||||
Dividends, Cash | $ 700,000 | $ 2,200,000 | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0.359 | ||||
2021 Repurchase Plan | |||||
Share Repurchase Programs [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 1,193,037 | ||||
Payments for Repurchase of Common Stock | $ 25,800,000 | ||||
2022 Repurchase Plan | |||||
Share Repurchase Programs [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 803,591 | ||||
Payments for Repurchase of Common Stock | $ 27,700,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 21,000,000 | 21,000,000 | |||
2023 Repurchase Plan | |||||
Share Repurchase Programs [Line Items] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 100,000,000 | 100,000,000 | |||
Series A Preferred Stock | |||||
Preferred Units [Line Items] | |||||
Preferred Stock, Liquidation Preference, Value | 25,000 | 25,000 | |||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 50,000 | $ 50,000 | |||
Preferred Stock, Dividend Rate, Percentage | 5.75% |
Compensation Related Costs, S_3
Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,976 | $ 1,075 | |||
Document Period End Date | Sep. 30, 2023 | ||||
Percentage of awards vested and forfeitable at time of grant | 100% | ||||
Share-based compensation expense | $ 300 | $ 200 | $ 6,333 | $ 3,329 | |
Period for recognition | 1 year 9 months 18 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 500,000 | 500,000 | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.49 | $ 7.49 | $ 7.49 | ||
Granted (in shares) | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 29 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 17,010 | $ 17,010 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 500,000 | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 7.49 | $ 7.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 29 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 17,010 | $ 17,010 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.38 | $ 33.38 | $ 23.94 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 92,000 | 92,000 | 38,000 | ||
Granted (in dollars per share) | $ 33.78 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 46,415 | ||||
Share-based compensation expense | $ 300 | $ 200 | $ 6,333 | $ 3,329 | |
Compensation cost not yet recognized | $ 2,000 | $ 2,000 | |||
Period for recognition | 1 year 9 months 18 days | ||||
Percentage of awards vested and forfeitable at time of grant | 100% | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,976 | 1,075 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 129,000 | ||||
Vested (in dollars per share) | $ 31.15 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,000 | ||||
Forfeited (in dollars per share) | $ 32.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 184,000 | ||||
Document Period End Date | Sep. 30, 2023 | ||||
Common Stock [Member] | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 0 | (1) | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 59,857 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 0 | (1) | |||
Additional Paid-in Capital [Member] | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 1,976 | (1,074) | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,976 | $ (1,074) |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Disaggregation of Revenue | The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 293,640 $ 2,580 $ 259,033 $ 3,950 Southeast 122,283 475 137,716 7,245 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Type of Customer Homebuyers $ 415,923 $ — $ 396,749 $ — Homebuilders and Multi-family Developers — 3,055 — 11,195 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Product Type Residential units $ 415,923 $ — $ 396,749 $ — Land and lots — 3,055 — 11,195 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Timing of Revenue Recognition Transferred at a point in time $ 415,827 $ 3,055 $ 394,731 $ 11,195 Transferred over time (1) 96 — 2,018 — Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 (1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 960,258 $ 6,123 $ 885,611 $ 45,416 Southeast 360,472 475 388,314 7,363 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Type of Customer Homebuyers $ 1,320,730 $ — $ 1,273,925 $ — Homebuilders and Multi-family Developers — 6,598 — 52,779 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Product Type Residential units $ 1,320,730 $ — $ 1,273,925 $ — Land and lots — 6,598 — 52,779 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Timing of Revenue Recognition Transferred at a point in time $ 1,319,393 $ 6,598 $ 1,268,329 $ 52,779 Transferred over time (1) 1,337 — 5,596 — Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 (1) Revenue recognized over time represents revenue from mechanic’s lien contracts. | ||||
Opening and Closing Contract Balances Included in Customer and Builder Deposits on Balance Sheet and Deposits Recognized as Revenue | Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): September 30, 2023 December 31, 2022 Customer and builder deposits $ 47,239 $ 29,112 The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Type of Customer Homebuyers $ 13,537 $ 22,798 $ 25,329 $ 51,753 Homebuilders and Multi-Family Developers — 428 — 620 Total deposits recognized as revenue $ 13,537 $ 23,226 $ 25,329 $ 52,373 | ||||
Revenue Recognition | REVENUE RECOGNITION Disaggregation of Revenue The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 293,640 $ 2,580 $ 259,033 $ 3,950 Southeast 122,283 475 137,716 7,245 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Type of Customer Homebuyers $ 415,923 $ — $ 396,749 $ — Homebuilders and Multi-family Developers — 3,055 — 11,195 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Product Type Residential units $ 415,923 $ — $ 396,749 $ — Land and lots — 3,055 — 11,195 Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 Timing of Revenue Recognition Transferred at a point in time $ 415,827 $ 3,055 $ 394,731 $ 11,195 Transferred over time (1) 96 — 2,018 — Total revenues $ 415,923 $ 3,055 $ 396,749 $ 11,195 (1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 960,258 $ 6,123 $ 885,611 $ 45,416 Southeast 360,472 475 388,314 7,363 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Type of Customer Homebuyers $ 1,320,730 $ — $ 1,273,925 $ — Homebuilders and Multi-family Developers — 6,598 — 52,779 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Product Type Residential units $ 1,320,730 $ — $ 1,273,925 $ — Land and lots — 6,598 — 52,779 Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 Timing of Revenue Recognition Transferred at a point in time $ 1,319,393 $ 6,598 $ 1,268,329 $ 52,779 Transferred over time (1) 1,337 — 5,596 — Total revenues $ 1,320,730 $ 6,598 $ 1,273,925 $ 52,779 (1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Contract Balances Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): September 30, 2023 December 31, 2022 Customer and builder deposits $ 47,239 $ 29,112 The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by terminations of contracts. The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Type of Customer Homebuyers $ 13,537 $ 22,798 $ 25,329 $ 51,753 Homebuilders and Multi-Family Developers — 428 — 620 Total deposits recognized as revenue $ 13,537 $ 23,226 $ 25,329 $ 52,373 Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, | ||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 418,978 | $ 407,944 | $ 1,327,328 | $ 1,326,704 | |
Revenue recognized | 13,537 | 23,226 | 25,329 | 52,373 | |
Customer and builder deposits | 47,239 | 47,239 | $ 29,112 | ||
Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 415,923 | 396,749 | 1,320,730 | 1,273,925 | |
Residential Real Estate [Member] | Transferred at a point in time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 415,827 | 394,731 | 1,319,393 | 1,268,329 | |
Residential Real Estate [Member] | Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 96 | 2,018 | 1,337 | 5,596 | |
Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 3,055 | 11,195 | 6,598 | 52,779 | |
Real Estate, Other [Member] | Transferred at a point in time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 3,055 | 11,195 | 6,598 | 52,779 | |
Real Estate, Other [Member] | Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Homebuilders [Member] | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Revenue recognized | 0 | 428 | 0 | 620 | |
Homebuilders [Member] | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 3,055 | 11,195 | 6,598 | 52,779 | |
Homebuyers [Member] | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 415,923 | 396,749 | 1,320,730 | 1,273,925 | |
Revenue recognized | 13,537 | 22,798 | 25,329 | 51,753 | |
Homebuyers [Member] | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Central | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 293,640 | 259,033 | 960,258 | 885,611 | |
Central | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 2,580 | 3,950 | 6,123 | 45,416 | |
Southeast [Domain] | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 122,283 | 137,716 | 360,472 | 388,314 | |
Southeast [Domain] | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 475 | 7,245 | 475 | 7,363 | |
Land Subdivider and Developers | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 2,580 | 3,950 | 6,123 | 45,416 | |
Land Subdivider and Developers | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Homebuilders [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 416,398 | 403,994 | 1,321,205 | 1,281,288 | |
Homebuilders [Member] | Land and Lots [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Homebuilders [Member] | Southeast [Domain] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 122,758 | $ 144,961 | $ 360,947 | $ 395,677 |
Revenue Recognition (Transactio
Revenue Recognition (Transaction Price Allocated to Remaining Performance Obligations) (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Practical Expedient, Remaining Performance Obligation, Description | Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenues: | |||||
Total revenues | $ 418,978 | $ 407,944 | $ 1,327,328 | $ 1,326,704 | |
Gross profit: | |||||
Gross Profit | 139,013 | 133,319 | 406,554 | 410,571 | |
Income before income taxes: | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 98,086 | 97,596 | 289,470 | 318,511 | |
Inventory | |||||
Inventory | 1,462,264 | 1,462,264 | $ 1,422,680 | ||
Goodwill | |||||
Goodwill | 680 | 680 | 680 | ||
Inventory | 1,462,264 | 1,462,264 | 1,422,680 | ||
Corporate and Other [Member] | |||||
Gross profit: | |||||
Gross Profit | (11,354) | (9,906) | (34,839) | (30,518) | |
Income before income taxes: | |||||
Results of Operations, Income before Income Taxes | (7,233) | (5,059) | (15,346) | (3,508) | |
Goodwill | |||||
Inventory | 41,866 | 41,866 | 42,847 | ||
Southeast [Domain] | |||||
Goodwill | |||||
Goodwill | 680 | 680 | 680 | ||
Homebuilders [Member] | |||||
Revenues: | |||||
Total revenues | 416,398 | 403,994 | 1,321,205 | 1,281,288 | |
Gross profit: | |||||
Gross Profit | 149,630 | 141,615 | 439,110 | 428,237 | |
Income before income taxes: | |||||
Results of Operations, Income before Income Taxes | 104,171 | 101,740 | 301,753 | 309,894 | |
Goodwill | |||||
Inventory | 916,987 | 916,987 | 809,768 | ||
Homebuilders [Member] | Southeast [Domain] | |||||
Revenues: | |||||
Total revenues | 122,758 | 144,961 | 360,947 | 395,677 | |
Gross profit: | |||||
Gross Profit | 40,931 | 47,493 | 120,128 | 116,543 | |
Income before income taxes: | |||||
Results of Operations, Income before Income Taxes | 27,204 | 34,042 | 81,969 | 79,720 | |
Goodwill | |||||
Inventory | 318,177 | 318,177 | 293,787 | ||
Homebuilders [Member] | Central | |||||
Gross profit: | |||||
Gross Profit | 108,699 | 94,122 | 318,982 | 311,694 | |
Income before income taxes: | |||||
Results of Operations, Income before Income Taxes | 76,967 | 67,698 | 219,784 | 230,174 | |
Goodwill | |||||
Inventory | 598,810 | 598,810 | 515,981 | ||
Homebuilders [Member] | Central America | |||||
Revenues: | |||||
Total revenues | 293,640 | 259,033 | 960,258 | 885,611 | |
Land Subdivider and Developers | |||||
Revenues: | |||||
Total revenues | 2,580 | 3,950 | 6,123 | 45,416 | |
Gross profit: | |||||
Gross Profit | 737 | 1,610 | 2,283 | 12,852 | |
Income before income taxes: | |||||
Results of Operations, Income before Income Taxes | 1,148 | 915 | 3,063 | 12,125 | |
Goodwill | |||||
Inventory | 503,411 | 503,411 | $ 570,065 | ||
Real Estate, Other [Member] | |||||
Revenues: | |||||
Total revenues | 3,055 | 11,195 | 6,598 | 52,779 | |
Real Estate, Other [Member] | Southeast [Domain] | |||||
Revenues: | |||||
Total revenues | 475 | 7,245 | 475 | 7,363 | |
Real Estate, Other [Member] | Central | |||||
Revenues: | |||||
Total revenues | 2,580 | 3,950 | 6,123 | 45,416 | |
Residential Real Estate [Member] | |||||
Revenues: | |||||
Total revenues | 415,923 | 396,749 | 1,320,730 | 1,273,925 | |
Residential Real Estate [Member] | Southeast [Domain] | |||||
Revenues: | |||||
Total revenues | 122,283 | 137,716 | 360,472 | 388,314 | |
Residential Real Estate [Member] | Central | |||||
Revenues: | |||||
Total revenues | 293,640 | 259,033 | 960,258 | 885,611 | |
Residential Real Estate [Member] | Land Subdivider and Developers | |||||
Revenues: | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Land and Lots [Member] | Homebuilders [Member] | |||||
Revenues: | |||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 20,975 | $ 16,963 | $ 63,154 | $ 65,678 |
Effective tax rate | 21.40% | 1,740% | 21.80% | 20.60% |
Net Income Attributable to Gr_3
Net Income Attributable to Green Brick Partners, Inc. Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Green Brick Partners, Inc. | $ 72,156 | $ 73,520 | $ 211,606 | $ 236,353 |
Preferred Stock Dividends, Income Statement Impact | 719 | 719 | 2,156 | 2,156 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 71,437 | $ 72,801 | $ 209,450 | $ 234,197 |
Weighted-average number of shares outstanding —basic (in shares) | 45,320 | 46,032 | 45,543 | 48,205 |
Basic net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.58 | $ 1.58 | $ 4.60 | $ 4.86 |
Dilutive effect of stock options and restricted stock awards (in shares) | 472 | 358 | 445 | 339 |
Weighted-average number of shares outstanding —diluted (in shares) | 45,792 | 46,390 | 45,988 | 48,544 |
Diluted net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.56 | $ 1.57 | $ 4.55 | $ 4.82 |
Net Income Attributable to Gr_4
Net Income Attributable to Green Brick Partners, Inc. Per Share (Antidilutive Options Excluded From Calculation of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive options to purchase common stock and restricted stock awards (in shares) | 0 | 0 | (24) | (17) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Value and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Debt Instrument, Fair Value Disclosure | $ 311,100 | $ 306,100 |
Senior unsecured notes, net | $ 336,112 | $ 335,825 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Centre Living | |
Related Party Transactions [Abstract] | |
Ownership percentage by noncontrolling owners | 10% |
Related Party Transaction [Line Items] | |
Ownership percentage by noncontrolling owners | 10% |
Ownership percentage by parent | 90% |
Office Space Lease Agreements | |
Related Party Transaction [Line Items] | |
Other Liabilities | $ 0 |
GHO Homes [Member] | |
Related Party Transaction [Line Items] | |
Operating Costs and Expenses | 100,000 |
GHO Homes [Member] | |
Related Party Transaction [Line Items] | |
Other Liabilities | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Annual Minimum Operating Lease Payments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease liabilities - operating leases | $ 7,923 | $ 3,582 |
Remainder of 2023 | 161 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,618 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,533 | |
2021 | 1,501 | |
Total future lease payments | 10,325 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 1,225 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 4,287 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 2,402 |
Commitments and Contingencies O
Commitments and Contingencies Operating Leases Disclosures - ASC 842 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Allowances for option deposits and pre-acquisition costs | $ 54 | $ 839 | ||
Short-term Lease, Cost | $ 200 | 700 | ||
Operating Lease, Expense | 600 | 1,400 | ||
Operating Lease, Payments | $ 400 | $ 400 | $ 1,300 | $ 1,200 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 8 months 12 days | 6 years 8 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 7.20% | 7.20% |