Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
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 | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Tax Identification Number | 20-5952523 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 44,930,656 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Restricted cash | $ 24,611 | $ 19,703 |
Inventory | 1,655,494 | 1,533,223 |
Investments in unconsolidated entities | 34,701 | 84,654 |
Operating Lease, Right-of-Use Asset | 6,997 | 7,255 |
Property and equipment, net | 6,826 | 7,054 |
Earnest money deposits | 16,464 | 16,619 |
Deferred income tax assets, net | 15,306 | 15,306 |
Intangible assets, net | 345 | 367 |
Goodwill | 680 | 680 |
Other assets | 20,623 | 27,583 |
Total assets | 1,976,574 | 1,902,832 |
LIABILITIES AND EQUITY | ||
Accounts payable | 53,330 | 54,321 |
Debt Issuance Costs, Line of Credit Arrangements, Net | (2,260) | (2,328) |
Accrued expenses | 114,218 | 96,457 |
Operating Lease, Liability | 7,873 | 7,898 |
Debt Issuance Costs, Line of Credit Arrangements, Net | 2,260 | 2,328 |
Senior Notes | 311,303 | 336,207 |
Contract with Customer, Liability | 54,120 | 43,148 |
Total liabilities | 538,697 | 548,684 |
Commitments and contingencies | ||
Redeemable noncontrolling interest in equity of consolidated subsidiary | 38,186 | 36,135 |
Green Brick Partners, Inc. stockholders’ equity | ||
Preferred Stock, Including Additional Paid in Capital | $ 47,603 | $ 47,603 |
Treasury Stock, Common, Shares | 71,241 | 0 |
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively | $ 451 | $ 450 |
Additional Paid in Capital | 259,412 | 255,614 |
Retained earnings | 1,079,619 | 997,037 |
Total Green Brick Partners, Inc. stockholders’ equity | 1,383,327 | 1,300,704 |
Noncontrolling interests | 16,364 | 17,309 |
Total equity | 1,399,691 | 1,318,013 |
Total liabilities and equity | 1,976,574 | 1,902,832 |
Cash and Cash Equivalents, at Carrying Value | 185,897 | 179,756 |
Accounts Receivable, after Allowance for Credit Loss | 8,630 | 10,632 |
Treasury Stock, Value | 3,758 | 0 |
Other Notes Payable | $ 113 | $ 12,981 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 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) | $ 0.01 | |
Common stock, shares authorized (in shares) | 100,000,000 | |
Common Stock, Shares, Issued | 45,096,392 | 45,005,175 |
Common stock, shares outstanding (in shares) | 45,025,151 | 45,005,175 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total revenues | $ 447,338 | $ 452,061 |
Cost of Goods and Services Sold | 299,081 | 327,455 |
Total gross profit | 148,257 | 124,606 |
Selling, general and administrative expenses | 50,570 | 45,945 |
Equity in income of unconsolidated entities | 2,592 | 4,221 |
Other income, net | 15,354 | 4,290 |
Income before income taxes | 115,633 | 87,172 |
Income tax expense | 24,842 | 19,031 |
Net income | 90,791 | 68,141 |
Less: Net income attributable to noncontrolling interests | 7,490 | 3,961 |
Net income attributable to Green Brick Partners, Inc. | $ 83,301 | $ 64,180 |
Net income attributable to Green Brick Partners, Inc. per common share: | ||
Basic (in dollars per share) | $ 1.84 | $ 1.38 |
Diluted (in dollars per share) | $ 1.82 | $ 1.37 |
Residential Real Estate [Member] | ||
Total revenues | $ 443,284 | $ 450,362 |
Cost of Goods and Services Sold | 295,313 | 326,124 |
Real Estate, Other [Member] | ||
Total revenues | 4,054 | 1,699 |
Cost of Goods and Services Sold | $ 3,768 | $ 1,331 |
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 | Preferred stock GRBK PRA | Parent | Treasury Stock, Common |
Treasury Stock, Value | $ 0 | |||||||
Common Stock, Shares, Issued | 46,032,930 | |||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively | $ 460 | |||||||
Treasury Stock, Common, Shares | 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 | |||||||
Preferred stock, shares outstanding (in shares) | 2,000 | |||||||
Preferred Stock, Including Additional Paid in Capital | $ 47,696 | |||||||
Common Stock, Shares, Issued | 46,032,930 | |||||||
Temporary Equity, Accretion to Redemption Value, Adjustment | $ 313 | $ 313 | $ 313 | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 1,976 | $ (1) | 1,976 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,233 | $ 5,230 | $ 3 | 5,233 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 238,357 | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 1,975,000 | (59,857) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 567 | 567 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 11,056 | $ 11,056 | ||||||
Net income attributable to Green Brick Partners, Inc. | 64,180 | $ 64,180 | 64,180 | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 2,596 | |||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 66,776 | |||||||
Noncontrolling Interest, Change in Redemption Value | (313) | |||||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 567 | |||||||
Dividends, Common Stock, Cash | (719) | (719) | (719) | |||||
Stock Repurchased During Period, Shares | 467,875 | |||||||
Stock Repurchased During Period, Value | (3,758) | 3,758 | $ 15,351 | |||||
Treasury Stock, Value | $ 15,351 | |||||||
Common Stock, Shares, Issued | 46,211,430 | |||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively | $ 462 | |||||||
Treasury Stock, Common, Shares | 467,875 | |||||||
Additional Paid in Capital | $ 263,545 | |||||||
Retained Earnings (Accumulated Deficit) | 817,802 | |||||||
Stockholders' Equity Attributable to Parent | 1,114,154 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 12,448 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,126,602 | |||||||
Preferred stock, shares outstanding (in shares) | 2,000 | |||||||
Preferred Stock, Including Additional Paid in Capital | $ 47,696 | |||||||
Common Stock, Shares, Issued | 46,211,430 | |||||||
Treasury Stock, Value | $ 0 | |||||||
Common Stock, Shares, Issued | 45,005,175 | |||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively | $ 450 | |||||||
Treasury Stock, Common, Shares | 0 | |||||||
Additional Paid in Capital | $ 255,614 | |||||||
Retained Earnings (Accumulated Deficit) | 997,037 | |||||||
Stockholders' Equity Attributable to Parent | 1,300,704 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 17,309 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,318,013 | |||||||
Preferred stock, shares outstanding (in shares) | 2,000 | |||||||
Preferred Stock, Including Additional Paid in Capital | $ 47,603 | |||||||
Common Stock, Shares, Issued | 45,005,175 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 2,161 | (2,161) | (2,161) | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 5,847 | 5,846 | $ 1 | 5,847 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 136,777 | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 45,560 | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 513 | 513 | 513 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 6,785 | 6,785 | ||||||
Net income attributable to Green Brick Partners, Inc. | 83,301 | 83,301 | 83,301 | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 5,840 | |||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 89,141 | |||||||
Noncontrolling Interest, Change in Redemption Value | (400) | $ (400) | (400) | |||||
Dividends, Common Stock, Cash | (719) | $ (719) | (719) | |||||
Stock Repurchased During Period, Shares | 71,241 | |||||||
Stock Repurchased During Period, Value | (15,351) | $ (15,351) | $ 3,758 | |||||
Treasury Stock, Value | $ 3,758 | |||||||
Common Stock, Shares, Issued | 45,096,392 | |||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively | $ 451 | |||||||
Treasury Stock, Common, Shares | 71,241 | |||||||
Additional Paid in Capital | $ 259,412 | |||||||
Retained Earnings (Accumulated Deficit) | 1,079,619 | |||||||
Stockholders' Equity Attributable to Parent | 1,383,327 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,364 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,399,691 | |||||||
Preferred stock, shares outstanding (in shares) | 2,000 | |||||||
Preferred Stock, Including Additional Paid in Capital | $ 47,603 | |||||||
Common Stock, Shares, Issued | 45,096,392 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 90,791 | $ 68,141 |
Depreciation, Depletion and Amortization | 1,126 | 754 |
Gain (Loss) on Disposition of Property Plant Equipment | 66 | (146) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation expense | 6,365 | 5,499 |
Earnest Money Deposits and Pre-acquisition Costs Written-Off | 5 | 10 |
Income (Loss) from Equity Method Investments | (2,592) | (4,221) |
Distributions of income from unconsolidated entities | 998 | 2,906 |
Gain on Sale of Investments | (10,718) | 0 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in receivables | 2,002 | (1,968) |
(Increase) decrease in inventory | (122,108) | 49,987 |
Decrease in earnest money deposits | 155 | 4,380 |
Decrease in other assets | 7,188 | 2,960 |
(Decrease) increase in accounts payable | 991 | (1,058) |
Increase in accrued expenses | 17,758 | 17,512 |
Increase (Decrease) in Contract with Customer, Liability | 10,972 | 7,835 |
Net cash provided by operating activities | 1,017 | 154,707 |
Cash flows from investing activities: | ||
Purchase of property and equipment, net of disposals | (942) | (1,581) |
Net cash provided by (used in) investing activities | 61,323 | (3,101) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Borrowings from lines of credit | 0 | 22,000 |
Repayments of Lines of Credit | 0 | 42,000 |
Repayments of Senior Debt | (25,000) | 0 |
Payment, Tax Withholding, Share-based Payment Arrangement | 2,161 | 1,975 |
Payments for Repurchase of Common Stock | (3,758) | (15,351) |
Payments to Noncontrolling Interests | 6,785 | 11,056 |
Net cash used in financing activities | (51,291) | (49,189) |
Net increase in cash and cash equivalents and restricted cash | 11,049 | 102,417 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance | 199,459 | 93,270 |
Cash and cash equivalents and restricted cash, end of period | 210,508 | 195,687 |
Supplemental Cash Flow Information [Abstract] | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | 5 | 10 |
Repayments of Notes Payable | (12,868) | (16) |
Payments of Debt Issuance Costs | 0 | (72) |
Payments to Acquire Equity Method Investments | (1,695) | (1,520) |
Proceeds from Sale of Equity Method Investments | 63,960 | 0 |
Payments of Dividends | $ (719) | $ (719) |
Significant Accounting Policies
Significant Accounting Policies Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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, 2023 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, 2023. 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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 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, (together, the “Company”, “we”, or “Green Brick”) and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary. 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. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, (together, the “Company”, “we”, or “Green Brick”) and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. |
Equity Method Investments [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standard Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of (i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, (ii) an amount and description of its composition for other segment items to reconcile to segment profit or loss, and (iii) the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its Consolidated Financial Statements and disclosures. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | 2. INVENTORY A summary of our inventory is as follows (in thousands): March 31, 2024 December 31, 2023 Homes completed or under construction $ 624,461 $ 559,488 Land and lots - developed and under development 1,012,584 921,241 Land held for future development (1) 14,946 48,991 Land held for sale 3,503 3,503 Total inventory $ 1,655,494 $ 1,533,223 (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 March 31, 2024, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. As of March 31, 2024, one selling community had an indicator of impairment. The Company estimated the remaining undiscounted cash flows for this community and determined its carrying value of $22.3 million does not exceed the community’s fair value. For the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 Interest capitalized at beginning of period $ 24,126 $ 22,752 Interest incurred 3,451 3,743 Interest charged to cost of revenues (2,684) (3,648) Interest capitalized at end of period $ 24,893 $ 22,847 Capitalized interest as a percentage of inventory 1.5 % 1.7 % |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | INVESTMENT IN UNCONSOLIDATED ENTITIES A summary of the Company’s investments in unconsolidated entities is as follows (in thousands): March 31, 2024 December 31, 2023 GB Challenger, LLC $ — $ 52,666 GBTM Sendera, LLC 20,773 19,866 EJB River Holdings, LLC 11,637 10,867 BHome Mortgage, LLC 1,503 1,255 Rainwater Crossing Single-Family, LLC $ 788 $ — Total investment in unconsolidated entities $ 34,701 $ 84,654 ' Sale of GB Challenger Ownership Interest Effective February 1, 2024, the Company sold its ownership interest in GB Challenger, LLC (“Challenger”) to the entity that already held the controlling interest in Challenger for approximately $64.0 million in cash. A gain on this sale of $10.7 million is included in other income, net in the condensed consolidated statements of income. Rainwater Crossing Single-Family, LLC Joint Venture On February 15, 2024, a wholly owned subsidiary of the Company established a joint venture (“JV”), Rainwater Crossing Single-Family, LLC (“Rainwater Crossing”), with Rainwater Single Family S-CORP to develop a tract of land in Celina, Texas. Both parties hold a 50% ownership interest in Rainwater Crossing. The Company evaluated the JV agreements and determined that it has a variable interest in this entity, but the Company is not its primary beneficiary. Specifically, the Company determined that it does not direct the activities that most significantly impact the entity’s economic performance as key decisions are subject to the approval of a management committee where both members are equally represented. Therefore, the Company’s investment in Rainwater Crossing is treated as an unconsolidated investment under the equity method of accounting and is included in investments in unconsolidated entities in the Company’s condensed consolidated balance sheets. As of March 31, 2024, the Company’s maximum exposure to loss as a result from its involvement with Rainwater Crossing was approximately $20.6 million, representing its $0.8 million investment and the Company’s remaining commitment to contribute to the joint venture $15.0 million in quarterly payments through March 31, 2029 and $4.8 million upon the joint venture’s initial land contribution. The Company will also fund the development costs related to this project. A summary of the unaudited condensed financial information of the five unconsolidated entities that are accounted for by the equity method is as follows (in thousands): March 31, 2024 December 31, 2023 Assets: Cash $ 7,752 $ 23,549 Accounts receivable 375 4,207 Bonds and notes receivable 19,487 2,838 Loans held for sale, at fair value 10,106 7,452 Inventory 65,036 182,550 Other assets 574 6,425 Total assets $ 103,330 $ 227,021 Liabilities: Accounts payable $ 3,157 $ 7,151 Accrued expenses and other liabilities 2,994 10,265 Notes payable 32,058 49,701 Total liabilities $ 38,209 $ 67,117 Owners’ equity: Green Brick $ 33,001 $ 80,968 Others 32,120 78,936 Total owners’ equity $ 65,121 $ 159,904 Total liabilities and owners’ equity $ 103,330 $ 227,021 Three Months Ended March 31, 2024 2023 Revenues $ 29,739 $ 58,323 Costs and expenses 24,507 49,726 Net earnings of unconsolidated entities $ 5,232 $ 8,597 Company’s share in net earnings of unconsolidated entities $ 2,592 $ 4,221 A summary of the Company’s share in net earnings by unconsolidated entity is as follows (in thousands): Three Months Ended March 31, 2024 2023 GB Challenger, LLC (1) $ 929 $ 3,025 BHome Mortgage, LLC 893 693 EJB River Holdings, LLC 770 503 Total net earnings from unconsolidated entities $ 2,592 $ 4,221 |
Payables and Accruals
Payables and Accruals | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | 4. ACCRUED EXPENSES A summary of the Company’s accrued expenses is as follows (in thousands): March 31, 2024 December 31, 2023 Real estate development reserve to complete (1) $ 28,328 $ 26,063 Warranty reserve 25,116 23,474 Federal income tax payable 17,402 — Accrued compensation 8,841 14,960 Accrued property tax payable 6,797 5,003 Other accrued expenses 27,734 26,957 Total accrued expenses $ 114,218 $ 96,457 (1) The Company’s real estate development reserve to complete consists of estimated future costs to complete the development of its communities. Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2024 and 2023 consisted of the following (in thousands): Three Months Ended March 31, 2024 2023 Warranty accrual, beginning of period $ 23,474 $ 17,945 Warranties issued 2,753 2,045 Changes in liability for existing warranties 198 633 Payments made (1,309) (1,091) Warranty accrual, end of period $ 25,116 $ 19,532 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | . DEBT Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands): March 31, 2024 December 31, 2023 Secured Revolving Credit Facility $ — $ — Unsecured Revolving Credit Facility — — Debt issuance costs, net of amortization (2,260) (2,328) Total borrowings on lines of credit, net $ (2,260) $ (2,328) 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 of $35.0 million. The Secured Revolving Credit Facility matures on May 1, 2025 and it carries a minimum interest rate of 3.15%. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of March 31, 2024, there were no letters of credit outstanding and a net available commitment of $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 8, 2023, the Company entered into the Eleventh Amendment to this credit agreement which was amended to revise certain financial covenants in order to appropriately reflect the Company’s size and growth. The Eleventh Amendment also extends the maturity of $300.0 million of the commitments under the credit facility through December 14, 2026, with the remaining $25.0 million commitment expiring December 14, 2025. 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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands): March 31, 2024 December 31, 2023 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”) 100,000 125,000 3.25% senior unsecured notes due in 2029 (“2029 Notes”) 100,000 100,000 Debt issuance costs, net of amortization (1,197) (1,293) Total senior unsecured notes, net $ 311,303 $ 336,207 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 annually on February 25 in each of 2025, 2026, 2027, and 2028. 2029 Notes Principal on the 2029 Notes of $30.0 million is due on December 28, 2028. The remaining principal amount of $70.0 million 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 March 31, 2024. |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Business Combination | The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by our 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, 2023 for details on the put/call structure of this agreement. The following table shows the changes in redeemable noncontrolling interest in equity of the consolidated subsidiary during the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Redeemable noncontrolling interest, beginning of period $ 36,135 $ 29,239 Net income attributable to redeemable noncontrolling interest partner 1,651 1,365 Change in fair value of redeemable noncontrolling interest 400 (313) Redeemable noncontrolling interest, end of period $ 38,186 $ 30,291 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | . STOCKHOLDERS’ EQUITY 2022 Share Repurchase Plan During the three months ended March 31, 2024, the Company completed discrete open market repurchases under the 2022 Repurchase Plan of 65,800 shares for approximately $3.4 million, excluding excise tax. As of March 31, 2024, the Company has repurchased the full $100.0 million that had been authorized under the 2022 Repurchase Plan. The repurchased shares will be retired. 2023 Share Repurchase Plan On April 27, 2023, the Board approved a new 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 through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions 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, completed, or terminated by the Board at any time in its sole discretion. During the three months ended March 31, 2024, the Company completed open market repurchases under the 2023 Share Repurchase Plan of 5,441 shares for approximately $0.3 million, excluding excise tax. Preferred Stock The table below presents a summary of the perpetual preferred stock outstanding at March 31, 2024 and December 31, 2023. 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 for each of the three months ended March 31, 2024 and 2023, respectively. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 315,237 $ 4,054 $ 344,464 $ 1,699 Southeast 128,047 — 105,898 — Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 Type of Customer Homebuyers $ 443,284 $ — $ 450,362 $ — Homebuilders and Multi-family Developers — 4,054 — 1,699 Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 Product Type Residential units $ 443,284 $ — $ 450,362 $ — Land and lots — 4,054 — 1,699 Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 Timing of Revenue Recognition Transferred at a point in time $ 443,094 $ 4,054 $ 449,430 $ 1,699 Transferred over time (1) 190 — 932 — Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 (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): March 31, 2024 December 31, 2023 Customer and builder deposits $ 54,120 $ 43,148 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 cancellations of contracts. The deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Type of Customer Homebuyers $ 16,610 $ 12,653 Homebuilders and Multi-Family Developers — — Total deposits recognized as revenue $ 16,610 $ 12,653 Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $7.2 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur in the remainder of 2024. The timing of lot takedowns is contingent upon a number of factors, including customer and business needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules. 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, |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments | 3 Months Ended |
Mar. 31, 2024 | |
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”), restricted stock units (RSUs), stock options and other stock based awards. Share-Based Award Activity During the three months ended March 31, 2024, the Company granted SAs to executive officers, RSAs to non-employee members of the Board, and PRSUs to employees. The SAs granted to the executive officers 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 41,679 shares of common stock from executive officers at a total cost of $2.2 million, to satisfy statutory minimum tax requirements upon grant of the SAs. A summary of share-based awards activity during the three months ended March 31, 2024 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Unvested, December 31, 2023 92 $ 33.56 Granted 171 $ 51.73 Vested (147) $ 44.72 Forfeited (1) $ 32.97 Unvested, March 31, 2024 115 $ 43.91 Stock Options A summary of stock options activity during the three months ended March 31, 2024 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, 2023 500 $ 7.49 Granted — — Exercised — — Forfeited — — Options outstanding, March 31, 2024 500 $ 7.49 0.57 $ 26,370 Options exercisable, March 31, 2024 500 $ 7.49 0.57 $ 26,370 Share-Based Compensation Expense |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
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 relating to the Company’s reportable segments is as follows. Three Months Ended March 31, (in thousands) 2024 2023 Revenues: (1) Builder operations Central $ 315,347 $ 344,464 Southeast 128,047 105,898 Total builder operations 443,394 450,362 Land development 3,944 1,699 Total revenues $ 447,338 $ 452,061 Gross profit: Builder operations Central $ 109,666 $ 102,405 Southeast 48,091 33,329 Total builder operations 157,757 135,734 Land development 305 688 Corporate, other and unallocated (2) (9,805) (11,816) Total gross profit $ 148,257 $ 124,606 Income before income taxes: Builder operations Central $ 75,521 $ 68,017 Southeast 34,794 22,271 Total builder operations 110,315 90,288 Land development 473 775 Corporate, other and unallocated (3) 4,845 (3,891) Income before income taxes $ 115,633 $ 87,172 March 31, 2024 December 31, 2023 Inventory: Builder operations Central $ 646,044 $ 645,987 Southeast 335,256 314,087 Total builder operations 981,300 960,074 Land development 628,205 529,711 Corporate, other and unallocated (4) 45,989 43,438 Total inventory $ 1,655,494 $ 1,533,223 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. For the three months ended March 31, 2024, Builders had revenues from land or lot closings of $0.1 million and no revenues from land or lot closings for the three months ended March 31, 2023. (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 loss before income taxes includes results from Green Brick Title, Ventana Insurance, 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 work in process and land under development. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | The Company’s income tax expense for the three months ended March 31, 2024 and 2023 was $24.8 million and $19.0 million, respectively. The effective tax rate was 21.5% for the three months ended March 31, 2024, compared to 21.8% in the comparable prior year period. The change in the effective tax rate for the three months ended March 31, 2024 relates primarily to lower state tax expense and an improved rate benefit in the Energy Efficient Homes Tax credit as compared to pre-tax book income. |
Net Income Attributable to Gree
Net Income Attributable to Green Brick Partners, Inc. Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Green Brick Partners, Inc. Per Share | are not considered participating securities that must be included in 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 March 31, 2024 2023 Net income attributable to Green Brick Partners, Inc. $ 83,301 $ 64,180 Cumulative preferred stock dividends (719) (719) Net income applicable to common stockholders $ 82,582 $ 63,461 Weighted-average number of common shares outstanding - basic 44,942 45,945 Basic net income attributable to Green Brick Partners, Inc. per common share $ 1.84 $ 1.38 Weighted-average number of common shares outstanding - basic 44,942 45,945 Dilutive effect of stock options and restricted stock awards 488 406 Weighted-average number of common shares outstanding - diluted 45,430 46,351 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.82 $ 1.37 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 March 31, 2024 2023 Antidilutive options to purchase common stock and restricted stock awards (9) (67) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value Disclosures [Abstract] | |
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 March 31, 2024 and December 31, 2023. 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 as of March 31, 2024 and December 31, 2023 was $296.0 million and $322.5 million, respectively. The aggregate principal balance of the senior unsecured notes was $312.5 million and $337.5 million as of March 31, 2024 and December 31, 2023, respectively. There were no transfers between the levels of the fair value hierarchy for any of our financial instruments during the three months ended March 31, 2024 and 2023. |
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 | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the three months ended March 31, 2024 and 2023, 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 each of the three months ended March 31, 2024 and 2023, GRBK GHO incurred de minimis rent expense under such lease agreements. As of March 31, 2024, there were no amounts due to the affiliated entities related to such lease agreements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 March 31, 2024 and December 31, 2023, letters of credit and performance bonds outstanding were $9.3 million and $13.5 million. 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 $0.4 million for each of the three months ended March 31, 2024 and 2023 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 $0.2 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the weighted-average remaining lease term and the weighted-average discount rate used in calculating our lease liabilities were 6.4 years and 7.3%, 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 March 31, 2024 are presented below (in thousands): Remainder of 2024 $ 1,063 2025 1,618 2026 1,533 2027 1,501 2028 1,462 Thereafter 2,825 Total future lease payments $ 10,002 Less: Interest 2,129 Present value of lease liabilities $ 7,873 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 for each of the three months ended March 31, 2024 and 2023 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. |
Significant Accounting Polici_2
Significant Accounting Policies Changes in Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | 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, 2023 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, 2023. 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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or subsequent periods due to seasonal variations and other factors. |
Use of Estimates, Policy [Policy Text Block] | 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. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Real Estate Inventory | A summary of our inventory is as follows (in thousands): March 31, 2024 December 31, 2023 Homes completed or under construction $ 624,461 $ 559,488 Land and lots - developed and under development 1,012,584 921,241 Land held for future development (1) 14,946 48,991 Land held for sale 3,503 3,503 Total inventory $ 1,655,494 $ 1,533,223 (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 March 31, 2024, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. As of March 31, 2024, one selling community had an indicator of impairment. The Company estimated the remaining undiscounted cash flows for this community and determined its carrying value of $22.3 million does not exceed the community’s fair value. For the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 Interest capitalized at beginning of period $ 24,126 $ 22,752 Interest incurred 3,451 3,743 Interest charged to cost of revenues (2,684) (3,648) Interest capitalized at end of period $ 24,893 $ 22,847 Capitalized interest as a percentage of inventory 1.5 % 1.7 % |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | March 31, 2024 December 31, 2023 Real estate development reserve to complete (1) $ 28,328 $ 26,063 Warranty reserve 25,116 23,474 Federal income tax payable 17,402 — Accrued compensation 8,841 14,960 Accrued property tax payable 6,797 5,003 Other accrued expenses 27,734 26,957 Total accrued expenses $ 114,218 $ 96,457 |
Schedule of Warranty Activity | Three Months Ended March 31, 2024 2023 Warranty accrual, beginning of period $ 23,474 $ 17,945 Warranties issued 2,753 2,045 Changes in liability for existing warranties 198 633 Payments made (1,309) (1,091) Warranty accrual, end of period $ 25,116 $ 19,532 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands): March 31, 2024 December 31, 2023 Secured Revolving Credit Facility $ — $ — Unsecured Revolving Credit Facility — — Debt issuance costs, net of amortization (2,260) (2,328) Total borrowings on lines of credit, net $ (2,260) $ (2,328) |
Schedule of Debt | March 31, 2024 December 31, 2023 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”) 100,000 125,000 3.25% senior unsecured notes due in 2029 (“2029 Notes”) 100,000 100,000 Debt issuance costs, net of amortization (1,197) (1,293) Total senior unsecured notes, net $ 311,303 $ 336,207 |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following table shows the changes in redeemable noncontrolling interest in equity of the consolidated subsidiary during the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Redeemable noncontrolling interest, beginning of period $ 36,135 $ 29,239 Net income attributable to redeemable noncontrolling interest partner 1,651 1,365 Change in fair value of redeemable noncontrolling interest 400 (313) Redeemable noncontrolling interest, end of period $ 38,186 $ 30,291 |
Compensation Related Costs, S_2
Compensation Related Costs, Share Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Awards Activity | A summary of share-based awards activity during the three months ended March 31, 2024 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Unvested, December 31, 2023 92 $ 33.56 Granted 171 $ 51.73 Vested (147) $ 44.72 Forfeited (1) $ 32.97 Unvested, March 31, 2024 115 $ 43.91 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 relating to the Company’s reportable segments is as follows. Three Months Ended March 31, (in thousands) 2024 2023 Revenues: (1) Builder operations Central $ 315,347 $ 344,464 Southeast 128,047 105,898 Total builder operations 443,394 450,362 Land development 3,944 1,699 Total revenues $ 447,338 $ 452,061 Gross profit: Builder operations Central $ 109,666 $ 102,405 Southeast 48,091 33,329 Total builder operations 157,757 135,734 Land development 305 688 Corporate, other and unallocated (2) (9,805) (11,816) Total gross profit $ 148,257 $ 124,606 Income before income taxes: Builder operations Central $ 75,521 $ 68,017 Southeast 34,794 22,271 Total builder operations 110,315 90,288 Land development 473 775 Corporate, other and unallocated (3) 4,845 (3,891) Income before income taxes $ 115,633 $ 87,172 March 31, 2024 December 31, 2023 Inventory: Builder operations Central $ 646,044 $ 645,987 Southeast 335,256 314,087 Total builder operations 981,300 960,074 Land development 628,205 529,711 Corporate, other and unallocated (4) 45,989 43,438 Total inventory $ 1,655,494 $ 1,533,223 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. For the three months ended March 31, 2024, Builders had revenues from land or lot closings of $0.1 million and no revenues from land or lot closings for the three months ended March 31, 2023. (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 loss before income taxes includes results from Green Brick Title, Ventana Insurance, 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 work in process and land under development. |
Net Income Attributable to Gr_2
Net Income Attributable to Green Brick Partners, Inc. Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Net income attributable to Green Brick Partners, Inc. $ 83,301 $ 64,180 Cumulative preferred stock dividends (719) (719) Net income applicable to common stockholders $ 82,582 $ 63,461 Weighted-average number of common shares outstanding - basic 44,942 45,945 Basic net income attributable to Green Brick Partners, Inc. per common share $ 1.84 $ 1.38 Weighted-average number of common shares outstanding - basic 44,942 45,945 Dilutive effect of stock options and restricted stock awards 488 406 Weighted-average number of common shares outstanding - diluted 45,430 46,351 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.82 $ 1.37 |
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 March 31, 2024 2023 Antidilutive options to purchase common stock and restricted stock awards (9) (67) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Warranty Activity | Three Months Ended March 31, 2024 2023 Warranty accrual, beginning of period $ 23,474 $ 17,945 Warranties issued 2,753 2,045 Changes in liability for existing warranties 198 633 Payments made (1,309) (1,091) Warranty accrual, end of period $ 25,116 $ 19,532 |
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 March 31, 2024 are presented below (in thousands): Remainder of 2024 $ 1,063 2025 1,618 2026 1,533 2027 1,501 2028 1,462 Thereafter 2,825 Total future lease payments $ 10,002 Less: Interest 2,129 Present value of lease liabilities $ 7,873 |
Significant Accounting Polici_3
Significant Accounting Policies Leases, Adoption of ASC 842 (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating Lease, Liability | $ 7,873 | $ 7,898 |
Operating Lease, Right-of-Use Asset | $ 6,997 | $ 7,255 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |||
Finished Homes and Homes under Construction | $ 624,461 | $ 559,488 | |
Inventory, Real Estate, Land and Land Development Costs | 1,012,584 | 921,241 | |
Inventory, Land Held-for-sale | 3,503 | 3,503 | |
Total inventory | $ 1,655,494 | 1,533,223 | |
Document Period End Date | Mar. 31, 2024 | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | $ 5 | $ 10 | |
Land held for future development | 14,946 | $ 48,991 | |
Carrying value of inventory evaluated for impairment | $ 22,300 |
Inventory (Capitalization of In
Inventory (Capitalization of Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ||
Interest capitalized at beginning of period | $ 24,126 | $ 22,752 |
Interest incurred | 3,451 | 3,743 |
Interest charged to cost of revenues | (2,684) | (3,648) |
Interest capitalized at end of period | $ 24,893 | $ 22,847 |
Document Period End Date | Mar. 31, 2024 | |
Capitalized interest as a percentage of inventory | 1.50% | 1.70% |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Summary of Financial Information of Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Company’s share in net earnings of unconsolidated entities | $ 2,592 | $ 4,221 | ||
Assets | 1,976,574 | $ 1,902,832 | ||
Liabilities | 538,697 | 548,684 | ||
Stockholders' Equity Attributable to Parent | 1,383,327 | 1,114,154 | 1,300,704 | $ 1,061,907 |
Stockholders' Equity Attributable to Noncontrolling Interest | 16,364 | 12,448 | 17,309 | 20,908 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,399,691 | 1,126,602 | 1,318,013 | 1,082,815 |
Liabilities and Equity | 1,976,574 | 1,902,832 | ||
Total revenues | 447,338 | 452,061 | ||
Net income | 90,791 | 68,141 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 16,364 | 12,448 | 17,309 | 20,908 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,399,691 | 1,126,602 | 1,318,013 | 1,082,815 |
Total revenues | 447,338 | 452,061 | ||
Net income | 90,791 | 68,141 | ||
Equity in income of unconsolidated entities | 2,592 | 4,221 | ||
Assets | 1,976,574 | 1,902,832 | ||
Liabilities | 538,697 | 548,684 | ||
Stockholders' Equity Attributable to Parent | 1,383,327 | 1,114,154 | 1,300,704 | $ 1,061,907 |
Liabilities and Equity | 1,976,574 | 1,902,832 | ||
Equity Method Investment Nonconsolidated Investees | ||||
Income Statement [Abstract] | ||||
Company’s share in net earnings of unconsolidated entities | 2,592 | 4,221 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated entities | 2,592 | 4,221 | ||
Equity Method Investment Nonconsolidated Investees | ||||
Income Statement [Abstract] | ||||
Assets | 103,330 | 227,021 | ||
Liabilities | 38,209 | 67,117 | ||
Stockholders' Equity Attributable to Parent | 33,001 | 80,968 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 32,120 | 78,936 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 65,121 | 159,904 | ||
Liabilities and Equity | 103,330 | 227,021 | ||
Total revenues | 29,739 | 58,323 | ||
Net income | 5,232 | 8,597 | ||
Cash | 7,752 | 23,549 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 32,120 | 78,936 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 65,121 | 159,904 | ||
Total revenues | 29,739 | 58,323 | ||
Net income | 5,232 | 8,597 | ||
Accounts and Other Receivables, Net, Current | 375 | 4,207 | ||
Financing Receivable, after Allowance for Credit Loss | 19,487 | 2,838 | ||
Financing Receivable, Held-for-Sale | 10,106 | 7,452 | ||
Inventory, Net | 65,036 | 182,550 | ||
Other Assets, Current | 574 | 6,425 | ||
Accounts Payable, Current | 3,157 | 7,151 | ||
Accrued Liabilities, Current | 2,994 | 10,265 | ||
Notes Payable, Current | 32,058 | 49,701 | ||
Costs and Expenses | 24,507 | $ 49,726 | ||
Assets | 103,330 | 227,021 | ||
Cash | 7,752 | 23,549 | ||
Liabilities | 38,209 | 67,117 | ||
Stockholders' Equity Attributable to Parent | 33,001 | 80,968 | ||
Liabilities and Equity | $ 103,330 | $ 227,021 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Goodwill | $ 680 | $ 680 | |
Investments in unconsolidated entities | 34,701 | $ 84,654 | |
Equity in income of unconsolidated entity | $ 2,592 | $ 4,221 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | $ 2,592 | $ 4,221 | |
Investments in unconsolidated entities | 34,701 | $ 84,654 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | 10,700 | ||
GB Challenger, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 929 | 3,025 | |
Investments in unconsolidated entities | 0 | 52,666 | |
GBTM Sendera, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | 20,773 | 19,866 | |
EJB River Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 770 | 503 | |
Investments in unconsolidated entities | 11,637 | 10,867 | |
BHome Mortgage, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 893 | 693 | |
Investments in unconsolidated entities | 1,503 | 1,255 | |
Green Brick Mortgage, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | $ 0 | ||
Equity Method Investment Nonconsolidated Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 2,592 | $ 4,221 | |
Rainwater Crossing Single-Family, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | $ 788 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||||
Inventory, Real Estate, Land and Land Development Costs | $ 1,012,584 | $ 921,241 | ||
other accrued liabilities [Line Items] | ||||
Inventory, Real Estate, Land and Land Development Costs | 1,012,584 | 921,241 | ||
Standard Product Warranty Accrual | 25,116 | 23,474 | $ 19,532 | $ 17,945 |
Accrued expenses | 114,218 | 96,457 | ||
Accrued Expenses | ||||
Payables and Accruals [Abstract] | ||||
Inventory, Real Estate, Land and Land Development Costs | 28,328 | 26,063 | ||
other accrued liabilities [Line Items] | ||||
Accrued Income Taxes | 6,797 | 5,003 | ||
Inventory, Real Estate, Land and Land Development Costs | 28,328 | 26,063 | ||
Standard Product Warranty Accrual | 25,116 | 23,474 | ||
Accrued Bonuses | 8,841 | 14,960 | ||
Other Accrued Liabilities | 27,734 | 26,957 | ||
Other Accrued Liabilities | $ 27,734 | $ 26,957 |
Debt (Schedule of Lines of Cred
Debt (Schedule of Lines of Credit Outstanding) (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 09, 2022 | Jul. 30, 2015 | |
Line of Credit Facility [Line Items] | |||||
Document Period End Date | Mar. 31, 2024 | ||||
Debt issuance costs, net of amortization | $ (2,260,000) | $ (2,328,000) | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | (2,260,000) | (2,328,000) | |||
Letters of Credit Outstanding, Amount | 9,300,000 | 13,500,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 35,000,000 | ||||
Payments of Debt Issuance Costs | 0 | $ 72,000 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | $ 35,000,000 | |||
Unsecured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | $ 0 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | |||||||||
Mar. 31, 2024 | Mar. 31, 2023 | Feb. 28, 2029 | Feb. 28, 2028 | Aug. 08, 2026 | Aug. 08, 2025 | Aug. 08, 2024 | Dec. 31, 2023 | Dec. 09, 2022 | Jul. 30, 2015 | |
Debt Instrument [Line Items] | ||||||||||
Document Period End Date | Mar. 31, 2024 | |||||||||
Payments of Debt Issuance Costs | $ 0 | $ 72,000 | ||||||||
Debt issuance costs, net of amortization | (2,260,000) | $ (2,328,000) | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 35,000,000 | |||||||||
Senior Notes | 311,303,000 | 336,207,000 | ||||||||
Letters of Credit Outstanding, Amount | 9,300,000 | 13,500,000 | ||||||||
2026 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | 75,000,000 | 75,000,000 | ||||||||
2027 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | 37,500,000 | 37,500,000 | ||||||||
2028 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | 100,000,000 | 125,000,000 | ||||||||
2029 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | 100,000,000 | 100,000,000 | ||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs, net of amortization | (1,197,000) | (1,293,000) | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | $ 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 | $ 30 | $ 50,000,000 | $ 12,500,000 | $ 12,500,000 |
Business Combination (Narrative
Business Combination (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets acquired | |||||
Goodwill | $ 680 | $ 680 | |||
Liabilities assumed | |||||
Homebuilding revenues | 447,338 | $ 452,061 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 115,633 | 87,172 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 1,651 | 1,365 | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 38,186 | 30,291 | $ 36,135 | $ 29,239 | |
Noncontrolling Interest, Change in Redemption Value | $ 400 | $ 313 | |||
GHO Homes [Member] | |||||
Liabilities assumed | |||||
Ownership percentage by noncontrolling owners | 20% |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Apr. 27, 2023 | |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Dividends, Cash | $ (700) | ||
Payments for Repurchase of Common Stock | 3,758 | $ 15,351 | |
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Payments for Repurchase of Common Stock | 3,758 | $ 15,351 | |
2022 Share Repurchase Plan | |||
Equity [Abstract] | |||
Payments for Repurchase of Common Stock | 3,400 | ||
Payments for Repurchase of Common Stock | 3,400 | ||
2023 Share Repurchase Plan | |||
Equity [Abstract] | |||
Payments for Repurchase of Common Stock | 300 | ||
Payments for Repurchase of Common Stock | $ 300 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 315,237 $ 4,054 $ 344,464 $ 1,699 Southeast 128,047 — 105,898 — Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 Type of Customer Homebuyers $ 443,284 $ — $ 450,362 $ — Homebuilders and Multi-family Developers — 4,054 — 1,699 Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 Product Type Residential units $ 443,284 $ — $ 450,362 $ — Land and lots — 4,054 — 1,699 Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 Timing of Revenue Recognition Transferred at a point in time $ 443,094 $ 4,054 $ 449,430 $ 1,699 Transferred over time (1) 190 — 932 — Total revenues $ 443,284 $ 4,054 $ 450,362 $ 1,699 (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): March 31, 2024 December 31, 2023 Customer and builder deposits $ 54,120 $ 43,148 The deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Type of Customer Homebuyers $ 16,610 $ 12,653 Homebuilders and Multi-Family Developers — — Total deposits recognized as revenue $ 16,610 $ 12,653 | ||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 447,338 | $ 452,061 | |||
Revenue recognized | 16,610 | 12,653 | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 38,186 | 30,291 | $ 36,135 | $ 29,239 | |
Contract with Customer, Liability | 54,120 | $ 43,148 | |||
Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 443,284 | 450,362 | |||
Residential Real Estate [Member] | Transferred at a point in time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 443,094 | 449,430 | |||
Residential Real Estate [Member] | Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 190 | 932 | |||
Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 4,054 | 1,699 | |||
Real Estate, Other [Member] | Transferred at a point in time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 4,054 | 1,699 | |||
Real Estate, Other [Member] | Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | |||
Homebuilders [Member] | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | |||
Revenue recognized | 0 | 0 | |||
Homebuilders [Member] | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 4,054 | 1,699 | |||
Homebuyers [Member] | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 443,284 | 450,362 | |||
Revenue recognized | 16,610 | 12,653 | |||
Homebuyers [Member] | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | |||
Central | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 315,237 | 344,464 | |||
Central | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 4,054 | 1,699 | |||
Southeast [Domain] | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 128,047 | 105,898 | |||
Southeast [Domain] | Real Estate, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | |||
Land Subdivider and Developers | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 3,944 | 1,699 | |||
Land Subdivider and Developers | Residential Real Estate [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | |||
Homebuilders [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 443,394 | 450,362 | |||
Homebuilders [Member] | Land and Lots [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 0 | 0 | |||
Homebuilders [Member] | Southeast [Domain] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 128,047 | $ 105,898 |
Revenue Recognition (Transactio
Revenue Recognition (Transaction Price Allocated to Remaining Performance Obligations) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Remaining Performance Obligation, Expected Timing of Satisfaction | he Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur in the remainder of 2024. |
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. |
Remaining performance obligations | $ 7.2 |
Compensation Related Costs, S_3
Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 500,000 | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 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, Intrinsic Value | $ 26,370 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 7.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 26,370 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.91 | $ 33.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 115,000 | 92,000 | |
Granted (in dollars per share) | $ 51.73 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (45,560) | ||
Share-based compensation expense | $ 6,365 | $ 5,499 | |
Compensation cost not yet recognized | $ 3,900 | ||
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 | $ 2,161 | $ 1,976 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 147,000 | ||
Vested (in dollars per share) | $ 44.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,000 | ||
Document Period End Date | Mar. 31, 2024 | ||
Forfeited (in dollars per share) | $ 32.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 171,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Entity Emerging Growth Company | false | ||
Revenues: | |||
Total revenues | $ 447,338 | $ 452,061 | |
Gross profit: | |||
Gross Profit | 148,257 | 124,606 | |
Income before income taxes: | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 115,633 | 87,172 | |
Inventory | |||
Inventory | 1,655,494 | $ 1,533,223 | |
Goodwill | |||
Goodwill | 680 | 680 | |
Inventory | 1,655,494 | 1,533,223 | |
Corporate and Other [Member] | |||
Gross profit: | |||
Gross Profit | (9,805) | (11,816) | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 4,845 | (3,891) | |
Goodwill | |||
Inventory | 45,989 | 43,438 | |
Southeast [Domain] | |||
Goodwill | |||
Goodwill | 680 | 680 | |
Homebuilders [Member] | |||
Revenues: | |||
Total revenues | 443,394 | 450,362 | |
Gross profit: | |||
Gross Profit | 157,757 | 135,734 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 110,315 | 90,288 | |
Goodwill | |||
Inventory | 981,300 | 960,074 | |
Homebuilders [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 128,047 | 105,898 | |
Gross profit: | |||
Gross Profit | 48,091 | 33,329 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 34,794 | 22,271 | |
Goodwill | |||
Inventory | 335,256 | 314,087 | |
Homebuilders [Member] | Central | |||
Gross profit: | |||
Gross Profit | 109,666 | 102,405 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 75,521 | 68,017 | |
Goodwill | |||
Inventory | 646,044 | 645,987 | |
Homebuilders [Member] | Central America | |||
Revenues: | |||
Total revenues | 315,347 | 344,464 | |
Land Subdivider and Developers | |||
Revenues: | |||
Total revenues | 3,944 | 1,699 | |
Gross profit: | |||
Gross Profit | 305 | 688 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 473 | 775 | |
Goodwill | |||
Inventory | 628,205 | $ 529,711 | |
Real Estate, Other [Member] | |||
Revenues: | |||
Total revenues | 4,054 | 1,699 | |
Real Estate, Other [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 0 | 0 | |
Real Estate, Other [Member] | Central | |||
Revenues: | |||
Total revenues | 4,054 | 1,699 | |
Residential Real Estate [Member] | |||
Revenues: | |||
Total revenues | 443,284 | 450,362 | |
Residential Real Estate [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 128,047 | 105,898 | |
Residential Real Estate [Member] | Central | |||
Revenues: | |||
Total revenues | 315,237 | 344,464 | |
Residential Real Estate [Member] | Land Subdivider and Developers | |||
Revenues: | |||
Total revenues | 0 | 0 | |
Land and Lots [Member] | Homebuilders [Member] | |||
Revenues: | |||
Total revenues | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 24,842 | $ 19,031 |
Effective tax rate | 21.50% | 21.80% |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Green Brick Partners, Inc. | $ 83,301 | $ 64,180 |
Weighted-average number of shares outstanding —basic (in shares) | 44,942 | 45,945 |
Basic net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.84 | $ 1.38 |
Dilutive effect of stock options and restricted stock awards (in shares) | 488 | 406 |
Weighted-average number of shares outstanding —diluted (in shares) | 45,430 | 46,351 |
Diluted net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.82 | $ 1.37 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive options to purchase common stock and restricted stock awards (in shares) | (9) | (67) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Value and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Debt Instrument, Fair Value Disclosure | $ 296 | $ 322.5 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) | 3 Months Ended |
Mar. 31, 2024 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] | |
Related Party Transaction, Amounts of Transaction | $ 0 |
GHO Homes [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Warranty activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 9,300 | $ 13,500 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Warranty accrual, beginning of period | 23,474 | $ 17,945 | |
Warranties issued | 2,753 | 2,045 | |
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 198 | 633 | |
Payments made | (1,309) | (1,091) | |
Warranty accrual, end of period | $ 25,116 | $ 19,532 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Annual Minimum Operating Lease Payments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Lease, Liability | $ 7,873 | $ 7,898 |
Remainder of 2024 | 1,063 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,533 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,501 | |
2021 | 1,462 | |
Total future lease payments | 10,002 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 1,618 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 2,825 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 2,129 |
Commitments and Contingencies O
Commitments and Contingencies Operating Leases Disclosures - ASC 842 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | $ 5 | $ 10 |
Short-term Lease, Cost | 200 | 200 |
Operating Lease, Expense | 400 | 400 |
Operating Lease, Payments | $ 200 | $ 200 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.30% |