Slides
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2026 Second Quarter INVESTOR PRESENTATION Southgate Homes | Prosper Ridge| Prosper, TX
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This presentation and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,”, “poised,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our strategic advantages, including our unique business model and focus on infill and infill-adjacent locations, and the impact on our future results;(ii) our ability to adapt to evolving market conditions; (iii) our ability to continue to deliver peer-leading gross margins; (iv) our integrated financial services offerings and its impact on our results ; (v) our ability to adjust pricing in order to meet market demand; (vi) our investments in land, lots and development in 2026; (vii) our projections for land development in 2026; (viii) our competitive advantages; (ix) our land pipeline and the impact it will have on our future success; (x) our expectations for Green Brick Mortgage’s capture rate in 2026; (xi) our land position(xii) our lot and land strategy and its impact on our future financial position; (xiii) our ability to successfully implement our growth strategy, including our expectations for expansion and growth of our Trophy brand and the impact that expansion will have on our future results; (xiv) our ability to opportunistically deploy capital to maximize shareholder returns, and to accelerate growth as the housing market improves; (xv) the credit worthiness of our buyers, quality of our product; (xvi) the desirability of our communities; (xvii) our future financial and operational performance; (xviii) the timing of our expansion of Green Brick Mortgage into Atlanta; and (xix) expansion of our financial services through Green Brick Mortgage and Green Brick Insurance. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increasing interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (3) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (4) significant periods of inflation or deflation; (5) a shortage of labor; (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including the successful development of our communities within expected time frames and the growth and expansion of our Trophy brand; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) the geographic concentration of our operations; (10) government regulation risks; (11) adverse changes in the availability or volatility of mortgage financing; (12) severe weather events or natural disasters; (13) difficulty in obtaining sufficient capital to fund our growth; (14) our ability to meet our debt service obligations; (15) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; (16) our ability to adequately self-insure; and (17) changes in accounting standards that adversely affect our reported earnings or financial condition. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Forward Looking Statements 2
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CHIEF EXECUTIVE OFFICER AND CO -FOUNDER Jim Brickman CHIEF FINANCIAL OFFICER Jeff Cox PRESIDENT AND CHIEF OPERATING OFFICER Jed Dolson 3 Management Presenters
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About Green Brick Partners Celebrating Over A Decade of Excellence in Land Development and Homebuilding As A Public Company Green Brick Partners, Inc. (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates through its seven subsidiary homebuilders in Texas, Georgia, and Florida. Since 2014, we have been committed to developing high quality neighborhoods in some of the best markets in the country, building high-quality homes that feature modern technologies, superior craftsmanship, and innovative designs. We believe our strategic advantages in sourcing and self-developing land in infill and infill-adjacent submarkets, as well as our expert local teams have been instrumental to our growth and expansion over the last decade. We believe our unique approach enables us to provide superior value to our customers and the communities in which they live, as well as long-term returns for our investors and stakeholders. Where We Build Financial Services Texas Georgia Florida 4
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5 Company History
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6 Green Brick Partners Investment Thesis We believe our strategic advantages will continue to drive exceptional performance and returns Track Record of Profitable Growth • Exceptional total shareholder return since going public in 2014. • Peer leading Return on Equity and Return on Assets. Strong Balance Sheet Supports Growth and Returns • Low debt -to-total capital ratio with strong liquidity supports consistent investment in our strategic priorities. • Target up to 20% debt- to-capital to balance future growth while maintaining our investment -grade balance sheet. Superior Land Acquisition and Development • Owning and developing land allows us to avoid the high cost of capital associated with land banking. We believe our relationships in our markets, local expertise, and investment -grade balance sheet provide us with better access to top quality land opportunities. • We generate industry -leading gross margins by acquiring land at wholesale prices and maintaining low leverage. Focus on High Quality Markets • Operations concentrated in two of the top 10 markets for single family starts, DFW and Atlanta, where we generated approximately 89% of revenues in Q2 2026. • Strategic focus on supply -constrained infill and infill -adjacent submarkets. • Expansion into the large homebuilding markets of Austin and Houston.
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19.0% 16.0% 18.4% 13.1% 11.8%11.0% 10.0% 9.0% 6.3% 4.7% 2022 2023 2024 2025 2026 Green Brick Peer Median 31.4% 24.9% 26.8% 18.3% 16.0%16.0% 14.0% 12.0% 10.8% 7.4% 2022 2023 2024 2025 2026 Green Brick Peer Median 365% 1027% Homebuilder Median Green Brick Partners 22.5% 23.1% 23.5% 7 Industry -Leading Returns Our self -development land strategy, disciplined capital allocation, and operational execution have produced strong returns over the past 10 years. Source: S&P Capital IQ. Peer group includes LEN, TOL, MTH, KBH, DFH, HOV, DHI, PHM, CCS, MHO, BZH, LGIH, and TMHC. Return on Equity is calculated as net income for the trailing twelve months divided by average stockholders’ equity of the be ginning and ending periods for the most recently reported period. Return on Assets is calculated as net income for the trailing twelve months divided by average total assets of the beginning and ending periods for the most recently reported period. Total Shareholder Return reflects the change in share price + common dividends divided by beginning share price. See appendix for calculations. Return On Equity Return On Assets 10-Year Total Shareholder Return
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$206 $323 $197 $250 2024 2025 2026 Actuals Projected 32,716 37,023 39,588 11,538 11,805 12,634 2024 2025 2026 Lots Owned Lots Under Contract 22.5% 23.1% 23.5% 8 Strong Land & Lot Position • Total lots owned and under contract increased 7% over Q4 2025 and 8.5% year over year, with 76% owned and 24% under contract. • Year to date we have invested approximately $166 million in land and lot acquisitions and $197 million in land development, excluding reimbursements. • For 2026, we expect land and lot acquisitions to be approximately $400 million. Land development, excluding reimbursements, is expected to be approximately $450 million. Total 48,828 Total 44,254 Lots Owned & Under Contract Land Development Spend ($ in millions) Total 52,222
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Green Brick maintained the best homebuilding gross margins amongst our peers 9 Industry -Leading Gross Margins Source: Public filings of each peer company as of 7/29/26. BZH, LGIH, DFH, and TMHC were not available.
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10 Business Priorities • Balance price and pace, community by community, to maximize returns. • Incrementally improve operations and cost efficiencies. • Increase the scale of Trophy - 44% of Q2 2026 home closing revenues and 59% of closed units. o Continue to scale Trophy in DFW. Trophy has grown to be the 3rd largest builder in DFW based on closings, one of the nation’s largest new home markets. o Grow Trophy in Austin and Houston. Trophy opened its first community in Houston in March 2026. • Maintain financial flexibility in a volatile economic environment, capitalizing on our low financial leverage and $462 million of available liquidity. • Expand our wholly owned Green Brick Mortgage and Green Brick Insurance companies throughout our markets.
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25.7% 21.1% 17.2% 12.8% 11.2% 21.5% 11.4% 10.7% 6.3% 6.1% 2022 2023 2024 2025 2026 Homebuilding debt to capital Net Homebuilding debt to capital 11 Strong Balance Sheet & Liquidity Homebuilding Debt-to-Total-Capital Ratio(1) (1) See appendix for calculations. $50 $62.5 $55 $70 2026 2027 2028 2029 Senior note maturity schedule ($ in millions) Cash and Equivalents $132M Available Credit Under Revolving Credit Facility $330M Total Liquidity as of 6/30/26 $462M • Conservative leverage with flexibility to expand • Focused on generating strong operating cash flow • Average cost of senior notes is 3.4% • Capital allocation priorities Invest in land to fuel growth Maintain strong liquidity and low leverage Share repurchases
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$- $0.50 $1.00 $1.50 $2.00 $2.50 2022 2023 2024 2025 2026 1Q 2Q 3Q 4Q 4,845 1,178 861 1,387 257 Share Repurchases (in thousands ) $101 $46 $48 $84 $17 2022 2023 2024 2025 Q2 2026 $12.64 $16.29 $22.03 $27.84 $35.46 $41.92 $44.82 2020 2021 2022 2023 2024 2025 Q2 2026 12 Creating Shareholder Value Share Repurchases ($ in millions)(1) Book Value per Share(1) (2) (1) Reduced outstanding share count by 15%. (1) Compounded annual growth rate of 23.5% through Q2 2026. (2) Book value per share is as of period end. Quarterly Diluted EPS
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Second Quarter 2026
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987 1,042 1,047 2024 2025 2026 $539 $533 $472 2024 2025 2026 22.5% 23.1% 23.5% 14 Q2 2026 Financial Highlights • Residential unit revenue of $472 million, down 11% year over year. • Closings were essentially flat ye ar over year. • ASP for Q2 closings decreased 12% year over year to $450K, primarily due to higher mix of Trophy Signature Homes closings. Q2 Residential Unit Revenues ($ in millions) Q2 Closings
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889 730 681 2024 2025 2026 855 908 1,079 2024 2025 2026 22.5% 23.1% 23.5% 15 Q2 2026 Financial Highlights • Net new home orders were up 19% year over year to 1,079. o Net new order revenue was $489 million. o Monthly absorption rate was 3.3 homes per community, up 10% year over year. • Cancellation rate as a % of gross orders was 7.8%, one of the lowest in the industry • Backlog revenue of $387 million on 681 units. Q2 Net New Home Orders Q2 Ending Backlog Units
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10.5% 10.7% 11.3% 2024 2025 2026 34.5% 31.3% 29.8% 2024 2025 2026 22.5% 23.1% 23.5% 16 Q2 2026 Financial Highlights • Homebuilding gross margins of 29.8% remained the best margins among public peers (see slide 9). Incentives on Q2 closings were 8.8%, up 180 basis points year over year and down 70 basis points from Q1 2026. • SG&A expense was $54.4 million compared to $57.4 million in Q2 2025. Q2 Homebuilding Gross Margins Q2 SG&A
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17 Selected Financial & Operational Data – Q2 2026 Dollars in Thousands, except EPS. Q2 2026 Q2 2025 Change Starts 1,133 950 19.3% Net new home orders 1,079 908 18.8% New homes delivered 1,047 1,042 0.5% Backlog $387,376 $507,137 -23.6% Units Under Construction 2,205 2,204 0.0% Residential unit revenue $471,996 $532,525 -11.4% Average sales price of homes delivered $450 $511 -11.9% Homebuilding gross margin 29.8% 31.3% -150 bps SG&A (as a % of residential unit revenue) 11.3% 10.7% 60 bps Net income attributable to GRBK $74,170 $81,948 -9.5% Diluted EPS $1.70 $1.85 -8.1%
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6/30/2026 12/31/2025 Cash and cash equivalents $131,642 $154,590 Inventory owned $2,091,391 $1,941,524 Senior unsecured notes, net $237,164 $261,972 Average costs of senior unsecured notes 3.4% 3.4% Total liquidity $461,642 $519,590 Total Green Brick Partners, Inc. stockholders’ equity $1,975,496 $1,858,962 Homebuilding debt to total capital 11.2% 12.8% Net homebuilding debt to total capital 6.1% 6.3% Return on Equity 16.0%* 18.3% 18 Selected Balance Sheet Data – Q2 2026 Dollars in Thousands * Return on Equity is calculated as net income for the trailing twelve months divided by average stockholders’ equity of the beginning and ending periods.
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19 Selling Communities – Dallas- Fort Worth Majority of our DFW lots are in infill and adjacent “desirable areas” Active Selling Communities To Be Delivered in 2026
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20 Selling Communities – Atlanta Majority of our Atlanta lots are in infill and adjacent “desirable areas” Active Selling Communities To Be Delivered in 2026
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Appendix INVESTOR PRESENTATION
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22 Appendix: Total Shareholder Returns Source: Capital IQ and Seeking Alpha 7/1/2016 6/30/2026 $ % GRBK 7.10$ 80.04$ 72.94$ -$ 72.94$ 1027% MHO 18.85$ 160.79$ 141.94$ -$ 141.94$ 753% PHM 19.48$ 137.21$ 117.73$ 5.66$ 123.39$ 633% TOL 27.06$ 164.75$ 137.69$ 6.14$ 143.83$ 532% DHI 31.85$ 162.88$ 131.03$ 8.76$ 139.79$ 439% TM HC 14.99$ 71.74$ 56.75$ -$ 56.75$ 379% M TH 18.96$ 83.85$ 64.90$ 4.24$ 69.14$ 365% KBH 15.46$ 62.59$ 47.13$ 5.25$ 52.38$ 339% CCS 17.48$ 71.66$ 54.18$ 4.69$ 58.87$ 337% BZH 7.99$ 28.05$ 20.06$ -$ 20.06$ 251% HOV 42.75$ 142.41$ 99.66$ -$ 99.66$ 233% LEN 45.51$ 90.49$ 44.98$ 10.18$ 55.16$ 121% LGIH 32.84$ 63.68$ 30.84$ -$ 30.84$ 94% Stock Price as of Total Returns Total Shareholder Return 7/1/2016 - 6/30/2026 Change in Share Price Common Stock Dividends Ticker
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23 Appendix: Net Income Return on Avg. GAAP Common Equity (1) Return on Equity(1) Dollars in Thousands 2021 2022 2023 2024 2025 2026 YTD (TTM) Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $310,350 $288,458 GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 $1,677,770 GRBK Common Equity Ending $826,852 $1,014,211 $1,253,101 $1,577,812 $1,811,359 $1,927,893 GRBK Common Equity Average $733,547 $920,532 $1,133,656 $1,415,457 $1,694,586 $1,802,832 Net Income Return on Avg GAAP Common Equity 25.9% 31.4% 24.9% 26.8% 18.3% 16.0%
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24 Appendix: Net Income Return on Avg. Total Assets (1) Dollars in Thousands 2021 2022 2023 2024 2025 2026 YTD (TTM) Net Income Applicable To Green Brick Partners $190,210 $291,900 $284,626 $381,583 $313,225 $291,334 Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 $2,315,269 Total Assets Ending $1,421,867 $1,655,675 $1,902,832 $2,249,994 $2,534,767 $2,610,751 Total Assets Average $1,205,357 $1,538,771 $1,779,254 $2,076,413 $2,392,381 $2,463,010 Net Income Return on Avg Assets 15.8% 19.0% 16.0% 18.4% 13.1% 11.8%
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25 Appendix: Net Debt To Total Capitalization – 6/30/26 Dollars in thousands Total capitalization Homebuilding capitalization (1) Gross Less: Cash and cash equivalents Net Gross Less: Cash and cash equivalents Net Borrowings on lines of credit, net -$2,152 -$2,152 Senior unsecured notes, net $237,164 $237,164 Notes Payable $14,371 $14,371 Warehouse lines of credit $34,632 Total debt, net of debt issuance costs $284,015 $131,642 $152,373 $ 249,383 $ 121,583 $ 127,800 Total Green Brick Partners, Inc. stockholders’ equity $1,975,496 $0 $ 1,975,496 $ 1,975,496 $ - $ 1,975,496 Total capitalization $2,259,511 $ 131,642 $ 2,127,869 $ 2,224,879 $ 121,583 $ 2,103,296 Debt to total capitalization ratio 12.6% 11.2% Net debt to total capitalization ratio 7.2% 6.1% (1) Homebuilding capitalization ratio excludes cash and debt related to our financial services segment.