8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

___________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2018

Green Brick Partners, Inc.

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(Exact name of registrant as specified in its charter)

_______Delaware_______  (State or other jurisdiction of incorporation)	_______001-33530_ ____  (Commission File Number)		_____20-5952523_____  (I.R.S. Employer Identification Number)
2805 Dallas Parkway, Suite 400 ____Plano, Texas _____ (Address of principal executive offices)		_____ 75093_____ (Zip code)

Registrant’s telephone number, including area code: (469) 573-6755

(Former name or former address, if changed since last report)

Not Applicable

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2018, Green Brick Partners, Inc. issued a press release announcing its results of operations for the second quarter ended June 30, 2018. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein.

The information in Item 2.02 of this report, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits

Exhibit No.	Description of Exhibit
99.1	Press Release, dated August 6, 2018.
99.2	Green Brick Partners, Inc. - Second Quarter 2018 Investor Call Presentation, dated August 6, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GREEN BRICK PARTNERS, INC.
By:	/s/ Richard A. Costello
Name:	Richard A. Costello
Title:	Chief Financial Officer

Date:    August 6, 2018

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release, dated August 6, 2018.
99.2	Green Brick Partners, Inc. - Second Quarter 2018 Investor Call Presentation, dated August 6, 2018.

EX-99.1

Exhibit 99.1

GREEN BRICK PARTNERS, INC. REPORTS RECORD SECOND QUARTER RESULTS

Second Quarter EPS of $0.29 and Adjusted EPS of $0.41, up 81.3% and 64.0%;

Second Quarter Pre-Tax Income of $20.7 million, up 72.1%;

Second Quarter Revenue of $155.0 million, up 47.7%;

Backlog of $314.2 million, up 90.2%

PLANO, Texas, August 6, 2018 — Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”) today reported results for its second quarter ended June 30, 2018.

Results for the Second Quarter Ended June 30, 2018:

• Basic net income attributable to Green Brick per common share (“EPS”) for the three months ended June 30, 2018 was $0.29, an increase of 81.3%, compared to $0.16 for the three months ended June 30, 2017. Excluding one-time transaction expenses, basic adjusted pre-tax income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended June 30, 2018 was $0.41, an increase of 64.0%, compared to $0.25 for the three months ended June 30, 2017. See “Reconciliation of Non-GAAP Financial Measures.”

• For the three months ended June 30, 2018, adjusted pre-tax income attributable to Green Brick was $20.7 million, an increase of 72.1%, compared to $12.0 million for the three months ended June 30, 2017; gross profit was $34.6 million, an increase of 51.0%, compared to $22.9 million for the three months ended June 30, 2017; and total revenue was $155.0 million, an increase of 47.7%, compared to $105.0 million for the three months ended June 30, 2017.

• Revenue from the sale of residential units for the three months ended June 30, 2018 was $143.9 million, an increase of 43.4%, compared to $100.3 million for the three months ended June 30, 2017. Revenue from the sale of land and lots for the three months ended June 30, 2018 was $11.1 million, an increase of 141.7%, compared to $4.6 million for the three months ended June 30, 2017.

• The dollar value of backlog units as of June 30, 2018 was $314.2 million, an increase of 90.2% compared to June 30, 2017.

• Homes under construction increased 38.4% to 988 as of June 30, 2018, compared to 714 as of June 30, 2017.

Results for the Six Months EndedJune 30, 2018:

• Basic net income attributable to Green Brick per common share (“EPS”) for the six months ended June 30, 2018 was $0.52, an increase of 85.7% compared to $0.28 for the six months ended June 30, 2017. Excluding one-time transaction expenses, basic adjusted pre-tax income attributable to Green Brick per common share for the six months ended June 30, 2018 was $0.70, an increase of 55.6%, compared to $0.45 for the six months ended June 30, 2017. See “Reconciliation of Non-GAAP Financial Measures.”

• For the six months ended June 30, 2018, adjusted pre-tax income attributable to Green Brick was $35.4 million, an increase of 60.2%, compared to $22.1 million for the six months ended June 30, 2017; gross profit was $61.7 million, an increase of 39.7%, compared to $44.2 million for the six months ended June 30, 2017; and total revenue was $283.3 million an increase of 38.7%, compared to $204.3 million for the six months ended June 30, 2017.

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• Revenue from the sale of residential units for the six months ended June 30, 2018 was $264.2 million, an increase of 36.4%, compared to $193.7 million for the six months ended June 30, 2017. Revenue from the sale of land and lots for the six months ended June 30, 2018 was $19.0 million, an increase of 80.5%, compared to $10.5 million for the six months ended June 30, 2017.

“Green Brick's adjusted pre-tax income of $20.7 million was a record for any quarter, despite being achieved with only 23% net debt to capital. As we use additional debt and retained earnings to fund the amazing 90% growth in our second quarter backlog, our 2019 revenue and earnings should continue to significantly grow” said Jim Brickman, CEO of Green Brick Partners.

David Einhorn, Chairman of the Company’s board of directors, added, “I am pleased with the forward progress of the company. The organic growth of the existing operations has consistently exceeded expectations.  And the recent acquisitions have been accretive and expanded our geographic diversity.”

“We have never been more excited about our future. I want to thank and congratulate everyone on the Green Brick team for our success”, continued Mr. Brickman.

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Earnings Conference Call:

We will host our earnings conference call to discuss our second quarter ended June 30, 2018 at 12:00 p.m. Eastern Time on Tuesday, August 7, 2018. The call can be accessed by dialing 800-374-0137 for domestic participants or 904-685-8013 for international participants. Participants should reference conference ID code 8383968. A replay of the call will be available from approximately 3:30 p.m. Eastern Time on August 7, 2018 through 11:59 p.m. Eastern Time on August 14, 2018. To access the replay, the domestic dial-in number is 855-859-2056, the international dial-in number is 404-537-3406 and the conference ID code is 8383968.

Reconciliation of Non-GAAP Financial Measures:

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

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GREEN BRICK PARTNERS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Sale of residential units	$	143,878	$	100,345	$	264,244	$	193,742
Sale of land and lots	11,132		4,606		19,031		10,546
Total revenues	155,010		104,951		283,275		204,288
Cost of residential units	112,316		78,553		206,825		152,314
Cost of land and lots	8,076		3,472		14,702		7,762
Total cost of sales	120,392		82,025		221,527		160,076
Total gross profit	34,618		22,926		61,748		44,212
Salary expense	6,737		5,332		13,675		10,767
Selling, general and administrative expense	7,280		4,167		13,105		8,445
Operating profit	20,601		13,427		34,968		25,000
Equity in income of unconsolidated entities	2,279		—		3,815		—
Other income, net	1,350		386		2,058		928
Income before taxes	24,230		13,813		40,841		25,928
Income tax provision	5,235		4,382		8,607		8,271
Net income	18,995		9,431		32,234		17,657
Less: Net income attributable to noncontrolling interests	4,126		1,742		6,162		3,771
Net income attributable to Green Brick Partners, Inc.	$	14,869	$	7,689	$	26,072	$	13,886
Net income attributable to Green Brick Partners, Inc. per common share:
Basic	$0.29		$0.16		$0.52		$0.28
Diluted	$0.29		$0.16		$0.51		$0.28
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic	50,664		49,047		50,620		49,003
Diluted	50,783		49,123		50,751		49,070

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GREEN BRICK PARTNERS, INC.

SUPPLEMENTAL INFORMATION

(Unaudited)

	Three Months Ended   June 30,								Six Months Ended   June 30,
New Homes Delivered and Home Sales Revenue	2018		2017		Change		%		2018		2017		Change		%
New homes delivered	327		237		90		38.0	%	594		463		131		28.3	%
Home sales revenue ($ in thousands)	$	143,878	$	100,345	$	43,533	43.4	%	$	264,244	$	193,742	$	70,502	36.4	%
Average sales price of homes delivered	$	439,994	$	423,397	$	16,597	3.9	%	$	444,855	$	418,449	$	26,406	6.3	%

	Three Months Ended   June 30,								Six Months Ended   June 30,
Land and Lots Sales Revenue	2018		2017		Change		%		2018		2017		Change		%
Lots sold	53		37		16		43.2	%	101		84		17		20.2	%
Lots sales revenue ($ in thousands)	$	8,453	$	4,606	$	3,847	83.5	%	$	15,202	$	10,546	$	4,656	44.1	%
Average sales price of lots sold	$	159,491	$	124,481	$	35,010	28.1	%	$	150,515	$	125,547	$	24,968	19.9	%
Land sales revenue ($ in thousands)	$	2,679	$	—	$	2,679	—	%	$	3,829	$	—	$	3,829	—	%

	Three Months Ended   June 30,									Six Months Ended   June 30,
New Home Orders and Backlog	2018		2017		Change			%		2018	2017	Change	%
Net new home orders	387		270		117			43.3	%	821	557	264	47.4	%
Average selling communities	62		52		10			19.2	%	62	53	9	17.0	%
Selling communities at end of period	69		54		15			27.8	%
Backlog ($ in thousands)	$	314,177	$	165,154	$	149,023		90.2	%
Backlog (units)	700		331		369			111.5	%
Average sales price of backlog	$	448,824	$	498,955	$	(50,131	)	(10.0	)%

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The following table presents the non-GAAP measure of adjusted EPS for the three and six months ended June 30, 2018 and 2017 and reconciles these amounts to net income attributable to Green Brick as reported and prepared in accordance with GAAP. Adjusted EPS for the three and six months ended June 30, 2018 and 2017 represents adjusted pre-tax income for the period presented, divided by the weighted average number of common shares outstanding for the three and six months ended June 30, 2018 and 2017, respectively. Adjusted pre-tax income represents net income attributable to Green Brick for the period, excluding the provision for income taxes attributable to Green Brick and one-time transaction expenses related to a public secondary offering of the Company's shares.

(Unaudited, in thousands, except per share amounts):	Three Months Ended   June 30,				Six Months Ended   June 30,
	2018		2017		2018		2017
Net income attributable to Green Brick	$	14,869	$	7,689	$	26,072	$	13,886
Income tax provision attributable to Green Brick	5,149		4,349		8,484		8,204
Transaction expenses	705		—		827		—
Adjusted pre-tax income attributable to Green Brick	$	20,723	$	12,038	$	35,383	$	22,090
Weighted-average number of shares outstanding —basic	50,664		49,047		50,620		49,003
Basic adjusted EPS	$0.41		$0.25		$0.70		$0.45
Weighted-average number of shares outstanding —diluted	50,783		49,123		50,751		49,070
Diluted adjusted EPS	$0.41		$0.25		$0.70		$0.45

The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and six months ended June 30, 2018 and 2017 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.

(Unaudited, in thousands):	Three Months Ended   June 30,				Six Months Ended   June 30,
	2018		2017		2018		2017
Homebuilding gross margin	$	31,562	$	21,792	$	57,419	$	41,428
Add back: Capitalized interest charged to cost of sales	851		698		1,611		1,303
Adjusted homebuilding gross margin	$	32,413	$	22,490	$	59,030	$	42,731

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About Green Brick Partners, Inc.:

Green Brick Partners, Inc. (NASDAQ: GRBK) is a diversified homebuilding and land development company. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. Green Brick owns a controlling interest in four homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes (a division of CB JENI Homes), Southgate Homes, and Centre Living Homes), as well as a homebuilder in Atlanta, Georgia (The Providence Group) and a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing and sales and the creation of brand images at our residential neighborhoods and master planned communities. For more information about Green Brick Partners Inc.'s homebuilding partners, please visit https://greenbrickpartners.com/team-builders/.

Forward-Looking and Cautionary Statements:

Any statements in this press release about Green Brick’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Accordingly, all such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; demand for real estate investments in the geographic markets in which we operate; significant inflation or deflation; labor and raw material shortages; the failure to recruit, retain and develop highly skilled and competent employees; an inability to acquire land suitable for residential homebuilding at reasonable prices; an inability to develop and sell communities successfully or within expected timeframes; risks related to regulatory approvals and government regulation; the interpretation of or changes to tax, labor and environmental laws and regulations; volatility of mortgage interest rates; the unavailability of mortgage financing; the occurrence of severe weather or natural disasters; risks related to future growth through strategic investments, joint ventures, partnerships and/or acquisitions; risks related to holding noncontrolling interests in strategic investments, joint ventures, partnerships and/or acquisitions; the inability to obtain suitable bonding for the development of housing projects; difficulty in obtaining sufficient capital; the occurrence of a major health and safety incident; poor relations with the residents of our communities; information technology failures and data security breaches; product liability claims, litigation and warranty claims; our debt and related service obligations; required accounting changes; inability to maintain effective internal control over financial reporting; and other risks and uncertainties inherent in our business. Additional factors that could cause actual results to differ from those anticipated are discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s annual and quarterly reports filed with the Securities and Exchange Commission. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements made by Green Brick, you should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date of this press release, and Green Brick undertakes no obligation to update any forward-looking statement to reflect events or circumstances after such date.

Contact: Richard A. Costello

Chief Financial Officer

(469) 573-6755

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EX-99.2

Exhibit 99.2 GREEN BRICK PARTNERS Q2 2018 INVESTOR CALL PRESENTATION AUGUST 6, 2018 1

FORWARD LOOKING STATEMENTS This presentation and the oral statements made by representatives of the Company during the course of this presentation that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. Although the Company believes that the assumptions underlying these statements are reasonable, individuals considering such statements for any purpose are cautioned that such forward- looking statements are inherently uncertain and necessarily involve risks that may affect the Company’s business prospects and performance, causing actual results to differ from those discussed during the presentation, and any such difference may be material. Factors that could cause actual results to differ from those anticipated are discussed in the Company’s annual and quarterly reports filed with the SEC. Any forward-looking statements made are subject to risks and uncertainties, many of which are beyond management’s control. These risks include the risks described in the Company’s filings with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements are made only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. The Company presents Basic Adjusted EPS, Diluted Adjusted EPS, Basic and Diluted Adjusted weighted-average number of shares outstanding, GRBK Pre-tax Income and Adjusted Homebuilding Gross Margin. The Company believes these and similar measures are useful to management and investors in evaluating its operating performance and financing structure. The Company also believes these measures facilitate the comparison of their operating performance and financing structure with other companies in the industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. 2

MANAGEMENT PRESENTERS Jim Brickman Rick Costello Chief Executive Officer Chief Financial Officer • Over 40 years in real estate development and • Over 26 years of financial and operating experience in homebuilding. all aspects of real estate management. • Co-founded JBGL with Greenlight Capital in 2008. JBGL • Previously served as CFO and COO of GL Homes, as was merged into Green Brick in 2014. AVP of finance of Paragon Group and as an auditor for • Previously served as Chairman and CEO of Princeton KPMG. Homes and Princeton Realty Corp. • Received his M.B.A from Northwestern University’s Kellogg School. Jed Dolson Summer Loveland President of Texas Region Chief Accounting Officer • Over 15 years of land development and property • Over 20 years of experience in the accounting and acquisition. financial reporting services industry. • Head of GRBK land acquisitions since 2010. • Previously served as Chief Financial Officer of the Dallas • Masters Degree in Engineering, Stanford University, and Police and Fire Pension System Registered Engineer, State of Texas. • Certified Public Accountant licensed in the states of Texas and California. 3

MARKET UPDATE National Economic Overview Top Job Growth Markets Ranked by Change in Employment – May 2018 Source: Metrostudy - MetroUSA 4

MARKET UPDATE We are 2% to 3% of the starts in two of the largest housing markets, giving us significant opportunity for growth National Housing Market Annual Starts by Market – May 2018 GRBK has also entered the Colorado Springs market through our investment in Challenger Homes. Source: Metrostudy - MetroUSA 5

MARKET UPDATE Dallas market continues 7-year expansion but is still well below the 2006 peak of more than 50,000 starts Dallas/Fort Worth Market SFD-TH – Starts and closings Source: Metrostudy - MetroUSA 6

MARKET UPDATE GRBK has over 4,700 lots in Dallas where the market continues its 7-year trend of constrained supply Dallas/Fort Worth Market Lot Inventory Source: Metrostudy - MetroUSA 7

MARKET UPDATE The Atlanta market also continues to expand but is still well below prior peak AtlantaAtlanta Region Region 16 Year 16 History Year History AnnualAnnual Construction Construction Starts Startsand Closingsand Closings 2Q062Q06 Peaked Peaked 60,000 55,000 50,000 45,000 Units 40,000 35,000 25,303 30,000 +10.1% 25,000 20,000 15,000 23,816 10,000 +10.3% 5,000 0 Quarter Source: Metrostudy - MetroUSA Annual Starts Annual Closings 8

LAND POSITION Land is well positioned in attractive submarkets Atlanta Metro Area Dallas Metro Area Submarket Submarket Grades Grades A A B B C C D D E E GRBK GRBK Locations Locations Source: John Burns Real Estate Consulting (Regional Analysis and Forecast Published May 2018) 9 Note: GRBK Locations are approximate

LIMITED SUPPLY Our markets exhibit limited supply Resale Months Supply in Major U.S. Cities(1) 8.5 6.2 6.0 5.5 5.0 4.8 4.8 4.3 3.7 3.5 3.5 3.2 3.2 3.1 3.0 2.8 2.5 2.3 2.3 2.2 2.1 2.1 2.1 2.1 2.0 1.8 1.7 1.6 1.5 1.0 0.8 0.8 Source: Metrostudy – MetroUSA 10 (1) Metrostudy – MetroUSA (Atlanta Housing Market First Quarter 2018 published May 1, 2018)

CORPORATE STRUCTURE • Control positions in five separate homebuilders and 49.9% position with a pathway to control in one homebuilder • Acquire and develop land and provide land and construction financing to our Dallas and Atlanta Team BuildersTM • Participate in the profits of all of our Team Builders Team Builders Market Products Offered Price Range TownhomesTownhomes $310k - $650k Atla nta , G A Single Family $440k - $1,100k 50% control TownhomesTownhomes $250k - $430k / Dallas, TX 50% control Single Family $320k - $700k TownhomesTownhomes Dallas, TX $320k - $1,500k Single Family 50% control Dallas, TX Luxury Homes $550k - $1,300k 50% control Financial Services Platform Single Family Vero Beach, FL Retiree Homes $200k - $650k 80% control Patio Homes 100% control 49% control TownhomesTownhomes Colorado Springs, CO $250k - $600k 49.9% with pathway Single Family to control 11

DEVELOPMENT SPOTLIGHT The Reserve on Parker – Carrollton, Texas • 106-lot community located in Carrollton, Texas. As of July 23, 2018 there were 52 Normandy Homes lots remaining in the community. • Normandy Homes offers residents of The Reserve on Parker seven different floorplans that range from 1,731 to 2,834 square feet. Home prices in the community range from $367,990 to $416,990. • On average, single family homes in neighboring new-construction communities range from $370,000 to $460,000. As of May 2018, median closing home prices on new homes was $443,325 in the 77010-zip code. • The Reserve on Parker has managed to fare exceptionally well, generating an average sales rate of 10.8 homes per month. In contrast, the second highest sales rate of comparable communities was at 4.4 homes per month. • Rather than sacrificing interior features or more desirable architectural styles, Normandy homes has focused on lowering costs in engineering and design, enabling them to sell a similar product as the competition at a lower price. 12

GRBK: A TRUE GROWTH STORY We have the strong balance sheet and operational excellence for continued growth Annual Revenue Growth for Green Brick Partners and Predecessor 13

BALANCE SHEET STRENGTH GRBK has one of the lowest debt-to-capital ratios amongst public builders. We have the capital to continue growing profitably. • GRBK Net Debt to Capital(1) is 22.7% as of June 30, 2018 versus an average 38% for covered public builders • GRBK Debt to Capital is 27.4% as of June 30, 2018 • GRBK’s eventual target for Debt to Capital is approximately 30 to 35% Net Debt to Total Capital (1) Q2 2018* Citi Research data for comparative companies is reported as of July 31, 2018 *Amount presented reflects available Citi Research data provided June 29, 2018 (1) “Net Debt” equals Total Debt minus Cash. 14

FINANCIAL HIGHLIGHTS Unaudited 2017 vs 2018 Year-to-Date Q2 2018 Q2 2017 YTD 2018 YTD 2017 Q2 Increase Increase Home Closings - Units 327 237 38% 594 463 28% Net New Orders 387 270 43% 821 557 47% Homebuilding Revenues ($'s in thousands) $143,878 $100,345 43% $264,244 $193,742 36% 3rd Party Lot Closings ($'s in thousands) $11,132 $4,606 142% $19,031 $10,546 80% Total Revenues ($'s in thousands) $155,010 $104,951 48% $283,275 $204,288 39% GRBK Adjusted Pre-Tax Income ($'s in thousands) $20,723 $12,038 72% $35,383 $22,090 60% Adjusted Pre-Tax Income as % of Homebuilding Revenues 14.4% 12.0% 13.4% 11.4% Earnings per Share $0.29 $0.16 81% $0.52 $0.28 86% Backlog ($'s in thousands) $314,177 $165,154 90% Homebuilding Gross Margin 21.9% 21.7% 21.7% 21.4% Adjusted Gross Margin 22.5% 22.4% 22.3% 22.1% GRBK Pre-Tax / Homebuilding Revenues 14.4% 12.0% 13.4% 11.4% Total Lots 7,650 5,394 42% Units Under Construction 988 714 38% Last 12 Months Starts 1,241 988 26% 15

OPERATIONAL HIGHLIGHTS LTM Adjusted Gross Margins LTM GRBK Pre-Tax Income to Homebuilding Revenues 16

INDUSTRY-LEADING MARGINS LTM Pretax Margin%* (LTM – Q2 2018 for GRBK / LTM – Q1 2018 for peers) Median: 8.4% Source: Citi Research data for comparative companies is reported as of July 31, 2018 * Amount presented reflects available Citi Research data provided June 29, 2018 17

ATTRACTIVE RETURNS Return on Invested Capital%(1) (LTM – Q2 2018 for GRBK / LTM – Q1 2018 for peers) Median: 11.7% Source: Citi Research data for comparative companies is reported as of June 29, 2018 (1) Non-GAAP figure. See Slide 20 for reconciliation 18

APPENDIX 19

NON-GAAP RECONCILIATION Adjusted Homebuilding Gross Margin Reconciliation 12 Months 12 Months 12 Months 12 Months 12 Months Ended Ended Ended Ended Ended (Unaudited, in thousands) June 30, 2017 Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Jun 30, 2018 Sale of Residential Units $398,546 $419,156 $435,644 $462,613 $506,146 Homebuilding gross margin $89,429 $93,637 $93,579 $99,800 $109,570 Add back: Capitalized Interest charged to cost $2,492 $2,639 $2,630 $2,784 $2,938 of sales Adjusted homebuilding gross margin $91,921 $96,276 $96,209 $102,584 $112,508 Adjusted gross margin percentage 23.1% 23.0% 22.1% 22.2% 22.2% 20

NON-GAAP RECONCILIATION GRBK Pre-tax Income as a Percentage of Homebuilding Revenues 12 Months 12 Months 12 Months 12 Months 12 Months Ended Ended Ended Ended Ended (Unaudited, in thousands) Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Jun 30, 2018 LTM net income attributable to Green Brick $27,805 $30,842 $14,970 $19,976 $27,156 LTM income tax provision attributable to Green Brick $17,829 $19,541 $38,896 $38,376 $39,176 LTM transaction expenses $ - $ - $ - $ 122 $ 827 LTM GRBK pre-tax income $45,634 $50,383 $53,866 $58,474 $67,159 LTM Sale of Residential Units $398,546 $419,156 $435,644 $462,613 $506,146 LTM GRBK pre-tax income as a % of 11.5% 12.0% 12.4% 12.6% 13.3% Homebuilding Revenues 3 Months 3 Months Ended Ended (Unaudited, in thousands) Jun 30, 2017 Jun 30, 2018 Net income attributable to Green Brick $ 7,689 $14,869 Income tax provision attributable to Green Brick $ 4,349 $ 5,149 Transaction expenses $ - $ 705 GRBK pre-tax income $12,038 $20,723 Sale of Residential Units $100,345 $143,878 GRBK pre-tax income as a % of Homebuilding Revenues 12.0% 14.4% 21

NON-GAAP RECONCILIATION Return on Invested Capital 12 Months Ended (Unaudited, in thousands) June 30, 2018 Income before taxes $79,150 Add back: Capitalized interest charged to cost of sales $3,594 Earnings Before Interest and Taxes $82,744 Divided by: Borrowings on lines of credit $167,500 Notes payable $1,205 Total Debt $168,705 Plus: Total GRBK stockholders’ equity $443,324 Plus: Noncontrolling interests $12,208 Total Invested Capital $624,237 Return on Invested Capital 13.3% 22

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