8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

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

Date of Report (Date of earliest event reported): November 7, 2016

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))

Item 2.02 Results of Operations and Financial Condition.

On November 7, 2016, Green Brick Partners, Inc. issued a press release announcing its results of operations for the third quarter ended September 30, 2016. 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 as of November 7, 2016.
99.2	Green Brick Partners, Inc. - Third Quarter 2016 Investor Call Presentation, dated November 7, 2016.

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:    November 7, 2016

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release, dated as of November 7, 2016.
99.2	Green Brick Partners, Inc. - Third Quarter 2016 Investor Call Presentation, dated November 7, 2016.

EX-99.1

Exhibit 99.1

GREEN BRICK PARTNERS, INC. REPORTS THIRD QUARTER 2016 RESULTS

Third Quarter Basic EPS of $0.13 and Basic Adjusted EPS of $0.20, up 116.7% and 100.0%;

Third Quarter Pre-Tax Income of $9.9 million, up 111.8%;

Third Quarter Revenue of $91.7 million, up 21.9%;

Backlog of $138.7 million, up 41.1%

PLANO, Texas, November 7, 2016 — Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its third quarter ended September 30, 2016.

Results for the Third Quarter Ended September 30, 2016:

• Basic net income attributable to Green Brick per common share (“EPS”) for the three months ended September 30, 2016 was $0.13, an increase of 116.7%, compared to $0.06 for the three months ended September 30, 2015. Basic adjusted net income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended September 30, 2016 was $0.20, an increase of 100.0%, compared to $0.10 for the three months ended September 30, 2015. See “Reconciliation of Non-GAAP Financial Measures.”

• For the three months ended September 30, 2016, the Company had: pre-tax income of $9.9 million, an increase of 111.8%, compared to $4.7 million for the three months ended September 30, 2015; gross profit of $22.3 million, an increase of 41.6%, compared to $15.7 million for the three months ended September 30, 2015; and revenue of $91.7 million, an increase of 21.9%, compared to $75.2 million for three months ended September 30, 2015.

• Builder operations revenue for the three months ended September 30, 2016 was $87.8 million, an increase of 27.0%, compared to $69.2 million for the three months ended September 30, 2015. Land development revenue for the three months ended September 30, 2016 was $3.8 million compared to $6.0 million for the three months ended September 30, 2015. The decrease in land development revenue is due to an increase in lot sales to Green Brick’s builders where revenue is not recognized until the house closing.

• The dollar value of backlog units as of September 30, 2016 was $138.7 million, an increase of 41.1% compared to September 30, 2015. The average sales price of homes in backlog increased $22,116, or 5.3%, to $440,273 for the three months ended September 30, 2016, compared to $418,157 for the three months ended September 30, 2015.

• Homes under construction increased 22.5% to 665 as of September 30, 2016, compared to 543 as of September 30, 2015.

Results for the Nine Months EndedSeptember 30, 2016:

• Basic EPS for the nine months ended September 30, 2016 was $0.33, an increase of 13.8%, compared to $0.29 for the nine months ended September 30, 2015. Basic Adjusted EPS for the nine months ended September 30, 2016 was $0.52, an increase of 52.9%, compared to $0.34 for the nine months ended September 30, 2015. See “Reconciliation of Non-GAAP Financial Measures.”

• For the nine months ended September 30, 2016, the Company had: pre-tax income of $25.3 million, an increase of 51.1%, compared to $16.8 million for the nine months ended September 30, 2015; gross profit of $61.5

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million, an increase of 25.2%, compared to $49.1 million for the nine months ended September 30, 2015; and revenue of $260.6 million, an increase of 26.7%, compared to $205.6 million for nine months ended September 30, 2015.

• Builder operations revenue for the nine months ended September 30, 2016 was $248.2 million, an increase of 38.5%, compared to $179.2 million for the nine months ended September 30, 2015. Land development revenue for the nine months ended September 30, 2016 was $12.4 million compared to $26.4 million for the nine months ended September 30, 2015. The decrease in land development revenue is due to an increase in lot sales to Green Brick’s builders where revenue is not recognized until the house closing.

“I am very pleased with our strong third quarter, with $9.9 million in pre-tax income, a robust backlog and significant year-to-date increases in housing revenue and other metrics,” said James R. Brickman, Green Brick's Chief Executive Officer. “Especially encouraging has been the improvement to our homebuilding gross margin percentage. Many of our peers have experienced declining margins, but because of our superior lot position, strong markets and unique structure, our adjusted gross margin percentage rose to 24.5% in the third quarter of 2016.”

Earnings Conference Call:

We will host our earnings conference call to discuss our third quarter ended September 30, 2016 at 12:00 p.m. Eastern Time on Tuesday, November 8, 2016. 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 2626394. A replay of the call will be available from approximately 3:00 p.m. Eastern Time on November 8, 2016 through 11:59 p.m. Eastern Time on November 15, 2016. 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 2626394.

Reclassifications:

Depreciation of model home furnishings for the three and nine months ended September 30, 2015 has been reclassified from depreciation and amortization expense in the consolidated statements of income to cost of residential units to conform to the current year presentation.

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 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.

On July 1, 2015, the Company completed an underwritten public offering of 17,000,000 shares of its common stock at a price to the public of $10.00 per share and granted to the underwriters a 30-day option to purchase up to an aggregate of 841,500 additional shares of common stock to cover over-allotments (the “Equity Offering”). On July 23, 2015, the underwriters exercised the option and purchased 444,897 additional shares. Due to the effects of the Equity Offering, the weighted average shares outstanding for the three months ended September 30, 2015 is indicative of the Company’s future weighted average shares outstanding, however the weighted average shares outstanding for the nine months ended September 30, 2015 is not.

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GREEN BRICK PARTNERS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Sale of residential units	$	87,827		$	69,165		$	248,187		$	179,195
Sale of land and lots	3,843			6,033			12,377			26,442
Total revenues	91,670			75,198			260,564			205,637
Cost of residential units	66,737			55,263			190,665			137,431
Cost of land and lots	2,676			4,217			8,389			19,095
Total cost of sales	69,413			59,480			199,054			156,526
Total gross profit	22,257			15,718			61,510			49,111
Salary expense	(6,587		)	(5,062		)	(19,506		)	(14,571		)
Selling, general and administrative expense	(4,334		)	(3,385		)	(12,792		)	(9,700		)
Operating profit	11,336			7,271			29,212			24,840
Interest expense	—			—			—			(281		)
Depreciation and amortization expense	(78		)	(531		)	(199		)	(873		)
Interest on direct financing leases income	—			—			—			13
Other income, net	564			402			2,400			1,008
Income before provision for income taxes	11,822			7,142			31,413			24,707
Income tax provision	3,657			1,856			9,340			6,229
Net income	8,165			5,286			22,073			18,478
Less: net income attributable to noncontrolling interests	1,922			2,460			5,993			7,846
Net income attributable to Green Brick Partners, Inc.	$	6,243		$	2,826		$	16,080		$	10,632
Net income attributable to Green Brick Partners, Inc. per common share:
Basic	$0.13			$0.06			$0.33			$0.29
Diluted	$0.13			$0.06			$0.33			$0.29
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic	48,899			48,495			48,868			37,125
Diluted	48,907			48,595			48,871			37,161

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GREEN BRICK PARTNERS, INC.

SUPPLEMENTAL INFORMATION

(Unaudited)

	Three Months Ended   September 30,				Increase (Decrease)				Nine Months Ended   September 30,				Increase (Decrease)
New Homes Delivered and Home Sales Revenue	2016		2015		Change			%	2016		2015		Change		%
New homes delivered	196		154		42			27.3%	569		461		108		23.4%
Home sales revenue ($ in thousands)	$	87,827	$	69,165	$	18,662		27.0%	$	248,187	$	179,195	$	68,992	38.5%
Average sales price of home delivered	$	448,097	$	449,123	$	(1,026	)	(0.2)%	$	436,181	$	388,709	$	47,472	12.2%

	Three Months Ended   September 30,				Increase (Decrease)				Nine Months Ended   September 30,				Increase (Decrease)
Land and Lots Sales Revenue	2016		2015		Change			%	2016		2015		Change			%
Land and lots sold	28		54		(26		)	(48.1)%	95		239		(144		)	(60.3)%
Land and lots sales revenue ($ in thousands)	$	3,843	$	6,033	$	(2,190	)	(36.3)%	$	12,377	$	26,442	$	(14,065	)	(53.2)%
Average sales price of land and lots sold	$	137,259	$	111,716	$	25,543		22.9%	$	130,284	$	110,635	$	19,649		17.8%

	Three Months Ended   September 30,				Increase (Decrease)			Nine Months Ended   September 30,		Increase (Decrease)
New Home Orders & Backlog	2016		2015		Change		%	2016	2015	Change	%
Net new home orders	204		140		64		45.7%	683	487	196	40.2%
Average selling communities	49		43		6		14.0%	47	41	6	14.6%
Selling communities at end of period	49		42		7		16.7%	49	42	7	16.7%
Backlog ($ in thousands)	$	138,686	$	98,267	$	40,419	41.1%
Backlog (units)	315		235		80		34.0%
Average sales price of backlog	$	440,273	$	418,157	$	22,116	5.3%

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The following table calculates the non-GAAP measure of Adjusted EPS for the three and nine months ended September 30, 2016 and September 30, 2015 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 nine months ended September 30, 2016 and September 30, 2015 means pre-tax income for the period presented divided by the weighted average number of common shares outstanding for the three and nine months ended September 30, 2016. Pre-tax income represents net income attributable to Green Brick for the period excluding provision for income taxes attributable to Green Brick.

(In thousands, except per share amounts):	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2016		2015		2016		2015
Basic Adjusted EPS
Net income attributable to Green Brick —basic	$	6,243	$	2,826	$	16,080	$	10,632
Income tax provision attributable to Green Brick	$	3,624	$	1,832	$	9,260	$	6,143
Pre-tax income	$	9,867	$	4,658	$	25,340	$	16,775
Adjusted weighted-average number of shares outstanding —basic	48,899		48,899		48,868		48,868
Basic Adjusted EPS	$0.20		$0.10		$0.52		$0.34
Diluted Adjusted EPS
Net income attributable to Green Brick —diluted	$	6,243	$	2,826	$	16,080	$	10,632
Income tax provision attributable to Green Brick	$	3,624	$	1,832	$	9,260	$	6,143
Pre-tax income	$	9,867	$	4,658	$	25,340	$	16,775
Adjusted weighted-average number of shares outstanding —diluted	48,907		48,907		48,871		48,871
Diluted Adjusted EPS	$0.20		$0.10		$0.52		$0.34

The following table calculates the non-GAAP measure of Adjusted Homebuilding Gross Margin for the three and nine months ended September 30, 2016 and September 30, 2015 and reconciles these amounts to homebuilding gross margin, as reported and prepared in accordance with GAAP.

(In thousands):	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2016		2015		2016		2015
Homebuilding gross margin	$	21,090	$	13,902	$	57,522	$	41,764
Add back: capitalized interest charged to cost of sales	$	426	$	1,389	$	2,051	$	2,315
Adjusted Homebuilding Gross Margin	$	21,516	$	15,291	$	59,573	$	44,079

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About Green Brick Partners, Inc.:

Green Brick Partners, Inc. (NASDAQ: GRBK) is a uniquely structured company that combines residential land development and homebuilding. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes DFW LLC, Normandy Homes (a division of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes, LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia, L.L.C.). The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities. For more information about Green Brick Partners, Inc.’s homebuilding partners go to www.greenbrickpartners.com/building-partners.html.

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; 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; an 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

Green Brick Partners Third Quarter 2016 Investor Call Presentation November 7, 2016 Exhibit 99.2

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 and Diluted Adjusted EPS and Basic and Diluted Adjusted weighted-average number of shares outstanding, Income before taxes attributable to GRBK 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.

 Jim Brickman − Chief Executive Officer − Over 35 years in real estate development and homebuilding − Co-founded JBGL with Greenlight Capital in 2008. JBGL was merged into Green Brick in 2014 − Previously served as Chairman and CEO of Princeton Homes and Princeton Realty Corp.  Rick Costello − Chief Financial Officer − Over 25 years of financial and operating experience in all aspects of real estate management − Previously served as CFO and COO of GL Homes, as AVP of finance of Paragon Group and as an auditor for KPMG  Jed Dolson − Head of Land Acquisition and Development − Managed all Dallas land development for JBGL/GRBK since 2009 − Over 15 years in real estate development Management presenters 2

Third quarter 2016 highlights 3  Third quarter pre-tax income attributable to Green Brick of $9.9 million was up 112% from the same period in 2015  Year-to-date home closing revenues of $248 million in 2016 were up 39% more than the first three quarters of 2015  Year-to-date net new orders of 683 in 2016 increased 40% compared to the same prior year period  Adjusted homebuilding gross margins improved to 24.5% for the 3rd quarter 2016, up from 22.1% in the 3rd quarter 2015  Homebuilding gross margins has now increased for 4 consecutive quarters  Our units in backlog increased to a record 315 homes while homes under construction increased to a record 665 homes  Backlog at September 30, 2016 is now at approximately $139 million, up 57% from year-end

4 Housing starts are highly correlated to jobs and we build in two of the highest job growth markets.

We are less than 1.5% of the starts in two of the fastest growing housing markets, giving us significant opportunity for growth. 5

6 Dallas market continues 5-year expansion but still well below prior peak Dallas/Fort Worth Market SFD-TH – Starts and Closings 29,481 26,825 - 10,000 20,000 30,000 40,000 50,000 60,000 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 A nn ua l S ta rt s & C lo si ng s Annual Starts Annual Closings Source: Metrostudy - MetroUSA

7 GRBK has over 3,400 lots in Dallas where the market continues its 7-year trend of constrained supply Dallas/Fort Worth Market Lot Inventory 45,578 18.6 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 M onths of Supply Lo ts /S ta rt s Vacant Developed Lots Annual Starts VDL Months of Supply Source: Metrostudy - MetroUSA

8 Atlanta market also continues to expand but still well below prior peak Source: Metrostudy - MetroUSA

GRBK has one of the lowest debt-to-capital ratios amongst public builders  GRBK net debt to capital is under 16% versus an average 40% for covered public builders  GRBK’s has no off-balance sheet debt embedded in unconsolidated JV’s, unlike many peers  GRBK’s eventual target is approximately 35%. 9 Citi Research data for comparative companies is as of June 30, 2016; “Net Debt” equals Total Debt minus Cash

Third quarter 2016 financial highlights  Q3 2016 versus Q3 2015: - Net new orders increased by 46% - Home sales revenues increased by 27% - Dollar value of units in backlog increased by 41%  Year-to-date 2016 versus year-to-date 2015: - Net new orders increased by 40% - Home sales revenues increased by 39% 10

TX G Green Brick at a glance  Uniquely structured residential land development and homebuilding company − We build and deliver homes through our current builders in which we own a 50% controlling interest − We sell lots and provide lot acquisition and vertical construction financing to our controlled builders  Currently focused on the high growth metropolitan areas of Dallas and Atlanta  Attractive land position of over 5,000 well-located residential lots as of September 30, 2016 − About 83% of our residential lots are owned − Virtually all of our owned lots are owned at corporate level vs. at the controlled builder level Products offered Townhomes, single family Single family Luxury homes Townhomes, contractor on luxury homes Townhomes, single family, luxury homes 11 Dallas CB JENI Normandy Homes Southgate Homes Centre Living Homes Atlanta The Providence Group Controlled builders

 We are a uniquely structured company that combines residential land development and homebuilding with strong sponsor ownership and controlling interests in our aligned homebuilders. Corporate structure 12 50%50%50%50% 100%

Key takeaways  Significant growth opportunities exist in Dallas and Atlanta ̶ two of the most attractive homebuilder markets in the U.S.  We have the balance sheet and management team to support significant growth  Proven success in executing our growth strategy with our controlled and aligned builders  Our operating model and low leverage results in superior risk adjusted returns. 13

Non-GAAP Reconciliation 14 Adjusted EPS Reconciliation and Adjusted Homebuilding Gross Margin (Unaudited, in thousands, except per share amounts) Three Months Ended Sep 30, 2016 Nine Months Ended Sep 30, 2016 Basic adjusted EPS Net income attributable to Green Brick – basic $6,243 $16,080 Income tax provision attributable to Green Brick $3,624 $9,260 Pre-tax income $9,867 $25,340 Adjusted weighted-average number of shares outstanding – basic 48,899 48,868 Basic adjusted EPS $0.20 $0.52 Diluted adjusted EPS Net income attributable to Green Brick – diluted $6,243 $16,080 Income tax provision attributable to Green Brick $3,624 $9,260 Pre-tax income $9,867 $25,340 Adjusted weighted-average number of shares outstanding – diluted 48,907 48,871 Diluted adjusted EPS $0.20 $0.52 Homebuilding gross margin $21,090 $57,522 Add back: Capitalized interest charged to cost of sales 426 2,051 Adjusted homebuilding gross margin $21,516 $59,573