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): March 13, 2017

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 March 13, 2017, Green Brick Partners, Inc. (“Green Brick”) issued a press release announcing its preliminary results of operations for the quarterly period and fiscal year ended December 31, 2016. A copy of the press release is furnished hereto as Exhibit 99.1 and a copy of Green Brick's Fourth Quarter2016 Investor Call Presentation is furnished hereto as Exhibit 99.2 and are each incorporated herein by reference.

The information in Item 2.02 of this report, including Exhibit 99.1 and Exhibit 99.2 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 March 13, 2017.
99.2	Green Brick Partners, Inc. - Fourth Quarter 2016 Investor Call Presentation, dated March 13, 2017.

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:    March 13, 2017

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release, dated as of March 13, 2017.
99.2	Green Brick Partners, Inc. - Fourth Quarter 2016 Investor Call Presentation, dated March 13, 2017.

EX-99.1

Exhibit 99.1

GREEN BRICK PARTNERS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2016 RESULTS

Fourth Quarter Basic EPS of $0.16 and Basic Adjusted EPS of $0.28, up 60.0% and 75.0%, respectively;

Fourth Quarter Pre-Tax Income of $13.7 million, up 79.8%;

Fourth Quarter Revenue of $119.8 million, up 40.1%;

Backlog of $108.0 million, up 22.6%

PLANO, Texas, March 13, 2017 — Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its fourth quarter and full year ended December 31, 2016.

Results for the Fourth Quarter Ended December 31, 2016:

• Basic net income attributable to Green Brick per common share (“EPS”) for the three months ended December 31, 2016 was $0.16, compared to $0.10 for the three months ended December 31, 2015. Basic adjusted net income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended December 31, 2016 was $0.28, compared to $0.16 for the three months ended December 31, 2015. See “Reconciliation of Non-GAAP Financial Measures.”

• For the three months ended December 31, 2016, the Company had: pre-tax income of $13.7 million, an increase of 79.8%, compared to $7.6 million for the three months ended December 31, 2015; gross profit of $29.2 million, an increase of 72.7%, compared to $16.9 million for the three months ended December 31, 2015; and total revenue of $119.8 million, an increase of 40.1%, compared to $85.5 million for the three months ended December 31, 2015.

• Builder operations revenue for the three months ended December 31, 2016 was $117.0 million, an increase of 55.8%, compared to $75.1 million for the three months ended December 31, 2015. Land development revenue for the three months ended December 31, 2016 was $2.8 million compared to $10.4 million for the three months ended December 31, 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 home closes.

• The dollar value of backlog units as of December 31, 2016 was $108.0 million, an increase of 22.6% compared to December 31, 2015. The average sales price of homes in backlog increased approximately $17,335, or 4.0%, to $455,823 for the year ended December 31, 2016, compared to $438,488 for the year ended December 31, 2015.

• Homes under construction increased 11.2% to 564 as of December 31, 2016, compared to 507 as of December 31, 2015.

Results for the Year Ended December 31, 2016:

• Basic EPS for the year ended December 31, 2016 was $0.49, compared to $0.38 for the year ended December 31, 2015. Basic Adjusted EPS for the year ended December 31, 2016 was $0.80, compared to $0.50 for the year ended December 31, 2015. See “Reconciliation of Non-GAAP Financial Measures.”

• For the year ended December 31, 2016, the Company had: pre-tax income of $39.0 million, an increase of 60.0%, compared to $24.4 million for the year ended December 31, 2015; gross profit of $86.4 million, an increase of 38.8%, compared to $62.3 million for the year ended December 31, 2015; and total revenue of $380.3 million, an increase of 30.6%, compared to $291.1 million for the year ended December 31, 2015.

• Builder operations revenue for the year ended December 31, 2016 was $365.2 million, an increase of 43.6%, compared to $254.3 million for the year ended December 31, 2015. Land development revenue for the year ended December 31, 2016 was $15.2 million compared to $36.9 million for the year ended December 31, 2015. The decrease in land development revenue is due primarily to an increase in lot sales to Green Brick’s builders where revenue is not recognized until the home closes.

“Our superior land and lot positions combined with a significant improvement in our operations resulted in pre-tax earnings for the fourth quarter of $13.7 million, up 80% over 2015” said James R. Brickman, Green Brick's Chief Executive Officer. “Pre-tax earnings for the year of $39.0 million was up 60% over 2015 and backlog was up 23% compared to December 31, 2015. Yet again, we are 100% engaged to continue to improve our results in 2017.”

Earnings Conference Call:

We will host our earnings conference call to discuss our fourth quarter and the year ended December 31, 2016 at 12:00 p.m. Eastern Time on Tuesday, March 14, 2017. 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 63683047. A replay of the call will be available from approximately 3:00 p.m. Eastern Time on March 14, 2017 through 11:59 p.m. Eastern Time on March 21, 2017. 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 63683047.

Increase in Lines of Credit:

On March 6, 2017, Flagstar Bank, FSB increased its commitment under the Unsecured Revolving Credit Facility (as defined in our Form 10-K) from $20.0 million to $35.0 million, which increased the aggregate lending commitments available under the Revolving Credit Facility from $70.0 million to $85.0 million.

Change in Classification:

Certain indirect project costs previously classified as salary expense and selling, general and administrative expense have been classified as cost of residential units for the year ended December 31, 2015 to properly present cost of residential units, salary expense, and selling, general and administrative expense.

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 December 31, 2015 is indicative of the Company’s future weighted average shares outstanding, however the weighted average shares outstanding for the year ended December 31, 2015 is not and therefore we believe adjusted EPS is a more meaningful measure to our investors.

GREEN BRICK PARTNERS, INC.

CONSOLIDATED CONDENSED RESULTS OF OPERATIONS

(In thousands, except per share data)

	(unaudited)
	Three Months Ended December 31,						Years Ended December 31,
	2016			2015			2016			2015
Sale of residential units	$	116,977		$	75,072		$	365,164		$	254,267
Sale of land and lots	2,787			10,436			15,164			36,878
Total revenues	119,764			85,508			380,328			291,145
Cost of residential units	88,453			60,574			283,454			201,768
Cost of land and lots	2,110			8,030			10,499			27,125
Total cost of sales	90,563			68,604			293,953			228,893
Total gross profit	29,201			16,904			86,375			62,252
Salary expense	(5,985		)	(4,855		)	(21,871		)	(16,272		)
Selling, general and administrative expense	(4,483		)	(3,740		)	(16,758		)	(13,704		)
Operating profit	18,733			8,309			47,746			32,276
Interest expense	—			—			—			(281		)
Other income, net	408			1,700			2,808			2,721
Income before taxes	19,141			10,009			50,554			34,716
Income tax provision	6,041			2,942			15,381			9,171
Net income	13,100			7,067			35,173			25,545
Less: net income attributable to noncontrolling interests	5,424			2,374			11,417			10,220
Net income attributable to Green Brick Partners, Inc.	$	7,676		$	4,693		$	23,756		$	15,325
Net income attributable to Green Brick Partners, Inc. per common share:
Basic	$0.16			$0.10			$0.49			$0.38
Diluted	$0.16			$0.10			$0.49			$0.38
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic	48,910			48,802			48,879			40,068
Diluted	48,930			48,815			48,886			40,099

GREEN BRICK PARTNERS, INC.

UNAUDITED SUPPLEMENTAL INFORMATION

	Three Months Ended							Years Ended
	December 31,				Increase (Decrease)			December 31,				Increase (Decrease)
New Homes Delivered and Home Sales Revenue	2016		2015		Change		%	2016		2015		Change		%
New homes delivered	275		194		81		41.8%	844		655		189		28.9%
Home sales revenue ($ in thousands)	$	116,977	$	75,072	$	41,905	55.8%	$	365,164	$	254,267	$	110,897	43.6%
Average sales price of home delivered	$	425,371	$	386,969	$	38,402	9.9%	$	432,659	$	388,194	$	44,465	11.5%

	Three Months Ended								Years Ended
	December 31,				Increase (Decrease)				December 31,				Increase (Decrease)
Land and Lots Sales Revenue	2016		2015		Change			%	2016		2015		Change			%
Land and lots sold	22		97		(75		)	(77.3)%	117		336		(219		)	(65.2)%
Land and lots sales revenue ($ in thousands)	$	2,787	$	10,436	$	(7,649	)	(73.3)%	$	15,164	$	36,878	$	(21,714	)	(58.9)%
Average sales price of land and lots sold	$	126,682	$	107,588	$	19,094		17.7%	$	129,603	$	109,756	$	19,847		18.1%

	Three Months Ended							Years Ended
	December 31,				Increase (Decrease)			December 31,		Increase (Decrease)
New Home Orders & Backlog	2016		2015		Change		%	2016	2015	Change	%
Net new home orders	197		160		37		23.1%	880	647	233	36.0%
Average selling communities	50		43		7		16.3%	47	41	6	14.6%
Selling communities at end of period	50		43		7		16.3%	50	43	7	16.3%
Backlog ($ in thousands)	$	108,030	$	88,136	$	19,894	22.6%
Backlog (units)	237		201		36		17.9%
Average sales price of backlog	$	455,823	$	438,488	$	17,335	4.0%

The following table calculates the non-GAAP measure of Adjusted EPS for the three months and the year ended December 31, 2016 and December 31, 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 months and year ended December 31, 2016 and December 31, 2015 means pre-tax income for the period presented divided by the weighted average number of common shares outstanding for the three months and year ended December 31, 2016. Pre-tax income represents net income attributable to Green Brick for the period excluding provision for income taxes attributable to Green Brick.

	Three Months Ended				Years Ended
(Unaudited, in thousands, except per share amounts):	December 31,				December 31,
	2016		2015		2016		2015
Basic Adjusted EPS
Net income attributable to Green Brick —basic	$	7,676	$	4,693	$	23,756	$	15,325
Income tax provision attributable to Green Brick	$	6,001	$	2,915	$	15,261	$	9,058
Pre-tax income	$	13,677	$	7,608	$	39,017	$	24,383
Adjusted weighted-average number of shares outstanding —basic	48,910		48,910		48,879		48,879
Basic Adjusted EPS	$	0.28	$	0.16	$	0.80	$	0.50
Diluted Adjusted EPS
Net income attributable to Green Brick —diluted	$	7,676	$	4,693	$	23,756	$	15,325
Income tax provision attributable to Green Brick	$	6,001	$	2,915	$	15,261	$	9,058
Pre-tax income	$	13,677	$	7,608	$	39,017	$	24,383
Adjusted weighted-average number of shares outstanding —diluted	48,930		48,930		48,886		48,886
Diluted Adjusted EPS	$	0.28	$	0.16	$	0.80	$	0.50

The following table calculates the non-GAAP measure of Adjusted Homebuilding Gross Margin for the three months and the year ended December 31, 2016 and December 31, 2015 and reconciles these amounts to homebuilding gross margin, as reported and prepared in accordance with GAAP.

(Unaudited, in thousands):	Three Months Ended				Years Ended
	December 31,				December 31,
	2016		2015		2016		2015
Homebuilding gross margin	$	28,524	$	14,498	$	81,710	$	52,499
Add back: capitalized interest charged to cost of sales	$	763	$	1,432	$	2,814	$	3,747
Adjusted Homebuilding Gross Margin	$	29,287	$	15,930	$	84,524	$	56,246

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

EX-99.2

Green Brick Partners Fourth Quarter 2016 Investor Call Presentation March 13, 2017 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

Fourth quarter 2016 highlights 3  Fourth quarter pre-tax income attributable to Green Brick of $13.7 million was up 80% from the same period in 2015  Full year home closing revenues of $365 million in 2016 were up 44% from 2015  Net new orders of 880 in 2016 increased 36% compared to 2015  Adjusted homebuilding gross margins improved to 23.1% for 2016, up from 22.1% in 2015  Homebuilding gross margins has now increased for 5 consecutive quarters  Our units in backlog are 18% higher than last year-end while homes under construction now stand at 564 homes, up 11% over last year  Backlog at December 31, 2016 is now at approximately $108 million, up 23% from year-end 2015

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 Source: Metrostudy - MetroUSA 29,897 28,052 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 A nn ua l S ta rt s & C lo si ng s Annual Starts Annual Closings

7 GRBK has over 3,500 lots in Dallas where the market continues its 7-year trend of constrained supply Dallas/Fort Worth Market Lot Inventory Source: Metrostudy - MetroUSA 47,006 18.9 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 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 M onths of Supply Lo ts /S ta rt s Vacant Developed Lots Annual Starts VDL Months of Supply

8 Atlanta market also continues to expand but still well below prior peak Source: Metrostudy - MetroUSA 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 U n it s Quarter Atlanta Region 16 Year History Annual Construction Starts and Closings Annual Starts Annual Closings 2Q06 Peaked 73% of activity is in North Atlanta. Detached captures 85% of all market activity. Starts Up 67% in 2013 Up 19% in 2014 Up 15% in 2015 Starts Forecast Up 12% in 2017 Up 9% in 2018 26,400 21,616 +14% 20,337 +15%

GRBK has one of the lowest debt-to-capital ratios amongst public builders  GRBK net debt to capital is under 12% 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

Fourth quarter 2016 financial highlights  Q4 2016 versus Q4 2015: - Net new orders increased by 23% - Home sales revenues increased by 56% - Dollar value of units in backlog increased by 23%  Full year 2016 versus full year 2015: - Net new orders increased by 36% - Home sales revenues increased by 44% 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 almost 5,200 well-located residential lots as of December 31, 2016 − About 82% 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 (Unaudited, in thousands, except per share amounts) Three Months Ended Dec 31, 2016 Year Ended Dec 31, 2016 Basic adjusted EPS Net income attributable to Green Brick – basic $7,676 $23,756 Income tax provision attributable to Green Brick $6,001 $15,261 Pre-tax income $13,677 $39,017 Adjusted weighted-average number of shares outstanding – basic 48,910 48,879 Basic adjusted EPS $0.28 $0.80 Diluted adjusted EPS Net income attributable to Green Brick – diluted $7,676 $23,756 Income tax provision attributable to Green Brick $6,001 $15,261 Pre-tax income $13,767 $39,017 Adjusted weighted-average number of shares outstanding – diluted 48,930 48,886 Diluted adjusted EPS $0.28 $0.80

Non-GAAP Reconciliation (continued) 15 Adjusted Homebuilding Gross Margin Reconciliation (Unaudited, in thousands) 12 Months Ended Dec 31, 2015 12 Months Ended Mar 31, 2016 12 Months Ended Jun 30, 2016 12 Months Ended Sep 30, 2016 12 Months Ended Dec 31, 2016 Homebuilding gross margin $52,499 $53,396 $60,777 $67,684 $81,710 Add back: Capitalized Interest charged to cost of sales 3,747 4,710 4,446 3,483 2,814 Adjusted homebuilding gross margin $56,246 $58,106 $65,223 $71,167 $84,524 Adjusted gross margin percentage 22.1% 21.4% 21.4% 22.0% 23.1%