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): August 7, 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))

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 7, 2017, Green Brick Partners, Inc. issued a press release announcing its results of operations for the second quarter ended June 30, 2017. 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 August 7, 2017.
99.2	Green Brick Partners, Inc. - Second Quarter 2017 Investor Call Presentation, dated August 7, 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:    August 7, 2017

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release, dated as of August 7, 2017.
99.2	Green Brick Partners, Inc. - Second Quarter 2017 Investor Call Presentation, dated August 7, 2017.

EX-99.1

Exhibit 99.1

GREEN BRICK PARTNERS, INC. REPORTS STRONG SECOND QUARTER 2017 RESULTS

Second Quarter Basic EPS of $0.16 and Basic Adjusted EPS of $0.25, up 14.3% and 13.6%;

Second Quarter Pre-Tax Income of $12.0 million, up 9.9%;

Second Quarter Revenue of $105.0 million, up 6.1%;

Backlog of $165.2 million, up 17.7%

PLANO, Texas, August 7, 2017 — Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its second quarter ended June 30, 2017.

Results for the Second Quarter Ended June 30, 2017:

• Basic net income attributable to Green Brick per common share (“EPS”) for the three months ended June 30, 2017 was $0.16, an increase of 14.3%, compared to $0.14 for the three months ended June 30, 2016. Basic adjusted net income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended June 30, 2017 was $0.25, an increase of 13.6%, compared to $0.22 for the three months ended June 30, 2016. See “Reconciliation of Non-GAAP Financial Measures.”

• For the three months ended June 30, 2017, the Company had: pre-tax income of $12.0 million, an increase of 9.9%, compared to $11.0 million for the three months ended June 30, 2016; gross profit of $22.9 million, an increase of 3.7%, compared to $22.1 million for the three months ended June 30, 2016; and revenue of $105.0 million, an increase of 6.1%, compared to $98.9 million for three months ended June 30, 2016.

• Builder operations revenue for the three months ended June 30, 2017 was $100.3 million, an increase of 7.1%, compared to $93.7 million for the three months ended June 30, 2016. Land development revenue for the three months ended June 30, 2017 was $4.6 million, a decrease of 11.5%, compared to $5.2 million for the three months ended June 30, 2016.

• The dollar value of backlog units as of June 30, 2017 was $165.2 million, an increase of 17.7% compared to June 30, 2016. The average sales price of homes in backlog increased $41,812, or 9.1%, to $498,955 for the three months ended June 30, 2017, compared to $457,143 for the three months ended June 30, 2016.

• Homes under construction increased 8.2% to 714 as of June 30, 2017, compared to 660 as of June 30, 2016.

Results for the Six Months EndedJune 30, 2017:

• Basic EPS for the six months ended June 30, 2017 was $0.28, an increase of 40.0%, compared to $0.20 for the six months ended June 30, 2016. Basic Adjusted EPS for the six months ended June 30, 2017 was $0.45, an increase of 40.6%, compared to $0.32 for the six months ended June 30, 2016. See “Reconciliation of Non-GAAP Financial Measures.”

• For the six months ended June 30, 2017, the Company had: pre-tax income of $22.1 million, an increase of 42.8%, compared to $15.5 million for the six months ended June 30, 2016; gross profit of $44.2 million, an increase of 21.0%, compared to $36.5 million for the six months ended June 30, 2016; and revenue of $204.3 million, an increase of 21.0%, compared to $168.9 million for six months ended June 30, 2016.

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• Builder operations revenue for the six months ended June 30, 2017 was $193.7 million, an increase of 20.8%, compared to $160.4 million for the six months ended June 30, 2016. Land development revenue for the six months ended June 30, 2017 was $10.5 million, an increase of 23.6%, compared to $8.5 million for the six months ended June 30, 2016.

“We had a great second quarter where backlog increased almost 18% from 2016 and more importantly net new home orders increased 13%,” said James R. Brickman, Green Brick’s Chief Executive Officer. “We currently own or control just under 5,400 home sites, up over 900 lots, from 2016. Our adjusted homebuilding gross margin of 22.4% was among the highest in the industry.”

Earnings Conference Call:

We will host our earnings conference call to discuss our second quarter ended June 30, 2017 at 12:00 p.m. Eastern Time on Tuesday, August 8, 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 58946666. A replay of the call will be available from approximately 3:00 p.m. Eastern Time on August 8, 2017 through 11:59 p.m. Eastern Time on August 15, 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 58946666.

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 three and six months ended June 30, 2016 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.

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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,
	2017			2016			2017			2016
Sale of residential units	$	100,345		$	93,732		$	193,742		$	160,360
Sale of land and lots	4,606			5,204			10,546			8,534
Total revenues	104,951			98,936			204,288			168,894
Cost of residential units	78,553			73,447			152,314			126,651
Cost of land and lots	3,472			3,373			7,762			5,713
Total cost of sales	82,025			76,820			160,076			132,364
Total gross profit	22,926			22,116			44,212			36,530
Salary expense	(5,332		)	(5,537		)	(10,767		)	(10,631		)
Selling, general and administrative expense	(4,167		)	(4,251		)	(8,445		)	(8,144		)
Operating profit	13,427			12,328			25,000			17,755
Other income, net	386			1,320			928			1,836
Income before provision for income taxes	13,813			13,648			25,928			19,591
Income tax provision	4,382			4,230			8,271			5,683
Net income	9,431			9,418			17,657			13,908
Less: net income attributable to noncontrolling interests	1,742			2,675			3,771			4,071
Net income attributable to Green Brick Partners, Inc.	$	7,689		$	6,743		$	13,886		$	9,837
Net income attributable to Green Brick Partners, Inc. per common share:
Basic	$0.16			$0.14			$0.28			$0.20
Diluted	$0.16			$0.14			$0.28			$0.20
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic	49,047			48,894			49,003			48,852
Diluted	49,123			48,894			49,070			48,852

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GREEN BRICK PARTNERS, INC.

SUPPLEMENTAL INFORMATION

(Unaudited)

	Three Months Ended   June 30,				Increase (Decrease)				Six Months Ended   June 30,				Increase (Decrease)
New Homes Delivered and Home Sales Revenue	2017		2016		Change			%	2017		2016		Change			%
New homes delivered	237		212		25			11.8%	463		373		90			24.1%
Home sales revenue ($ in thousands)	$	100,345	$	93,732	$	6,613		7.1%	$	193,742	$	160,360	$	33,382		20.8%
Average sales price of homes delivered	$	423,397	$	442,132	$	(18,735	)	(4.2)%	$	418,449	$	429,920	$	(11,471	)	(2.7)%

	Three Months Ended   June 30,				Increase (Decrease)				Six Months Ended   June 30,				Increase (Decrease)
Land and Lots Sales Revenue	2017		2016		Change			%	2017		2016		Change			%
Land and lots sold	37		39		(2		)	(5.1)%	84		67		17			25.4%
Land and lots sales revenue ($ in thousands)	$	4,606	$	5,204	$	(598	)	(11.5)%	$	10,546	$	8,534	$	2,012		23.6%
Average sales price of land and lots sold	$	124,481	$	133,419	$	(8,938	)	(6.7)%	$	125,547	$	127,369	$	(1,822	)	(1.4)%

	Three Months Ended   June 30,				Increase (Decrease)			Six Months Ended   June 30,		Increase (Decrease)
New Home Orders & Backlog	2017		2016		Change		%	2017	2016	Change	%
Net new home orders	270		239		31		13.0%	557	479	78	16.3%
Average selling communities	52		46		6		13.0%	53	46	7	15.2%
Selling communities at end of period	54		48		6		12.5%	54	48	6	12.5%
Backlog ($ in thousands)	$	165,154	$	140,343	$	24,811	17.7%
Backlog (units)	331		307		24		7.8%
Average sales price of backlog	$	498,955	$	457,143	$	41,812	9.1%

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The following table calculates the non-GAAP measure of Adjusted EPS for the three and six months ended June 30, 2017 and June 30, 2016 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, 2017 and June 30, 2016 means 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, 2017 and June 30, 2016, respectively. Pre-tax income represents net income attributable to Green Brick for the period excluding provision for income taxes attributable to Green Brick. Due to our ability to use net operating loss carryforwards to offset future taxable income for U.S. federal income tax purposes, we believe pre-tax income is a useful measure of the Company’s ability to service debt and obtain financing.

(In thousands, except per share amounts):	Three Months Ended   June 30,				Six Months Ended   June 30,
	2017		2016		2017		2016
Basic Adjusted EPS
Net income attributable to Green Brick —basic	$	7,689	$	6,743	$	13,886	$	9,837
Income tax provision attributable to Green Brick	$	4,349	$	4,213	$	8,204	$	5,636
Pre-tax income	$	12,038	$	10,956	$	22,090	$	15,473
Adjusted weighted-average number of shares outstanding —basic	49,047		48,894		49,003		48,852
Basic Adjusted EPS	$0.25		$0.22		$0.45		$0.32
Diluted Adjusted EPS
Net income attributable to Green Brick —diluted	$	7,689	$	6,743	$	13,886	$	9,837
Income tax provision attributable to Green Brick	$	4,349	$	4,213	$	8,204	$	5,636
Pre-tax income	$	12,038	$	10,956	$	22,090	$	15,473
Adjusted weighted-average number of shares outstanding —diluted	49,123		48,894		49,070		48,852
Diluted Adjusted EPS	$0.25		$0.22		$0.45		$0.32

The following table calculates the non-GAAP measure of Adjusted Homebuilding Gross Margin for the three and six months ended June 30, 2017 and June 30, 2016 and reconciles these amounts to homebuilding gross margin, as reported and prepared in accordance with GAAP.

(In thousands):	Three Months Ended   June 30,				Six Months Ended   June 30,
	2017		2016		2017		2016
Homebuilding gross margin	$	21,792	$	20,285	$	41,428	$	33,709
Add back: capitalized interest charged to cost of sales	698		648		$	1,303	$	1,625
Adjusted Homebuilding Gross Margin	$	22,490	$	20,933	$	42,731	$	35,334

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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 Second Quarter 2017 Investor Call Presentation August 7, 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 OfficerΩ Over Ω 39 years in real estate development and homebuilding CoΩ -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.Ω Rick Costello  Chief Financial OfficerΩ Over Ω 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 Ω as an auditor for KPMG Jed Dolson Head of Land Acquisition and Development Ω – COO of Green Brick Communities Over Ω 14 years of land development and property acquisition Head of GRBK land acquisitions since Ω 2010 Masters Degree in Engineering, Stanford University, and Registered Engineer, State of Ω Texas Management presenters 2

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

We are less than 2.0% of the starts in two of the largest housing markets, giving us significant opportunity for growth. 4

5 Dallas market continues 6-year expansion but is still well below the prior peak 31,049 29,865 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 A nn ua l S ta rt s & C lo si ng s Annual Starts Annual Closings Dallas/Fort Worth Market SFD-TH – Starts and Closings Source: Metrostudy - MetroUSA

6 GRBK has almost 3,800 lots in Dallas where the market continues its 7-year trend of constrained supply Source: Metrostudy - MetroUSA Dallas/Fort Worth Market Lot Inventory 50,084 19.4 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 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 M onths of Supply Lo ts /S ta rt s Vacant Developed Lots Annual Starts VDL Months of Supply

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 22,594 +10% 21,262 +15% 7 Atlanta market also continues to expand but is still well below the prior peak Source: Metrostudy - MetroUSA 72% of activity is in North Atlanta.

GRBK has one of the lowest debt-to-capital ratios amongst public builders  GRBK net debt to capital is about 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% 8 Citi Research data for comparative companies is as of December 31, 2016; “Net Debt” equals Total Debt minus Cash

Second quarter 2017 financial highlights 9 Second quarter pre -tax income attributable to Green Brick of $12.0 million was up 9.9% from the same period in 2016 Lots owned and controlled stand at almost  5400 lots, up over 20% year over year Home closing revenues of $ 100.3 million in Q2 2017 were up 7.1% from Q2 2016 and up almost 21% year to date Net new orders of  270 homes in the second quarter of 2017 increased 13.0% compared to the second quarter of 2016; orders for the last 12 months are 958, up 24.2% from the same time last year Last  12 month adjusted homebuilding gross margins remained at 23.1% in Q2 2017 for the 3rd quarter in a row Homes under construction now stand at  714 homes, up 8.2% over Q2 2016; starts for the last 12 months total 988, up 14.9% compared to the year-ago total Active selling communities total  54 at June 30, 2017, up 12.5% year-over-year Backlog at June  30, 2017 is now at approximately $165 million, up 17.7% year over year

Second quarter 2017 operational highlights 10

TX G Green Brick at a glance Uniquely structured residential land development and  homebuilding company We build and deliver homes through our current Ω builders in which we own a 50% controlling interest We sell lots and provide lot acquisition and vertical Ω construction financing to our controlled builders Currently focused on the high growth metropolitan  areas of Dallas and Atlanta Attractive land position of almost  5,400 well-located residential lots as of June 30, 2017 Over Ω 79% of our residential lots are owned Virtually all of our owned lots are owned at Ω 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 June 30, 2017 Six Months Ended June 30, 2017 Basic adjusted EPS Net income attributable to Green Brick – basic $7,689 $13,886 Income tax provision attributable to Green Brick $4,349 $8,204 Pre-tax income $12,038 $22,090 Adjusted weighted-average number of shares outstanding – basic 49,047 49,003 Basic adjusted EPS $0.25 $0.45 Diluted adjusted EPS Net income attributable to Green Brick – diluted $7,689 $13,886 Income tax provision attributable to Green Brick $4,349 $8,204 Pre-tax income $12,038 $22,090 Adjusted weighted-average number of shares outstanding – diluted 49,123 49,070 Diluted adjusted EPS $0.25 $0.45

Non-GAAP Reconciliation (continued) 15 Adjusted Homebuilding Gross Margin Reconciliation (Unaudited, in thousands) 12 Months Ended Jun 30, 2016 12 Months Ended Sep 30, 2016 12 Months Ended Dec 31, 2016 12 Months Ended Mar 31, 2017 12 Months Ended June 30, 2017 Sale of Residential Units $304,597 $323,259 $365,164 $391,933 $398,546 Homebuilding gross margin $60,777 $67,684 $81,710 $87,922 $89,429 Add back: Capitalized Interest charged to cost of sales 4,446 3,483 2,814 2,441 $2,492 Adjusted homebuilding gross margin $65,223 $71,167 $84,524 $90,363 $91,921 Adjusted gross margin percentage 21.4% 22.0% 23.1% 23.1% 23.1%