Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

Date of Report (Date of earliest event reported): March 4, 2019

Green Brick Partners, Inc.

_________________________________________________

(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)

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 March 4, 2019, Green Brick Partners, Inc. issued a press release announcing its results of operations for the fourth quarter and year ended December 31, 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.



Exhibit No.	Description of Exhibit
99.1	Press Release, dated March 4, 2019.
99.2	Green Brick Partners, Inc. - Fourth Quarter 2018 Investor Call Presentation, dated March 4, 2019.

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

GREEN BRICK PARTNERS, INC. REPORTS RECORD ANNUAL REVENUES AND EARNINGS

WITH TOTAL ANNUAL AND QUARTERLY REVENUE GROWTH OF 36.1% AND 34.7%

PLANO, Texas, March 4, 2019 — Green Brick Partners, Inc. (Nasdaq: GRBK) (“we,” “Green Brick” or the “Company”) today reported results for its fourth quarter and year ended December 31, 2018.

Results for the Fourth Quarter Ended December 31, 2018:

Basic net income attributable to Green Brick per common share (“EPS”) for the three months ended December 31, 2018 was $0.26, an increase of 262.5%, compared to $(0.16) for the three months ended December 31, 2017. Basic adjusted pre-tax income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended December 31, 2018 was $0.34, unchanged compared to $0.34 for the three months ended December 31, 2017. See “Reconciliation of Non-GAAP Financial Measures.”

For the three months ended December 31, 2018, adjusted pre-tax income attributable to Green Brick was $17.1 million, a decrease of 0.3%, compared to $17.2 million for the three months ended December 31, 2017; gross profit was $37.0 million, an increase of 27.6%, compared to $29.0 million for the three months ended December 31, 2017; and total revenue was $185.1 million, an increase of 34.7%, compared to $137.4 million for the three months ended December 31, 2017.

Residential units revenue for the three months ended December 31, 2018 was $172.0 million, an increase of 27.9%, compared to $134.5 million for the three months ended December 31, 2017. Land and lots revenue for the three months ended December 31, 2018 was $13.1 million, an increase of 350.4%, compared to $2.9 million for the three months ended December 31, 2017.

The dollar value of backlog units as of December 31, 2018 was $264.3 million, an increase of 74.5% compared to $151.5 million as of December 31, 2017.

Homes under construction increased 53.1% to 1,127 as of December 31, 2018, compared to 736 as of December 31, 2017.

Results for the Year Ended December 31, 2018:

EPS for the year ended December 31, 2018 was $1.02, an increase of 240.0% compared to $0.30 for the year ended December 31, 2017. Excluding one-time transaction expenses, Adjusted EPS for the year ended December 31, 2018 was $1.37, an increase of 25.7%, compared to $1.09 for the year ended December 31, 2017. See “Reconciliation of Non-GAAP Financial Measures.”

For the year ended December 31, 2018, adjusted pre-tax income attributable to Green Brick was $69.4 million, an increase of 28.9%, compared to $53.9 million for the year ended December 31, 2017; gross profit was $130.3 million, an increase of 31.6%, compared to $99.0 million for the year ended December 31, 2017; and total revenue was $623.6 million an increase of 36.1%, compared to $458.3 million for the year ended December 31, 2017.

Residential units revenue for the year ended December 31, 2018 was $578.9 million, an increase of 31.7%, compared to $439.5 million for the year ended December 31, 2017. Land and lots revenue for the year ended December 31, 2018 was $44.8 million, an increase of 138.9%, compared to $18.7 million for the year ended December 31, 2017.

“2018 was a record year for our Company with revenues of $623.6 million, adjusted pre-tax income of $69.4 million and earnings per share of $1.02. We accomplished these results with a net debt to total capitalization ratio of 26%, one of the lowest of any public builder. While we and our competition face a cooler outlook in 2019, we are well positioned for growth due to our diverse homebuyer customer mix, prime geographic homebuilding markets and disciplined management”, said Jim Brickman, CEO of Green Brick Partners, Inc.

Earnings Conference Call:

We will host our earnings conference call to discuss our fourth quarter and the year ended December 31, 2018 at 12:00 p.m. Eastern Time on Tuesday, March 5, 2019. 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 6624669. A replay of the call will be available from approximately 3:30 p.m. Eastern Time on March 5, 2019 through 11:59 p.m. Eastern Time on March 12, 2019. 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 6624669.

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.

GREEN BRICK PARTNERS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)




	Three Months Ended December 31,					Years Ended December 31,
	2018		2017			2018		2017
	(unaudited)					(unaudited)
Residential units revenue	$	171,990	$	134,509		$	578,893	$	439,520
Land and lots revenue	13,130		2,915			44,754		18,730
Total revenues	185,120		137,424			623,647		458,250
Cost of residential units	137,221		105,877			457,151		345,360
Cost of land and lots	10,911		2,550			36,166		13,856
Total cost of revenues	148,132		108,427			493,317		359,216
Total gross profit	36,988		28,997			130,330		99,034
Selling, general and administrative expense	16,071		10,284			56,830		39,016
Change in fair value of contingent consideration	1,693		—			1,693		—
Operating profit	19,224		18,713			71,807		60,018
Equity in income of unconsolidated entities	725		1,778			7,259		2,746
Other income, net	774		526			2,605		1,473
Income before income taxes	20,723		21,017			81,671		64,237
Income tax expense	3,795		25,396			17,136		39,031
Net income (loss)	16,928		(4,379		)	64,535		25,206
Less: Net income attributable to noncontrolling interests	3,574		3,816			12,912		10,236
Net income (loss) attributable to Green Brick Partners, Inc.	$	13,354	$	(8,195	)	$	51,623	$	14,970

Net income (loss) attributable to Green Brick Partners, Inc. per common share:
Basic	$	0.26	$	(0.16	)	$	1.02	$	0.30
Diluted	$	0.26	$	(0.16	)	$	1.02	$	0.30
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic	50,678		50,555			50,652		49,597
Diluted	50,723		50,681			50,751		49,683

GREEN BRICK PARTNERS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)



	As of December 31,
	2018			2017
	(unaudited)
ASSETS
Cash	$	38,315		$	36,684
Restricted cash	3,440			3,605
Receivables	4,842			1,605
Inventory	668,961			496,054
Investment in unconsolidated entities	20,269			16,878
Property and equipment, net	4,690			804
Earnest money deposits	16,793			18,393
Deferred income tax assets, net	16,499			31,211
Intangible assets, net	856			—
Goodwill	680			—
Other assets	8,681			5,769
Total assets	$	784,026		$	611,003
LIABILITIES AND EQUITY
Accounts payable	$	26,091		$	22,354
Accrued expenses	29,201			18,465
Customer and builder deposits	31,978			21,447
Borrowings on lines of credit, net	200,386			105,773
Notes payable	—			9,926
Contingent consideration	2,207			—
Total liabilities	289,863			177,965
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary	8,531			—
Equity
Green Brick Partners, Inc. stockholders’ equity
Preferred stock, $0.01 par value: 5,000,000 shares authorized; none issued and outstanding	—			—
Common shares, $0.01 par value: 100,000,000 shares authorized; 50,719,884 and 50,598,901 issued as of December 31, 2018 and 2017, respectively; 50,583,128 and 50,598,901 outstanding as of December 31, 2018 and 2017, respectively	507			506
Treasury stock at cost, 136,756 shares	(981		)	—
Additional paid-in capital	291,299			289,938
Retained earnings	177,526			125,903
Total Green Brick Partners, Inc. stockholders’ equity	468,351			416,347
Noncontrolling interests	17,281			16,691
Total equity	485,632			433,038
Total liabilities and equity	$	784,026		$	611,003

GREEN BRICK PARTNERS, INC.

SUPPLEMENTAL INFORMATION



Residential Units Sales Revenue and New Homes Delivered	Three Months Ended December 31,									Years Ended December 31,
Residential Units Sales Revenue and New Homes Delivered	2018		2017		Change			%		2018		2017		Change		%
Home closings revenue (dollars in thousands)	$	169,534	$	133,465	$	36,069		27.0	%	$	571,177	$	435,644	$	135,533	31.1	%
Mechanic’s lien contracts revenue (dollars in thousands)	2,456		1,044		1,412			135.2	%	7,716		3,876		3,840		99.1	%
Residential units revenue (dollars in thousands)	$	171,990	$	134,509	$	37,481		27.9	%	$	578,893	$	439,520	$	139,373	31.7	%
New homes delivered	382		292		90			30.8	%	1,287		990		297		30.0	%
Average sales price of homes delivered	$	443,806	$	457,072	$	(13,266	)	(2.9	)%	$	443,805	$	440,044	$	3,761	0.9	%



Land and Lots Sales Revenue	Three Months Ended December 31,								Years Ended December 31,
Land and Lots Sales Revenue	2018		2017		Change		%		2018		2017		Change		%
Lots revenue (dollars in thousands)	$	10,780	$	2,915	$	7,865	269.8	%	$	35,074	$	17,859	$	17,215	96.4	%
Land revenue (dollars in thousands)	2,350		—		2,350		—	%	9,680		871		8,809		1,011.4	%
Land and lots revenue (dollars in thousands)	$	13,130	$	2,915	$	10,215	350.4	%	$	44,754	$	18,730	$	26,024	138.9	%
Lots closed	76		25		51		204.0	%	239		143		96		67.1	%
Average sales price of lots closed	$	141,842	$	116,600	$	25,242	21.6	%	$	146,753	$	124,888	$	21,865	17.5	%



New Home Orders and Backlog	Three Months Ended December 31,											Years Ended December 31,
New Home Orders and Backlog	2018			2017			Change			%		2018		2017		Change		%
Net new home orders	279			265			14			5.3	%	1,397		1,063		334		31.4	%
Number of cancellations	79			51			28			54.9	%	245		188		57		30.3	%
Cancellation rate	22.1		%	16.1		%	6.0		%	37.3	%	14.9	%	15.0	%	(0.1	)%	(0.7	)%
Absorption rate per selling community	3.7			4.7			(1.0		)	(21.3	)%	21.2		19.7		1.5		7.6	%
Average selling communities	76			56			20			35.7	%	66		54		12		22.2	%
Selling communities at end of period	76			55			21			38.2	%
Backlog (dollars in thousands)	$	264,275		$	151,463		$	112,812		74.5	%
Backlog (units)	582			310			272			87.7	%
Average sales price of backlog	$	454,081		$	488,590		$	(34,509	)	(7.1	)%



	Year Ended December 31, 2018	December 31, 2018				December 31, 2017
Builder	Average Selling Communities	Selling Communities	Backlog, Units	Backlog, in thousands		Selling Communities	Backlog, Units	Backlog, in thousands
The Providence Group of Georgia LLC	28	27	146	$	77,563	30	140	$	70,309
CB JENI Homes DFW LLC	19	21	170	67,988		16	117	44,067
Centre Living Homes LLC	5	6	14	7,493		4	5	2,239
Southgate Homes DFW LLC	7	8	55	37,873		5	48	34,848
GRBK GHO Homes LLC	7	14	197	73,358		—	—	—
Total	66	76	582	$	264,275	55	310	$	151,463



	December 31, 2018		December 31, 2017
Lots owned
Central	4,447		3,196
Southeast	1,788		1,299
Total lots owned	6,235		4,495
Lots controlled
Central	853		1,390
Southeast	990		334
Total lots controlled	1,843		1,724
Total lots owned and controlled ⁽¹⁾	8,078		6,219
Percentage of lots owned	77.2	%	72.3	%

Total lots excludes lots with homes under construction.

Reconciliation of Non-GAAP Financial Measures

The following table presents the non-GAAP measure of Adjusted EPS for the three months and years ended December 31, 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 months and years ended December 31, 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 months and years ended December 31, 2018 and 2017, respectively. Adjusted pre-tax income represents net income attributable to Green Brick for the period, excluding income tax expense 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 December 31,					Years Ended December 31,
(Unaudited, in thousands, except per share amounts):	2018		2017			2018		2017
Net income (loss) attributable to Green Brick	$	13,354	$	(8,195	)	$	51,623	$	14,970
Income tax expense attributable to Green Brick	3,754		25,356			16,984		38,896
Transaction expenses	—		—			827		—
Adjusted pre-tax income attributable to Green Brick	$	17,108	$	17,161		$	69,434	$	53,866

Weighted-average number of shares outstanding - basic	50,678		50,555			50,652		49,597
Basic adjusted EPS	$0.34		$0.34			$1.37		$1.09

Weighted-average number of shares outstanding - diluted	50,723		50,681			50,751		49,683
Diluted adjusted EPS	$0.34		$0.34			$1.37		$1.08

The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three months and years ended December 31, 2018 and 2017 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.



(Unaudited, in thousands):	Three Months Ended December 31,						Years Ended December 31,
(Unaudited, in thousands):	2018			2017			2018			2017
Residential units revenue	$	171,990		$	134,509		$	578,893		$	439,520
Less: Mechanic’s lien contracts revenue	(2,456		)	(1,044		)	(7,716		)	(3,876		)
Home closings revenue	$	169,534		$	133,465		$	571,177		$	435,644
Homebuilding gross margin	$	34,104		$	28,466		$	120,141		$	93,579
Add back: Capitalized interest charged to cost of sales	1,396			754			3,961			2,630
Adjusted homebuilding gross margin	$	35,500		$	29,220		$	124,102		$	96,209
Adjusted homebuilding gross margin percentage	20.9		%	21.9		%	21.7		%	22.1		%

About Green Brick Partners, Inc.:

Green Brick Partners, Inc. (Nasdaq: GRBK) is a diversified homebuilding and land development company. Green Brick owns a controlling interest in five homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Centre Living Homes, and Trophy Signature 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 and retains interests in related financial services platforms, including Green Brick Title, Providence Group Title, and Green Brick Mortgage. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master planned communities. For more information about Green Brick’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,” “predicts,” “potential,” “expects,” “future,” “positioned,” “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, as of the date of this press release. All such forward-looking statements involve estimates and assumptions that are subject to factors that could cause actual results to differ materially from the results expressed in the statements, and you should not place undue reliance on any such forward-looking statements. Among the factors that could cause actual results to differ materially are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; the failure to recruit, retain and develop highly skilled and competent employees; management and integration of acquisitions; labor and raw material shortages; an inability to acquire land for reasonable prices; an inability to develop and sell communities; government regulation risks; mortgage financing availability and volatility; severe weather or natural disasters; difficulty in obtaining sufficient capital; poor relations with community residents; and our debt and related service obligations. Additional factors that could cause actual results to differ 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. Green Brick undertakes no obligation to update any forward-looking statement except as required by law.

Contact: Richard A. Costello

Chief Financial Officer

Exhibit 99.2 FOURTH QUARTER INVESTOR CALL PRESENTATION 2018

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, Adjusted Pre-tax Income Attributable to Green Brick, Adjusted Pre-tax Income Attributable to Green Brick as a Percentage of Homebuilding Revenues, Adjusted Pre-tax Income as a Percentage of Average Invested Capital, EBITDA, Adjusted Net Income, Adjusted Net Income ROE, Basic weighted-average number of shares outstanding, 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 Jed Dolson Summer Loveland Chief Executive Officer Chief Financial Officer President of Texas Region Chief Accounting Officer • Over 40 years in real estate • Over 26 years of financial and • Over 15 years of land development • Over 25 years of experience in the development and homebuilding. operating experience in all aspects and property acquisition. accounting and financial reporting of real estate management. services industry. • Co-founded JBGL with Greenlight • Head of GRBK land acquisitions Capital in 2008. JBGL was merged • Previously served as CFO and COO since 2010. • Previously served as Chief Financial into Green Brick in 2014. of GL Homes, as AVP of finance of Officer of the Dallas Police and Fire Paragon Group and as an auditor • Masters Degree in Engineering, Pension System. • Previously served as Chairman and for KPMG. Stanford University, and Registered CEO of Princeton Homes and Engineer, State of Texas. • CPA licensed in the states of Texas Princeton Realty Corp. • M.B.A from Northwestern University’s and California. Kellogg School. BUILDING COMMUNITIES | DEVELOPING DREAMS 3

GREEN BRICK IS A HOMEBUILDER WITH 8 DIFFERENT TEAM BUILDER BRANDS Voting Team Builders Market Products Offered Price Range Control Townhomes $320k - $880k 51%(1) Atlanta, GA Single Family $340k - $840k Financial Services Townhomes $240k - $430k 51%(1) Dallas, TX / Single Family $320k - $620k Dallas, TX Townhomes 51%(1) $350k - $800k Single Family 49% ownership Dallas, TX 51%(1) Luxury Homes $550k - $750k 100% control Single Family 80% Vero Beach, FL $200k - $675k Patio Homes Townhomes 49.9%(2) Colorado Springs, CO $250k - $600k Single Family 100% Dallas, TX Single Family $210k - $500k (1) GRBK receives lot sale profits and lending profits before these builders receive any income on their non-controlling interest (2) With pathway to control BUILDING COMMUNITIES | DEVELOPING DREAMS 4

MARKET UPDATE National Economic Overview Top Job Growth Markets Ranked by Change in Employment, TTM Oct 2018 Rank MSA Employment Growth Growth % 1 Houston-The Woodlands-Sugar Land, TX 3,158,800 117,800 3.9% 2 Dallas-Fort Worth-Arlington, TX 3,752,400 109,000 3.0% 3 New York-Newark-Jersey City, NY-NJ-PA 9,879,400 108,500 1.1% 4 Phoenix-Mesa-Scottsdale, AZ 2,143,800 76,700 3.7% 5 Seattle-Tacoma-Bellevue, WA 2,097,600 73,300 3.6% 6 Los Angeles-Long Beach-Anaheim, CA 6,193,900 72,400 1.2% 7 Miami-Fort Lauderdale-West Palm Beach, FL 2,700,000 64,000 2.4% 8 Atlanta-Sandy Springs-Roswell, GA 2,813,000 60,800 2.2% 9 Washington-Arlington-Alexandria, DC-VA-MD-WV 3,353,400 60,700 1.8% 10 Orlando-Kissimmee-Sanford, FL 1,312,100 55,400 4.4% 11 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 2,991,000 43,600 1.5% 12 San Francisco-Oakland-Hayward, CA 2,460,000 41,700 1.7% 13 Chicago-Naperville-Elgin, IL-IN-WI 4,795,900 41,300 0.9% 14 Austin-Round Rock, TX 1,082,500 40,400 3.9% 15 Denver-Aurora-Lakewood, CO 1,514,200 37,300 2.5% Source: Metrostudy - MetroUSA BUILDING COMMUNITIES | DEVELOPING DREAMS 5

MARKET UPDATE We are 2% to 3% of the starts in two of the largest housing markets in the U.S., giving us significant opportunity for growth National Housing Market Annual Starts by Market – December 2018 40,000 35,000 34,750 30,000 30,146 28,074 25,000 24,611 25,202 20,000 21,057 19,473 17,787 15,000 16,424 13,284 10,000 5,000 Denver/ Salt Lake Northern Southern Colorado Phoenix/ Central Dallas /Ft. City Austin California California Springs* Tucson Atlanta Florida Houston Worth 0 Source: Metrostudy – MetroUSA *GRBK has also entered the Colorado Springs market through our investment in Challenger Homes. BUILDING COMMUNITIES | DEVELOPING DREAMS 6

MARKET SPOTLIGHT Frisco, Texas ”1,800 COMPANIES LEFT CALIFORNIA IN A YEAR “JOB GAINS PUT DALLAS ON LIST OF TOP U.S. – WITH MOST BOUND FOR TEXAS” HOME MARKETS FOR 2019” - DALLAS BUSINESS JOURNAL (12/13/18) – DALLAS MORNING NEWS (1/16/19) ”WELCOME HOME, NORTH TEXAS TELLS COMPANIES” – US NEWS (2/8/19) • PGA recently announced its move to Frisco, bringing in approximately 1,000 new jobs.* • Toyota Motor North America is among the most recent transplants, relocating more than 3,000 jobs to Plano for its opening in 2017.* • With almost 100,000 new jobs created in 2018, the DFW area is one of the country's top employment markets.** * US News, Feb 2019 ** Dallas Morning News, “Job gains put Dallas on list of top U.S. home markets for 2019”, January 2019 BUILDING COMMUNITIES | DEVELOPING DREAMS 7

LAND POSITION Land is well positioned in attractive submarkets Atlanta Metro Area Dallas Metro Area Submarket Grades GRBK Locations A B C D E Land position highlights 76 22 3 Active communities Communities Markets nationwide as of 12.31.18 under development Source: John Burns Real Estate Consulting (Regional Analysis and Forecast Published May 2018) Note: GRBK Locations are approximately to scale BUILDING COMMUNITIES | DEVELOPING DREAMS 8

SUSTAINED GROWTH THROUGH PRUDENT LAND DEVELOPMENT We have the strong balance sheet and operational excellence for continued growth Annual Revenue and Lot Growth for Green Brick Partners and Predecessor* December 2018 Annual Revenue and Lot Growth for Green Brick Partners and Predecessor 700,000 9000 8000 600,000 7000 500,000 6000 400,000 6,235 5000 Lots 4,495 4000 Dollars ($) 300,000 4,235 3,650 3000 200,000 3,316 2000 100,000 1000 1,724 1,843 840 1,084 954 - 0 2011 2012 2013 2014 2015 2016 2017 2018 Lots Controlled Lots Owned Total Revenue * Information illustrated here prior to Oct 27, 2014 was from JBGL Builder Finance, LLC and its consolidated subsidiaries and affiliated companies as the predecessor to Green Brick Partners, Inc. BUILDING COMMUNITIES | DEVELOPING DREAMS 9

GROWTH DRIVERS Green Brick continues to demonstrate industry-leading growth with industry-low financial leverage Total Revenue ($ in Millions) Backlog ($ in Millions) Lots Owned and Controlled $700 $300 9000 8000 $600 $250 $623.6 $264.3 7000 $500 8,078 $200 6000 $400 5000 $150 $300 4000 $100 3000 $200 +20% YOY +36% YOY +40% YOY +74% YOY 2000 +20% YOY +30% YOY $50 $100 1000 $0 $0 0 2016 2017 2018 12/31/2016 12/31/2017 12/31/2018 12/31/2016 12/31/2017 12/31/2018 Average Selling Communities Units Started LTM Units Under Construction 70 2000 1200 60 66 1,524 1000 1,127 50 1500 1,524 800 40 1000 600 30 400 20 +15% YOY +22% YOY 500 +29% YOY +31% YOY +30% YOY +53% YOY 10 200 0 0 0 2016 2017 2018 12/31/2016 12/31/2017 12/31/2018 12/31/2016 12/31/2017 12/31/2018 BUILDING COMMUNITIES | DEVELOPING DREAMS 10

GREEN BRICK IS A DIVERSIFIED BUILDER Home Closings Revenue Growth Revenue in Millions, ASP in Thousands Townhome Single-Family Total $300 $350 $600 $571.2 $250 $300 $500 $255.3 $315.9 $250 $200 $400 $435.6 $202.7 $232.9 $226.1 $200 $365.2 $150 $300 $139.1 $150 $100 $200 $100 $50 $100 $50 +46% YOY +26% YOY +3% YOY +36% YOY +19% YOY +31% YOY $0 $0 $0 2016 (38% of total) 2017 (47% of total) 2018 (45% of total) 2016 (62% of total) 2017 (53% of total) 2018 (55% of total) 2016 ($432.7 ASP) 2017 ($440.0 ASP) 2018 ($443.8 ASP) 2018 Developments • Purchase of GHO Homes in April 2018 • 31% home closings revenue growth in 2018 over 2017 • Entry into age-targeted segment • 36% growth in single-family, 26% growth in townhome • Entry into state of Florida • Growth by state: 24% TX, 11% GA • 10% of 2018 revenues with just 8 months of operations • FL represents 10% of closings in 2018 • Introduction of Trophy Signature Homes in September 2018 • 2-year revenue growth of 56% while ASP grew only 2.6% in total over 2 years • Entry-level builder in Dallas, Texas • First closings expected in second half of 2019 BUILDING COMMUNITIES | DEVELOPING DREAMS 11

HOMEBUYER CUSTOMER DIVERSIFICATION We manage risk by diversifying our homebuyer customer mix Homebuyer Customer Mix Percent of GRBK Revenues (y-axis) and YOY Increase in Segment Revenue Suburban Townhouse Second Time Plus Move-Up First Time Move-Up 50% 50% 25% 40% 40% 20% +12% YOY 30% 30% 15% +18% YOY +11% YOY + 20% 20% 10% 23% YOY - +49% YOY 23% YOY 10% 10% 5% 0% 0% 0% 2016 2017 2018 2016 2017 2018 2016 2017 2018 Urban Age-Targeted * 12% 2018 Breakdown 3% Revenue Percent ASP Suburban $237.1 42% $365.3 8% Townhome 2018 2% Entry into +141% YOY 2nd move up $189.9 33% $637.1 age-targeted 4% market 1% +68% YOY 1st move up $69.7 12% $455.7 Age-targeted $55.7 10% $520.9 0% 0% Urban $18.8 3% $520.9 2016 2017 2018 2016 2017 2018 $571.2 $443.8 * Revenue in Millions, ASP in Thousands BUILDING COMMUNITIES | DEVELOPING DREAMS 12

FINANCIAL HIGHLIGHTS (Unaudited) Qtr over Qtr YOY Q4 2017 Q4 2018 2017 2018 Increase Increase Net New Home Orders 265 279 5.3% 1,063 1,397 31.4% New Homes Delivered 292 382 30.8% 990 1,287 30.0% Residential Units Revenue $134,509 $171,990 27.9% $439,520 $578,893 31.7% Total Revenues $137,424 $185,120 34.7% $458,250 $623,647 36.1% Backlog $151,463 $264,275 74.5% driver for growth for 2019 Average Selling Communities 56 76 35.7% 54 66 22.2% driver for growth for 2019 Net Debt to Capital 16.2% 25.7% driver for growth for 2019 Total Lots Owned and Controlled 6,219 8,078 29.9% driver for growth for 2019 Units Under Construction at 12.31 736 1,127 53% driver for growth for 2019 Last 12 Months Construction Starts 1,162 1,524 31% driver for growth for 2019 Homebuilding Gross Margin 21.3% 20.1% 21.5% 21.0% net of sales commissions Adjusted Homebuilding Gross Margin 21.9% 20.9% 22.1% 21.7% Net income attributable to Noncontrolling Interests as % 2.8% 2.1% 2.3% 2.2% of Residential Units Revenue Adjusted Pre-tax Income Attributable to Green Brick $17,161 $17,108 -0.3% $53,866 $69,434 28.9% 2018 adds back $827 K in offering costs Pre-Tax Income % of Revenues 12.5% 9.2% 11.8% 11.1% median small cap 6.2% / median mid-cap 8.1% Pre-Tax Income ROIC 10.8% 11.6% median small cap 7.3% / median mid-cap 9.2% EBITDA $18,161 $19,865 9.4% $57,590 $77,074 33.8% 2018 adds back $827 K offering costs Basic EPS adjusted for additional tax expense $0.21 $0.26 23.8% $0.69 $1.02 47.8% 2017 is adjusted for $19.0 M DTA write-off Adjusted Net Income Attributable to Green Brick $10,822 $13,354 23.6% $33,987 $51,623 52.0% 2017 is adjusted for $19.0 M DTA write-off Partners median small cap 11.6% / median mid-cap Net Income ROE 10.3% 11.6% 8.5% 11.7% 11.2% BUILDING COMMUNITIES | DEVELOPING DREAMS 13

FINANCIAL RESULTS EXCEED PEER SMALL-CAP AND MID-CAP BUILDERS Green Brick KPI's vs Peer Median by Market Capitalization, LTM 1 2 3 GRBK Median Small Cap Median Mid Cap Median Large Cap 16.8% 15.0% 14.5% 13.1% 11.6% 11.7% 11.6% 11.2% 11.1% 9.2% 8.1% 7.3% 6.2% 5.0% Pretax Income % of Revenues Pre-Tax Income ROIC Net Income ROE Source: Company data. (1) Small Cap peers include BZH, CCS, MHO, and WLH (2) Mid Cap peers include MDC, KBH, MTH, and TMHC (3) Large Cap peers include DHI, LEN, PHM, and TOL BUILDING COMMUNITIES | DEVELOPING DREAMS 14

BALANCE SHEET STRENGTH Unlike most peers, our conservative financial leverage allows us to continue high margin growth. • GRBK Net Debt* to Capital is 25.7% as of December 31, 2018 versus an average 39% for covered public builders Net Debt* to Total Capital Q4 2018 61.9% 55.9% 52.0% 43.0% 41.9% 41.6% 36.7% 33.2% 33.1% 28.5% 27.2% 25.7% 18.5% BZH WLH CCS MHO TMHC KBH MTH TOL LEN PHM MDC GRBK DHI Source: Public filings of each peer company * ”Net Debt” equals total debt minus cash. BUILDING COMMUNITIES | DEVELOPING DREAMS 15

DRIVERS FOR INCREASE IN RETURN ON EQUITY With significant growth drivers in place, Green Brick can enhance future returns on equity through: • Modest increase in debt to capital from 30% to target range of 30%-35% • Scale our SG&A leverage by controlling corporate overhead growth while our Team Builders experience top-line growth • Expand the breadth of our existing financial services platforms • Increase operating efficiencies at the Team Builder level BUILDING COMMUNITIES | DEVELOPING DREAMS 16

APPENDIX BUILDING COMMUNITIES | DEVELOPING DREAMS 17

NON GAAP RECONCILIATION Adjusted Homebuilding Gross Margin Reconciliation 3 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended (Unaudited, in thousands) Dec 31, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 Residential units revenue $171,990 $134,509 $578,893 $439,520 Less: Mechanic’s lien contracts revenue (2,456) (1,044) (7,716) (3,876) Home closings revenue $169,534 $133,465 $571,177 $435,644 Homebuilding gross margin $34,104 $28,466 $120,141 $93,579 Add back: Capitalized Interest charged to cost of sales 1,396 754 3,961 2,630 Adjusted homebuilding gross margin $35,500 $29,220 $124,102 $96,209 Adjusted gross margin percentage 20.9% 21.9% 21.7% 22.1% BUILDING COMMUNITIES | DEVELOPING DREAMS 18

NON GAAP RECONCILIATION GRBK Pre-tax Income as a Percentage of Total Revenues and GRBK Pre-tax Income to Average Invested Capital 3 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended (Unaudited, in thousands) Dec 31, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 Net income (loss) attributable to Green Brick $13,354 ($8,195) $51,623 $14,970 Income tax expense attributable to Green Brick 3,754 25,356 16,984 38,896 Transaction Expenses - - 827 - Adjusted pre-tax income attributable to Green Brick $17,108 $17,161 $69,434 $53,866 Total revenues $185,120 $137,424 $623,647 $458,250 Adjusted pre-tax income attributable to Green Brick as a % of 9.2% 12.5% 11.1% 11.8% Total Revenues Beginning Total Green Brick stockholders’ equity 416,347 384,572 Ending Total Green Brick stockholders’ equity 468,351 416,347 Average Total Green Brick stockholders’ equity 442,349 400,460 Beginning Debt 115,699 85,160 Ending Debt 200,386 115,699 Average Debt 158,043 100,430 Average Invested Capital 600,392 500,890 Adjusted pre-tax income as a % of average invested capital 11.6% 10.8% BUILDING COMMUNITIES | DEVELOPING DREAMS 19

NON GAAP RECONCILIATION EBITDA 3 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended (Unaudited, in thousands) Dec 31, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 Adjusted pre-tax income attributable to Green Brick $17,108 $17,161 $69,434 $53,866 Add back: Capitalized interest charged to cost of sales $1,618 $913 $4,697 $3,399 Add back: Depreciation expense $1,139 $87 $2,943 $325 EBITDA $19,865 $18,161 $77,074 $57,590 BUILDING COMMUNITIES | DEVELOPING DREAMS 20

NON GAAP RECONCILIATION Adjusted net income, EPS, and ROE 3 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended (Unaudited, in thousands) Dec 31, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 Net income (loss) attributable to Green Brick $13,354 ($8,195) $51,623 $14,970 Add back: Impairment of deferred tax asset - 19,000 - 19,000 Adjusted net income attributable to Green Brick 13,354 10,805 51,623 33,970 Weighted-average number of shares outstanding – basic 50,678 50,555 50,652 49,597 Basic EPS adjusted for additional tax expense $0.26 $0.21 $1.02 $0.69 Beginning Total Green Brick stockholders’ equity 416,347 384,572 Ending Total Green Brick stockholders’ equity 468,351 416,347 Average Total Green Brick stockholders’ equity 442,349 400,460 Adjusted net income (loss) attributable to Green Brick $51,623 $33,970 Divided by: Average Total Green Brick stockholders’ equity 442,349 400,460 Adjusted net income ROE 11.7% 8.5% BUILDING COMMUNITIES | DEVELOPING DREAMS 21

FOURTH QUARTER INVESTOR CALL PRESENTATION 2018 2805 Dallas Parkway, Suite 400 Plano, Texas 75093 | www.greenbrickpartners.com22