Business Combination

3 Months Ended

Mar. 31, 2024

The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by our Florida-based partner that is included as redeemable noncontrolling interest in equity of consolidated subsidiary in the Company’s condensed consolidated financial statements.

On March 23, 2023, the Company and the minority partner amended the operating agreement of GRBK GHO to change the start of the put and purchase options from April 2024 to April 2027. Refer to Note 2 in the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for details on the put/call structure of this agreement.

The following table shows the changes in redeemable noncontrolling interest in equity of the consolidated subsidiary during the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Redeemable noncontrolling interest, beginning of period	$	36,135	$	29,239
Net income attributable to redeemable noncontrolling interest partner	1,651		1,365
Change in fair value of redeemable noncontrolling interest	400		(313)
Redeemable noncontrolling interest, end of period	$	38,186	$	30,291