Business Combination

9 Months Ended

Sep. 30, 2024

The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by its 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 tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,
	2024		2023
Redeemable noncontrolling interest, beginning of period	$	38,883	$	32,995
Net income attributable to redeemable noncontrolling interest partner	2,000		1,672
Distributions of income to redeemable noncontrolling interest partner	—		—
Change in fair value of redeemable noncontrolling interest	1,958		569
Redeemable noncontrolling interest, end of period	$	42,841	$	35,236


	Nine Months Ended September 30,
	2024		2023
Redeemable noncontrolling interest, beginning of period	$	36,135	$	29,239
Net income attributable to redeemable noncontrolling interest partner	5,419		5,131
Distributions of income to redeemable noncontrolling interest partner	(2,637)		(1,840)
Change in fair value of redeemable noncontrolling interest	3,924		2,706
Redeemable noncontrolling interest, end of period	$	42,841	$	35,236