Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES

Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):

	March 31, 2025		December 31, 2024
Rainwater Crossing Single-Family, LLC	$	27,381	$	18,633
GBTM Sendera, LLC	21,985		21,985
EJB River Holdings, LLC	12,762		12,288
TMGB Magnolia Ridge, LLC	9,506		7,006
BHome Mortgage, LLC	669		670
Total investment in unconsolidated entities	$	72,303	$	60,582

As of March 31, 2025 and December 31, 2024, the Company’s maximum exposure to loss from its investments in unconsolidated entities was $106.7 million and $95.1 million, respectively. The Company’s maximum exposure to loss was limited to its investments in the unconsolidated entities, except with regard to the Company’s remaining commitment to fund capital in Rainwater Crossing Single-Family, LLC of $11.9 million and $12.0 million as of March 31, 2025 and December 31, 2024, respectively. In addition, the Company has a completion guarantee up to $22.5 million on a revolving loan to fund the development activities of TMGB Magnolia Ridge, LLC.

A summary of the unaudited condensed financial information of the unconsolidated entities that are accounted for by the equity method is as follows (in thousands):

	March 31, 2025		December 31, 2024
Assets:
Cash	$	9,811	$	7,334
Accounts receivable	574		488
Bonds and notes receivable	11,880		12,038
Inventory	132,268		111,771
Other assets	878		1,738
Total assets	$	155,411	$	133,369
Liabilities:
Accounts payable	$	8,337	$	6,280
Accrued expenses and other liabilities	1,922		1,369
Notes payable	28,282		23,194
Total liabilities	$	38,541	$	30,843
Owners’ equity:
Green Brick	$	69,840	$	58,312
Others	47,030		44,214
Total owners’ equity	$	116,870	$	102,526
Total liabilities and owners’ equity	$	155,411	$	133,369

	Three Months Ended March 31,
	2025		2024
Revenues	$	3,314	$	29,739
Costs and expenses	2,370		24,507
Net earnings of unconsolidated entities	$	944	$	5,232
Company’s share in net earnings of unconsolidated entities	$	473	$	2,592

Consolidated Entities

The aggregated carrying amounts of the assets and liabilities of The Providence Group of Georgia LLC ( “TPG”) were $198.8 million and $173.7 million, respectively, as of March 31, 2025. As of December 31, 2024, TPG’s assets and liabilities were $201.5 million and $167.3 million, respectively. The noncontrolling interest attributable to the 50% minority interest owned by TPG was included as noncontrolling interests in the Company’s consolidated financial statements.