Business Combination

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

Business Combination

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 the consolidated subsidiary in the Company’s condensed consolidated financial statements.

As amended, the operating agreement of GRBK GHO contains put and purchase options beginning in 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, 2024 for additional information.

The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,
	2025		2024
Redeemable noncontrolling interest, beginning of period	$	45,967	$	38,883
Net income attributable to redeemable noncontrolling interest partner	1,646		2,000
Change in fair value of redeemable noncontrolling interest	(311)		1,958
Redeemable noncontrolling interest, end of period	$	47,302	$	42,841

	Nine Months Ended September 30,
	2025		2024
Redeemable noncontrolling interest, beginning of period	$	44,709	$	36,135
Net income attributable to redeemable noncontrolling interest partner	5,748		5,419
Distributions of income to redeemable noncontrolling interest partner	(4,029)		(2,637)
Change in fair value of redeemable noncontrolling interest	874		3,924
Redeemable noncontrolling interest, end of period	$	47,302	$	42,841