Financial Data and Key Metrics Changes - Net income attributable to Green Brick for Q4 was $78 million, or $1.78 per diluted share, a decrease of 24.5% year-over-year [10] - Home closings revenue of $550 million declined 1.3% compared to the same period last year [9] - Home building gross margin decreased 490 basis points year-over-year to 29.4% [5][10] - For the full year, net income attributable to Green Brick decreased 18% to $313 million, and diluted earnings per share declined 16.3% to $7.07 [11] Business Line Data and Key Metrics Changes - Delivered 1,038 homes in Q4, a 1.9% increase year-over-year, and a record for any fourth quarter [4] - Net new home orders during Q4 were 883, up slightly year-over-year [11] - Average sales price was $530,000, down 3.1% year-over-year [10] - Average active selling communities decreased by 5% year-over-year to 101 [11] Market Data and Key Metrics Changes - Discounts and incentives increased year-over-year as a percentage of residential unit revenue to 9.2% from 5.2% [9] - Incentives for net new orders during Q4 increased to 10.2%, an increase of 380 basis points year-over-year [18] - Backlog value at the end of Q4 was $354 million, a decrease of 28.5% year-over-year [12] Company Strategy and Development Direction - The company is focused on maintaining an investment-grade balance sheet to support targeted expansion in high-volume markets [7] - Plans to grow the Trophy brand, with significant opportunities in DFW, Austin, and Houston [7][8] - The company aims to balance price and pace to maximize returns in each community [4] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing affordability challenges and a volatile housing market but expressed confidence in the company's ability to navigate these challenges [4][5] - The company is strategically positioned to adjust pricing as needed to meet market demand while maintaining sales pace [18] - Management remains optimistic about long-term prospects, citing a strong land position and diverse product offerings [24] Other Important Information - The company repurchased 359,000 shares for approximately $23 million in Q4, with a total of 1.4 million shares repurchased for approximately $83 million in 2025 [13] - The company maintained a robust cash position of $155 million and total liquidity of $520 million at the end of the quarter [16] - The total lots owned and under contract increased by 10% year-over-year to approximately 48,800 [22] Q&A Session Summary Question: Can you provide insights on gross margin decline drivers? - Management indicated that the decline was primarily driven by higher incentives and discounts across all regions [26] Question: What are the current rate buy-downs? - Current buy-downs are at $499, with entry-level rates at 321 [28] Question: How is the spring selling season progressing? - February has shown a strong start, with improved sales following a challenging January due to severe weather [40] Question: What is the inventory level compared to competitors? - The company is carrying higher inventory levels, particularly for finished specs, and is keeping pace with competitors [43][44] Question: What is the outlook for community count growth in 2026? - While specific guidance is not provided, the company aims to increase community count and expects meaningful acceleration in the coming years [50][52] Question: How is pricing power trending? - Very few communities have been able to raise prices, and the market remains competitive with ongoing inventory challenges [68][69] Question: What is the incentive load on higher-priced homes? - Higher design center incentives are being offered for $1 million-plus homes, with increased closing cost incentives for $600,000-$700,000 homes [74][75]

Financial Data and Key Metrics Changes - Net income attributable to Green Brick for Q4 was $78 million, or $1.78 per diluted share, a decrease of 24.5% year-over-year [10] - Home closings revenue for Q4 was $550 million, declining 1.3% compared to the same period last year [9] - Home building gross margin decreased 490 basis points year-over-year to 29.4% [5][10] - For the full year, net income attributable to Green Brick decreased 18% to $313 million, and diluted earnings per share declined 16.3% to $7.07 [11] Business Line Data and Key Metrics Changes - The company delivered 1,038 homes in Q4, a 1.9% increase year-over-year, marking a record for any fourth quarter [4] - Net new home orders during Q4 were 883, slightly up year-over-year but down 1.7% sequentially [11] - Average sales price for homes was $530,000, down 3.1% year-over-year [10] Market Data and Key Metrics Changes - Discounts and incentives increased as a percentage of residential unit revenue to 9.2% from 5.2% year-over-year [9] - The average FICO score for loans closed by Green Brick Mortgage was 746, with a debt-to-income ratio of 40% [18] Company Strategy and Development Direction - The company aims to maintain an investment-grade balance sheet to support expansion in high-volume markets [7] - Focus on growing the Trophy brand, with significant opportunities in DFW, Austin, and Houston [7][8] - The company is strategically positioned to adjust pricing as needed to meet market demand while maintaining sales pace [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing affordability challenges and a weakening job market impacting consumer segments [17] - Despite macroeconomic headwinds, the company believes its core strengths will enable it to navigate challenges effectively [6] - Management remains optimistic about long-term prospects, citing a strong land position and diverse product offerings [24] Other Important Information - The company repurchased 359,000 shares for approximately $23 million in Q4, with a total of 1.4 million shares repurchased for approximately $83 million in 2025 [13] - The company maintained a robust cash position of $155 million and total liquidity of $520 million at the end of the quarter [16] Q&A Session Summary Question: Can you provide insights on gross margin decline drivers? - Management indicated that the decline was primarily driven by higher incentives and discounts across all regions [26] Question: What is the current state of inventory levels? - The company reported carrying higher inventory levels, especially on finished specs, with roughly five finished specs per community [43][44] Question: How is the spring selling season progressing? - Management noted that February showed strong sales momentum following a challenging January due to severe weather [40] Question: What is the pricing power in the current market? - Very few communities were able to raise prices, and the company is still working through inventory while competing with other builders [67][68] Question: How are land prices trending? - Prices for desirable land remain sticky, while weaker demand has led to lower prices for less desirable lots [71]

Financial Data and Key Metrics Changes - Net income attributable to Green Brick for Q4 was $78 million, or $1.78 per diluted share, a decrease of 24.5% year-over-year [5][10] - Home closings revenue for Q4 was $550 million, down 1.3% compared to the same period last year [9][10] - Home building gross margin decreased 490 basis points year-over-year to 29.4% [6][10] - For the full year, net income attributable to Green Brick decreased 18% to $313 million, and diluted earnings per share declined 16.3% to $7.07 [11] Business Line Data and Key Metrics Changes - The company delivered 1,038 homes in Q4, a 1.9% increase year-over-year, marking a record for any fourth quarter [5] - Net new home orders during Q4 were 883, slightly up year-over-year but down 1.7% sequentially [11] - Average sales price for homes was $530,000, down 3.1% year-over-year [10][11] Market Data and Key Metrics Changes - Discounts and incentives increased as a percentage of residential unit revenue to 9.2% from 5.2% year-over-year [9][10] - The average FICO score for loans closed by Green Brick Mortgage was 746, with a debt-to-income ratio of 40% [18] Company Strategy and Development Direction - The company is focused on maintaining an investment-grade balance sheet to support expansion in high-volume markets [7] - Green Brick aims to grow its business, particularly through its Trophy brand, with significant opportunities in DFW and Austin [7][8] - The company is strategically positioned to adjust pricing as needed to meet market demand while maintaining sales pace [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing affordability challenges and a weakening job market impacting consumer segments [17] - The company remains optimistic about long-term prospects, citing a strong land position and diverse product offerings [23] - Management noted that while overall market conditions are challenging, they are well-positioned to navigate these challenges [6][8] Other Important Information - The company repurchased 359,000 shares for approximately $23 million in Q4, with a total of 1.4 million shares repurchased for approximately $83 million in 2025 [13] - The net debt to total capital ratio decreased to 8.2%, indicating strong financial health [14] Q&A Session Summary Question: Can you provide insights on gross margin decline drivers? - Management indicated that the decline was primarily driven by higher incentives and discounts across all regions [25] Question: What is the current state of pricing power? - Very few communities were able to raise prices, but there is stronger buyer interest in the spring [66] Question: How is the inventory level compared to competitors? - The company is carrying higher inventory levels, especially on finished specs, and is keeping pace with competitors [42][47] Question: What is the outlook for land acquisition spending in 2026? - While specific spending amounts were not disclosed, management anticipates higher land spend this year [52] Question: How does the company view the spec versus build-to-order strategy? - The company plans to continue increasing spec inventory as it aligns with buyer demand [62]

INVESTOR PRESENTATION Southgate Homes | Reserve at Watters| Allen, TX 2025 Fourth Quarter Forward Looking Statements This press release and our earnings call contain "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words "anticipate," "believe," "consi ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol(s) | registered | | Common St ...

Exhibit 99 GREEN BRICK PARTNERS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS 2025 FOURTH QUARTER HIGHLIGHTS FULL YEAR 2025 HIGHLIGHTS PLANO, Texas, February 25, 2026 — Green Brick Partners, Inc. (NYSE: GRBK) ("Green Brick," "we," or the "Company"), today announced record results for its fourth quarter and full year ended December 31, 2025. Net income attributable to Green Brick in the fourth quarter was $78 million or $1.78 per diluted share. The Company delivered 1,038 new homes in the fourth qu ...

Stocks exposed to the US housing market plummeted Wednesday as investors assessed grim outlooks from companies like home improvement retailer Lowe’s Cos Inc., and weighed the lack of a housing policy update during President Donald Trump’s State of the Union speech. The S&P composite homebuilder index shed as much as 5.2%, the most since last April’s tariff-related market meltdown. The declines were led by Green Brick Partners Inc., Lennar Corp., Champion Homes Inc., Dream Finders Homes Inc., Installed Bui ...

Company Overview - Green Brick Partners, Inc. (NYSE:GRBK) is a diversified homebuilder and land developer focusing on high-growth U.S. markets, utilizing strategic land acquisition and subsidiary builders for scalable and sustainable residential development [4]. Investment Position - Green Brick Partners is David Einhorn's largest holding, representing 27.51% ($699.26 million) of his total portfolio [1]. Stock Performance - As of February 13, 2026, shares of Green Brick Partners were up approximately 34% over the previous year and nearly 29% year-to-date, indicating increasing investor confidence despite a competitive homebuilding environment [2]. Market Recognition - On January 16, 2026, Green Brick announced that several of its master-planned communities were recognized among the best developments in North Texas and the country, with communities like Eastridge and Lakehaven receiving repeat accolades [3]. - Green Brick was ranked as the third-largest homebuilder in North Texas by new home closings, with nine of its communities featured in the Dallas Business Journal's Top 40 rankings, highlighting land quality, brand strength, and execution [3].

Core Insights - The U.S. housing market is facing challenges, particularly on the supply side, with mixed signals from new residential sales and building permits data [1][8] - The market is adjusting to the Federal Reserve's rate cut in September 2025, with expectations of further cuts boosting optimism among homebuyers, although homebuilders are not fully capitalizing on this trend [2] Sales and Prices - New single-family home sales in October 2025 were 737,000 units, a slight decrease of 0.1% from September 2025 but an increase of 18.7% from October 2024 [3] - The median sales price of new houses sold in October 2025 was $392,300, down 3.3% month over month and 8% year over year, while the average sales price was $498,000, up 3% from September 2025 but down 4.6% year over year [3] Building Permits and Housing Starts - Privately-owned housing units authorized by building permits in October 2025 were 1,412,000, reflecting a decline of 0.2% month over month and 1.1% year over year [4] - Privately-owned housing starts were 1,246,000 in October 2025, indicating a 4.6% decline from September 2025 and a 7.8% fall from October 2024 [5] Mortgage Rates - The 30-year fixed-rate mortgage was reported at 6.17% for the week ending October 30, 2025, down from 6.34% the previous week and significantly lower than 6.72% a year prior [6] Market Outlook - The U.S. housing industry is expected to improve in early 2026 due to declining mortgage rates and new government policies aimed at reducing housing costs, including a $200 billion mortgage bond purchase initiative [7] - Despite potential improvements, ongoing macroeconomic challenges related to tariffs and inflation are impacting supply, as evidenced by declining building permits and housing starts [8] Company Performance - Homebuilders such as Century Communities, Dream Finders Homes, and Green Brick Partners are positioned to benefit from favorable market fundamentals despite current macro headwinds [11] - Century Communities has seen a 13.1% increase in share price over the past six months, with EPS estimates for 2026 expected to grow 34.2% year over year [12][13] - Dream Finders Homes has experienced a 29.2% decline in share price over the past six months, with EPS estimates for 2026 expected to grow 4.6% year over year [13][14] - Green Brick Partners has seen an 11.2% increase in share price over the past six months, with EPS estimates for 2026 expected to decrease slightly by 0.3% year over year [14][15]

Core Insights - The U.S. housing market is at a pivotal moment as it approaches 2026, with constrained supply, easing mortgage rates, and a more accommodative Federal Reserve stance suggesting a potential gradual recovery in housing demand [1][15] Macro Conditions - The macroeconomic environment is mixed but generally supportive, with inflation still above the Fed's target but trending lower, and GDP growth expectations for 2026 revised upward to 2.3% from 1.8% [4][5] - The labor market shows signs of volatility but recent job additions indicate stability, contributing to a more optimistic outlook for household confidence [5] Mortgage Rates and Housing Demand - The 30-year fixed mortgage rate has decreased to 6.19%, marking a significant easing in affordability pressures, which could lead to increased demand for new homes [6] - The ongoing supply shortages, particularly in high-growth regions, mean that any improvement in financing conditions could quickly translate into stronger demand for new homes [6][14] Company-Specific Insights Lennar (LEN) - Lennar is well-positioned with a strong operational setup, maintaining volume and efficiency through disciplined pricing strategies, despite facing affordability pressures [7][8] - The company has seen a decline in direct construction costs and improved cycle times, allowing it to manage inventory effectively [8] - Analysts remain optimistic about Lennar's future, with a projected EPS growth of 9.9% for fiscal 2026 [9] Century Communities (CCS) - Century Communities has improved its operations by tightening execution and reducing costs, achieving a 20.1% adjusted homebuilding gross margin in Q3 2025 [10] - The company has expanded its community base and is positioned for growth heading into 2026, despite a challenging demand environment [10][11] - The Zacks Consensus Estimate for 2026 EPS indicates a significant growth potential of 34.2% [11] Green Brick Partners (GRBK) - Green Brick maintains strong profitability with gross margins exceeding 30%, supported by favorable construction quality adjustments [12] - The company has seen a record level of net orders and improved cancellation rates, positioning it well for future growth [12] - The Zacks Consensus Estimate for 2026 EPS reflects a slight decline, but the company is well-positioned to expand into new markets [13] Overall Market Outlook - The U.S. housing market remains significantly undersupplied, with structural demand high due to years of underbuilding and demographic trends [14] - The combination of cost discipline, strategic land management, and strong balance sheets among key builders like Lennar, Century Communities, and Green Brick Partners positions them favorably for a potential recovery in 2026 [15]