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v3.25.2

Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information related to the Company’s reportable segments is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: (1) |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | 421,588 |  |  | $ | 389,168 |  |  | $ | 783,215 |  |  | $ | 704,515 |
Southeast | 125,521 |  |  | 157,970 |  |  | 259,211 |  |  | 286,017 |
Total builder operations | 547,109 |  |  | 547,138 |  |  | 1,042,426 |  |  | 990,532 |
Land development | 2,038 |  |  | 13,493 |  |  | 4,342 |  |  | 17,437 |
Total revenues | $ | 549,147 |  |  | $ | 560,631 |  |  | $ | 1,046,768 |  |  | $ | 1,007,969 |
Gross profit: |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | 135,700 |  |  | $ | 142,534 |  |  | $ | 252,844 |  |  | $ | 252,200 |
Southeast | 41,961 |  |  | 57,431 |  |  | 90,422 |  |  | 105,522 |
Total builder operations | 177,661 |  |  | 199,965 |  |  | 343,266 |  |  | 357,722 |
Land development | 1,081 |  |  | 775 |  |  | 2,199 |  |  | 1,080 |
Corporate, other and unallocated (2) | (11,228) |  |  | (11,074) |  |  | (22,166) |  |  | (20,879) |
Total gross profit | $ | 167,514 |  |  | $ | 189,666 |  |  | $ | 323,299 |  |  | $ | 337,923 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment expenses: |  |  |  |  |  |  |
Commissions |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | 20,319 |  |  | $ | 18,770 |  |  | $ | 37,894 |  |  | $ | 34,512 |
Southeast | 4,534 |  |  | 5,736 |  |  | 8,968 |  |  | 10,302 |
Total builder operations | 24,853 |  |  | 24,506 |  |  | 46,862 |  |  | 44,814 |
Land development | — |  |  | — |  |  | — |  |  | — |
Corporate, other and unallocated | 263 |  |  | — |  |  | 503 |  |  | — |
Total commissions | $ | 25,116 |  |  | $ | 24,506 |  |  | $ | 47,365 |  |  | $ | 44,814 |
Salaries |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | 11,466 |  |  | $ | 10,996 |  |  | $ | 23,243 |  |  | $ | 22,018 |
Southeast | 6,547 |  |  | 6,840 |  |  | 12,705 |  |  | 12,935 |
Total builder operations | 18,013 |  |  | 17,836 |  |  | 35,948 |  |  | 34,953 |
Land development | — |  |  | — |  |  | — |  |  | — |
Corporate, other and unallocated | 1,404 |  |  | 1,071 |  |  | 2,351 |  |  | 2,183 |
Total salaries | $ | 19,417 |  |  | $ | 18,907 |  |  | $ | 38,299 |  |  | $ | 37,136 |
Interest expense (income): |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | (153) |  |  | $ | 70 |  |  | $ | (225) |  |  | $ | 60 |
Southeast | $ | 6,309 |  |  | 10,527 |  |  | 11,149 |  |  | 20,329 |
Total builder operations | 6,156 |  |  | 10,597 |  |  | 10,924 |  |  | 20,389 |
Corporate, other and unallocated | (6,156) |  |  | (10,597) |  |  | (10,924) |  |  | (20,389) |
Land development | — |  |  | — |  |  | — |  |  | — |
Total interest expense, net | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other expenses |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | 9,660 |  |  | $ | 8,970 |  |  | $ | 19,115 |  |  | $ | 17,060 |
Southeast | 4,198 |  |  | 3,800 |  |  | 8,216 |  |  | 7,489 |
Total builder operations | 13,858 |  |  | 12,770 |  |  | 27,331 |  |  | 24,549 |
Land development | 238 |  |  | 78 |  |  | 385 |  |  | 142 |
Corporate, other and unallocated | 1,143 |  |  | 1,341 |  |  | 1,287 |  |  | 1,531 |
Total other expenses | $ | 15,239 |  |  | $ | 14,189 |  |  | $ | 29,003 |  |  | $ | 26,222 |
Total segment expenses |  |  |  |  |  |  |
Builder operations |  |  |  |  |  |  |
Central | $ | 41,445 |  |  | $ | 38,736 |  |  | $ | 80,252 |  |  | $ | 73,590 |
Southeast | 15,279 |  |  | 16,376 |  |  | 29,889 |  |  | 30,726 |
Total builder operations | 56,724 |  |  | 55,112 |  |  | 110,141 |  |  | 104,316 |
Land development | 238 |  |  | 78 |  |  | 385 |  |  | 142 |
Corporate, other and unallocated | 2,810 |  |  | 2,412 |  |  | 4,141 |  |  | 3,714 |
Total segment expenses | $ | 59,772 |  |  | $ | 57,602 |  |  | $ | 114,667 |  |  | $ | 108,172 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income before income taxes: |  |  |  |  |  |  |
Central | $ | 92,904 |  |  | $ | 104,803 |  |  | $ | 171,905 |  |  | $ | 180,324 |
Southeast | 27,795 |  |  | 41,417 |  |  | 62,273 |  |  | 76,211 |
Total builder operations | 120,699 |  |  | 146,220 |  |  | 234,178 |  |  | 256,535 |
Land development | 689 |  |  | 1,542 |  |  | 1,909 |  |  | 2,015 |
Corporate, other and unallocated (3) | (9,100) |  |  | (8,585) |  |  | (17,651) |  |  | (3,740) |
Income before income taxes | $ | 112,288 |  |  | $ | 139,177 |  |  | $ | 218,436 |  |  | $ | 254,810 |
| June 30, 2025 |  | December 31, 2024
Inventory: |  |  |
Builder operations |  |  |
Central | $ | 688,738 |  |  | $ | 743,490 |
Southeast | 317,406 |  |  | 318,592 |
Total builder operations | 1,006,144 |  |  | 1,062,082 |
Land development | 915,891 |  |  | 826,687 |
Corporate, other and unallocated (4) | 54,876 |  |  | 48,963 |
Total inventory | $ | 1,976,911 |  |  | $ | 1,937,732 |
Goodwill: |  |  |
Builder operations - Southeast | $ | 680 |  |  | $ | 680 |
(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. Land and lot closings revenue were $2.0 million and $4.3 million for the three and six months ended June 30, 2025 and $13.5 million and $17.5 million for the three and six months ended June 30, 2024, respectively. (2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3)Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, Ventana Insurance, LLC, GRBK Mortgage, LLC, Green Brick Insurance Services, LLC and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments. (4)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development.

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- Definition The entire disclosure for reporting segments including data and tables. 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