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Investment in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):
September 30, 2025December 31, 2024
Rainwater Crossing Single-Family, LLC$43,811 $18,633 
GBTM Sendera, LLC21,985 21,985 
EJB River Holdings, LLC8,074 12,288 
TMGB Magnolia Ridge, LLC11,506 7,006 
BHome Mortgage, LLC10 670 
Total investment in unconsolidated entities $85,386 $60,582 
As of September 30, 2025 and December 31, 2024, the Company’s maximum exposure to loss from its investments in unconsolidated entities was $117.7 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 $9.8 million and $12.0 million as of September 30, 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.
Investment in Unconsolidated Entities
Unconsolidated Entities
A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):
September 30, 2025December 31, 2024
Rainwater Crossing Single-Family, LLC$43,811 $18,633 
GBTM Sendera, LLC21,985 21,985 
EJB River Holdings, LLC8,074 12,288 
TMGB Magnolia Ridge, LLC11,506 7,006 
BHome Mortgage, LLC10 670 
Total investment in unconsolidated entities $85,386 $60,582 
As of September 30, 2025 and December 31, 2024, the Company’s maximum exposure to loss from its investments in unconsolidated entities was $117.7 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 $9.8 million and $12.0 million as of September 30, 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 as of September 30, 2025 and December 31, 2024 that are accounted for by the equity method is as follows (in thousands):
September 30, 2025December 31, 2024
Assets:
Cash$15,387 $7,334 
Accounts receivable628 488 
Bonds and notes receivable9,794 12,038 
Inventory149,989 111,771 
Other assets1,890 1,738 
Total assets$177,688 $133,369 
Liabilities:
Accounts payable$7,585 $6,280 
Accrued expenses and other liabilities1,082 1,369 
Notes payable35,702 23,194 
Total liabilities44,369 30,843 
Owners’ equity:
Green Brick82,600 58,312 
Others50,719 44,214 
Total owners’ equity133,319 102,526 
Total liabilities and owners’ equity$177,688 $133,369 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues$9,281 $6,498 $26,800 $44,315 
Costs and expenses8,433 4,499 23,984 34,686 
Net earnings (loss) of unconsolidated entities$848 $1,999 $2,816 $9,629 
Company’s share in net earnings of unconsolidated entities$422 $992 $1,406 $4,770 
Consolidated Entities
The aggregated carrying amounts of the assets and liabilities of The Providence Group of Georgia LLC (“TPG”) were $196.8 million and $164.6 million, respectively, as of September 30, 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.