8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

___________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 12, 2018

Green Brick Partners, Inc.

_________________________________________________

(Exact name of registrant as specified in its charter)

_______Delaware_______  (State or other jurisdiction of incorporation)	_______001-33530_ ____  (Commission File Number)		_____20-5952523_____  (I.R.S. Employer Identification Number)
2805 Dallas Parkway, Suite 400 ____Plano, Texas _____ (Address of principal executive offices)		_____ 75093_____ (Zip code)

Registrant’s telephone number, including area code: (469) 573-6755

(Former name or former address, if changed since last report)

Not Applicable

___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period or complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Item 2.02 Results of Operations and Financial Condition.

On March 12, 2018, Green Brick Partners, Inc. (“Green Brick”) issued a press release announcing its results of operations for the quarterly period and fiscal year ended December 31, 2017. A copy of the press release is furnished hereto as Exhibit 99.1 and a copy of Green Brick's Fourth Quarter2017 Investor Call Presentation is furnished hereto as Exhibit 99.2 and are each incorporated herein by reference.

The information in Item 2.02 of this report, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits

Exhibit No.	Description of Exhibit
99.1	Press Release, dated as of March 12, 2018.
99.2	Green Brick Partners, Inc. - Fourth Quarter 2017 Investor Call Presentation, dated March 12, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GREEN BRICK PARTNERS, INC.
By:	/s/ Richard A. Costello
Name:	Richard A. Costello
Title:	Chief Financial Officer

Date:    March 12, 2018

EX-99.1

Exhibit 99.1

GREEN BRICK PARTNERS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2017 RESULTS

Fourth Quarter Pre-Tax Income of $17.2 million, up 25.5%;

2017 Pre-Tax Income of $53.9 million, up 38.1%;

Fourth Quarter Revenue of $136.4 million, up 13.9%;

2017 Revenue of $454.4 million, up 19.5%;

Backlog of $151.5 million, up 40.2%

PLANO, Texas, March 12, 2018 — Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”) today reported results for its fourth quarter and year ended December 31, 2017.

Results for the Fourth Quarter Ended December 31, 2017:

• For the three months ended December 31, 2017, the Company had: pre-tax income of $17.2 million, an increase of 25.5%, compared to $13.7 million for the three months ended December 31, 2016; gross profit of $28.8 million, a decrease of 1.3%, compared to $29.2 million for the three months ended December 31, 2016; and total revenue of $136.4 million, an increase of 13.9%, compared to $119.8 million for the three months ended December 31, 2016.

• Builder operations revenue for the three months ended December 31, 2017 was $133.5 million, an increase of 14.1%, compared to $117.0 million for the three months ended December 31, 2016. Land development revenue for the three months ended December 31, 2017 was $2.9 million, an increase of 4.6%, compared to $2.8 million for the three months ended December 31, 2016.

• The dollar value of backlog units as of December 31, 2017 was $151.5 million, an increase of 40.2% compared to December 31, 2016. The average sales price of homes in backlog increased approximately $32,767, or 7.2%, to $488,590 for the year ended December 31, 2017, compared to $455,823 for the year ended December 31, 2016.

• Homes under construction increased 30.5% to 736 as of December 31, 2017, compared to 564 as of December 31, 2016.

• As a result of the comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), enacted by the U.S. government on December 22, 2017, basic net (loss) income attributable to Green Brick per common share (“EPS”) for the three months ended December 31, 2017 was $(0.16). Basic EPS decreased due to a change in the federal statutory tax rate from 35% to 21%. The Company remeasured its deferred tax assets (“DTA”) which resulted in additional tax expense of $19.0 million. Without the impact of the DTA remeasurement, basic EPS would have increased to $0.21 for the three months ended December 31, 2017, compared to $0.16 for the three months ended December 31, 2016. Basic adjusted net income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended December 31, 2017 was $0.34, compared to $0.28 for the three months ended December 31, 2016. See “Reconciliation of Non-GAAP Financial Measures.”

Results for the Year Ended December 31, 2017:

• For the year ended December 31, 2017, the Company had: pre-tax income of $53.9 million, an increase of 38.1%, compared to $39.0 million for the year ended December 31, 2016; gross profit of $98.5 million, an increase of 14.0%, compared to $86.4 million for the year ended December 31, 2016; and total revenue of $454.4 million, an increase of 19.5%, compared to $380.3 million for the year ended December 31, 2016.

• Builder operations revenue for the year ended December 31, 2017 was $435.6 million, an increase of 19.3%, compared to $365.2 million for the year ended December 31, 2016. Land development revenue for the year ended December 31, 2017 was $18.7 million, an increase of 23.5%, compared to $15.2 million for the year ended December 31, 2016.

• Basic EPS for the year ended December 31, 2017 was $0.30. Without the impact of the DTA remeasurement discussed above, basic EPS would have increased to $0.69 for the year ended December 31, 2017, compared to $0.49 for the year ended December 31, 2016. Basic Adjusted EPS for the year ended December 31, 2017 was $1.09, compared to $0.80 for the year ended December 31, 2016. See “Reconciliation of Non-GAAP Financial Measures.”

“We finished 2017 with a very strong fourth quarter with pre-tax income up 25% and full year pre-tax income of $53.9 million, up 38%. Looking forward, we are entering 2018 with a 40% increase in backlog and a 30% increase in homes under construction,” said James R. Brickman, Green Brick’s Chief Executive Officer. “We had very strong January and February 2018 sales and we expect to announce several new neighborhoods in supply-constrained, high-margin, AAA locations in 2018. So 2018 is off to a healthy start. To fund our growth, we are pleased that JPMorgan recently joined our unsecured credit facility with a $30 million commitment which increases the facility to $160 million. Our secured and unsecured credit facilities now total $235 million.”

Earnings Conference Call:

We will host our earnings conference call to discuss our fourth quarter and the year ended December 31, 2017 at 12:00 p.m. Eastern Time on Tuesday, March 13, 2018. The call can be accessed by dialing 800-374-0137 for domestic participants or 904-685-8013 for international participants. Participants should reference conference ID code 4484949. A replay of the call will be available from approximately 3:00 p.m. Eastern Time on March 13, 2018 through 11:59 p.m. Eastern Time on March 20, 2018. To access the replay, the domestic dial-in number is 855-859-2056, the international dial-in number is 404-537-3406 and the conference ID code is 4484949.

Reconciliation of Non-GAAP Financial Measures:

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The Tax Act, among other things, reduces the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018 and imposes significant limitations on certain corporate deductions and credits. The Tax Act places future limitations on the usage of net operating loss carryforwards generated in the year ended December 31, 2018 and after. The Tax Act is comprehensive containing several other provisions, some of which will not materially impact the Company. The estimates of the Tax Act may be adjusted in future periods as required. Future implementation guidance from the Internal Revenue Service, clarifications of state tax law or the completion of the Company’s 2017 tax return filings could all affect the estimated financial statement impact of the Tax Act. The SEC staff issued Staff Accounting Bulletin 118 that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. The Company does not believe potential adjustments in

future periods would materially impact the Company’s financial condition or results of operations. As a result of the Tax Act, the Company remeasured its DTA which resulted in additional tax expense of $19.0 million during the three months ended December 31, 2017. Due to the effects of the Tax Act, the net (loss) income attributable to Green Brick for the three months ended December 31, 2017 and for the year ended December 31, 2017 is not comparable to three months ended December 31, 2016 and for the year ended December 31, 2016.

GREEN BRICK PARTNERS, INC.

CONSOLIDATED CONDENSED RESULTS OF OPERATIONS

(In thousands, except per share data)

	(unaudited)
	Three Months Ended December 31,					Years Ended December 31,
	2017			2016		2017		2016
Sale of residential units	$	133,465		$	116,977	$	435,644	$	365,164
Sale of land and lots	2,915			2,787		18,730		15,164
Total revenues	136,380			119,764		454,374		380,328
Cost of residential units	104,999			88,453		342,065		283,454
Cost of land and lots	2,550			2,110		13,856		10,499
Total cost of sales	107,549			90,563		355,921		293,953
Total gross profit	28,831			29,201		98,453		86,375
Salary expense	5,838			5,985		21,823		21,871
Selling, general and administrative expense	4,446			4,483		17,193		16,758
Operating profit	18,547			18,733		59,437		47,746
Equity in income of unconsolidated entity	1,778			—		2,746		—
Other income, net	691			408		2,054		2,808
Income before taxes	21,016			19,141		64,237		50,554
Income tax provision	25,396			6,041		39,031		15,381
Net (loss) income	(4,380		)	13,100		25,206		35,173
Less: net income attributable to noncontrolling interests	3,816			5,424		10,236		11,417
Net (loss) income attributable to Green Brick Partners, Inc.	$	(8,196	)	$	7,676	$	14,970	$	23,756
Net (loss) income attributable to Green Brick Partners, Inc. per common share:
Basic	$(0.16)			$0.16		$0.30		$0.49
Diluted	$(0.16)			$0.16		$0.30		$0.49
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic	50,555			48,910		49,597		48,879
Diluted	50,681			48,930		49,683		48,886

GREEN BRICK PARTNERS, INC.

UNAUDITED SUPPLEMENTAL INFORMATION

	Three Months Ended							Years Ended
	December 31,				Increase (Decrease)			December 31,				Increase (Decrease)
New Homes Delivered and Home Sales Revenue	2017		2016		Change		%	2017		2016		Change		%
New homes delivered	292		275		17		6.2%	990		844		146		17.3%
Home sales revenue ($ in thousands)	$	133,465	$	116,977	$	16,488	14.1%	$	435,644	$	365,164	$	70,480	19.3%
Average sales price of homes delivered	$	457,072	$	425,371	$	31,701	7.5%	$	440,044	$	432,659	$	7,385	1.7%

	Three Months Ended								Years Ended
	December 31,				Increase (Decrease)				December 31,				Increase (Decrease)
Land and Lots Sales Revenue	2017		2016		Change			%	2017		2016		Change		%
Land and lots sold	25		22		3			13.6%	144		117		27		23.1%
Land and lots sales revenue ($ in thousands)	$	2,915	$	2,787	$	128		4.6%	$	18,730	$	15,164	$	3,566	23.5%
Average sales price of land and lots sold	$	116,600	$	126,682	$	(10,082	)	(8.0)%	$	130,067	$	129,603	$	464	0.4%

	Three Months Ended							Years Ended
	December 31,				Increase (Decrease)			December 31,		Increase (Decrease)
New Home Orders and Backlog	2017		2016		Change		%	2017	2016	Change	%
Net new home orders	265		197		68		34.5%	1,063	880	183	20.8%
Average selling communities	56		50		6		12.0%	54	47	7	14.9%
Selling communities at end of period	55		50		5		10.0%	55	50	5	10.0%
Backlog ($ in thousands)	$	151,463	$	108,030	$	43,433	40.2%
Backlog (units)	310		237		73		30.8%
Average sales price of backlog	$	488,590	$	455,823	$	32,767	7.2%

The following table calculates the non-GAAP measure of Adjusted EPS for the three months and the years ended December 31, 2017 and December 31, 2016 and reconciles these amounts to net (loss) income attributable to Green Brick as reported and prepared in accordance with GAAP. Adjusted EPS for the three months and years ended December 31, 2017 and December 31, 2016 represents pre-tax income presented divided by the weighted average number of common shares outstanding for the three months and years ended December 31, 2017 and December 31, 2016, respectively. Pre-tax income represents net income attributable to Green Brick for the period excluding provision for income taxes attributable to Green Brick.

	Three Months Ended					Years Ended
(Unaudited, in thousands, except per share amounts):	December 31,					December 31,
	2017			2016		2017		2016
Net (loss) income attributable to Green Brick	$	(8,196	)	$	7,676	$	14,970	$	23,756
Income tax provision attributable to Green Brick	$	25,356		$	6,001	$	38,896	$	15,261
Pre-tax income attributable to Green Brick	$	17,160		$	13,677	$	53,866	$	39,017
Weighted average number of shares outstanding —basic	50,555			48,910		49,597		48,879
Basic Adjusted EPS	$	0.34		$	0.28	$	1.09	$	0.80
Weighted average number of shares outstanding —diluted	50,681			48,930		49,683		48,886
Diluted Adjusted EPS	$	0.34		$	0.28	$	1.08	$	0.80

The following table calculates the non-GAAP measure of basic EPS adjusted for additional tax expense as a result of the Tax Act for the three months and the year ended December 31, 2017 and reconciles these amounts to net (loss) income attributable to Green Brick as reported and prepared in accordance with GAAP. Basic EPS adjusted for additional tax expense for the three months and years ended December 31, 2017 and December 31, 2016 represents adjusted net income attributable to Green Brick divided by the weighted average number of common shares outstanding for the three months and years ended December 31, 2017 and December 31, 2016, respectively. Adjusted net income attributable to Green Brick represents net (loss) income attributable to Green Brick for the period excluding tax expense due to the change in federal statutory tax rate as a result of the Tax Act.

	Three Months Ended					Years Ended
(Unaudited, in thousands, except per share amounts):	December 31,					December 31,
	2017			2016		2017		2016
Net (loss) income attributable to Green Brick	$	(8,196	)	$	7,676	$	14,970	$	23,756
Tax expense due to the change in federal statutory tax rate	$	19,017		$	—	$	19,017	$	—
Adjusted net income attributable to Green Brick	$	10,821		$	7,676	$	33,987	$	23,756
Weighted average number of shares outstanding —basic	50,555			48,910		49,597		48,879
Basic EPS adjusted for additional tax expense	$	0.21		$	0.16	$	0.69	$	0.49

The following table calculates the non-GAAP measure of Adjusted Homebuilding Gross Margin for the three months and the years ended December 31, 2017 and December 31, 2016 and reconciles these amounts to homebuilding gross margin as reported and prepared in accordance with GAAP.

(Unaudited, in thousands):	Three Months Ended				Years Ended
	December 31,				December 31,
	2017		2016		2017		2016
Homebuilding gross margin	$	28,466	$	28,524	$	93,579	$	81,710
Add back: capitalized interest charged to cost of sales	$	754	$	763	$	2,630	$	2,814
Adjusted Homebuilding Gross Margin	$	29,220	$	29,287	$	96,209	$	84,524

About Green Brick Partners, Inc.:

Green Brick Partners, Inc. (NASDAQ: GRBK) is a diversified homebuilding and land development company. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes (a division of CB JENI Homes), Southgate Homes, and Centre Living Homes) and a homebuilder in Atlanta, Georgia (The Providence Group). Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado. The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities. For more information about Green Brick Partners, Inc.’s homebuilding partners go to www.greenbrickpartners.com/team-builders.html.

Forward-Looking and Cautionary Statements:

Any statements in this press release about Green Brick’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continues,” “expects,” “anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Accordingly, all such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; demand for real estate investments in the geographic markets in which we operate; significant inflation or deflation; labor and raw material shortages; the failure to recruit, retain and develop highly skilled and competent employees; an inability to acquire land suitable for residential homebuilding at reasonable prices; an inability to develop and sell communities successfully or within expected timeframes; risks related to regulatory approvals and government regulation; the interpretation of or changes to tax, labor and environmental laws and regulations; volatility of mortgage interest rates; the unavailability of mortgage financing; the occurrence of severe weather or natural disasters; risks related to future growth through strategic investments, joint ventures, partnerships and/or acquisitions; risks related to holding noncontrolling interests in strategic investments, joint ventures, partnerships and/or acquisitions; the inability to obtain suitable bonding for the development of housing projects; difficulty in obtaining sufficient capital; the occurrence of a major health and safety incident; poor relations with the residents of our communities; information technology failures and data security breaches; product liability claims, litigation and warranty claims; our debt and related service obligations; required accounting changes; an inability to maintain effective internal control over financial reporting; and other risks and uncertainties inherent in our business. Additional factors that could cause actual results to differ from those anticipated are discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s annual and quarterly reports filed with the Securities and Exchange Commission. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements made by Green Brick, you should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date of this press release, and Green Brick undertakes no obligation to update any forward-looking statement to reflect events or circumstances after such date.

Contact: Richard A. Costello

Chief Financial Officer

(469) 573-6755

EX-99.2

1 GREEN BRICK PARTNERS Q4 2017 INVESTOR CALL PRESENTATION MARCH 12, 2018 Exhibit 99.2

2 FORWARD LOOKING STATEMENTS This presentation and the oral statements made by representatives of the Company during the course of this presentation that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. Although the Company believes that the assumptions underlying these statements are reasonable, individuals considering such statements for any purpose are cautioned that such forward- looking statements are inherently uncertain and necessarily involve risks that may affect the Company’s business prospects and performance, causing actual results to differ from those discussed during the presentation, and any such difference may be material. Factors that could cause actual results to differ from those anticipated are discussed in the Company’s annual and quarterly reports filed with the SEC. Any forward-looking statements made are subject to risks and uncertainties, many of which are beyond management’s control. These risks include the risks described in the Company’s filings with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements are made only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. The Company presents Basic Adjusted EPS, Diluted Adjusted EPS, Basic and Diluted Adjusted weighted-average number of shares outstanding, GRBK Pre-tax Income and Adjusted Homebuilding Gross Margin. The Company believes these and similar measures are useful to management and investors in evaluating its operating performance and financing structure. The Company also believes these measures facilitate the comparison of their operating performance and financing structure with other companies in the industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

3 MANAGEMENT PRESENTERS Jim Brickman Chief Executive Officer • Over 40 years in real estate development and homebuilding. • Co-founded JBGL with Greenlight Capital in 2008. JBGL was merged into Green Brick in 2014. • Previously served as Chairman and CEO of Princeton Homes and Princeton Realty Corp. Rick Costello Chief Financial Officer • Over 26 years of financial and operating experience in all aspects of real estate management. • Previously served as CFO and COO of GL Homes, as AVP of finance of Paragon Group and as an auditor for KPMG. Jed Dolson President of Texas Region • Over 15 years of land development and property acquisition. • Head of GRBK land acquisitions since 2010. • Masters Degree in Engineering, Stanford University, and Registered Engineer, State of Texas.

4 MARKET UPDATE The housing market is being under supplied • Demand is there; the new challenge is building new homes that buyers want in locations they can afford.

5 MARKET UPDATE National Economic Overview Top Job Growth Markets Ranked by Change in Employment – December 2017 Housing starts are highly correlated to jobs and we build in two of the highest job growth markets Source: Metrostudy - MetroUSA

6 MARKET UPDATE We are less than 2.0% of the starts in two of the largest housing markets, giving us significant opportunity for growth Source: Metrostudy - MetroUSA GRBK has also entered the Colorado Springs market through our investment in Challenger Homes.

7 MARKET UPDATE Dallas/Fort Worth Market SFD-TH – Starts and closings Dallas market continues 6-year expansion but is still well below prior peak Source: Metrostudy - MetroUSA 33,243 31,708 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 A n n u a l S t a r t s & C l o s i n g s Annual Starts Annual Closings

8 MARKET UPDATE Dallas/Fort Worth Market Lot Inventory GRBK has almost 4,600 lots in Dallas where the market continues its 7-year trend of constrained supply Source: Metrostudy - MetroUSA 50,344 18.2 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 M onths of Supply L o t s / S t a r t s Vacant Developed Lots Annual Starts VDL Months of Supply

9 MARKET UPDATE The Atlanta market also continues to expand but is still well below prior peak Source: Metrostudy - MetroUSA 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 U n i t s Quarter Atlanta Region 16 Year History Annual Construction Starts and Closings Annual Starts Annual Closings 2Q06 Peaked 72% of activity is in North Atlanta where GRBK builds. 24,325 +12% 22,182 +9% Atlanta Regi 16 Year History Annual Construction Starts and Closings 2Q06 Peaked

10 GREEN BRICK AT A GLANCE • We are a diversified homebuilding and land development company • We build and deliver homes through our controlled builders in which we own a 50% controlling interest as well as our investment in unconsolidated builder partners • We sell lots and provide lot acquisition and vertical construction financing to our controlled builders • Currently focused on the high growth metropolitan areas of Dallas, Atlanta and Colorado Springs • Attractive land position of approximately 6,200 well-located residential lots as of December 31, 2017 • Over 72% of our residential lots are owned • Virtually all of our owned lots are owned at corporate level vs. at the controlled builder level Products offered Townhomes Single family Luxury homes Townhomes, contractor on luxury homes Townhomes, single family, luxury homes Dallas CB JENI Normandy Homes Southgate Homes Centre Living Homes Atlanta The Providence Group Controlled Builders Products offered Townhomes, single family Colorado Challenger Homes Unconsolidated Builder Partners

11 CHALLENGER HOMES • On August 15, 2017, GRBK acquired a 49.9% ownership of Challenger Homes, effective August 1, 2017 • With this investment in an unconsolidated subsidiary, Green Brick has expanded into Colorado Springs and the Pikes Peak Region: • In January 2017, Forbes declared the region one of the “10 Hottest Real Estate Markets to Watch” • In February 2017, Colorado Springs nabbed the No. 2 spot in U.S. News and World Report’s ranking of the “Most Desirable Places to Live” in 2017 • In the 5 months ending Dec 31, 2017, Challenger generated $59.0 million in revenues and $5.5 million in income before taxes; GRBK’s share of pre-tax income is 49.9%

12 CORPORATE STRUCTURE • We are a diversified homebuilding and land development company with strong sponsor ownership and controlling interests in our aligned homebuilders. 50%50%50%50% 49.99% 100%

13 QUARTERLY SPOTLIGHT Heritage Creekside, Plano, TX – Modern Townhomes in the Heart of a Connected Community • Heritage Creekside is a neighborhood made up of creek side urban apartments, lofts, townhomes and single-family homes all within walking distance from a mix of shops, restaurants, hotels, offices and newly restored creek bed. The community serves as a model for eco- sensitive neighborhood development in the region, celebrating nature as a fundamental community value. • Heritage Creekside is now in Phase 1 of development and Phase 2 of planning. CB JENI Homes is the sole developer of townhomes in the community. • Heritage Creekside Townhomes are all two-stories and range from 1,825 - 2,049 square feet with prices starting in the $310,000’s.

14 GRBK: A TRUE GROWTH STORY We have the strong balance sheet and operational excellence for continued growth

15 BALANCE SHEET STRENGTH GRBK has one of the lowest debt-to-capital ratios amongst public builders Citi Research data for comparative companies is reported as of November 3, 2017; “Net Debt” equals Total Debt minus Cash. Net Debt to Total Capital Q4 2017 • GRBK net debt to capital is about 16% versus an average 40% for covered public builders • GRBK’s eventual target is approximately 35%

16 FINANCIAL HIGHLIGHTS Quarter over Quarter Year over Year Q4 2016 Q4 2017 Increase 2016 2017 Increase Net New Home Orders 197 265 35% 880 1,063 21% Home Closings - Units 275 292 6% 844 990 17% Home Closing Revenues $117.0 $133.5 14% $365.2 $435.6 19% Ending Active Selling Communities 50 55 10% Homes Under Construction 564 736 30% Homes Started 902 1162 29% Dollar Value of Backlog $108.0 $151.5 40% Pre-Tax Income - GRBK $13.7 $17.2 26% $39.0 $53.9 38% Pre-Tax Income - GRBK as % of Home Revenues 11.7% 12.9% 10.7% 12.4% Total Lots Owned & Controlled 5,189 6,219 20%

17 OPERATIONAL HIGHLIGHTS LTM Adjusted Gross Margins LTM GRBK Pre-Tax Income to Homebuilding Revenues

18 KEY TAKEAWAYS • Significant growth opportunities exist in Dallas, Atlanta and Colorado Springs ̶ three of the most attractive homebuilder markets in the U .S. • We have the four pillars to support significant growth: lot position, balance sheet, management team, and builders. • Proven success in executing our growth strategy with our controlled and aligned builders. • Our operating model and low leverage results in superior risk adjusted returns.

19 NON-GAAP RECONCILIATION GRBK Pre-tax Income as a Percentage of Homebuilding Revenues (Unaudited, in thousands) 12 Months Ended Dec 31, 2016 12 Months Ended Mar 31, 2017 12 Months Ended June 30, 2017 12 Months Ended Sep 30, 2017 12 Months Ended Dec 31, 2017 LTM Net income attributable to Green Brick $23,756 $26,859 $27,805 $30,842 $14,970 LTM Income tax provision attributable to Green Brick $15,261 $17,693 $17,829 $19,541 $38,896 LTM GRBK Pre-tax income $39,017 $44,552 $45,634 $50,383 $53,866 LTM Sale of Residential Units $365,164 $391,933 $398,546 $419,156 $435,644 LTM GRBK Pre-tax income as a % of Homebuilding Revenues 10.7% 11.4% 11.5% 12.0% 12.4% (Unaudited, in thousands) 3 Months Ended Dec 31, 2016 Year Ended Dec 31, 2016 3 Months Ended Dec 31, 2017 Year Ended Dec 31, 2017 Net income attributable to Green Brick $7,676 $23,756 ($8,196) $14,970 Income tax provision attributable to Green Brick $6,001 $15,261 $25,356 $38,896 GRBK Pre-tax income $13,677 $39,017 $17,160 $53,866 Sale of Residential Units $116,977 $365,164 $133,465 $435,644 GRBK Pre-tax income as a % of Homebuilding Revenues 11.7% 10.7% 12.9% 12.4%

20 NON-GAAP RECONCILIATION Adjusted Homebuilding Gross Margin Reconciliation (Unaudited, in thousands) 12 Months Ended Dec 31, 2016 12 Months Ended Mar 31, 2017 12 Months Ended June 30, 2017 12 Months Ended Sep 30, 2017 12 Months Ended Dec 31, 2017 Sale of Residential Units $365,164 $391,933 $398,546 $419,156 $435,644 Homebuilding gross margin $81,710 $87,922 $89,429 $93,637 $93,579 Add back: Capitalized Interest charged to cost of sales $2,814 $2,441 $2,492 $2,639 $2,630 Adjusted homebuilding gross margin $84,524 $90,363 $91,921 $96,276 $96,209 Adjusted gross margin percentage 23.1% 23.1% 23.1% 23.0% 22.1%

21 2805 North Dallas Parkway, Suite 400 Plano, TX 75093 www.greenbrickpartners.com