v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Disclosure . DEBT
Lines of Credit
Borrowings on lines of credit outstanding, net of debt issuance costs, as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):
March 31, 2026December 31, 2025
Secured Revolving Credit Facility (1)
$— $— 
Unsecured Revolving Credit Facility— — 
Warehouse facilities24,947 46,398 
Debt issuance costs, net of amortization(2,253)(2,465)
Total borrowings on lines of credit, net$22,694 $43,933 
(1)On March 31, 2026, the Company terminated its secured revolving credit facility.

Secured Revolving Credit Facility
The Company was party to a revolving credit facility (the “Secured Revolving Credit Facility”) with Inwood National Bank, which provided for an aggregate commitment of $35.0 million. On March 31, 2026, the Company terminated its secured revolving credit facility. The termination was voluntary and not due to covenant violations or lender action.
Unsecured Revolving Credit Facility
The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). On December 10, 2025, the Company entered into the Thirteenth Amendment to this credit agreement. The Unsecured Revolving Credit Facility was amended (i) to reduce the SOFR spread and base rate spread, (ii) to allow the Company to request a revolving credit advance using Daily SOFR (as defined in the Unsecured Revolving Credit Facility) and (iii) for other administrative changes. The total commitments remain at $330.0 million. The maturity of all commitments under the facility were extended to December 14, 2028.
The Unsecured Revolving Credit Facility is guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries.

Warehouse Facilities
GRBK Mortgage, a wholly owned subsidiary of the Company, is party to warehouse facilities to fund its origination of mortgage loans (the “Warehouse Facilities”) as follows (in thousands):
Outstanding Balance As of
Maturity Date
Maximum Aggregate Commitment
March 31, 2026December 31, 2025
January 29, 2027$40,000 $15,135 $16,828 
December 15, 202740,000 9,81229,570
January 31, 202760,000 — — 
$140,000 $24,947 $46,398 

The Company’s borrowings and repayments on the warehouse lines of credit are directly related to the origination and sale of mortgage loans held for sale. As such, the gross activity in the warehouse lines of credit during the period substantially reconciles to the net change in mortgage loans held for sale, as reflected in the condensed consolidated statements of cash flows and discussed in Note 11, “Mortgage Loans Held for Sale.”

The Warehouse Facilities provide for an aggregate uncommitted amount of $140.0 million. The Warehouse Facilities are (i) secured by the underlying mortgage loans and bear interest at a variable rate based on SOFR plus a margin ranging from 1.4% to 2% and (ii) guaranteed by Green Brick. The facilities are subject to annual renewal and contain customary covenants and conditions regarding minimum net worth, leverage, profitability and liquidity. The Company was in compliance with the financial covenants under the Warehouse Facilities as of March 31, 2026.

Under the Warehouse Facilities, banks purchase a participation interest in individual mortgage loans, with GRBK Mortgage providing the remainder of the principal of the mortgage, typically up to 2% depending on the loan product. The mortgage loans, with the servicing rights, are then sold, typically within 14 to 60 days, to a third party investor and the bank is repaid its participation interest plus interest and the remainder is remitted to GRBK Mortgage. If a third party investor has not purchased the mortgage loan within the anticipated timeframes then GRBK Mortgage is required to repurchase the mortgage loan for the full amount of the participation interest plus interest.

Senior Unsecured Notes
Senior Unsecured Notes, net of debt issuance costs, as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):
March 31, 2026December 31, 2025
4.00% senior unsecured notes due in 2026 (“2026 Notes”)$50,000 $50,000 
3.35% senior unsecured notes due in 2027 (“2027 Notes”)37,500 37,500 
3.25% senior unsecured notes due in 2028 (“2028 Notes”)50,000 75,000 
3.25% senior unsecured notes due in 2029 (“2029 Notes”)100,000 100,000 
Debt issuance costs, net of amortization(432)(528)
Total senior unsecured notes, net$237,068 $261,972 
The Senior Unsecured Notes are guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. The Senior Unsecured Notes will rank equally in right of payment with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness. Optional prepayment of each of the Notes is allowed with a payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears.

2026 Notes
The remaining principal on the 2026 Notes of $50.0 million is due on August 8, 2026

2027 Notes
The aggregate principal amount of the 2027 Notes is due on August 26, 2027.

2028 Notes
Principal on the 2028 Notes is due in increments of $25.0 million annually on February 25 in each of 2027, and 2028.

2029 Notes
Principal on the 2029 Notes of $30.0 million is due on December 28, 2028. The remaining principal amount of $70.0 million is due on December 28, 2029.

Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of March 31, 2026.