Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES

A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):


	March 31, 2026		December 31, 2025
GBTM Sendera, LLC	$	21,985	$	21,985
Rainwater Crossing Single-Family, LLC	31,363		51,484
TMGB Magnolia Ridge, LLC	11,506		11,506
EJB River Holdings, LLC	8,695		8,075
Total investment in unconsolidated entities	$	73,549	$	93,050

As of March 31, 2026 and December 31, 2025 the Company’s maximum exposure to loss from its investments in unconsolidated entities was $118.3 million and $140.2 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 $9.4 million and $9.6 million as of March 31, 2026 and December 31, 2025, respectively. In addition, the Company has a completion guarantee of up to $22.5 million on a revolving loan to fund the development activities of TMGB Magnolia Ridge, LLC and a $12.9 million guarantee on a loan agreement for GBTM Sendera to fund its development activities.

A summary of the unaudited condensed financial information of the unconsolidated entities that are accounted for by the equity method is as follows (in thousands):


	March 31, 2026		December 31, 2025
Assets:
Cash	$	14,153	$	7,334
Accounts receivable	1,473		488
Bonds and notes receivable	9,396		12,038
Loans held for sale, at fair value	—		—
Inventory	137,847		111,771
Other assets	6,443		1,738
Total assets	$	169,312	$	133,369
Liabilities:
Accounts payable	$	5,914	$	6,280
Accrued expenses and other liabilities	27		1,369
Notes payable	38,288		23,194
Total liabilities	$	44,229	$	30,843
Owners’ equity:
Green Brick	$	77,075	$	58,312
Others	48,008		44,214
Total owners’ equity	$	125,083	$	102,526
Total liabilities and owners’ equity	$	169,312	$	133,369


	Three Months Ended March 31,
	2026		2025
Revenues	$	8,870	$	3,314
Costs and expenses	6,630		2,370
Net earnings of unconsolidated entities	$	2,240	$	944
Company’s share in net earnings of unconsolidated entities	$	1,120	$	473

Consolidated Entities

The aggregated carrying amounts of the assets and liabilities of The Providence Group of Georgia LLC (“TPG”) were $180.1 million and $171.5 million, respectively, as of March 31, 2026. As of December 31, 2025, TPG’s assets and liabilities were $184.5 million and $163.9 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.