We participate in a number of joint ventures and other investments with independent third parties. These entities generally focus on homebuilding, land development, and mortgage services to homebuyers. The Company’s investment in these entities is included in investments in unconsolidated entities in the Company’s consolidated balance sheets under the equity method of accounting.

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


	December 31, 2025		December 31, 2024
GBTM Sendera, LLC	21,985		21,985
Rainwater Crossing Single-Family, LLC	51,484		18,633
TMGB Magnolia Ridge, LLC	11,506		7,006
EJB River Holdings, LLC	8,075		12,288
BHome Mortgage, LLC	—		670
Total investment in unconsolidated entities	$	93,050	$	60,582

In August 2020, the joint venture GBTM Sendera, LLC (“GBTM Sendera”) was formed by GRBK Edgewood, LLC (“GRBK Edgewood”) and TM Sendera, LLC (“TM Sendera”) to acquire and develop a tract of land in Fort Worth, Texas. Each party holds a 50% ownership interest in GBTM Sendera and share equally in the profits and losses of GBTM Sendera, with the exception of certain customary fees. The Company made capital contributions of $1.6 million, $2.0 million and $5.0 million during the years ended December 31, 2025 and 2024, and 2023, respectively.

Following our analysis of GBTM Sendera’s operating agreement, the Company determined that GBTM Sendera is not a VIE as the joint venture’s equity at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support from its members.

As of December 31, 2025, the carrying amount of GBTM Sendera assets and liabilities were $60.8 million and $16.8 million, respectively. As of December 31, 2025, the Company’s maximum exposure to loss as a result of this joint venture was $37.0 million, representing the Company’s investment in GBTM Sendera and a $15.0 million guarantee on a loan agreement to fund to the joint venture’s land development activities.

In February 2024, GRBK Edgewood, LLC (“GRBK Edgewood”) established a joint venture (“JV”), Rainwater Crossing Single-Family, LLC (“Rainwater Crossing”), with Rainwater Single Family S-CORP, LLC to develop a tract of land in Celina, Texas. Both parties hold a 50% ownership interest in Rainwater Crossing. The Company evaluated the JV agreements and determined that Rainwater Crossing is a VIE, but the Company is not its primary beneficiary. Specifically, the Company determined that it does not direct the activities that most significantly impact the entity’s economic performance as key decisions are subject to the approval of a management committee where both members are equally represented.

As of December 31, 2025, the carrying amounts of assets and liabilities of Rainwater Crossing were $86.9 million and $24.9 million, respectively. As of December 31, 2025, the Company’s maximum exposure to loss as a result from its involvement with Rainwater Crossing was approximately $61.1 million, representing its $51.5 million investment and the Company’s remaining commitment to contribute to the joint venture $9.6 million in quarterly payments through March 31, 2029. The Company is also required to fund the remaining development costs related to this project.

In December 2018, the joint venture EJB River Holdings (“EJB”) was formed by TPG to acquire and develop a tract of land in Gwinnett County, Georgia. In May 2019, East Jones Bridge, LLC was admitted as a member, which resulted in TPG having a 50% ownership interest in EJB River Holdings.

Following our analysis of the provisions in the EJB’s operating agreement, the Company determined that EJB is a VIE, but that we are not the primary beneficiary. Specifically, the Company does not direct the activities that most significantly impact the entity’s economic performance as key decisions are subject to the approval of a management committee where both members are equally represented.

As of December 31, 2025, the carrying amounts of assets and liabilities of EJB River Holdings were $16.2 million and de minimis, respectively. As of December 31, 2025 the Company’s maximum exposure to loss as a result of its involvement with EJB River Holdings was $8.1 million, representing the Company’s investment in EJB.

In September 2024, TMGB Magnolia Ridge, LLC (“Magnolia Ridge”) was formed by GRBK Edgewood and TM Magnolia Ridge, LLC (“TM Magnolia Ridge”) with the purpose to acquire and develop a tract of land in Denton County, Texas. Both parties hold a 50% ownership interest in Magnolia Ridge. Per the Magnolia Ridge company agreement, GRBK Edgewood and TM Magnolia Ridge share equally in the profits and losses of Magnolia Ridge, with the exception of certain customary fees. Following the analysis of the above facts and provisions of the Magnolia Ridge company agreement, the Company determined that Magnolia Ridge is not a VIE as the joint venture’s equity at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support from its members.

As of December 31, 2025, the carrying amounts of assets and liabilities of Magnolia Ridge were $37.3 million and $14.3 million, respectively. As of December 31, 2025, the Company’s maximum exposure to loss as a result of its involvement with Magnolia Ridge was $34.0 million representing the Company’s investment in Magnolia Ridge of $11.5 million and up to a $22.5 million completion guarantee on the JV’s revolving loan to fund its development activities.

Effective February 1, 2024, the Company sold its 49.9% ownership interest in Challenger, a homebuilder that constructs townhouses, single family homes, and luxury patio homes in Colorado Springs and Denver, Colorado. The Company received approximately $64.0 million in cash from this sale which included a $10.7 million gain in the sale of this investment. The Company used the proceeds from the transaction for investment in and expansion of opportunities with those builders in which it holds a controlling or one-hundred percent (100%) ownership interest, particularly including the growth and expansion of its Trophy brand in the DFW, Austin and Houston markets.

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


	December 31, 2025		December 31, 2024
Assets:
Cash	$	10,713	$	7,334
Accounts receivable	1,615		488
Bonds and notes receivable	9,599		12,038
Inventory	177,003		111,771
Other assets	2,284		1,738
Total assets	$	201,214	$	133,369
Liabilities:
Accounts payable	$	8,050	$	6,280
Accrued expenses and other liabilities	10,746		1,369
Notes payable	37,274		23,194
Total liabilities	$	56,070	$	30,843
Owners’ equity:


Green Brick			$	93,051	$	58,312
Others			52,093		44,214
Total owners’ equity			$	145,144	$	102,526
Total liabilities and owners’ equity			$	201,214	$	133,369

	Years Ended December 31,
	2025		2024		2023
Revenues	$	31,549	$	49,124	$	270,322
Costs and expenses	26,729		38,875		236,038
Net earnings of unconsolidated entities	$	4,820	$	10,249	$	34,284
Company’s share in net earnings of unconsolidated entities	$	1,002	$	5,083	$	16,742

A summary of the Company’s share in net earnings by unconsolidated entity is as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
EJB River Holdings, LLC	$	2,288	$	2,421	$	2,812
BHome Mortgage, LLC	120		1,733		3,009
GB Challenger, LLC	—		929		10,921
Rainwater Crossing Single-Family, LLC	(1,406)		—		—
Total net earnings from unconsolidated entities	$	1,002	$	5,083	$	16,742

During the years ended December 31, 2025, 2024, and 2023, the Company did not identify indicators of impairment for its investments in unconsolidated entities.