The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, (together, the “Company”, “we”, or “Green Brick”) and consolidated variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

The preparation of the consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of estimated development liabilities, valuation of equity awards, and reserves for warranty and self-insured risks. Actual results could differ from those estimates.

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents and mortgage loans held for sale. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. Of the different types of mortgage loans held for sale, there was no concentration of mortgage loans with any one borrower for the year ended December 31, 2025. No material losses have been experienced to date. In addition, the Company is exposed to credit risk to the extent that mortgage loan borrowers fail to meet their contractual obligations. This risk is mitigated by collateralizing the home sold with a mortgage, and entering into forward commitments to sell our mortgage loans held for sale, generally within 30 days of origination.

Receivables consist of amounts collectible from manufacturing rebates earned by our homebuilders during the normal course of business, receivables related to land development joint ventures, amounts collectible from third-party escrow agents related to closings on land, lots and homes, and amounts collectible related to mechanic’s lien contracts. As of December 31, 2024 all amounts are considered fully collectible and no allowance for credit losses was recorded. Any allowance for credit losses is estimated based on our historical losses, the existing economic conditions, and the financial stability of our customers. Receivables are written off in the period that they are deemed uncollectible.

Real estate inventory consists of undeveloped land, raw land scheduled for development, land held for future development, land under development, land held for sale, developed lots, homes completed and under construction, and model homes. Inventory is valued at cost unless the carrying value is determined to be not recoverable in which case the affected inventory is written down to fair value. Cost includes any related pre-acquisition costs that are directly identifiable with a specific property so long as those pre-acquisition costs are anticipated to be recoverable at the sale of the property.

Land development and other project costs, including direct overhead, interest and property taxes incurred during development and home construction, are capitalized. Land development and other common costs that benefit an entire community are allocated to individual lots or homes based on relative sales value. The costs of completed lots are transferred to work in process when home construction begins. Home construction costs and related carrying charges (principally interest and real estate taxes) are allocated to the cost of individual homes.

Inventory costs for completed homes are expensed upon closing and delivery of the homes. Changes to estimated total land development costs subsequent to initial home closings in a community are generally allocated to the unclosed homes and lots in the community on a pro-rata basis. The life cycle of a community generally ranges from a couple of years to eight or more years, depending on the number of lots, product lines, and sales pace of each community, commencing with the acquisition of land, continuing through the land development phase, construction, and concluding with the sale and delivery of homes. We recognize costs as incurred on our mechanic’s lien contracts.

For our builder operations segments, contribution margins on closed homes, average margins of homes under construction, and forecasted margins for future starts are reviewed at a community level. In the event that this review suggests higher potential for losses at a specific community, the Company monitors such communities by adding them to our “watchlist” communities, and, when an impairment indicator is present, further analysis is performed.

For our land development segment, we perform a quarterly review at the individual project level comparing anticipated lot sale revenues to projected costs. For lots designated for our builders, we review land for indicators of impairment on a consolidated level for each community, looking at overall projected home contribution margins. In determining the allocation of costs to a particular land parcel, we rely on project budgets which include assumptions about development schedules and future costs to be incurred. It is common that actual results differ from budgeted amounts for various reasons, including delays, changes in costs that have not been committed, unforeseen issues encountered during project development that fall outside the scope of existing contracts, or items that ultimately cost more or less than the budgeted amount. We apply procedures to maintain best estimates in our budgets, including assessing and revising project budgets on a periodic basis, obtaining commitments from subcontractors and vendors for future costs to be incurred and utilizing the most recent information available to estimate costs.

For each real estate asset that has an indicator of impairment, we analyze whether the estimated remaining undiscounted future cash flows are more or less than the asset’s carrying value. The estimated cash flows are determined by projecting the remaining revenue from closings based on the contractual lot takedowns remaining, future projected lot takedowns, or historical and projected home sales or delivery absorptions for homebuilding operations and then comparing such projections to the remaining projected expenditures for development or home construction. Remaining projected expenditures are based on the most current pricing received from subcontractors for current phases under development. For future phases of land development, management uses its judgment to project potential cost increases. In determining the estimated cash flows for land held for sale, management considers recent comparisons to market comparable transactions, bona fide letters of intent from outside parties, executed sales contracts, broker quotes, and similar information. When projecting revenue, management does not assume improvement in market conditions.

If the estimated undiscounted cash flows are less than the asset’s carrying value, the asset is considered impaired and written down to fair value. These impairment evaluations require us to make estimates and assumptions regarding future conditions, including the timing and amounts of development costs and sales prices of real estate assets, to determine if expected future cash flows will be sufficient to recover the asset’s carrying value.

Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets. These discounted cash flows are impacted by expected risk based on estimated land development activities, construction and delivery timelines, market risk of price erosion, uncertainty of development or construction cost increases, and other risks specific to the asset or market conditions where the asset is located when the assessment is made. These factors are specific to each community and may vary among communities. When deemed appropriate, we use recent comparisons to market

When estimating cash flows of a community, management makes various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders, and future sales price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead costs, and selling and marketing costs; (iv) alternative product offerings that may be offered that could have an impact on sales pace, sales price and/or building costs; and (v) alternative uses for the property.

Many assumptions are interdependent and a change in one may require a corresponding change in other assumptions. For example, increasing or decreasing sales absorption rates have a direct impact on the estimated per unit sales price of a home, the level of time-sensitive costs (such as indirect construction, overhead and carrying costs), and selling and marketing costs (such as model home maintenance costs and advertising costs). Due to uncertainties in the estimation process, the volatility in demand for new housing and the long life cycle of many communities, actual results could differ significantly from such estimates.

Mortgage loans held for sale consist of mortgages due from our homebuyers that are financed through our wholly-owned mortgage finance subsidiary, GRBK Mortgage. Mortgage loans held for sale are carried at fair value, using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for Mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for Mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing.

In accordance with ASC 323, Investments - Equity Method and Joint Ventures (“ASC 323”), the Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the unconsolidated entity’s earnings or losses. The Company evaluates the carrying amount of the investments in unconsolidated entities for impairment in accordance with ASC 323. If the Company determines that a loss in the value of the investment is other than temporary, the Company writes down the investment to its estimated fair value. Any such losses are recorded to equity in income of unconsolidated entities in the Company’s consolidated statements of income. Due to uncertainties in the estimation process and the volatility in demand for new housing, actual results could differ significantly from such estimates.

enable the Company to defer acquiring portions of properties owned by third parties or unconsolidated entities until the Company has determined whether and when to exercise its option, which reduces the Company’s financial risk associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option and acquisition of the property is probable. These costs are reclassified to inventory upon taking title to the land. The Company writes off deposits and pre-acquisition costs if it becomes probable that the Company will not proceed with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land takedowns, the availability and best use of necessary incremental capital, and other factors.

Under ASC 810, a non-refundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur and, as such, the Company’s land and lot option contracts are considered variable interests. The Company’s option contract deposits along with any related pre-acquisition costs represent the Company’s maximum exposure to the land seller if the Company elects not to purchase the optioned property. Therefore, whenever the Company enters into an option or purchase contract with an entity and makes a non-refundable deposit, a VIE assessment is performed. However, the Company generally has little control or power to direct the activities that most significantly impact the VIE’s economic performance due to the Company’s lack of an equity interest in them. Additionally, creditors of the VIE typically have no material recourse against the Company, and the Company does not provide financial or other support to these VIEs other than as stipulated in the option contracts. In accordance with ASC 810, the Company performs ongoing reassessments of whether the Company is the primary beneficiary of a VIE.

Intangible assets, net consists of the estimated fair value of the acquired trade name, net of amortization. The trade name has a definite life and is amortized over ten years. Intangible assets are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The impairment loss recorded would be the excess of the asset’s carrying value over its fair value. Fair value would be determined using a discounted cash flow analysis or other valuation technique.

The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other. ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth fiscal quarter or whenever impairment indicators are present. For the years ended December 31, 2025, 2024 and 2023, goodwill was not impaired.

The Company offers homeowners a comprehensive third-party warranty on each home. Homes are generally covered by a six-to-eight-year warranty for qualified and defined structural defects, one year for workmanship issues, and two years for electrical, plumbing, heating, ventilation, and air conditioning systems. The Company accrues an estimate of its exposure to warranty claims based on both current and historical home closings data and warranty costs incurred. A warranty accrual is made with the closing of a home and it is included within accrued expenses on the consolidated balance sheets. Any legal costs associated with loss contingencies related to warranties are expensed as incurred. We self-insure some of our risks through a wholly-owned insurance subsidiary. We capitalize our captive insurance company and reserve amounts under these captive insurance policies based on actuarial analyses of our and industry historical claims, including estimates of claims incurred but not yet reported.

Redeemable noncontrolling interest in equity of consolidated subsidiary represents equity related to a put option held by a minority shareholder of a subsidiary. Based on the put option structure, the minority shareholder’s interest in the controlled subsidiary is classified as a redeemable noncontrolling interest on the consolidated balance sheets. The accretion of the redeemable noncontrolling interest to its estimated redemption value is recorded in additional paid-in capital on the consolidated balance sheets if the estimated redemption value, net of accretion, is greater than the current value of the noncontrolling interest capital account.

The Company requires homebuyers to submit a deposit for home purchases and requires buyers to submit a deposit in connection with land sale or lot option contracts. These deposits serve as an incentive for performance under homebuilding and land sale or development contracts. Cash received as customer deposits, if held in escrow, is reflected as restricted cash and as customer and builder deposits on the consolidated balance sheets.

Lot option contracts contain multiple performance obligations. The performance obligations are satisfied as lots are closed and legal title has been transferred to the builder. For lot option contracts, individual performance obligations are accounted for separately. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price basis. Certain lot option contracts require escalations in lot price over the option period. Any escalator is not collectible until the lot closing occurs. While we recognize lot escalators as variable consideration within the transaction price, we do not recognize escalator revenue until a builder closes on a lot subject to an escalator as the escalator relates to general inflation and holding costs.

Homebuilders are not obligated to pay for developed lots prior to control of the lots and any associated improvements being transferred to them. The term of our lot option contracts is generally based upon the number of lots being purchased and an agreed upon lot takedown schedule, which can be in excess of one year. Lots cannot be taken down until development is substantially complete. There is no significant financing component related to our third-party lot sales.

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company pays sales commissions to employees and/or outside realtors related to individual home sales which are expensed as incurred at the time of closing. Commissions on the sale of land parcels are also expensed as incurred upon closing. Sales commissions on the sale of homes are included in the selling, general, and administrative expenses in the consolidated statements of income.

The Company also pays builder incentives to employees which are based on the time it takes to build individual homes, as well as quality inspection completion and customer satisfaction. The builder incentives do not represent incremental costs that would require capitalization as we would incur these costs whether or not we sold the home. As such, we recognize builder incentives as expense at the time they are incurred and paid. These builder incentives are included in selling, general and administrative expenses in our consolidated statements of income.

Advertising costs, sales salaries and certain costs associated with model homes, such as signage, do not qualify for capitalization under ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, as they are not incremental costs of obtaining a contract. As such, we expense these costs to selling, general and administrative expense as incurred. Costs incurred related to model home furnishings and sales office construction are capitalized and included in property and equipment, net on the consolidated balance sheets.

Subsequent to the issuance of the Company’s 2025 Consolidated Financial Statements on February 25, 2026, the Company identified an error in the presentation of residential units revenue, which was previously reported on a gross basis and excluded certain closing cost incentives. The error affected the Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023 and the unaudited condensed consolidated statements of income for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. The error has been corrected by restating the affected financial statement line items for each period presented, as summarized in the tables below. The correction resulted in a decrease in reported residential units revenue and homebuilding cost of revenues.


	Year Ended December 31, 2023						Year Ended December 31, 2024						Year Ended December 31, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Residential units revenue	$	1,769,255	$	(28,400)	$	1,740,855	$	2,070,136	$	(37,468)	$	2,032,668	$	2,091,477	$	(58,477)	$	2,033,000
Cost of residential units	1,223,079		(28,400)		1,194,679		1,370,888		(37,468)		1,333,420		1,453,183		(58,477)		1,394,706


	Three months ended March 31, 2024						Three months ended March 31, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Residential units revenue	$	443,284	$	(8,164)	$	435,120	$	495,317	$	(13,168)	$	482,149
Cost of residential units	295,313		(8,164)		287,149		340,621		(13,168)		327,453

	Three months ended June 30, 2024						Three months ended June 30, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Residential units revenue	$	547,138	$	(8,124)	$	539,014	$	547,109	$	(14,584)	$	532,525
Cost of residential units	358,183		(8,124)		350,059		380,656		(14,584)		366,072

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Residential units revenue	$	990,422	$	(16,288)	$	974,134	$	1,042,426	$	(27,752)	$	1,014,674


Cost of residential units	653,496		(16,288)	637,208		721,277		(27,752)		693,525

	Three months ended September 30, 2024					Three months ended September 30, 2025
	As previously reported		Corrections	As restated		As previously reported		Corrections		As restated
Residential units revenue	$	522,859	(9,331)	$	513,528	$	499,091	(14,875)		$	484,216
Cost of residential units	351,666		(9,331)	342,335		343,629		(14,875)		328,754

	Nine Months Ended September 30, 2024					Nine Months Ended September 30, 2025
	As previously reported		Corrections	As restated		As previously reported		Corrections		As restated
Residential units revenue	$	1,513,281	(25,619)	$	1,487,662	$	1,541,517	$	(42,627)	$	1,498,890
Cost of residential units	1,005,162		(25,619)	979,543		1,064,906		(42,627)		1,022,279


	Year Ended December 31, 2023						Year Ended December 31, 2024						Year Ended December 31, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Revenues:
Builder operations
Central	$	1,270,599	$	(25,789)	$	1,244,810	$	1,489,582	$	(34,720)	$	1,454,862	$	1,579,545	$	(54,584)	$	1,524,961
Southeast	499,131		(2,611)		496,520		580,664		(2,748)		577,916		511,932		(3,893)		508,039
Total builder operations	1,769,730		(28,400)		1,741,330		2,070,246		(37,468)		2,032,778		2,091,477		(58,477)		2,033,000
Land development	7,980		—		7,980		28,697		—		28,697		6,994		—		$	6,994
Total revenue	$	1,777,710	$	(28,400)	$	1,749,310	$	2,098,943	$	(37,468)	$	2,061,475	$	2,098,471	$	(58,477)	$	2,039,994


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Revenues:
Builder operations
Central	$	315,347	$	(7,629)	$	307,718	$	361,627	$	(12,223)	$	349,404
Southeast	128,047		(535)		127,512		133,690		(945)		132,745
Total builder operations	443,394		(8,164)		435,230		495,317		(13,168)		482,149
Land development	3,944		—		3,944		2,304		—		2,304
Total revenue	$	447,338	$	(8,164)	$	439,174	$	497,621	$	(13,168)	$	484,453


	Three Months Ended June 30, 2024						Three Months Ended June 30, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Revenues:
Builder operations
Central	$	389,168	$	(7,420)	$	381,748	$	421,588	$	(13,644)	$	407,944
Southeast	157,970		(704)		157,266		125,521		(940)		124,581
Total builder operations	547,138		(8,124)		539,014		547,109		(14,584)		532,525
Land development	13,493		—		13,493		2,038		—		2,038
Total revenue	$	560,631	$	(8,124)	$	552,507	$	549,147	$	(14,584)	$	534,563

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Revenues:
Builder operations
Central	$	704,515	$	(15,049)	$	689,466	$	783,215	$	(25,867)	$	757,348
Southeast	286,017		(1,239)		284,778		259,211		(1,885)		257,326
Total builder operations	990,532		(16,288)		974,244		1,042,426		(27,752)		1,014,674
Land development	17,437		—		17,437		4,342		—		4,342
Total revenue	$	1,007,969	$	(16,288)	$	991,681	$	1,046,768	$	(27,752)	$	1,019,016

	Three Months Ended September 30, 2024						Three Months Ended September 30, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Revenues:
Builder operations
Central	$	389,697	$	(8,654)	$	381,043	$	391,108	$	(13,990)	$	377,118
Southeast	133,162		(677)		132,485		107,983		(885)		107,098
Total builder operations	522,859		(9,331)		513,528		499,091		(14,875)		484,216
Land development	801		—		801		—		—		—
Total revenue	$	523,660	$	(9,331)	$	514,329	$	499,091	$	(14,875)	$	484,216

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2025
	As previously reported		Corrections		As restated		As previously reported		Corrections		As restated
Revenues:
Builder operations
Central	$	1,094,212	$	(23,703)	$	1,070,509	$	1,174,323	$	(39,857)	$	1,134,466
Southeast	419,179		(1,916)		417,263		367,194		(2,770)		364,424
Total builder operations	1,513,391		(25,619)		1,487,772		1,541,517		(42,627)		1,498,890
Land development	18,238		—		18,238		4,342		—		4,342
Total revenue	$	1,531,629	$	(25,619)	$	1,506,010	$	1,545,859	$	(42,627)	$	1,503,232


	Year Ended December 31, 2023
	Residential units revenue		Land and lots revenue			Residential units revenue	Land and lots revenue	Residential units revenue	Land and lots revenue
	As reported				Corrections			As restated
Primary Geographical Market
Central	$	1,270,599	$	7,980		(25,789)	—	1,244,810	7,980
Southeast	498,656		475			(2,611)	—	496,045	475
Total revenues	1,769,255		8,455			(28,400)	—	1,740,855	8,455

Type of Customer
Homebuyers	1,769,255		—			(28,400)	—	1,740,855	—
Homebuilders and Multi-family Developers	—		8,455			—	—	—	8,455
Total revenues	1,769,255		8,455			(28,400)	—	1,740,855	8,455

Product Type
Residential units	1,769,255		—			(28,400)	—	1,740,855	—
Land and lots	—		8,455			—	—	—	8,455
Total revenues	1,769,255		8,455			(28,400)	—	1,740,855	8,455

Timing of Revenue Recognition
Transferred at a point in time	1,767,788		8,455			(28,400)	—	1,739,388	8,455
Transferred over time	1,467		—			—	—	1,467	—
Total revenues	1,769,255		8,455			(28,400)	—	1,740,855	8,455

	Year Ended December 31, 2024
	Residential units revenue		Land and lots revenue			Residential units revenue	Land and lots revenue	Residential units revenue	Land and lots revenue
	As reported				Corrections			As restated
Primary Geographical Market
Central	$	1,489,472	$	28,807		(34,720)	—	1,454,752	28,807
Southeast	580,664		—			(2,748)	—	577,916	—
Total revenues	2,070,136		28,807			(37,468)	—	2,032,668	28,807

Type of Customer
Homebuyers	2,070,136		—			(37,468)	—	2,032,668	—
Homebuilders and Multi-family Developers	—		28,807			—	—	—	28,807
Total revenues	2,070,136		28,807			(37,468)	—	2,032,668	28,807


Product Type
Residential units	2,070,136		—			(37,468)	—	2,032,668	—
Land and lots	—		28,807			—	—	—	28,807
Total revenues	2,070,136		28,807			(37,468)	—	2,032,668	28,807

Timing of Revenue Recognition
Transferred at a point in time	2,069,756		28,807			(37,468)	—	2,032,288	28,807
Transferred over time	380		—			—	—	380	—
Total revenues	2,070,136		28,807			(37,468)	—	2,032,668	28,807

	Year Ended December 31, 2025
	Residential units revenue		Land and lots revenue			Residential units revenue	Land and lots revenue	Residential units revenue	Land and lots revenue
	As reported				Corrections			As restated
Primary Geographical Market
Central	$	1,579,545	$	6,994		(54,584)	—	1,524,961	6,994
Southeast	511,932		—			(3,893)	—	508,039	—
Total revenues	2,091,477		6,994			(58,477)	—	2,033,000	6,994

Type of Customer
Homebuyers	2,091,477		—			(58,477)	—	2,033,000	—
Homebuilders and Multi-family Developers	—		6,994			—	—	—	6,994
Total revenues	2,091,477		6,994			(58,477)	—	2,033,000	6,994

Product Type
Residential units	2,091,477		—			(58,477)	—	2,033,000	—
Land and lots	—		6,994			—	—	—	6,994
Total revenues	2,091,477		6,994			(58,477)	—	2,033,000	6,994

Timing of Revenue Recognition
Transferred at a point in time	2,091,258		6,994			(58,477)	—	2,032,781	6,994
Transferred over time	219		—			—	—	219	—
Total revenues	2,091,477		6,994			(58,477)	—	2,033,000	6,994


Type of Customer
Homebuyers	$	443,284	$	—	$	(8,164)	$	—	$	435,120	$	—
Homebuilders and Multi-family Developers	—		4,054		—		—		—		4,054
Total revenues	$	443,284	$	4,054	$	(8,164)	$	—	$	435,120	$	4,054

Product Type
Residential units	$	443,284	$	—	$	(8,164)	$	—	$	435,120	$	—
Land and lots	—		4,054		—		—		—		4,054
Total revenues	$	443,284	$	4,054	$	(8,164)	$	—	$	435,120	$	4,054

Timing of Revenue Recognition
Transferred at a point in time	$	443,094	4,054		$	(8,164)	—		$	434,930	4,054
Transferred over time	190		—		—		—		190		—
Total revenues	$	443,284	$	4,054	$	(8,164)	$	—	$	435,120	$	4,054

	Three Months Ended March 31, 2025
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	361,627	$	2,304	$	(12,223)	$	—	$	349,404	$	2,304
Southeast	133,690		—		(945)		—		132,745		—
Total revenues	$	495,317	$	2,304	$	(13,168)	$	—	$	482,149	$	2,304

Type of Customer
Homebuyers	$	495,317	$	—	$	(13,168)	$	—	$	482,149	$	—
Homebuilders and Multi-family Developers	—		2,304		—		—		—		2,304
Total revenues	$	495,317	$	2,304	$	(13,168)	$	—	$	482,149	$	2,304

Product Type
Residential units	$	495,317	$	—	$	(13,168)	$	—	$	482,149	$	—
Land and lots	—		2,304		—		—		—		2,304
Total revenues	$	495,317	$	2,304	$	(13,168)	$	—	$	482,149	$	2,304

Timing of Revenue Recognition
Transferred at a point in time	$	495,317	2,304		$	(13,168)	—		$	482,149	2,304
Transferred over time	—		—		—		—		—		—
Total revenues	$	495,317	$	2,304	$	(13,168)	$	—	$	482,149	$	2,304


	Three Months Ended June 30, 2024
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	389,168	$	13,493	$	(7,420)	$	—	$	381,748	$	13,493
Southeast	157,970		—		(704)		—		157,266		—
Total revenues	$	547,138	$	13,493	$	(8,124)	$	—	$	539,014	$	13,493

Type of Customer
Homebuyers	$	547,138	$	—	$	(8,124)	$	—	$	539,014	$	—
Homebuilders and Multi-family Developers	$	—	13,493		—		—		—		13,493
Total revenues	$	547,138	$	13,493	$	(8,124)	$	—	$	539,014	$	13,493

Product Type
Residential units	$	547,138	$	—	$	(8,124)	$	—	$	539,014	$	—
Land and lots	—		13,493		—		—		—		13,493
Total revenues	$	547,138	$	13,493	$	(8,124)	$	—	$	539,014	$	13,493

Timing of Revenue Recognition
Transferred at a point in time	$	546,948	13,493		$	(8,124)	—		$	538,824	13,493
Transferred over time	190		—		—		—		190		—
Total revenues	$	547,138	$	13,493	$	(8,124)	$	—	$	539,014	$	13,493

	Six Months Ended June 30, 2024
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	704,405	$	17,547	$	(15,049)	$	—	$	689,356	$	17,547
Southeast	286,017		—		(1,239)		—		284,778		—
Total revenues	$	990,422	$	17,547	$	(16,288)	$	—	$	974,134	$	17,547

Type of Customer
Homebuyers	$	990,422	$	—	$	(16,288)	$	—	$	974,134	$	—
Homebuilders and Multi-family Developers	—		17,547		—		—		—		17,547
Total revenues	$	990,422	$	17,547	$	(16,288)	$	—	$	974,134	$	17,547


Product Type
Residential units	$	990,422	$	—	$	(16,288)	$	—	$	974,134	$	—
Land and lots	—		17,547		—		—		—		17,547
Total revenues	$	990,422	$	17,547	$	(16,288)	$	—	$	974,134	$	17,547

Timing of Revenue Recognition
Transferred at a point in time	$	990,042	$	17,547	$	(16,288)	—		$	973,754	17,547
Transferred over time	380		—		—		—		380		—
Total revenues	$	990,422	$	17,547	$	(16,288)	$	—	$	974,134	$	17,547

	Six Months Ended June 30, 2025
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	783,215	$	4,342	$	(25,867)	$	—	$	757,348	$	4,342
Southeast	259,211		—		$	(1,885)	—		257,326		—
Total revenues	$	1,042,426	$	4,342	$	(27,752)	$	—	$	1,014,674	$	4,342

Type of Customer
Homebuyers	$	1,042,426	$	—	$	(27,752)	$	—	$	1,014,674	$	—
Homebuilders and Multi-family Developers	—		4,342		—		—		—		4,342
Total revenues	$	1,042,426	$	4,342	$	(27,752)	$	—	$	1,014,674	$	4,342

Product Type
Residential units	$	1,042,426	$	—	$	(27,752)	$	—	$	1,014,674	$	—
Land and lots	—		4,342		—		—		—		4,342
Total revenues	$	1,042,426	$	4,342	$	(27,752)	$	—	$	1,014,674	$	4,342

Timing of Revenue Recognition
Transferred at a point in time	$	1,042,426	$	4,342	$	(27,752)	—		$	1,014,674	4,342
Transferred over time	—		—		—		—		—		—
Total revenues	$	1,042,426	$	4,342	$	(27,752)	$	—	$	1,014,674	$	4,342

	Three Months Ended September 30, 2024
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	389,697	$	801	$	(8,654)	$	—	$	381,043	$	801
Southeast	133,162		—		$	(677)	—		132,485		—


Total revenues	$	522,859	$	801	$	(9,331)	$	—	$	513,528	$	801

Type of Customer
Homebuyers	$	522,859	$	—	$	(9,331)	$	—	$	513,528	$	—
Homebuilders and Multi-family Developers	—		801		—		—		—		801
Total revenues	$	522,859	$	801	$	(9,331)	$	—	$	513,528	$	801

Product Type
Residential units	$	522,859	$	—	$	(9,331)	$	—	$	513,528	$	—
Land and lots	—		801		—		—		—		801
Total revenues	$	522,859	$	801	$	(9,331)	$	—	$	513,528	$	801

Timing of Revenue Recognition
Transferred at a point in time	$	522,859	801		$	(9,331)	—		$	513,528	801
Transferred over time	—		—		—		—		—		—
Total revenues	$	522,859	$	801	$	(9,331)	$	—	$	513,528	$	801

	Three Months Ended September 30, 2025
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	391,108	$	—	$	(13,990)	$	—	$	377,118	$	—
Southeast	107,983		—		(885)		—		107,098		—
Total revenues	$	499,091	$	—	$	(14,875)	$	—	$	484,216	$	—

Type of Customer
Homebuyers	$	499,091	$	—	$	(14,875)	$	—	$	484,216	$	—
Homebuilders and Multi-family Developers	—		—		—		—		—		—
Total revenues	$	499,091	$	—	$	(14,875)	$	—	$	484,216	$	—

Product Type
Residential units	$	499,091	$	—	$	(14,875)	$	—	$	484,216	$	—
Land and lots	—		—		—		—		—		—
Total revenues	$	499,091	$	—	$	(14,875)	$	—	$	484,216	$	—

Timing of Revenue Recognition
Transferred at a point in time	$	499,059	$	—	$	(14,875)	—		$	484,184	—


Transferred over time	32		—		—		—		32		—
Total revenues	$	499,091	$	—	$	(14,875)	$	—	$	484,216	$	—

	Nine Months Ended September 30, 2024
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	1,094,102	$	18,348	$	(23,703)	$	—	$	1,070,399	$	18,348
Southeast	419,179		—		$	(1,916)	—		417,263		—
Total revenues	$	1,513,281	$	18,348	$	(25,619)	$	—	$	1,487,662	$	18,348

Type of Customer
Homebuyers	$	1,513,281	$	—	$	(25,619)	$	—	$	1,487,662	$	—
Homebuilders and Multi-family Developers	—		18,348		—		—		—		18,348
Total revenues	$	1,513,281	$	18,348	$	(25,619)	$	—	$	1,487,662	$	18,348

Product Type
Residential units	$	1,513,281	$	—	$	(25,619)	$	—	$	1,487,662	$	—
Land and lots	—		18,348		—		—		—		18,348
Total revenues	$	1,513,281	$	18,348	$	(25,619)	$	—	$	1,487,662	$	18,348

Timing of Revenue Recognition
Transferred at a point in time	$	1,512,901	18,348		$	(25,619)	—		$	1,487,282	18,348
Transferred over time	380		—		—		—		380		—
Total revenues	$	1,513,281	$	18,348	$	(25,619)	$	—	$	1,487,662	$	18,348

	Nine Months Ended September 30, 2025
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
	As reported				Corrections				As restated
Primary Geographical Market
Central	$	1,174,323	$	4,342	$	(39,857)	$	—	$	1,134,466	$	4,342
Southeast	367,194		—		(2,770)		—		364,424		—
Total revenues	$	1,541,517	$	4,342	$	(42,627)	$	—	$	1,498,890	$	4,342

Type of Customer
Homebuyers	$	1,541,517	$	—	$	(42,627)	$	—	$	1,498,890	$	—
Homebuilders and Multi-family Developers	—		4,342		—		—		—		4,342
Total revenues	$	1,541,517	$	4,342	$	(42,627)	$	—	$	1,498,890	$	4,342



Product Type
Residential units	$	1,541,517	$	—	$	(42,627)	$	—	$	1,498,890	$	—
Land and lots	—		4,342		—		—		—		4,342
Total revenues	$	1,541,517	$	4,342	$	(42,627)	$	—	$	1,498,890	$	4,342

Timing of Revenue Recognition
Transferred at a point in time	$	1,541,485	$	4,342	$	(42,627)	—		$	1,498,858	4,342
Transferred over time	32		—		—		—		32		—
Total revenues	$	1,541,517	$	4,342	$	(42,627)	$	—	$	1,498,890	$	4,342

Basic earnings per common share is computed by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of restricted stock awards during each period. Net income allocated to common stockholders is net income adjusted for preferred stock dividends including dividends declared and cumulative dividends related to the current dividend period that have not been declared as of period end. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options, restricted stock awards and performance restricted stock units.

Lot acquisition, materials, direct costs, interest and indirect costs related to the acquisition, development, and construction of lots and homes are capitalized. Direct costs of developing residential lots are allocated evenly to all applicable lots. Indirect construction cost allocations are based on projected final costs, which are the higher of budgeted or actual amounts plus open commitments, then allocated to each home as it closes. Capitalized costs of residential lots are expensed when the related revenue is recognized. Non-capitalizable costs in connection with developed lots and completed homes and other selling and administrative costs are expensed when incurred.

We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.

We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon, among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences.

In accordance with ASC 280, Segment Reporting (“ASC 280”), an operating segment is defined as a component of an enterprise for which discrete financial information is available and reviewed regularly by the chief operating decision maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. The Company identifies its CODM as three key executives - the Chief Executive Officer, the Chief Financial Officer, and the Chief Operating Officer. In determining the reportable segments, the CODM considers similar economic and other characteristics, including geography, class of customers, product types, and production processes.

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standard Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are expected to have a minimal impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the CODM and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new guidance on a retrospective basis on January 1, 2024. See Note 12.

In December, 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted the new guidance on a prospective basis on January 1, 2025. See Note 13.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which establishes new disclosure requirements for income statement expenses. Under the new guidance, entities must provide greater disaggregation of expenses which includes disclosing the amounts of purchases of inventory, employee compensation, and depreciation included in each relevant expense caption. Entities will also have to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and a definition of selling expenses. This ASU can be applied prospectively or retrospectively and is