Investments, Equity Method and Joint Ventures

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Unconsolidated Entities

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


	June 30, 2026		December 31, 2025
Rainwater Crossing Single-Family, LLC(1)	$	37,911	$	51,484
GBTM Sendera, LLC	21,985		21,985
EJB River Holdings, LLC	6,306		8,075
TMGB Magnolia Ridge, LLC	11,506		11,506
Total investment in unconsolidated entities	$	77,708	$	93,050

(1) Decrease is due to $23.6 million in distributions as of June 30, 2026.

As of June 30, 2026 and December 31, 2025, the Company’s maximum exposure to loss from its investments in unconsolidated entities was $119.5 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 (“Rainwater Crossing”) of $9.2 million and $9.6 million as of June 30, 2026 and December 31, 2025, respectively. In addition, the Company has a completion guarantee up to $22.5 million on a revolving loan to fund the development activities of TMGB Magnolia Ridge, LLC.

A summary of the unaudited condensed financial information of the unconsolidated entities as of June 30, 2026 and December 31, 2025 that are accounted for by the equity method is as follows (in thousands):


	June 30, 2026		December 31, 2025
Assets:
Cash	$	7,632	$	10,713
Accounts receivable	326		1,615
Bonds and notes receivable	9,185		9,599
Inventory	150,472		177,003
Other assets	6,482		2,283
Total assets	$	174,097	$	201,213
Liabilities:
Accounts payable	$	11,273	$	8,050
Accrued expenses and other liabilities	—		10,746
Notes payable	36,240		37,274
Total liabilities	47,513		56,070
Owners’ equity:
Green Brick(1)	81,175		93,050
Others	45,409		52,093
Total owners’ equity	126,584		145,143
Total liabilities and owners’ equity	$	174,097	$	201,213

(1) A $3.5 million basis difference exists between the Company’s Rainwater Crossing capital balance and its investment in the joint venture due to profit recognized by the joint venture on lots taken down by Green Brick homebuilders. The Company will recognize this profit ratably through equity in income of unconsolidated entities when these lots are closed.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	39,306	$	14,205	$	48,176	$	17,519
Costs and expenses	33,878		13,181		40,508		15,551
Net earnings of unconsolidated entities	$	5,428	$	1,024	$	7,668	$	1,968
Company’s share in net earnings of unconsolidated entities	$	611	$	511	$	1,731	$	984

Consolidated Entities

The aggregated carrying amounts of the assets and liabilities of The Providence Group of Georgia LLC (“TPG”) were $186.0 million and $172.7 million, respectively, as of June 30, 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.