v3.26.3
Investments in Consolidated and Unconsolidated Entities
 9 Months Ended
Sep. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Consolidated and Unconsolidated Entities INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
Unconsolidated Entities
A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):
September 30, 2026December 31, 2025
Rainwater Crossing Single-Family, LLC$45,447 $51,484 
GBTM Sendera, LLC21,985 21,985 
EJB River Holdings, LLC5,424 8,075 
TMGB Magnolia Ridge, LLC14,006 11,506 
Total investment in unconsolidated entities $86,862 $93,050 


As of September 30, 2026 and December 31, 2025, the Company’s maximum exposure to loss from its investments in unconsolidated entities was $129.0 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 $7.0 million and $9.6 million as of September 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 September 30, 2026 and December 31, 2025 that are accounted for by the equity method is as follows (in thousands):
September 30, 2026December 31, 2025
Assets:
Cash$11,084 $10,713 
Accounts receivable385 1,615 
Bonds and notes receivable7,034 9,599 
Inventory166,324 177,003 
Other assets10,129 2,283 
Total assets$194,956 $201,213 
Liabilities:
Accounts payable$8,284 $8,050 
Accrued expenses and other liabilities— 10,746 
Notes payable39,615 37,274 
Total liabilities47,899 56,070 
Owners’ equity:
Green Brick(1)
90,328 93,050 
Others56,729 52,093 
Total owners’ equity147,057 145,143 
Total liabilities and owners’ equity$194,956 $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 September 30,Nine Months Ended September 30,
2026202520262025
Revenues$6,922 $9,281 $55,098 $26,800 
Costs and expenses6,187 8,433 46,695 23,984 
Net earnings of unconsolidated entities$735 $848 $8,403 $2,816 
Company’s share in net earnings of unconsolidated entities$367 $422 $2,098 $1,406 

Consolidated Entities
The aggregated carrying amounts of the assets and liabilities of The Providence Group of Georgia LLC (“TPG”) were $210.1 million and $197.4 million, respectively, as of September 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.