Record Quarterly and Annual Deliveries
Delivered 1,038 homes in Q4, a 1.9% increase year-over-year and the highest fourth-quarter deliveries in company history; full-year deliveries were 3,943 homes, up 4.2% year-over-year and a company record for a full year.
Record Net Orders and Solid Sales Pace
Recorded 883 net orders in Q4 (a record for any fourth quarter) and full-year net new home orders of 3,795, up 3.1% year-over-year; Q4 sales pace improved slightly to 2.9 homes/month from 2.8 a year earlier.
Strong Balance Sheet and Liquidity
Maintained $155 million cash and $520 million total liquidity with $365 million undrawn on homebuilding credit facilities; net debt to total capital of 8.2% and debt to total capital of 14.7%, noted as among the best in small/mid-cap public homebuilder peers.
Active Share Repurchase Program
Repurchased 359,000 shares for ~$23 million in Q4 and 1.4 million shares for ~$83 million in 2025; Board authorized up to $150 million additional repurchase capacity.
High Relative Gross Margins
Homebuilding gross margin was 29.4% in Q4 (despite declines) and 30.5% for the full year — management noted these remain the highest among public homebuilders, supporting pricing flexibility.
Mortgage Platform Expansion and Financial Contribution
Green Brick Mortgage closed and funded over 380 loans in Q4 with average FICO of 746 and DTI of 40%; management expects the financial services platform in 2026 to generate more pretax income than the interest cost on all company debt and projects captive mortgage capture of 75–85% by year-end as rollout continues.
Improved Operational Efficiency
Reduced construction cycle times by 20 days year-over-year to 130 days overall, with Trophy averaging under 90 days in DFW — supporting faster turn and responsiveness to demand.
Healthy Land/Lot Position
Lots owned and under contract increased ~10% year-over-year to ~48,800 (37,000 owned, ~11,800 under contract); excluding ~25,000 MPC lots, lot supply is ~6 years, supporting medium-term growth optionality.