Green Brick Partners is a homebuilder and land developer focused on high-growth Sunbelt markets, primarily Dallas-Fort Worth, Austin, Houston, and Atlanta, with a smaller presence on Florida's Treasure Coast. Green Brick handles the full homebuilding process — acquiring raw land, developing lots, constructing homes, and selling them — and also offers ancillary mortgage, title, and insurance services to buyers. Green Brick operates seven builder brands spanning price points from the mid-$200s to over $2.8M, targeting buyers from first-time to luxury. Trophy Signature Homes is the largest brand by volume, representing roughly half of all closings, and builds spec homes targeting entry-level and move-up buyers in DFW, with ongoing expansion into Austin and Houston. Revenue is driven primarily by homes delivered and average selling price, which was approximately $530K as of FY25. The key differentiator in Green Brick's model is its land strategy: Green Brick self-develops roughly 86% of its lots rather than buying finished lots from third-party developers, which management argues is the primary driver of homebuilding gross margins that have consistently exceeded 30%. Green Brick's primary growth lever is expanding Trophy into new markets, and the company is spending approximately $300M on land development in 2025. When land opportunities are limited, Green Brick allocates capital to share buybacks; since 2022, Green Brick has repurchased approximately 7.9M shares, or about 16% of shares outstanding.