FOURTH QUARTER INVESTOR CALL PRESENTATION 2019 BUILDING COMMUNITIES - - PowerPoint PPT Presentation

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FOURTH QUARTER INVESTOR CALL PRESENTATION 2019 BUILDING COMMUNITIES - - PowerPoint PPT Presentation

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The Providence Group Exhibit 99.2 Pratt Stacks | Atlanta, GA FOURTH QUARTER INVESTOR CALL PRESENTATION 2019 BUILDING COMMUNITIES | DEVELOPING DREAMS FORWARD-LOOKING STATEMENTS This presentation and our earnings call contain forward-looking

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BUILDING COMMUNITIES | DEVELOPING DREAMS

FOURTH QUARTER INVESTOR CALL PRESENTATION 2019

Exhibit 99.2

The Providence Group Pratt Stacks | Atlanta, GA

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BUILDING COMMUNITIES | DEVELOPING DREAMS

FORWARD-LOOKING STATEMENTS

This presentation and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Forward-looking statements in this press release and the earnings call include statements regarding the Company’s (i) strategy for growth, the drivers of that growth, and the impact on the Company’s results, and (ii) expectations regarding community count growth and the timing of that growth. These forward-looking statements involve estimates and assumptions which may be affected by risks and uncertainties in the Company’s business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) adverse impacts from general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) a failure to recruit, retain or develop highly skilled and competent employees; (3) unsuccessful integration or management of acquisitions; (4) shortages of labor or raw materials; (5) an inability to acquire land for reasonable prices; (6) an inability to develop or sell communities; (7) government regulation risks; (8) a lack of availability or volatility of mortgage financing; (9) a severe weather event or natural disasters; (10) difficulty in obtaining sufficient capital; (11) poor relations with community residents; and (12) an increase in our debt levels or related service obligations. For a more detailed discussion of these and other risks and uncertainties applicable to the Company please see the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.

2

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BUILDING COMMUNITIES | DEVELOPING DREAMS

MANAGEMENT PRESENTERS

3 Jim Brickman Chief Executive Officer

  • Over 40 years in real estate development

and homebuilding.

  • Co-founded JBGL with Greenlight Capital in
  • 2008. JBGL was merged into Green Brick in

2014.

  • Previously served as Chairman and CEO of

Princeton Homes and Princeton Realty Corp. Rick Costello Chief Financial Officer

  • Over 25 years of financial and operating

experience in all aspects of real estate management.

  • Previously served as CFO and COO of GL

Homes, as AVP of finance of Paragon Group and as an auditor for KPMG.

  • M.B.A from Northwestern University’s Kellogg

School. Jed Dolson President of Texas Region

  • Over 15 years of land development and

property acquisition.

  • Head of GRBK land acquisitions since 2010.
  • Masters

Degree in Engineering, Stanford University, and Registered Engineer, State of Texas.

BUILDING COMMUNITIES | DEVELOPING DREAMS

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4

Team Builders Market Products Offered Price Range Structure

Atlanta, GA Townhomes Single Family Condominiums $320k - $690k $340k - $1.01M $380k - $580k Consolidated(1) Dallas, TX Townhomes Single Family $230k - $480k $330k - $760k Consolidated(1) Dallas, TX Townhomes Single Family $340k - $550k $390k - $850k Consolidated(2) Dallas, TX Luxury Homes $500k - $1.06M Consolidated(3) Vero Beach, FL Treasure Coast, FL Single Family Patio Homes $250k - $750k $200k - $400k Consolidated(4)

Colorado Springs, CO Townhomes Patio Homes Single Family $240k - $310k $315k - $385k $225k - $600k

Equity Interest(5) Dallas, TX Houston, TX Single Family $240k - $560k Consolidated(3)

/

(1) GRBK receives lot sale profits and lending profits before non-controlling interests participate in profits (2) 90% ownership (3) 100% ownership (4) 80% ownership (5) 49.9% ownership with contractual pathway to control

GREEN BRICK IS A DIVERSIFIED BUILDER WITH 8 BRANDS IN 4 MAJOR MARKETS

Financial Services

100% ownership 49% ownership

BUILDING COMMUNITIES | DEVELOPING DREAMS

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MARKET UPDATE – JOB GROWTH

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Source: Metrostudy, December 2019 (1) GRBK has announced expansion of Trophy Signature Homes into Houston, TX

National Economic Overview Top Job Growth Markets Ranked by Change in Employment, TTM December 2019

Rank MSA Employment Growth Growth %

1 Dallas-Fort Worth-Arlington, TX 3,886,800 127,600 3.4% 2 New York-Newark-Jersey City, NY-NJ-PA 10,083,000 97,300 1.0% 3 Los Angeles-Long Beach-Anaheim, CA 6,344,200 93,200 1.5% 4 Houston-The Woodlands-Sugar Land, TX 3,225,700 88,000 2.8% 5 Phoenix-Mesa-Scottsdale, AZ 2,238,300 68,800 3.2% 6 Atlanta-Sandy Springs-Roswell, GA 2,902,000 66,700 2.4% 7 Seattle-Tacoma-Bellevue, WA 2,142,100 65,400 3.1% 8 Washington-Arlington-Alexandria, DC-VA-MD-WV 3,377,200 52,600 1.6% 9 San Francisco-Oakland-Hayward, CA 2,541,600 51,300 2.1% 10 Miami-Fort Lauderdale-West Palm Beach, FL 2,785,600 44,900 1.6% 11 Orlando-Kissimmee-Sanford, FL 1,372,800 43,300 3.3% 12 Austin-Round Rock, TX 1,119,800 37,800 3.5% 13 Chicago-Naperville-Elgin, IL-IN-WI 4,839,200 36,000 0.7% 14 Denver-Aurora-Lakewood, CO 1,551,100 35,100 2.3% 15 San Diego-Carlsbad, CA 1,540,700 34,800 2.3%

BUILDING COMMUNITIES | DEVELOPING DREAMS

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MARKET UPDATE - STARTS

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Source: Metrostudy, December 2019 (1) GRBK has also entered the Colorado Springs market through our unconsolidated investment in Challenger Homes. (2) GRBK has announced expansion of Trophy Signature Homes into Houston, TX

National Housing Market Annual Starts by Market – TTM December 2019

We are 2% to 5% of the starts in three of the largest housing markets in the U.S., giving us significant opportunity for growth

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

13,748

San Antonio Austin Northern California Southern California Denver/ Colorado Springs (1) Phoenix/ Tucson Dallas /Ft. Worth Atlanta Central Florida Houston(2)

34,718 25,877 19,287 30,547 26,632 24,416 18,905 16,794 14,580

BUILDING COMMUNITIES | DEVELOPING DREAMS

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LAND POSITION

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*Includes 23 communities under active development and 14 communities in the engineering phase (i.e. pre-development) Source: John Burns Real Estate Consulting (Regional Analysis and Forecast Published October 2019) Note: GRBK Locations are approximately to scale

Land is well positioned in attractive submarkets

Atlanta Metro Area Dallas Metro Area Land position highlights

95

Active selling communities as of 12.31.19

37*

Communities under development

Submarket Grades GRBK Locations

Most desirable Desirable area Median desirability More affordable Most affordable

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SUSTAINED GROWTH THROUGH PRUDENT LAND DEVELOPMENT

We have the strong balance sheet and operational excellence for continued growth

LTM Total Revenues and End of Period Lot Supply for Green Brick Partners* December 2019

* Revenue information prior to October 27, 2014 are from JBGL Builder Finance, LLC and its consolidated subsidiaries and affiliated companies, whose assets were acquired by GRBK on October 27, 2014. 840 1,084 954 1,724 1,843 2,557 3,316 3,650 4,235 4,495 6,235 6,419 (500) 500 1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500 9,500

  • 100,000

200,000 300,000 400,000 500,000 600,000 700,000 800,000 12.31.11 12.31.12 12.31.13 12.31.14 12.31.15 12.31.16 12.31.17 12.31.18 12.31.19

Lots Dollars ($)

Lots Controlled Lots Owned Total Revenue

BUILDING COMMUNITIES | DEVELOPING DREAMS

s

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GROWTH DRIVERS

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Green Brick continues to demonstrate industry-leading growth with industry-low financial leverage

$0 $200 $400 $600 $800 $1,000

Total Revenues ($ in Millions)

LTM 12.31.2017 LTM 12.31.2019 $0 $50 $100 $150 $200 $250 $300 $350 $400

Backlog ($ in Millions)

12.31.2017 12.31.2019 2000 4000 6000 8000 10000

Lots Owned and Controlled

12.31.2017 12.31.2019 15 30 45 60 75 90

Average Selling Communities

YTD 12.31.2017 YTD 12.31.2019 500 1000 1500 2000

Units Started LTM

LTM 12.31.2017 LTM 12.31.2019

1,889

200 400 600 800 1000 1200 1400

Units Under Construction

12.31.2017 12.31.2019

+73%

+129% +44%

+59%

+63% +76%

$791.7

$346.8

8,976 86 1,297

BUILDING COMMUNITIES | DEVELOPING DREAMS

$458.2 $151.5 6,219 54 1,162 736

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Home Closings Revenue Revenue in Millions, ASP in Thousands

GREEN BRICK IS A DIVERSIFIED BUILDER

10

Rapidly expanding into entry-level and first-time move-up homes with over 2,000 acquired homesites for Trophy Signature Homes

$0 $100 $200 $300 $400 $500 $600 $700 $800

Total

LTM 4Q17 (ASP $440.0) LTM 4Q19 (ASP $437.6) $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500

Townhomes, Condominium, and Attached Homes

LTM 4Q17 (48% of total) LTM 4Q19 (34% of total)

$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500

Single-Family

LTM 4Q17 (52% of total) LTM 4Q19 (66% of total)

+23% + 118% +73%

$496.1 $256.2

$232.5

$208.4 $752.3 $435.6

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$227.2

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Homebuyer Customer Mix LTM GRBK Home Closings Revenue by Product Type

HOMEBUYER CUSTOMER DIVERSIFICATION IN TEXAS, GEORGIA, & FLORIDA MARKETS

11

We also manage risk by diversifying our homebuyer customer mix

Suburban Townhouse Single-Family Second Time Plus Move-Up Single-Family First Time Move-Up Age-Targeted Urban

46% 39% 13% 2% 15% 32% 29% 19% 5%

Total: $435.6M Total: $752.3M LTM 12.31.19 Home Closings Revenue LTM 12.31.17 Home Closings Revenue

73% Growth BUILDING COMMUNITIES | DEVELOPING DREAMS

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September 2019

  • Green Brick Partners makes Fortune's list of 100 Fastest Growing Companies in the world.
  • Appen Media Group awards Best Home Builder to The Providence Group of Georgia.

October 2019

  • GHO Homes closes on Barrier Island site in Vero Beach, FL.
  • The Providence Group Of Georgia announces joint venture for 115 Acre, Age 55+ development In

Peachtree Corners, GA.

  • Trophy Signature Homes debuts entry level product at Fort Worth community of Ventana.

November 2019

  • The Greater Atlanta Home Builders Association (HBA) and the Atlanta Sales and Marketing

Council award The Providence Group 15 OBIE awards.

December 2019

  • Trophy Signature Homes announces expansion into Houston, Texas.

GREEN BRICK RECENT NEWS

12

+18% YOY +32% YOY

Recent Developments and Press Releases

$610.0 $462.6 $391.9 BUILDING COMMUNITIES | DEVELOPING DREAMS

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(Unaudited)

13

FINANCIAL HIGHLIGHTS

*Annualized

(Dollars in Millions, Except EPS) Q4 2019 Q4 2018 Qtr over Qtr Change 2019 YTD 2018 YTD Yr over Yr Change Notes New Homes Delivered 514 382 34.6% 1,719 1,287 33.6% Sustained 30%+ growth for quarterly and annual results Net New Home Orders 590 279 111.5% 1,923 1,397 37.7% Unprecedented order growth which more than doubled in Q4 2019 versus Q4 2018 Net Orders Per Community Per Quarter 6.6 3.7 78.4% 5.6 5.3 5.7% Residential Units Revenue $223.3 $172.0 29.8% $759.8 $578.9 31.3% Total Revenues $230.1 $185.1 24.3% $791.7 $623.6 26.9% Backlog $346.8 $264.3 31.2% Average Selling Communities 90 76 18.4% 86 66 30.3% Driver for growth for 2020 Net Debt to Capital 28.1% 25.7% Total Lots Owned and Controlled 8,976 8,078 11.1% Driver for growth for 2020 Units Under Construction 1,297 1,127 15.1% Driver for growth for 2020 Last 12 Months Construction Starts 1,889 1,524 24.0% Driver for growth for 2020 Homebuilding Gross Margin 21.6% 24.2%

  • 2.6%

21.4% 25.2%

  • 3.8%

Adjusted Homebuilding Gross Margin 22.7% 25.0%

  • 2.3%

22.4% 25.9%

  • 3.5%

Net Income Attributable to Noncontrolling Interests as % of Residential Units Revenue 0.7% 2.1%

  • 1.4%

0.7% 2.2%

  • 1.5%

Adjusted Pre-tax Income Attributable to GRBK $20.9 $17.1 22.2% $78.4 $69.4 13.0% Adjusted Pre-Tax Income as % of Total Revenues 9.1% 9.2% 9.9% 11.1% 12.31.19 average small cap 5.6% / average mid-cap 8.1% Adjusted Pre-Tax Income Return on Average Invested Capital* 11.1% 10.3% 11.0% 11.6% 12.31.19 average small cap 7.9% / average mid-cap 9.1% EBITDA $23.9 $19.9 20.1% $89.8 $77.1 16.5% Basic EPS $0.32 $0.26 23.1% $1.16 $1.02 13.7% Q4 2019 was record EPS for any quarter Net Income Attributable to GRBK $15.9 $13.4 18.7% $58.7 $51.6 13.8% Net Income Return on Average Equity* 12.3% 11.6% 6.0% 11.8% 11.7% 0.9% 12.31.19 average small cap 10.9% / average mid-cap 12.5% who all have much more leverage

BUILDING COMMUNITIES | DEVELOPING DREAMS

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9.9% 11.0% 11.8% 5.6% 7.9% 10.9% 8.1% 9.1% 12.5%

0.0% 5.0% 10.0% 15.0%

GRBK Average Small Cap Average Mid Cap

Green Brick achieves a return on invested capital that exceeds our peers

Source: Company data. (1) Small Cap peers include BZH, CCS, LGIH, and MHO; data for peers is through 12.31.19 (2) Mid Cap peers include MDC, KBH, MTH, and TMHC; data for peers is through 12.31.19

PRE-TAX RESULTS EXCEED PEER SMALL-CAP AND MID-CAP BUILDERS

14 Green Brick Q4 2019 KPIs vs Peer Median by Market Capitalization, Last Twelve Months

1 2

Adjusted Pre-tax Income % of Total Revenues Adjusted Pre-tax Income % of Average Invested Capital Net Income Return on Average Equity BUILDING COMMUNITIES | DEVELOPING DREAMS

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BALANCE SHEET STRENGTH

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Source: Public filings of each peer company * ”Net Debt” equals total debt minus cash. Cash for Green Brick Partners equals $33.269M as of 12.31.19. Total capital equals net debt plus stockholder’s equity excluding equity attributable to noncontrolling interests.

  • GRBK Net Debt* to Capital is 28.1% as December 31, 2019 versus an average 37.6% for covered public builders (Peer data based on most recent filings as of 2.28.20)

Unlike most peers, our conservative financial leverage allows us to continue high margin growth.

Net Debt* to Total Capital Q4 2019

68.4% 50.5% 49.2% 43.0% 42.7% 42.7% 38.8% 35.2% 29.1% 28.4% 28.1% 26.2% 25.6% 17.7%

BZH CCS NWHM TOL MHO LGIH TMHC KBH MDC LEN GRBK MTH PHM DHI BUILDING COMMUNITIES | DEVELOPING DREAMS

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  • Modest increase in debt to capital up to 35%. Consolidated debt is priced

significantly less than most small-cap peers and mid-cap peers.

  • Scale our SG&A leverage by controlling corporate overhead growth

while our Team Builders experience top-line growth.

  • Expand the breadth of our existing financial services platforms.
  • Increase operating efficiencies at the Team Builder level.
  • Expand Trophy Signature Homes into Houston, TX and one other market.

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DRIVERS FOR INCREASE IN RETURN ON EQUITY

With significant growth drivers in place, Green Brick can enhance future returns on equity through:

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APPENDIX

BUILDING COMMUNITIES | DEVELOPING DREAMS

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Adjusted Homebuilding Gross Margin Reconciliation

NON-GAAP RECONCILIATION

(Unaudited, in Thousands)

Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Twelve Months Ended December 31, 2017 Residential Units Revenue $223,270 $171,990 $759,830 $578,893 $439,520 Less: Mechanic’s Lien Contracts Revenue

  • (2,456)

(7,557) (7,716) (3,876) Home Closings Revenue $223,270 $169,534 $752,273 $571,177 $435,644 Homebuilding Gross Margin $ 48,249 $ 40,945 $160,952 $144,013 Add Back: Capitalized Interest Charged to Cost of Revenues 2,333 1,405 7,886 3,987 Adjusted Homebuilding Gross Margin $ 50,582 $ 42,350 $168,838 $148,000 Adjusted Homebuilding Gross Margin Percentage 22.7% 25.0% 22.4% 25.9%

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BUILDING COMMUNITIES | DEVELOPING DREAMS

(Unaudited, in Thousands) Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Net Income Attributable to Green Brick $ 15,920 $ 13,354 $ 58,656 $ 51,623 Income Tax Expense Attributable to Green Brick 4,959 3,754 19,712 16,984 Transaction Expenses — — — 827 Adjusted Pre-tax Income Attributable to Green Brick $ 20,879 $ 17,108 $ 78,368 $ 69,434 Total Revenues $230,122 $185,120 $791,660 $623,647 Adjusted Pre-tax Income Attributable to Green Brick as a % of Total Revenues 9.1% 9.2% 9.9% 11.1% Beginning Total Green Brick Stockholders’ Equity $508,715 $455,686 $468,351 $416,347 Ending Total Green Brick Stockholders’ Equity 523,168 468,351 523,168 468,351 Average Total Green Brick Stockholders’ Equity $515,942 $462,019 $495,760 $442,349 Beginning Debt $238,150 $200,010 $200,386 $115,699 Ending Debt 238,048 200,386 238,048 200,386 Average Debt $238,099 $200,198 $219,217 $158,043 Adjusted Pre-tax Income Attributable to Green Brick $ 20,879 $ 17,108 $ 78,368 $ 69,434 Divided by: Average Invested Capital 754,041 662,217 714,977 600,392 Multiplied by: Annualization Factor 4.00 4.00 1.00 1.00 Adjusted Pre-tax Income Return on Average Invested Capital, Annualized 11.1% 10.3% 11.0% 11.6%

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Adjusted GRBK Pre-tax Income as a Percentage of Total Revenues and GRBK Pre-tax Income Return on Average Invested Capital

NON-GAAP RECONCILIATION

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EBITDA

NON-GAAP RECONCILIATION

(Unaudited, in Thousands) Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Adjusted Pre-tax Income Attributable to Green Brick $20,879 $17,108 $78,368 $69,434 Add Back: Capitalized Interest Charged to Cost of Revenues 2,405 1,618 8,324 4,697 Add Back: Depreciation and Amortization Expense 636 1,139 3,079 2,943 EBITDA $23,920 $19,865 $89,771 $77,074

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BUILDING COMMUNITIES | DEVELOPING DREAMS (Unaudited, in Thousands) Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Net Income Attributable to Green Brick $ 15,920 $ 13,354 $ 58,656 $ 51,623 Beginning Total Green Brick Stockholders’ Equity $508,715 $455,686 $468,351 $416,347 Ending Total Green Brick Stockholders’ Equity 523,168 468,351 523,168 468,351 Average Total Green Brick Stockholders’ Equity $515,942 $462,019 $495,760 $442,349 Net Income Attributable to Green Brick $ 15,920 $ 13,354 $ 58,656 $ 51,623 Divided by: Average Total Green Brick Stockholders’ Equity $515,942 $462,019 $495,760 $442,349 Multiplied by: Annualization Factor 4.00 4.00 1.00 1.00 Net Income Return on Average Equity, Annualized 12.3% 11.6% 11.8% 11.7%

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Net Income Return on Average Equity

NON-GAAP RECONCILIATION

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FOURTH QUARTER INVESTOR CALL PRESENTATION 2019

2805 Dallas Parkway, Suite 400 Plano, Texas 75093 | www.greenbrickpartners.com

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