Green Brick Partners shares closed down 1.6% following first quarter results, as the market weighed reported solid gross margins and order activity against the disclosure of financial statement restatements due to the reclassification of closing cost incentives.

• Net income for Q1 was $61 million, or $1.39 per diluted share, on $465 million in revenues, with home deliveries (908) essentially flat year-over-year.
• Homebuilding gross margins remained high at 28.9%, and leverage declined further with net homebuilding debt to total capital at 5.5%.
• Net new orders reached 1,037, and orders improved sequentially through the quarter, matching typical spring selling seasonality.
• The financial services segment saw significant growth, with mortgage revenues up year-over-year to $5.6 million and pretax income rising 139%.
• Management announced restatements of 2024-2025 financials due to a required adjustment in revenue recognition related to closing cost incentives, to be reflected in revised filings.