Company Quick10K Filing
Green Brick Partners
Price10.52 EPS1
Shares51 P/E9
MCap533 P/FCF-25
Net Debt-41 EBIT76
TEV492 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-31
10-Q 2014-09-30 Filed 2014-10-22
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-26
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-04-01
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-29
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-30
8-K 2021-01-25 Enter Agreement, Exhibits
8-K 2021-01-22 Earnings, Regulation FD, Exhibits
8-K 2020-12-22 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-10-29
8-K 2020-10-26 Officers, Exhibits
8-K 2020-09-10
8-K 2020-08-26
8-K 2020-08-04
8-K 2020-06-23
8-K 2020-05-11
8-K 2020-04-09
8-K 2020-03-03
8-K 2019-12-02
8-K 2019-11-07
8-K 2019-11-04
8-K 2019-08-08
8-K 2019-08-08
8-K 2019-07-22
8-K 2019-05-22
8-K 2019-05-02
8-K 2019-03-12
8-K 2019-03-04
8-K 2018-12-11
8-K 2018-11-05
8-K 2018-10-03
8-K 2018-08-29
8-K 2018-08-06
8-K 2018-06-29
8-K 2018-06-21
8-K 2018-05-23
8-K 2018-05-07
8-K 2018-03-29
8-K 2018-03-12
8-K 2018-01-03

GRBK 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 5. Other Information
Item 5.02(E)
Item 6. Exhibits
EX-10.8(A) a108adolsonemploymentcon.htm
EX-10.41 a1041notepurchaseagreeme.htm
EX-10.42 a1042subsidiaryguarantya.htm
EX-31.1 exhibit311certificatio.htm
EX-31.2 exhibit312certificatio.htm
EX-32.1 exhibit321certificatio.htm
EX-32.2 exhibit322certificatio.htm

Green Brick Partners Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
87069652234817402012201420172020
Assets, Equity
2101651207530-152012201420172020
Rev, G Profit, Net Income
35229-4-17-302012201420172020
Ops, Inv, Fin

grbk-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 10-Q
___________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number: 001-33530
Green Brick Partners, Inc.
 
(Exact name of registrant as specified in its charter)
Delaware20-5952523
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
2805 Dallas Pkwy,Ste 400
Plano,TX75093(469)573-6755
(Address of principal executive offices, including Zip Code)(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
GRBK
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes No

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The number of shares of the Registrant's common stock outstanding as of September 30, 2020 was 50,661,919.


TABLE OF CONTENTS

TABLE OF CONTENTS
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 4.
OTHER INFORMATION
Item 1A.
Item 5.
Item 6.



TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) (Unaudited)
September 30, 2020December 31, 2019
ASSETS
Cash and cash equivalents$40,269 $33,269 
Restricted cash10,580 4,416 
Receivables5,651 4,720 
Inventory779,360 753,567 
Investments in unconsolidated entities46,235 30,294 
Right-of-use assets - operating leases2,800 3,462 
Property and equipment, net3,620 4,309 
Earnest money deposits22,263 14,686 
Deferred income tax assets, net15,377 15,262 
Intangible assets, net643 707 
Goodwill680 680 
Other assets17,104 10,167 
Total assets$944,582 $875,539 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable$23,127 $30,044 
Accrued expenses49,847 24,656 
Customer and builder deposits29,339 23,954 
Lease liabilities - operating leases2,888 3,564 
Borrowings on lines of credit, net93,489 164,642 
Senior unsecured notes, net111,028 73,406 
Notes payable2,131  
Contingent consideration210 5,267 
Total liabilities312,059 325,533 
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary13,624 13,611 
Equity:
Green Brick Partners, Inc. stockholders’ equity
Preferred stock, $0.01 par value: 5,000,000 shares authorized; none issued and outstanding  
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,053,858 and 50,879,949 issued and 50,661,919 and 50,488,010 outstanding as of September 30, 2020 and December 31, 2019, respectively511 509 
Treasury stock, at cost, 391,939 and 391,939 shares as of September 30, 2020 and December 31, 2019, respectively(3,167)(3,167)
Additional paid-in capital292,388 290,799 
Retained earnings320,347 235,027 
Total Green Brick Partners, Inc. stockholders’ equity610,079 523,168 
Noncontrolling interests8,820 13,227 
Total equity618,899 536,395 
Total liabilities and equity$944,582 $875,539 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

TABLE OF CONTENTS

GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Residential units revenue$263,885 $199,918 $683,739 $536,560 
Land and lots revenue11,936 9,486 38,182 24,978 
Total revenues275,821 209,404 721,921 561,538 
Cost of residential units198,422 157,243 521,332 421,663 
Cost of land and lots9,513 7,436 29,839 19,503 
Total cost of revenues207,935 164,679 551,171 441,166 
Total gross profit67,886 44,725 170,750 120,372 
Selling, general and administrative expenses(29,177)(25,061)(81,718)(70,584)
Change in fair value of contingent consideration(210)(1,492)(210)(1,749)
Equity in income of unconsolidated entities5,299 3,022 13,038 7,565 
Other income, net2,125 3,778 3,004 6,143 
Income before income taxes45,923 24,972 104,864 61,747 
Income tax expense9,969 5,833 17,357 14,993 
Net income35,954 19,139 87,507 46,754 
Less: Net income attributable to noncontrolling interests1,135 3,468 3,124 4,018 
Net income attributable to Green Brick Partners, Inc.$34,819 $15,671 $84,383 $42,736 
Net income attributable to Green Brick Partners, Inc. per common share:
Basic$0.69 $0.31 $1.67 $0.85 
Diluted$0.68 $0.31 $1.66 $0.84 
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic50,617 50,475 50,552 50,564 
Diluted50,876 50,597 50,739 50,642 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)
For the three months ended September 30, 2020 and 2019:

Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal Green Brick Partners, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at June 30, 202051,053,858 $511 (391,939)$(3,167)$292,887 $285,528 $575,759 $8,186 $583,945 
Amortization of deferred share-based compensation— — — — 139 — 139 — 139 
Change in fair value of redeemable noncontrolling interest— — — — (638)— (638)— (638)
Net income— — — — — 34,819 34,819 634 35,453 
Balance at September 30, 202051,053,858 $511 (391,939)$(3,167)$292,388 $320,347 $610,079 $8,820 $618,899 

Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal Green Brick Partners, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at June 30, 201950,879,949 $509 (183,938)$(1,369)$289,739 $204,591 $493,470 $5,173 $498,643 
Share-based compensation— — — — 73 — 73 — 73 
Amortization of deferred share-based compensation— — — — 136 — 136 — 136 
Stock repurchases— — (208,001)(1,798)— — (1,798)— (1,798)
Accretion of redeemable noncontrolling interest— — — 1,163 — 1,163 — 1,163 
Net income— — — — — 15,671 15,671 2,605 18,276 
Balance at September 30, 201950,879,949 $509 (391,939)$(3,167)$291,111 $220,262 $508,715 $7,778 $516,493 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)
For the nine months ended September 30, 2020 and 2019:

Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal Green Brick Partners, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 201950,879,949 $509 (391,939)$(3,167)$290,799 $235,027 $523,168 $13,227 $536,395 
Issuance of common stock under 2014 Omnibus Equity Incentive Plan249,617 3 — — 1,598 — 1,601 — 1,601 
Withholdings from vesting of restricted stock awards(75,708)(1)— — (591)— (592)— (592)
Amortization of deferred share-based compensation— — — — 357 — 357 — 357 
Change in fair value of redeemable noncontrolling interest— — — — 225 — 225 — 225 
Increase in ownership in CB JENI Homes— — — — — 937 937 (937)— 
Contributions— — — — — — — 400 400 
Distributions— — — — — — — (5,251)(5,251)
Net income— — — — — 84,383 84,383 1,381 85,764 
Balance at September 30, 202051,053,858 $511 (391,939)$(3,167)$292,388 $320,347 $610,079 $8,820 $618,899 

Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal Green Brick Partners, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 201850,719,884 $507 (136,756)$(981)$291,299 $177,526 $468,351 $17,281 $485,632 
Share-based compensation— — — — 215 — 215 — 215 
Issuance of common stock under 2014 Omnibus Equity Incentive Plan219,181 3 — — 1,463 — 1,466 — 1,466 
Withholdings from vesting of restricted stock awards(59,116)(1)— — (543)— (544)— (544)
Amortization of deferred share-based compensation— — — — 354 — 354 — 354 
Stock repurchases— — (255,183)(2,186)— — (2,186)— (2,186)
Accretion of redeemable noncontrolling interest— — — — (1,677)— (1,677)— (1,677)
Distributions— — — — — — — (10,993)(10,993)
Net income— — — — — 42,736 42,736 1,490 44,226 
Balance at September 30, 201950,879,949 $509 (391,939)$(3,167)$291,111 $220,262 $508,715 $7,778 $516,493 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
Nine Months Ended September 30,
20202019
Cash flows from operating activities:
Net income$87,507 $46,754 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense2,461 2,443 
Share-based compensation expense1,958 2,035 
Change in fair value of contingent consideration210 1,749 
Deferred income taxes, net(115)706 
Equity in income of unconsolidated entities(13,038)(7,565)
Allowances for option deposits and pre-acquisition costs1,490 520 
Distributions of income from unconsolidated entities7,444 3,390 
Changes in operating assets and liabilities:  
Increase in receivables(931)(4,668)
Increase in inventory(25,263)(71,392)
(Increase) decrease in earnest money deposits(9,067)860 
Increase in other assets(6,951)(623)
(Decrease) increase in accounts payable(6,917)8,599 
Increase in accrued expenses25,191 2,141 
Payment of contingent consideration in excess of acquisition date fair value(5,267)(1,332)
Increase (decrease) in customer and builder deposits5,385 (4,856)
Net cash provided by (used in) operating activities64,097 (21,239)
Cash flows from investing activities:
Investments in unconsolidated entities(10,347) 
Purchase of property and equipment(1,707)(1,838)
Net cash used in investing activities(12,054)(1,838)
Cash flows from financing activities:  
Borrowings from lines of credit217,500 165,500 
Borrowings from senior unsecured notes37,500 75,000 
Repayments of lines of credit(289,000)(201,500)
Proceeds from notes payable10,715  
Repayments of notes payable(8,584) 
Payments of debt issuance costs (62)(1,682)
Payment of contingent consideration (514)
Payments of withholding tax on vesting of restricted stock awards(592)(544)
Stock repurchases (2,186)
Contributions from noncontrolling interests400  
Distributions to redeemable noncontrolling interest(1,505)(527)
Distributions to noncontrolling interests(5,251)(10,993)
Net cash (used in) provided by financing activities(38,879)22,554 
Net increase (decrease) in cash and cash equivalents and restricted cash13,164 (523)
Cash and cash equivalents, beginning of period33,269 38,315 
Restricted cash, beginning of period4,416 3,440 
Cash and cash equivalents and restricted cash, beginning of period37,685 41,755 
Cash and cash equivalents, end of period40,269 35,123 
Restricted cash, end of period10,580 6,109 
Cash and cash equivalents and restricted cash, end of period$50,849 $41,232 
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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)

Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest$ $ 
Cash paid for income taxes, net of refunds$10,181 $14,313 

The accompanying notes are an integral part of these condensed consolidated financial statements. 
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GREEN BRICK PARTNERS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2019 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020 or subsequent periods due to seasonal variations and other factors, such as the effects of novel coronavirus (“COVID-19”) and its influence on our future results.

Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”).

All intercompany balances and transactions have been eliminated in consolidation.

The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities’ earnings or losses, if any, is included in the condensed consolidated statements of income.

Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Reclassifications
Beginning in the first quarter of 2020, the Company reclassified the allowances for option deposits and pre-acquisition costs related to option contracts from selling, general and administrative expenses to other (loss) income, net in the consolidated statements of income to conform to current year presentation. There was no impact on net income from the reclassification in any period.

For a complete set of the Company’s significant accounting policies, refer to Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Newly identified significant accounting policies during the nine months ended September 30, 2020 are presented below.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Recent Accounting Pronouncements
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of
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Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments from an “incurred loss” approach to an “expected credit loss” methodology. The Company adopted the standard on January 1, 2020 using the full retrospective application. The adoption of ASU 2016-13 had no impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be determined by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company adopted the standard on January 1, 2020. The adoption of ASU 2017-04 had no impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of ASU 2019-12 to have a material impact on the Company’s consolidated financial statements.

2. VARIABLE INTEREST ENTITIES

On April 29, 2020, through a series of transactions, the Company acquired the remaining membership and voting interests in our subsidiary, CB JENI Homes DFW LLC (“CB JENI”). As a result, CB JENI became an indirect wholly owned subsidiary of the Company, was no longer considered a VIE and was consolidated based on the majority voting interest pursuant to ASC 810.

As both the entity wholly owned by the Company to which CB JENI ownership interests were assigned and CB JENI were controlled by the Company on April 29, 2020, the acquisition of the remaining membership interest was accounted for at the carrying amounts on CB JENI’s books, pursuant to provisions of ASC 805 that govern transactions between entities under common control.



3. INVENTORY

A summary of inventory is as follows (in thousands):
September 30, 2020December 31, 2019
Homes completed or under construction$302,070 $314,966 
Land and lots - developed and under development470,791 437,553 
Land held for sale6,499 1,048 
Total inventory$779,360 $753,567 

A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Interest capitalized at beginning of period$18,791 $17,199$18,596 $14,780 
Interest incurred2,010 3,0527,677 9,066 
Interest charged to cost of revenues(2,999)(2,324)(8,471)(5,919)
Interest capitalized at end of period$17,802 $17,927$17,802 $17,927 
Capitalized interest as a percentage of inventory2.3 %2.5 %2.3 %2.5 %

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As of September 30, 2020, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when necessary. As of September 30, 2020, the Company performed impairment analysis of the selling communities with indicators of impairment with a combined corresponding carrying value of approximately $8.2 million. For the three and nine months ended September 30, 2020, the Company recorded $0.0 million and a de minimis impairment adjustment, respectively, to reduce the carrying value of impaired communities to fair value.

There was no impairment adjustment related to inventory recorded during the three months ended September 30, 2019. An impairment adjustment of $0.1 million to reduce the carrying value of impaired communities to fair value was recorded for the nine months ended September 30, 2019.

4. INVESTMENT IN UNCONSOLIDATED ENTITIES

In May 2020, we established a joint venture, BHome Mortgage, LLC (“BHome Mortgage”) with First Continental Mortgage, Ltd., to provide mortgage related services to homebuyers. The Company owns 49.0% in BHome Mortgage.

In August 2020, GRBK Edgewood established a joint venture, GBTM Sendera, LLC (“GBTM Sendera”), with TM Sendera to acquire and develop a tract of land in Fort Worth, Texas. Both parties hold a 50% ownership interest in GBTM Sendera.

On September 1, 2020, the Company increased its ownership interest in GRBK Mortgage, LLC from 49.00% to 49.99%.

A summary of the unaudited condensed financial information of the six unconsolidated entities that are accounted for by the equity method is as follows (in thousands):
September 30, 2020December 31, 2019
Assets:
Cash$17,771 $11,699 
Accounts receivable1,446 3,252 
Bonds and notes receivable7,342 5,864 
Loans held for sale, at fair value21,801 23,143 
Inventory108,006 73,704 
Other assets8,153 4,012 
Total assets$164,519 $121,674 
Liabilities:
Accounts payable$6,635 $1,726 
Accrued expenses and other liabilities11,270 7,784 
Notes payable61,684 58,223 
Total liabilities$79,589 $67,733 
Owners’ equity:
Green Brick$42,260 $25,910 
Others42,670 28,031 
Total owners’ equity$84,930 $53,941 
Total liabilities and owners’ equity$164,519 $121,674 

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues$50,068 $42,428 $138,381 $116,786 
Costs and expenses39,188 36,227 111,340 101,348 
Net earnings of unconsolidated entities$10,880 $6,201 $27,041 $15,438 
Company’s share in net earnings of unconsolidated entities5,299 3,022 $13,038 $7,565 

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A summary of the Company’s share in net (losses) earnings by unconsolidated entity is as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
GB Challenger, LLC$3,825 $2,572 $9,391 $6,574 
Green Brick Mortgage, LLC1,498 340 3,658 668 
Providence Group Title, LLC— 111 14 323 
EJB River Holdings, LLC— — (1)— 
GBTM Sendera, LLC— — — — 
BHome Mortgage, LLC(24)— (24)— 
Total net earnings from unconsolidated entities$5,299 $3,022 $13,038 $7,565 

GBTM Sendera, LLC

In August 2020, GBTM Sendera, LLC joint venture (“GBTM Sendera”) was formed by GRBK Edgewood, LLC (“GRBK Edgewood”) and TM Sendera, LLC (“TM Sendera”) with the purpose to acquire and develop a tract of land in Fort Worth,Texas. Both parties hold a 50% ownership interest in GBTM Sendera. GBTM Sendera had no activity in the period but it is expected to begin its operations in the fourth quarter of 2020.

In August 2020, GBTM Sendera received two $9.0 million initial contributions from its two members, GBRK Edgewood and TM Sendera. Per the GBTM Sendera company agreement, GRBK Edgewood and TM Sendera share equally in the profits and losses of GBTM Sendera, with the exception of certain customary fees.

Following the analysis of the above facts and provisions of the GBTM Sendera company agreement, the Company has determined that GBTM Sendera is a joint venture to be evaluated under the voting interest model. Therefore, the investment in GBTM Sendera is treated as an unconsolidated investment under the equity method of accounting and is included in investments in unconsolidated entities in the Company’s condensed consolidated balance sheets.

As of September 30, 2020, the carrying amount of GBTM Sendera assets was $19.6 million, and GBTM Sendera had no liabilities. Assets were comprised of real estate inventory and cash. As of September 30, 2020, the Company’s maximum exposure to loss as a result of its involvement with GBTM Sendera was $9.8 million, represented by the sum of the Company’s investment in GBTM Sendera of $9.0 million and an additional $0.8 million contribution made each by GBRK Edgewood and TM Sendera.

5. DEBT

Lines of Credit
Borrowings on lines of credit outstanding, net of debt issuance costs, as of September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
September 30, 2020December 31, 2019
Secured Revolving Credit Facility $4,000 $38,000 
Unsecured Revolving Credit Facility90,500 128,000 
Debt issuance costs, net of amortization(1,011)(1,358)
Total borrowings on lines of credit, net$93,489 $164,642 

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Secured Revolving Credit Facility
The Company is party to a revolving credit facility (the “Secured Revolving Credit Facility”) with Inwood National Bank, which provides for an aggregate commitment amount of $35.0 million. On May 22, 2020, the Company amended the Secured Revolving Credit Facility to reduce the aggregate commitment amount of $75.0 million to $35.0 million. Amounts outstanding under the Secured Revolving Credit Facility are secured by mortgages on real property and security interests in certain personal property (to the extent that such personal property is connected with the use and enjoyment of the real property) that is owned by certain of the Company’s subsidiaries. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of September 30, 2020, the maturity date of the Secured Revolving Credit Facility is May 1, 2022.

As of September 30, 2020, letters of credit outstanding totaling $7.2 million reduced the aggregate maximum commitment amount to $27.8 million.

As of September 30, 2020, the interest rate on outstanding borrowings under the Secured Revolving Credit Facility was 4.00% per annum.

Unsecured Revolving Credit Facility
The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). The Unsecured Revolving Credit Facility provides aggregate lending commitments of up to $215.0 million. As of September 30, 2020, the maximum aggregate amount of the Unsecured Revolving Credit Facility was $275.0 million, and the termination date with respect to commitments under the Unsecured Revolving Credit Facility was December 14, 2021 for $30.0 million and December 14, 2022 for $185.0 million out of the aggregate lending commitment of $215.0 million. As of September 30, 2020, the interest rates on outstanding borrowings under the Unsecured Revolving Credit Facility ranged from 2.64% to 2.66% per annum.

Based on the unprecedented disruptions to the credit and economic markets arising from the COVID-19 pandemic, we drew the full amount of our Unsecured Revolving Credit Facility during the three months ended March 31, 2020. During the three months ended June 30, 2020, we paid our Unsecured Revolving Credit Facility down to prior levels once it was apparent that the Company’s access to liquidity in the financial markets was not compromised.

Senior Unsecured Notes
On August 8, 2019, the Company issued $75.0 million aggregate principal amount of senior unsecured notes due on August 8, 2026 at a fixed rate of 4.00% per annum to Prudential Private Capital in a Section 4(a)(2) private placement transaction and received net proceeds of $73.3 million. A brokerage fee of approximately $1.5 million associated with the issuance was paid at closing. The brokerage fee, and other debt issuance costs of approximately $0.2 million, were deferred and reduced the amount of debt on our consolidated balance sheet. The Company used the net proceeds from the issuance of the senior unsecured notes to repay borrowings under the Company’s existing revolving credit facilities.

Principal on the senior unsecured notes is required to be paid in increments of $12.5 million on August 8, 2024 and $12.5 million on August 8, 2025. The final principal payment of $50.0 million is due on August 8, 2026. Optional prepayment is allowed with payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears commencing November 8, 2019.

On August 26, 2020, the Company entered into a Note Purchase Agreement with The Prudential Insurance Company of America and Prudential Universal Reinsurance Company to issue a $37.5 million aggregate principal amount of senior unsecured notes due on August 26, 2027 at a fixed rate of 3.35% per annum in a Section 4(a)(2) private placement transaction. The Company received net proceeds of $37.4 million and incurred debt issuance costs of approximately $0.1 million that were deferred and reduced the amount of debt on our condensed consolidated balance sheet. The Company used the net proceeds from the issuance of the Notes to repay borrowings under the Company’s existing revolving credit facilities and for general corporate purposes. Interest is payable quarterly in arrears commencing on November 26, 2020.

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6. REDEEMABLE NONCONTROLLING INTEREST

The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by our Florida-based partner that is included as redeemable noncontrolling interest in equity of consolidated subsidiary in the Company’s condensed consolidated financial statements.
In February 2020, the Company and the minority partner of GRBK GHO amended the operating agreement of GRBK GHO to change the initial date upon which the put and purchase options related to the redeemable noncontrolling interest can be exercised from April 2021 to April 2024.
The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and nine months ended September 30, 2020 and 2019 (in thousands):
Three Months Ended September 30,
20202019
Redeemable noncontrolling interest, beginning of period$12,485 $12,509 
Net income attributable to redeemable noncontrolling interest partner501 863 
Distributions of income to redeemable noncontrolling interest partner  
Change in fair value of redeemable noncontrolling interest638 (1,163)
Redeemable noncontrolling interest, end of period$13,624 $12,209 

Nine Months Ended September 30,
20202019
Redeemable noncontrolling interest, beginning of period$13,611 $8,531 
Net income attributable to redeemable noncontrolling interest partner1,743 2,528 
Distributions of income to redeemable noncontrolling interest partner(1,505)