GRBK — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-29

• Three Months Ended June 30, 2026Six Months Ended June 30, 2026

• Incentives on homes closed as a percentage of residential units revenue

• Our home deliveries were substantially in line in the second quarter of 2026 year over year, while average sales prices decreased primarily as a result of elevated discounts and incentives. Homebuilding gross margins decreased from 31.3% to 29.8% for the three months ended June 30, 2026, primarily d…

• Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

• The table below represents residential units revenue and new homes delivered for the three months ended June 30, 2026 and 2025 (dollars in thousands):

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• Our home deliveries were substantially in line in the first quarter of 2026 year over year, while average sales prices decreased primarily as a result of elevated discounts and incentives. Homebuilding gross margins decreased from 32.1% to 28.9% for the three months ended March 31, 2026, primarily d…

• Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

• The table below represents residential units revenue and new homes delivered for the three months ended March 31, 2026 and 2025 (dollars in thousands):

• The $33.7 million or 7.0% decrease in residential units revenue was primarily driven by higher discounts and closing cost incentives offered to buyers who originated their loans with our wholly owned mortgage subsidiary. The 6.9% decrease in the average sales price of homes delivered during the thre…

• Net new home orders decreased 6.2% over the prior year period while our average active selling communities increased by 1.9%. Revenue from net new home orders declined 16.8% consistent with the 11.3% decline in the average selling price of net new home orders and 6.2% decrease in net new home orders…

Text added vs the prior filing · source: 10-Q · 2026-07-29

• information required to be disclosed in reports filed by us under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, in such a manner as to allow timely decisions regarding the required disclosures.

• During the three months ended June 30, 2026, there were no changes in our internal controls that have materially affected or are reasonably likely to have a material effect on our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• Remediation of Previously Disclosed Material Weakness in Internal Control over Financial Reporting

• As previously disclosed in our Annual Report on Form 10-K/A filed on May 11, 2026, management identified a material weakness as of December 31, 2025. The material weakness stemmed from our risk assessment process not being sufficiently precise to identify, on a timely basis, that a prior immaterial …

• Remediation of this material weakness was completed as of March 31, 2026 and included implementation of the following enhanced policies and controls:

• •Management revised its accounting policy on ASC 606 to provide for explicit consideration of incentives payable to or on behalf of customers and expanded guidance regarding the characterization and treatment of these types of closing cost incentives;

• •Management enhanced its quarterly “Accounting Disclosure Checklist” control to add an additional entity-level control that specifically includes a reassessment of previously adopted accounting standards to our financials and

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

• In connection with its annual review of the base salaries of the executive officers, the Compensation Committee elected to increase Bobby Samuel’s base salary from $500,000 to $575,000, which was effective as of January 1, 2026, in order to align Mr. Samuel’s salary with that of the Company’s other …