GRBK-PA

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How GRBK-PA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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New in FY2025

Risks Related to our Business and Industry Adverse changes in macroeconomic conditions in and around the markets we operate in, and where prospective purchasers of our homes live, could reduce the demand and adversely affect our business, results of operations, and financial condition.
Although inflation has moderated slightly, it has remained persistent in the United States in recent years due, in part, to supply chain issues, elevated energy prices, labor shortages and trade policies, among other factors.
Current or future efforts by the government to stimulate the economy may increase the risk of significant inflation and its adverse impact on our business or financial results.
Heightened immigration guidelines and enforcement, including federal immigration provisions contained in the One Big Beautiful Bill Act (“OBBBA”), which was signed into law on July 4, 2025, could result in labor shortages, particularly with our trade partners.
Additionally, significant increases in the demand for new homes result in extended lead times, supply shortages and price increases because of the heightened demand for raw materials, products and appliances.
Tariffs could adversely affect our business and financial results, especially since we may not be able to raise home prices sufficiently to offset increased prices caused by any such tariffs.
The Trump administration has imposed a number of tariffs on imports from several countries, including a 35% tariff on softwood lumber imports from Canada, which could, significantly increase the cost of lumber in the U.S.
The imposed tariffs have been the subject of numerous legal challenges, including before the U.S.
Supreme Court, the outcome of which has yet to be determined.
Even if those challenges are successful, it is uncertain as to whether we will be able to recover any tariffs we have previously paid, or whether the U.S. government will attempt to reimpose the tariffs under some other authority.
In addition, the OBBBA, includes provisions which extend and modify the limitations of the Tax Act.
For instance, under OBBBA, the annual limitation on the deduction for real estate taxes and state and local income taxes (or sales taxes in lieu of income taxes) is permanently extended and the deduction is now generally limited to $40,000 for 2025 through 2029, subject to 1% increases from 2026 through 2029 and phasedown depending on the income of the taxpayer, and to $10,000 for 2030 and subsequent years.
The OBBBA also permanently extends the Tax Act limitation that provided that, through the end of 2025, the deduction for mortgage interest is generally only available with respect to the first $750,000 of a new mortgage.
In addition, certain insurance companies have increased the cost of and/or restricted, curtailed or suspended the issuance of homeowners’ insurance policies.
This has both reduced the availability of insurance and increased the cost of such insurance to prospective purchasers of homes.
Increases in property tax rates or fees on developers by local governmental authorities, as experienced in response to reduced federal and state funding or to fund local initiatives, such as funding schools or road improvements, or increases in insurance premiums can adversely affect the ability of potential customers to obtain financing or their desire to purchase new homes, and can have an adverse impact on our business and financial results.
In addition, the AI-related legal and regulatory landscape is constantly evolving and therefore remains uncertain and may be inconsistent from jurisdiction to jurisdiction.
Our obligations to comply with the evolving legal and regulatory landscape could entail significant costs or limit our ability to incorporate certain AI capabilities into our operations.
Competitors or other entities may integrate AI into their information systems and business operations more swiftly or effectively than us, potentially impairing our competitive edge and negatively impacting our financial performance.
Data protection and privacy laws continue to evolve and become more complex in various U.S. federal and state jurisdictions.
We rely on subcontractors to perform the actual land development activities and construction of our homes and, in some cases, select and procure building materials.
We typically require our subcontractors to have general liability, workers compensation, and other business insurance.
These insurance policies are intended to protect us against a portion of our risk of loss from claims, subject to certain retentions, deductibles, and available policy limits.
Policies issued by our captive insurance subsidiary represent self-insurance of these risks by us.
For example, in December 2021, we offered 2,000,000 depositary shares each representing a 1/1000th interest in our 5.75% cumulative perpetual preferred stock.
As of December 31, 2025, we had 43,205,947 shares of common stock and 2,000 shares of Series A preferred stock outstanding.
Brickman own approximately 22.0% and 4.5%, respectively, of our voting power.
As of December 31, 2025, 9,509,411 shares were held by Greenlight.

Gone since FY2024

Risks Related to Our Business and Industry The homebuilding industry is cyclical.
Adverse changes in macroeconomic conditions in and around the markets we operate in, and where prospective purchasers of our homes live, could reduce the demand and adversely affect our business, results of operations, and financial condition.
Current or future efforts by the government to stimulate the economy may increase the risk of significant inflation and its adverse impact on our business and financial results.
Significant increases in the demand for new homes result in extended lead times, supply shortages and price increases because of the heightened demand for raw materials, products and appliances.
Additionally, changes in immigration laws and/or their enforcement could result in tighter overall labor conditions and a shortage of labor.
Potential tariffs, if enacted into law, could adversely affect our business and financial results, especially since we may not be able to raise home prices sufficiently to offset increased prices caused by any such tariffs.
The incoming Trump administration has proposed the implementation of a number of tariffs, including a 25% tariff on imports from Canada and other countries, which could, if enacted into law, likely significantly increase the cost of lumber in the U.S.
Specifically, the Tax Act limited the ability of homebuyers to deduct (i) property taxes, (ii) mortgage interest, and (iii) state and local income taxes.
The annual deduction for real estate taxes and state and local income taxes (or sales taxes in lieu of income taxes) is now generally limited to $10,000.
These changes increased the after-tax cost of owning a new home for many of our potential homebuyers and the potential homebuyers of our homebuilding customers.
In addition, increases in property tax rates or fees on developers by local governmental authorities, as experienced in response to reduced federal and state funding or to fund local initiatives, such as funding schools or road improvements, or increases in insurance premiums can adversely affect the ability of potential customers to obtain financing or their desire to purchase new homes, and can have an adverse impact on our business and financial results.
Competitors or other entities may integrate AI into their information systems and business operations more swiftly or effectively than us, potentially impairing our competitive edge and negatively impacting our financial performance Data protection and privacy laws continue to evolve and become more complex in various U.S. federal and state jurisdictions.
We previously provided such services through our joint venture, BHome Mortgage.
As of December 31, 2024, we had 44,498,097 shares of common stock and 2,000 shares of Series A preferred stock outstanding.
Brickman own approximately 23.6% and 4.3%, respectively, of our voting power.
As of December 31, 2024, 10,509,411 shares were held by Greenlight.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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