Green Brick Partners' Strategic Dual Listing on NYSE Texas: A Playbook for Texas Homebuilders in a Booming Market

In the ever-evolving landscape of the U.S. housing market, regional homebuilders are increasingly turning to localized capital markets to fuel growth and deepen investor engagement. At the forefront of this trend is Green Brick Partners, Inc. (GRBK), the third-largest homebuilder in the Dallas-Fort Worth region. The company's recent dual listing on NYSE Texas, a newly launched electronic exchange based in Dallas, is not just a strategic financial move—it's a masterstroke in aligning with the state's economic momentum and investor appetite for high-growth real estate opportunities.

The Case for NYSE Texas: Why Texas Homebuilders Are Embracing the Local Exchange

The decision by Green Brick to dual list on NYSE Texas follows a broader industry pattern. Texas, with its pro-business environment, low tax rates, and surging population growth, has become a magnet for capital. For example, D.R. Horton, Inc. (DHI), the nation's largest homebuilder by volume, also joined NYSE Texas as a Founding Member in June 2025. By leveraging the exchange's electronic trading platform and proximity to Texas's financial hubs, companies like GRBK and DHI gain access to a pool of local investors, including pension funds and regional institutions, which are increasingly seeking exposure to the state's booming housing market.

The benefits are tangible. NYSE Texas offers faster trade execution and lower transaction costs compared to traditional exchanges. For a company like Green Brick, which operates in high-demand infill markets across Dallas, Austin, and Houston, this means enhanced liquidity for its stock and a reduced cost of capital. As of June 2025, GRBK's debt-to-capital ratio stands at a rock-solid 9.4%, one of the lowest in the industry, allowing it to allocate capital efficiently without the burden of high-interest debt.

Green Brick's Playbook: Conservative Leverage, Infill Focus, and Shareholder Returns

What sets Green Brick apart from its peers is its disciplined approach to capital allocation and land development. As of June 30, 2025, the company owns 35,468 lots outright and controls 4,732 under option contracts, with 80% of its revenue coming from infill and infill-adjacent locations. These high-demand, low-supply areas provide a durable competitive edge in a market where land availability is tightening.

Moreover, Green Brick's balance sheet is a fortress. With $112.46 million in cash and $365 million in available credit facilities, the company has nearly $500 million in liquidity. This positions it to weather market volatility while continuing to invest in strategic land acquisitions and development. In Q2 2025 alone, GRBK spent $109 million on land acquisitions and $139 million on land development, targeting markets like Houston, where population and income growth outpace national averages.

The company's commitment to shareholder value is equally compelling. In Q2 2025, GRBK repurchased $44 million of its stock, bringing year-to-date buybacks to $60 million. At a forward P/E ratio of 7.2 and a price-to-book ratio of 0.7, the stock is trading at a discount to its historical averages, offering a margin of safety for investors.

The Bigger Picture: Texas as the Housing Market's Engine

Texas's housing market is a microcosm of the national recovery, but with a twist. The state's 3.8% annualized home price growth in Q1 2025 and a 1.5% inventory shortage have created a perfect storm for homebuilders. Unlike national conglomerates, which often struggle with overbuilding or underperforming in high-cost regions, Texas-focused builders like Green Brick are uniquely positioned to capitalize on localized demand.

Consider the broader ecosystem: D.R. Horton's dual listing on NYSE Texas has already boosted its visibility among Texas-based investors, with the stock trading at a 14.5x trailing P/E—below its 5-year average of 16x. If GRBK's dual listing follows a similar trajectory, it could see a re-rating as it taps into the same pool of capital.

Why This Matters for Investors

For investors, Green Brick's dual listing on NYSE Texas is more than a technicality—it's a strategic alignment with the state's economic DNA. The company's conservative leverage, focus on infill markets, and active buyback program make it a compelling play in a sector where disciplined operators are scarce.

The key takeaway? Texas's housing market isn't just a regional story—it's a national bellwether. By leveraging localized capital markets like NYSE Texas, Green Brick and its peers are not only reducing their cost of capital but also signaling confidence in the state's long-term growth. For those willing to bet on Texas's economic momentum, GRBK offers a rare combination of financial discipline, strategic vision, and shareholder-friendly policies.

In a market where affordability challenges and interest rate risks loom large, Green Brick Partners' dual listing is a testament to the power of localized thinking. And in this case, the local is most definitely the global.