Green Brick Partners, Inc.

Previous wording

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 due to higher incentives and product mix.

Current wording

Our home deliveries increased 2.6% in thethird 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 28.0% for the three months ended September 30, 2026, primarily due to higher incentives and product mix.

Previous wording

Residential units revenue decreased 11.4% and new homes delivered were substantially in line with the prior year period. The 11.9% decrease in the average sales price of homes delivered during the three months ended June 30, 2026, is due to increased incentives and product mix.

Current wording

Residential units revenue decreased 9.7% and new homes delivered increased 2.6%. The 12.1% decrease in the average sales price of homes delivered during the three months ended September 30, 2026, is due to increased incentives and product mix.

Previous wording

Net new home orders increased 18.8% to 1,079 for the three months ended June 30, 2026, compared to 908 for the three months ended June 30, 2025, while average active selling communities increased by 5.9% to 108 communities. Revenue from net new home orders increased $33.7 million, or 7.4%, to $488.6 million, partially offset by a 9.6% decrease in the average selling price of net new home orders to $452.9 thousand, driven primarily by a higher mix of orders from Trophy Signature Homes, which operates at a lower price point relative to our other builders and targets first-time homebuyers. The 12.4% increase in the absorption rate per average active selling community, from 8.9 to 10.0 net new home orders per community per quarter was driven by higher levels of net new home orders from Trophy Signature Homes and a lower cancellation rate.

Current wording

Net new home orders increased 3.1% to 926 for the three months ended September 30, 2026, compared to 898 for the three months ended September 30, 2025, while average active selling communities increased by 5.8% to 109 communities. Revenue from net new home orders decreased $5.0 million, or 1.1%, to $428.9 million, due to a 4.1% decrease in the average selling price of net new home orders to $463.2 thousand, driven primarily by a higher mix of orders from Trophy Signature Homes, which targets first-time homebuyers and operates at a lower price point relative to our other builders.

Previous wording

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 7.8% for the three months ended June 30, 2026, compared to 9.9% for the three months ended June 30, 2025. Our cancellation rate has remained in a historically low range, under 10.0% since December 31, 2022.

Current wording

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 8.2% for the three months ended September 30, 2026, compared to 6.7% for the three months ended September 30, 2025. The increase in cancellation rate was primarily driven by continued affordability pressures from elevated mortgage interest rates, as well as an increase in financing-related cancellations. However, our cancellation rate has remained in a historically low range, under 10.0% since December 31, 2022.

Previous wording

Backlog revenue decreased by 23.6% to $387.4 million as of June 30, 2026, compared to $507.1 million as of June 30, 2025, driven by a 6.7% decrease in backlog units to 681 homes and a 18.1% decrease in the average sales price of backlog to $568.8 thousand, reflecting higher sales from Trophy Signature Homes in addition to higher incentives and discounts offered to sustain orders.

Current wording

Backlog revenue decreased by 17.0% to $379.3 million as of September 30, 2026, compared to $456.8 million as of September 30, 2025, driven by a 6.8% decrease in backlog units to 629 homes and a 10.9% decrease in the average sales price of backlog to $603.1 thousand, reflecting higher sales from Trophy Signature Homes in addition to higher incentives and discounts offered to sustain orders.

Previous wording

For the three months ended June 30, 2026, residential units revenue decreased $60.5 million or 11.4% while cost of residential units decreased by $34.7 million, or 9.5%, compared to the same period in the previous year. Residential units gross margin declined by 150 bps to 29.8% for the three months ended June 30, 2026, from 31.3% for the three months ended June 30, 2025. The decrease in residential units gross margin is attributable to higher incentives and discounts.

Current wording

For the three months ended September 30, 2026, residential units revenue decreased by $47.2 million or 9.7% while cost of residential units decreased by $14.3 million, or 4.3%, compared to the same period in the previous year. Residential units gross margin declined by 410 bps to 28.0% for the three months ended September 30, 2026, from 32.1% for the three months ended September 30, 2025. The decrease in residential units gross margin is attributable to higher incentives and discounts.

Previous wording

Selling, general and administrative expenses as a percentage of revenue increased by 0.6% for the three months ended June 30, 2026, mainly due to lower revenue, partially offset by increased salaries and share-based compensation.

Current wording

Selling, general and administrative expenses as a percentage of revenue increased by 0.4% for the three months ended September 30, 2026, mainly due to lower revenue, partially offset by a decrease in commissions.

Previous wording

Selling, general and administrative expenses as a percentage of revenue for builder operations increased 0.4% mainly due to the decline in residential units revenues. Builder operation expenditures include salary expenses, commissions, corporate allocations, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Current wording

Selling, general and administrative expenses as a percentage of revenue for builder operations remained flat mainly due to the decline in residential units revenue offset by a decrease in commissions. Builder operation expenditures include salary expenses, commissions, corporate allocations, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Previous wording

Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the three months ended June 30, 2026 were $2.1 million, compared to $0.5 million for the three months ended June 30, 2025. The increase was due to higher share-based compensation during the three months ended June 30, 2026. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Current wording

Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the three months ended September 30, 2026 were $1.9 million, compared to $0.2 million for the three months ended September 30, 2025. The increase was due to higher share-based compensation during the three months ended September 30, 2026. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Previous wording

Financial services revenues increased $5.9 million, or 93.9%, to $12.2 million for the three months ended June 30, 2026, compared to $6.3 million for the three months ended June 30, 2025. The increase was primarily driven by mortgage revenues, which grew from $1.9 million to $7.9 million, as total loans funded increased 256.8% to 521 loans with total origination principal of $196.5 million, compared to 146 loans and $31.4 million in the prior year period. Our mortgage capture rate increased to 66% from 53.1%, reflecting growth in our captive mortgage business. Financial services expenses increased $3.3 million, or 97.1%, primarily due to higher costs associated with increased mortgage origination volume. As a result, income before income taxes increased $2.7 million, or 90.2%, to $5.6 million.

Current wording

Financial services revenues increased $3.8 million, or 51.9%, to $11.2 million for the three months ended September 30, 2026, compared to $7.4 million for the three months ended September 30, 2025. The increase was primarily driven by mortgage revenues, which grew from $3.5 million to $6.7 million, as total loans funded increased 42.2% to 499 loans with total origination principal of $185.0 million, compared to 351 loans and $136.5 million in the prior year period. Our mortgage capture rate decreased from 72.6% to 65.7%, reflecting the continued expansion of the captive mortgage business into new communities, many of which have pre-existing outside lender relationships. Financial services expenses increased $1.5 million, or 37.8%, primarily due to higher costs associated with increased mortgage origination volume. As a result, income before income taxes increased $2.3 million, or 68.9%, to $5.6 million.

Previous wording

Equity in income of unconsolidated entities increased to $0.6 million, or 19.6%, for the three months ended June 30, 2026, compared to $0.5 million for the three months ended June 30, 2025. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Current wording

Equity in income of unconsolidated entities decreased to $0.4 million, or 13.0%, for the three months ended September 30, 2026, compared to $0.4 million for the three months ended September 30, 2025. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Previous wording

Other income (loss), net, was $2.3 million for the three months ended June 30, 2026, compared to $(1.2) million for the three months ended June 30, 2025. The change was driven by a decrease in pursuit costs during the three months ended June 30, 2026.

Current wording

Other income, net, was $1.2 million for the three months ended September 30, 2026, compared to $2.7 million for the three months ended September 30, 2025. The change was driven by an increase in due diligence costs on terminated land and lot contracts during the three months ended September 30, 2026.

Previous wording

Income tax expense was $20.7 million for the three months ended June 30, 2026 compared to $23.0 million for the three months ended June 30, 2025. The decrease in income tax expense is mainly due to lower taxable income for the three months ended June 30, 2026. See Note 12 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the three months ended June 30, 2026.

Current wording

Income tax expense was $16.6 million for the three months ended September 30, 2026 compared to $23.2 million for the three months ended September 30, 2025. The decrease in income tax expense is mainly due to lower taxable income for the three months ended September 30, 2026. See Note 12 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the three months ended September 30, 2026.

Previous wording

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

Current wording

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

Previous wording

The $94.2 million or 9.3% decrease in residential units revenue was driven by the 9.5% decrease in the average sales price of homes delivered for the six months ended June 30, 2026. The 9.5% decrease in the average sales price of homes delivered for the six months ended June 30, 2026, was attributable to product mix, higher incentives and discounts.

Current wording

The $141.4 million, or 9.4%, decrease in residential units revenue was driven by the 10.4% decrease in the average sales price of homes delivered for the nine months ended September 30, 2026. The 10.4% decrease in the average sales price of homes delivered for the nine months ended September 30, 2026, was attributable to product mix, higher incentives and discounts.

Previous wording

The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s lien contracts (dollars in thousands):

Current wording

The table below represents new home orders related to our builder operations segments, excluding mechanic’s lien contracts (dollars in thousands):

Previous wording

Net new home orders increased 5.1% over the prior year period mainly due to a 1.9% increase in average selling communities. In addition, the absorption rate per average active selling community per quarter increased 3.1% to 10.0 net new home orders per community, compared to 9.7 for the six months ended June 30, 2025, primarily driven by increased absorption by Trophy Signature Homes.

Current wording

Net new home orders increased 4.5% over the prior year period due to a 2.9% increase in average selling communities. In addition, the absorption rate per average active selling community per quarter increased 2.2% to 9.5 net new home orders per average active selling community, compared to 9.3 for the nine months ended September 30, 2025, primarily driven by increased absorption rate by Trophy Signature Homes.

Previous wording

Revenue from net new home orders decreased 6.0% to $970.2 million for the six months ended June 30, 2026, compared to $1,032.5 million for the six months ended June 30, 2025, primarily due to a 10.6% decrease in the average selling price of net new home orders to $458.5 thousand, reflecting higher sales from Trophy Signature Homes, our first-time homebuyer or entry-level builder, in addition to increased incentives and discounts offered to sustain sales pace.

Current wording

Revenue from net new home orders decreased 8.1% to $1,391.1 million for the nine months ended September 30, 2026, compared to $1,513.5 million for the nine months ended September 30, 2025, primarily due to an 12.0% decrease in the average selling price of net new home orders to $457.3 thousand, reflecting higher sales from Trophy Signature Homes, our first-time homebuyer or entry-level builder, in addition to increased incentives and discounts offered to sustain sales pace.

Previous wording

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 7.8% for the six months ended June 30, 2026, compared to 7.9% for the six months ended June 30, 2025. Our cancellation rate has remained in a historically low range under 10.0% since December 31, 2022.

Current wording

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 7.9% for the nine months ended September 30, 2026, compared to 7.5% for the nine months ended September 30, 2025. The increase in cancellation rate was primarily driven by continued affordability pressures from elevated mortgage interest rates, as well as increased financing-related cancellations. However, our cancellation rate has remained in a historically low range under 10.0% since December 31, 2022.

Previous wording

Residential units revenue decreased $94.2 million or 9.3% during the six months ended June 30, 2026, due to a decrease in the average sales price of homes delivered arising from a higher proportion of sales from Trophy Signature Homes and incentives. Cost of residential units for the six months ended June 30, 2026, decreased by $43.5 million, or 6.3%, compared to the six months ended June 30, 2025. This resulted in a decrease in residential units gross margin for the six months ended June 30, 2026, of 230 bps to 29.4%, from 31.7% for the six months ended June 30, 2025 mainly due to higher incentives and discounts.

Current wording

Residential units revenue decreased $141.4 million or 9.4% during the nine months ended September 30, 2026, due to a decrease in the average sales price of homes delivered arising from a higher proportion of deliveries from Trophy Signature Homes and incentives. Cost of residential units for the nine months ended September 30, 2026, decreased by $57.8 million, or 5.7%, compared to the nine months ended September 30, 2025. This resulted in a decrease in residential units gross margin for the nine months ended September 30, 2026, of 280 bps to 29.0%, from 31.8% for the nine months ended September 30, 2025 mainly due to higher incentives and discounts.

Previous wording

From time to time we may opportunistically sell finished lots to other homebuilders. Lots revenue increased by $3.2 million during the six months ended June 30, 2026. Land revenue represents the sale of one tract of land intended for multifamily development during the six months ended June 30, 2026.

Current wording

From time to time we may opportunistically sell finished lots to other homebuilders. Lots revenue increased by $3.2 million during the nine months ended September 30, 2026. Land revenue represents the sale of one tract of land intended for multifamily development during the nine months ended September 30, 2026.

Previous wording

Selling, general and administrative expenses as a percentage of revenue for builder operations decreased to 10.8% for the six months ended June 30, 2026 from 10.9% in the prior year period mainly due to lower revenues. Builder operations expenditures include salary expenses, sales commissions, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Current wording

Selling, general and administrative expenses as a percentage of revenue for builder operations increased to 11.3% for the nine months ended September 30, 2026 from 11.0% in the prior year period mainly due to lower revenues. Builder operations expenditures include salary expenses, sales commissions, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Previous wording

Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the six months ended June 30, 2026, were $3.4 million and income of $522.0 thousand for the six months ended June 30, 2025. The change was driven by increased salaries and incentive compensation. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Current wording

Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the nine months ended September 30, 2026, were $5.3 million and income of $333.0 thousand for the nine months ended September 30, 2025. The change was driven by increased salaries and incentive compensation. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Previous wording

Financial services revenues increased $10.7 million, or 96.0%, to $21.9 million for the six months ended June 30, 2026, compared to $11.2 million for the prior year period. The increase was primarily driven by mortgage revenues, which grew from $3.2 million to $13.5 million, reflecting an increase in total loans funded to 886 loans with a total origination principal of $346.9 million from 251 loans and $108.9 million in the prior year period, and an improvement in our mortgage capture rate to 66% from 58.5%.

Current wording

Financial services revenues increased $14.5 million, or 78.5%, to $33.1 million for the nine months ended September 30, 2026, compared to $18.5 million for the prior year period. The increase was primarily driven by mortgage revenues, which grew from $6.5 million to $17.8 million, reflecting an increase in total loans funded to 1,385 loans with a total origination principal of $531.9 million from 602 loans and $245.4 million in the prior year period, offset slightly by a decrease in capture rate from 66.0% to 64.9%, reflecting the continued expansion of the captive mortgage business into new communities, many of which have pre-existing outside lender relationships.

Previous wording

Financial services expenses increased $5.5 million, or 86.5%, to $12.0 million, driven by higher costs associated with increased mortgage origination volume. As a result, income before income taxes increased $5.2 million, or 108.7%, to $10.0 million for the six months ended June 30, 2026.

Current wording

Financial services expenses increased $7.1 million, or 67.7%, to $17.5 million, driven by higher costs associated with increased mortgage origination volume. As a result, income before income taxes increased $7.5 million, or 92.4%, to $15.6 million for the nine months ended September 30, 2026.

Previous wording

Equity in income of unconsolidated entities increased to $1.7 million, for the six months ended June 30, 2026, compared to $1.0 million for the six months ended June 30, 2025. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Current wording

Equity in income of unconsolidated entities increased to $2.1 million, for the nine months ended September 30, 2026, compared to $1.4 million for the nine months ended September 30, 2025. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Previous wording

Income tax expense was $39.1 million for the six months ended June 30, 2026 compared to $45.2 million for the six months ended June 30, 2025. The decrease was primarily due to lower taxable income. See Note 12 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the six months ended June 30, 2026.

Current wording

Income tax expense was $55.7 million for the nine months ended September 30, 2026 compared to $68.4 million for the nine months ended September 30, 2025. The decrease was primarily due to lower taxable income. See Note 12 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the nine months ended September 30, 2026.

Previous wording

(3) Land held for future development consist of raw land parcels where development activities have been postponed due to market conditions or other factors.

Current wording

(3) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors.

Previous wording

(4) As of June 30, 2026 and December 31, 2025, 53.3% and 16.6% of the total lots under contract had refundable deposits.

Current wording

(4) As of September 30, 2026 and December 31, 2025, 28.6% and 16.6% of the total lots under contract had refundable deposits.

Previous wording

As of June 30, 2026 and December 31, 2025, we had $131.6 million and $154.6 million of unrestricted cash and cash equivalents, respectively. In addition, as of June 30, 2026, we had $330.0 million of available capacity under our Unsecured Revolving Credit Facility, with no amounts outstanding. Combined with unrestricted cash and cash equivalents of $131.6 million, our total available liquidity was approximately $461.6 million. Our historical cash management strategy includes redeploying net cash from the sale of home inventory to acquire and develop land and lots that represent opportunities to generate desired margins and returns, and using cash to make additional investments in business acquisitions, joint ventures, share repurchases or other strategic activities.

Current wording

As of September 30, 2026 and December 31, 2025, we had $100.0 million and $154.6 million of unrestricted cash and cash equivalents, respectively. In addition, as of September 30, 2026, we had $225 million of available capacity under our Unsecured Revolving Credit Facility, with $105 million outstanding. Combined with unrestricted cash and cash equivalents of $100.0 million, our total available liquidity was approximately $325.0 million. Our historical cash management strategy includes redeploying net cash from the sale of home inventory to acquire and develop land and lots that represent opportunities to generate desired margins and returns, and using cash to make additional investments in business acquisitions, joint ventures, share repurchases or other strategic activities.

Previous wording

Our principal uses of capital for the six months ended June 30, 2026 were home construction, land purchases, land development, repayments of debt, operating expenses, share repurchases, and payment of routine liabilities. Historically, we have used funds generated by operations and available borrowings to meet our short-term working capital requirements. We remain focused on generating positive margins in our homebuilding operations and acquiring desirable land positions in order to maintain a strong balance sheet and remain poised for continued growth.

Current wording

Our principal uses of capital for the nine months ended September 30, 2026 were home construction, land purchases, land development, repayments of debt, operating expenses, share repurchases, and payment of routine liabilities. Historically, we have used funds generated by operations and available borrowings to meet our short-term working capital requirements. We remain focused on generating positive margins in our homebuilding operations and acquiring desirable land positions in order to maintain a strong balance sheet and remain poised for continued growth.

Previous wording

Our homebuilding debt to total capitalization ratio, which is calculated as the sum of borrowings on lines of credit, the senior unsecured notes, and notes payable, net of debt issuance costs (“total debt”), divided by the total capitalization, which equals the sum of Green Brick Partners, Inc. stockholders’ equity and total debt, was approximately 11.2% as of June 30, 2026.

Current wording

Our homebuilding debt to total capitalization ratio, which is calculated as the sum of borrowings on lines of credit, the senior unsecured notes, and notes payable, net of debt issuance costs (“total debt”), divided by the total capitalization, which equals the sum of Green Brick Partners, Inc. stockholders’ equity and total debt, was approximately 13.1% as of September 30, 2026.

Previous wording

Additionally, as of June 30, 2026, our net homebuilding debt to total capitalization ratio, which is a non-GAAP financial measure, remained low at 6.1%. It is our intent to prudently employ leverage to continue to invest in our land acquisition, development and homebuilding activities. We target a homebuilding debt to total capitalization ratio of up to approximately 20%, which we expect will provide us with significant additional growth capital.

Current wording

Additionally, as of September 30, 2026, our net homebuilding debt to total capitalization ratio, which is a non-GAAP financial measure, remained low at 9.6%. It is our intent to prudently employ leverage to continue to invest in our land acquisition, development and homebuilding activities. We target a homebuilding debt to total capitalization ratio of up to approximately 20%, which we expect will provide us with significant additional growth capital.

Previous wording

Our key sources of liquidity were funds generated by operations and borrowings during the six months ended June 30, 2026.

Current wording

Our key sources of liquidity were funds generated by operations and borrowings during the nine months ended September 30, 2026.

Previous wording

The following summarizes our primary sources and uses of cash during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025:

Current wording

The following summarizes our primary sources and uses of cash during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025:

Previous wording

•Operating activities. Net cash provided by operating activities for the six months ended June 30, 2026, was $47.4 million, compared to $143.5 million during the six months ended June 30, 2025. The net cash inflows for the six months ended June 30, 2026, were generated by our business operations of $179.9 million, decrease in accounts receivable of $11.6 million partially offset by an increase of inventory of $154.0 million compared to $38.6 million in the prior year period. This increase reflects our continued investment in land acquisition and development to support future home deliveries.

Current wording

•Operating activities. Net cash used in operating activities for the nine months ended September 30, 2026, was $5.1 million, compared to $133.3 million provided by operating activities during the nine months ended September 30, 2025. The net cash outflows for the nine months ended September 30, 2026, was a result of an increase in inventory of $238.3 million compared to $161.5 million in the prior year period and a decrease in accrued expenses of $47.6 million compared to an increase of $17.3 million in the prior year period, offset by our business operations of $245.6 million and a decrease in accounts receivable of $15.1 million. This increase in inventory reflects our continued investment in land acquisition and development to support future home deliveries.

Previous wording

•Investing activities. Net cash used in investing activities for the six months ended June 30, 2026 was $12.2 million, compared to $25.6 million during the six months ended June 30, 2025. Cash outflows for the six months ended June 30, 2026, were primarily related to other investments in unconsolidated entities.

Current wording

•Investing activities. Net cash used in investing activities for the nine months ended September 30, 2026 was $23.4 million, compared to $32.9 million during the nine months ended September 30, 2025. Cash outflows for the nine months ended September 30, 2026, were primarily related to investments in unconsolidated entities.

Previous wording

•Financing activities. Net cash used in financing activities for the six months ended June 30, 2026 was $71.8 million, compared to $131.8 million during the six months ended June 30, 2025. The cash outflows were primarily related to share repurchases of $16.7 million and repayments of our senior unsecured notes of $25.0 million.

Current wording

•Financing activities. Net cash used in financing activities for the nine months ended September 30, 2026 was $36.9 million, compared to $84.6 million during the nine months ended September 30, 2025. The cash outflows were primarily related to share repurchases of $34.8 million and repayments of our senior unsecured notes of $75.0 million, offset by net borrowings from the Unsecured Revolving Credit Facility of $105.0 million.

Previous wording

Unsecured Revolving Credit Facility –On December 10, 2025, the Company entered into the Thirteenth Amendment to this Unsecured Revolving Credit Facility. The Unsecured Revolving Credit Facility was amended (i) to reduce the SOFR spread and base rate spread, (ii) to allow the Company to request a revolving credit advance using Daily SOFR (as defined in the Unsecured Revolving Credit Facility) and (iii) for other administrative changes. The total commitments remain at $330.0 million. The maturity of all commitments under the facility have been extended to December 14, 2028. As of June 30, 2026 and December 31, 2025, we had no amounts outstanding under our Revolving Credit Facility.

Current wording

Unsecured Revolving Credit Facility –On December 10, 2025, the Company entered into the Thirteenth Amendment to this Unsecured Revolving Credit Facility. The Unsecured Revolving Credit Facility was amended (i) to reduce the SOFR spread and base rate spread, (ii) to allow the Company to request a revolving credit advance using Daily SOFR (as defined in the Unsecured Revolving Credit Facility) and (iii) for other administrative changes. The total commitments remain at $330.0 million. The maturity of all commitments under the facility have been extended to December 14, 2028. As of September 30, 2026 we had $105.0 million outstanding under our Unsecured Revolving Credit Facility, and as of December 31, 2025, we had no amounts outstanding under our Unsecured Revolving Credit Facility.

Previous wording

Senior Unsecured Notes -As of June 30, 2026, we had four series of senior unsecured notes outstanding that were each issued pursuant to a note purchase agreement. The aggregate principal amount of senior unsecured notes outstanding was $237.2 million as of June 30, 2026 compared to $262.0 million as of December 31, 2025, net of issuance costs.

Current wording

Senior Unsecured Notes -As of September 30, 2026, we had three series of senior unsecured notes outstanding that were each issued pursuant to a note purchase agreement. The aggregate principal amount of senior unsecured notes outstanding was $187.2 million as of September 30, 2026 compared to $262.0 million as of December 31, 2025, net of issuance costs.