On December 28, 2021, Green Brick Partners, Inc. entered into a Note Purchase Agreement with the several purchasers named therein, pursuant to which the Company issued to the Purchasers $100 million aggregate principal amount of senior unsecured notes due on December 28, 2029 at a fixed rate of 3.25% per annum. The Company expects to use the proceeds from the issuance of the Notes to repay borrowings under the Company's existing revolving credit facilities, to pay fees and expenses incurred in connection with the transaction and for general corporate purposes. Interest will be payable quarterly in arrears commencing on March 28, 2022.

The Notes are guaranteed on a senior unsecured basis by the Company's Significant Subsidiaries and certain other subsidiaries pursuant to a Guaranty Agreement entered into on December 28, 2021 by such subsidiary guarantors named therein. The Notes and the Guarantees will be the Company's and the Guarantors' senior unsecured obligations and will rank equally in right of payment with all of the Company's and Guarantors' existing and future senior unsecured debt and will be senior in right of payment to all of the Company's and Guarantors' future subordinated debt. The Notes and the Guarantees will be effectively subordinated to any of the Company's or Guarantors' existing and future secured debt, to the extent of the value of the assets securing such debt.