VivaVentures Exploration LLC Acquires Non-Operating, Working Interest at the Campbell Well Located in Oklahoma

LAS VEGAS, NV—(Marketwired – November 06, 2017) – Vivakor, Inc. (OTC PINK: VIVK) — VIVAVENTURES EXPLORATION LLC, A VIVAKOR COMPANY, announces the successful acquisition of a partial non–operating working interest in the CAMPBELL 1–26H23H Well with Sand Ridge Exploration and Production, LLC as the operator of the well.

VivaVentures Exploration LLC., engages in acquiring non–operating working interest oil and gas wells in the Oklahoma Scoop & Stack play located in the Anadarko Basin.The company is actively pursuingnon–operating, working interest wells with various major oil and gas producers, some acquisitions may be for as many as 200 wells in Oklahoma. The CAMPBELL 1–26H23H is located in Major County, Oklahoma.

This type of acquisition is part of the Company's strategy to increase its overall hydrocarbon holdings. Vivakor's technologies can have a huge impact on increasing the raw natural resources value. VivaVentures Exploration is planning to acquire non–operating working interests in a number of wellswithin the leading producing counties, with the top operators in the area,and withinthe best land formations that will increase the Company's asset value as it's technologies are applied to such reserves.

ABOUT VIVAKOR, INC.

For more information please visit www.vivakor.com.

FORWARD–LOOKING STATEMENTS

This news release may contain forward–looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward–looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward–looking statements may be identified but not limited by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. We undertake no obligation to revise or update publicly any forward–looking statements for any reason.

Titan Medical to Hold Business Update Conference Call on November 13, 2017

TORONTO, ON —(Marketwired – November 06, 2017) – Titan Medical Inc. (“Titan” or the Company”) (TSX: TMD) (OTCQB: TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (“MIS”), announces that management will host a conference call on Monday, November 13, 2017 at 4:30 p.m. Eastern time to provide a business update on Titan Medical's SPORT Surgical System.

To access the conference call, the dial–in numbers are (866) 595–8403 (U.S. and Canada toll free), and (706) 758–9979 (International). All listeners should provide the operator with the following conference ID: 4898477.

Following the conclusion of the conference call, a replay will be available through November 19, 2017 and can be accessed by dialing (855) 859–2056 (U.S. and Canada toll free), (404) 537–3406 (International). All listeners should provide the operator with the following conference ID: 4898477. The call will also be archived on the Company's website for a period of time at www.titanmedicalinc.com.

About Titan Medical Inc.

Titan Medical Inc. is a Canadian public company focused on research and development through to the planned commercialization of computer–assisted robotic surgical technologies for application in minimally invasive surgery. The Company is currently developing the SPORT Surgical System, a single–port robotic surgical system. The SPORT Surgical System is comprised of a surgeon–controlled patient cart that includes a 3D high definition vision system and multi–articulating instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient's body during MIS procedures. With the SPORT Surgical System, the Company aims to pursue a broad set of surgical indications, including general abdominal, gynecologic and urologic procedures.

For more information, please visit the Company's website at www.titanmedicalinc.com.

BBX Capital Corporation Reports Results for the Third Quarter Ending September 30, 2017

FORT LAUDERDALE, FL—(Marketwired – November 06, 2017) – BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (“BBX Capital” or the “Company”) today reported its third quarter 2017 results.

Highlights:

  • Total consolidated revenues were $226.3 million, an 8% increase from the same period in 2016, driven mainly by trade sales from IT'SUGAR, which was acquired by BBX Capital in June 2017.
  • Net income available to common shareholders was $8.2 million, a 54% decrease from the same period in 2016. 2016 included higher recoveries on previously charged–off loans and gains on the sales of legacy real estate assets in our BBX Capital Real Estate Division.
  • Diluted earnings per share was $.08, a 62% decrease from the same period in 2016, primarily due to an increase in the weighted average of diluted common shares outstanding coupled with the results of our net income as described above.
  • Free cash flow generated from operating activities less capital expenditures was $24 million, a 74% increase from the same period in 2016, primarily driven by an increase in cash provided by the operating activities of BBX Capital Real Estate in connection with joint venture distributions.
  • Bluegreen Vacations Corporation's (“Bluegreen Vacations®” or “Bluegreen”) system–wide sales of VOIs, net were $170.2 million vs. $172.7 million. Bluegreen's management estimates that system–wide sales of VOIs, net were adversely impacted by approximately $6.2 million as a result of office closures and other business disruptions caused by Hurricane Irma in September 2017.
  • Bluegreen's Adjusted EBITDA was $39.0 million vs. $41.4 million (3). Bluegreen's management estimates that Adjusted EBITDA was adversely impacted by approximately $2.4 million as a result of office closures and other business disruptions caused by Hurricane Irma in September 2017.

“We are pleased with the overall growth and momentum delivered during the third quarter of 2017 by all three of BBX Capital's verticals, which includes Bluegreen Vacations, our BBX Capital Real Estate division and BBX Capital Middle Markets division. For the three–month period ending September 30, 2017, Bluegreen Vacations reported $170.2 million in system–wide sales of VOIs, $27.4 million of other fee–based services revenue, and Adjusted EBITDA of $39.0 million. During the third quarter of 2017, Bluegreen Vacations also deepened its management bench with the promotion of David Pontius to Chief Operating Officer and the appointment of Famous Rhodes as Chief Marketing Officer,” commented Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital. “BBX Capital Real Estate delivered positive performance during the third quarter primarily driven by its joint venture activities and loan recoveries. Renin continued its constructive momentum driven primarily by improvement in trade sales and gross margin. Lastly, BBX Sweet Holdings' recently acquired business, IT'SUGAR, generated $22.6 million in revenue and $2.3 million of income before taxes during the third quarter.

“BBX Capital's goal remains building long–term shareholder value rather than focusing on quarterly or annual earnings. Since many of BBX Capital's assets do not generate income on a regular or predictable basis, our objective is long–term growth as measured by increases in book value and intrinsic value over time,” Levan concluded.

Balance Sheet Highlights:

As of September 30, 2017, BBX Capital had total consolidated assets of $1.5 billion and shareholders' equity attributable to BBX Capital of $493.7 million compared to $1.4 billion and $400.6 million, respectively, as of September 30, 2016. At September 30, 2017, BBX Capital's book value per share was $5.08 compared to $4.70 at September 30, 2016.

The following selected information relates to the operating activities of Bluegreen, BBX Capital Real Estate, BBX Sweet Holdings and Renin. See the supplemental tables below for the consolidating statements of operations for the three and nine month periods ended September 30, 2017 and 2016.

Bluegreen – Select Financial Data

Bluegreen Vacations is a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in attractive leisure and urban destinations. Its resort network includes 67 Vacation Club and Club Associate Resorts primarily located in popular, high–volume, “drive–to” vacation locations. Through Bluegreen's points–based system, approximately 210,000 owners in its Vacation Club have the flexibility to stay at units available at any of our resorts and have access to almost 11,000 other hotels and resorts through partnerships and exchange networks. Bluegreen's sales and marketing platform is supported by exclusive marketing relationships with nationally–recognized consumer brands, such as Bass Pro Shops and Choice Hotels, which drive sales within our core demographic. Bluegreen also offers fee–based resort management, financial, and sales and marketing services, to or on behalf of third parties. In addition, Bluegreen provides financing to FICO® score–qualified individual purchasers of VOIs, which generates significant interest income.

Highlights during the third quarter of 2017 include:

       
      Three–Month Period Ended
($ in thousands)     September 30,
      2017   2016
Sales of third party VOIs–commission basis   $ 97,963   $ 88,059
VOI sales – secondary market arrangements     38,732   45,404
Sales of VOIs – just–in–time basis     14,306   11,094
  Sales of VOIs made under Bluegreen's “capital–light” business activities(1), gross of equity trade allowances(2)     151,001   144,557
Traditional VOI sales     76,727   107,528
Less: Equity trade allowances     (57,543)   (79,349)
  System–wide sales of VOIs, net of equity trade allowances(2)   $ 170,185   $ 172,736
           
       
($ in thousands, except for per transaction, per guest, guest tour data)     Three–Month Period Ended September 30,
      2017   2016
Average sales price per transaction   $ 15,055   $ 13,679
Average sales volume per guest   $ 2,513   $ 2,196
(Decrease) increase in guest tours     –13%     15%
Fee–based sales commission revenue   $ 69,977   $ 59,383
Other fee–based service revenues   $ 27,386   $ 26,810
Income before taxes   $ 34,066   $ 38,878
EBITDA (3)   $ 38,810   $ 43,190
Adjusted EBITDA (3)   $ 38,960   $ 41,387
Free cash flow generated from operating activities less capital expenditures   $ 14,613   $ 18,547
             
  1. Bluegreen's sales of VOIs under its “capital–light” business activities include sales of VOIs under fee–based sales and marketing arrangements, just–in–time inventory acquisition arrangements, and secondary market arrangements. Under “just–in–time” arrangements, Bluegreen enters into agreements with third–party developers that allow Bluegreen to buy VOI inventory from time to time in close proximity to the timing of when Bluegreen intends to sell such VOIs. Bluegreen also acquires VOI inventory from resorts' homeowner's associations (“HOAs”) and other third parties close to the time Bluegreen intends to sell such VOIs. Such VOIs are typically obtained by the HOAs through foreclosure in connection with maintenance fee defaults, and are generally acquired by Bluegreen at a significant discount. Bluegreen refers to sales of inventory acquired through these arrangements as “Secondary Market Sales.
  2. Equity trade allowances are amounts granted to customers upon trading in their existing VOIs in connection with the purchase of additional VOIs.
  3. See the supplemental tables included in this release for a reconciliation of Bluegreen's income before taxes to EBITDA and Adjusted EBITDA.

Bluegreen estimates that system–wide sales of VOIs, net and Adjusted EBITDA were adversely impacted by approximately $6.2 million and $2.4 million, respectively, as a result of office closures and other business disruptions caused by Hurricane Irma in September 2017.

Exclusive of the adverse impact of Hurricane Irma, Bluegreen's system–wide sales of VOIs, net during the three months ended September 30, 2017 as compared to the same periods of 2016 was impacted by a 14% increase in the average sales volume per guest (“VPG”), partially offset by a 13% decrease in the number of guest tours. During 2017, Bluegreen began screening the credit qualifications of potential marketing guests, resulting in a higher average transaction price, higher VPG, and a lower number of tours. Bluegreen believes its screening of marketing guests will ultimately result in improved efficiencies in its sales process. In July 2017, Bluegreen adopted new consumer–oriented materials to support the purchase of lower–point VOIs and reinstated its former, lower minimum transaction size requirements resulting in an increase in its sales–to–tour conversion ratio.

Fee–based sales commission revenue increased during 2017 primarily due to the factors described above related to the increase in system–wide sales of VOIs, net. Bluegreen earned an average sales and marketing commission of 71% during the three months ended September 30, 2017 as compared to 67% during the same period in 2016. The increase in sales and marketing commissions as a percentage of fee–based sales is primarily related to an incentive commission of $2.9 million related to the achievement of certain sales thresholds pursuant to the terms and conditions of the applicable contractual arrangement, with no such comparable incentive commission earned in the three months ended September 30, 2016.

Other–fee–based service revenues increased 2% for the three months ended September 30, 2017 as compared to the same period in 2016. The resort properties managed by Bluegreen increased from 46 as of September 30, 2016 to 48 as of September 30, 2017 due to the addition of new managed properties in Charleston, SC and Banner Elk, NC. Fee–based management services revenues increased during the 2017 period as compared to the 2016 period primarily as a result of increases in the number of managed resorts and the increase in the number of owners in the Bluegreen Vacation Club.

General and administrative expenses, which represent expenses directly attributable to sales and marketing operations and corporate overhead, were $25.8 million and $20.3 million during the three months ended September 30, 2017 and 2016, respectively. The increase during 2017 is primarily attributable to the $2.9 million severance accrued in connection with the retirement of a Bluegreen executive during September 2017.

Additional selected supplemental financial data regarding the results of Bluegreen's operations for the periods ended September 30, 2017, are available on the BBX Capital website and may be viewed by accessing http://ir.bbxcapital.com/supplemental–financial–data.

BBX Capital Real Estate – Select Financial Data

BBX Capital Real Estate is active in the acquisition, ownership and management of real estate development projects and investments in joint ventures. BBX Capital Real Estate also holds legacy assets previously owned by BankAtlantic consisting of loans and charged off loans and judgments.

Highlights during the third quarter of 2017 include:

     
    Three–Month Period Ended
($ in thousands)   September 30,
    2017   2016
Equity in earnings of unconsolidated real estate joint ventures   2,451   4,480
Recoveries from loans previously charged off   2,005   10,944
Net (losses) gains on the sales of assets   (18)   5,035
         

Equity in earnings of unconsolidated real estate joint ventures reflects earnings from real estate joint ventures generally involved in the development of properties for residential and commercial use. The equity in earnings for the three months ended September 30, 2017 and 2016 primarily reflects earnings from the Hialeah Communities joint venture. During the three months ended September 30, 2017 and 2016, the Hialeah Communities joint venture closed on 36 and 87 single–family homes, respectively, and as of September 30, 2017, the venture had executed sales contracts on 392 single–family homes, of which 373 transactions had closed, in a planned development of 394 single–family homes.

Recoveries from loan previously charged off for the three months ended September 30, 2017 and 2016 were mainly generated by legacy loans. Due to the nature of these collection activities and the declining balances of legacy loans, it is not expected that BBX Capital Real Estate will continue to generate recoveries consistent with historical amounts.

Net gains on the sales of assets for the three months ended September 30, 2016 were mainly generated from the sales of foreclosed commercial land parcels.

BBX Capital Middle Market

BBX Capital Middle Market: Renin – Select Financial Data

Renin is engaged in the design, manufacture, and distribution of specialty doors, systems and hardware, and home décor products in Canada, the United States, and Europe.

Highlights during the third quarter of 2017 include:

       
    Three–Month Period Ended  
($ in thousands)   September 30,  
    2017 2016  
Trade sales   16,623 15,624  
Gross margin   4,605 4,114  
Gross margin percentage % 27.70 26.33  
Income (loss) before taxes   90 (359 )
         

The improvement in trade sales for the three months ended September 30, 2017 compared to the same 2016 period reflects increased sales volume from Renin's retail channel customers driven mainly by higher sales of its barn door product. The improvement in the gross margin percentage for the three months ended September 30, 2017 compared to the same 2016 period resulted primarily from a higher proportion of sales of higher margin door and hardware products. The increase in income before taxes reflects the improved gross margin.

BBX Capital Middle Market: BBX Sweet Holdings – Select Financial Data

BBX Sweet Holdings primarily consists of companies acquired in the confectionery industry. We consider certain of the businesses included in the BBX Sweet Holdings' segment to be in the early development stages and their activities included costs to consolidate manufacturing facilities and upgrade information system applications. In June 2017, BBX Sweet Holdings acquired IT'SUGAR, a specialty candy retailer with 95 retail locations in 26 states and Washington, DC for net cash consideration of approximately $58.4 million.

Highlights during the third quarter of 2017 include:

       
    Three Month Period Ended  
($ in thousands)   September 30,  
    2017   2016  
Trade sales   28,257   6,454  
Gross margin   11,287   1,290  
Gross margin percentage % 39.94   19.99  
Loss before taxes   (1,267 ) (2,767 )
           

The improvement in BBX Sweet Holdings performance for the three months ended September 30, 2017 compared to the same 2016 period primarily resulted from the operating results of IT'SUGAR, which was acquired in June 2017.

BBX Capital Middle Market: MOD Pizza

The Company's activities relating to its MOD Pizza franchise operations included building infrastructure to support plans to open approximately 60 MOD franchised pizza restaurant locations throughout Florida over the next five to seven years. The Company opened its first MOD Pizza franchise location in Parkland, FL, on October 24, 2017, and anticipates opening three additional locations during the first quarter of 2018.

For more complete and detailed information regarding BBX Capital and its financial results, business, operations and risks, please see BBX Capital's Quarterly Report on Form 10–Q for the quarter ended September 30, 2017, and BBX Capital's Annual Report on Form 10–K for the year ended December 31, 2016, which are available on the SEC's website, https://www.sec.gov, and on BBX Capital's website, www.BBXCapital.com.

About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), is a diversified holding company whose activities include its ownership of Bluegreen Vacations Corporation and, through its Real Estate and Middle Market Divisions, the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects and middle market operating businesses. As of September 30, 2017, BBX Capital had total consolidated assets of $1.5 billion, shareholders' equity attributable to BBX Capital of $493.7 million, and total equity of $539.9 million. At September 30, 2017, BBX Capital's book value per share was $5.08 compared to $4.70 at September 30, 2016.

About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (formerly Bluegreen Corporation), founded in 1966 and headquartered in Boca Raton, Florida, is a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in attractive leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points–based, deeded vacation ownership plan with approximately 210,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks. Bluegreen Vacations also offers a portfolio of comprehensive, fee–based resort management, financial, and sales and marketing services, to or on behalf of third parties.

For more information, please visit:
BBX Capital: www.BBXCapital.com
Bluegreen Vacations Corporation: www.BluegreenVacations.com

Forward–Looking Statements:
This press release contains forward–looking statements based largely on current expectations of BBX Capital or its subsidiaries that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward–looking statements and can be identified by the use of words or phrases such as “plans,” “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would” and words and phrases of similar meaning. The forward–looking statements in this press release are also forward–looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and involve substantial risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. We can give no assurance that such expectations will prove to have been correct. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward–looking statements contained herein. When considering forward–looking statements, you should keep in mind the risks, uncertainties and other cautionary statements made in this report. You should not place undue reliance on any forward–looking statement, which speaks only as of the date made. This press release also contains information regarding the past performance of the Company, its subsidiaries and their respective investments and operations, and you should note that prior or current performance is not a guarantee or indication of future performance. Some factors which may affect the accuracy of the forward–looking statements apply generally to the industries in which the Company operates, including the development, operation, management and investment in residential and commercial real estate, the resort development and vacation ownership industries in which Bluegreen operates, the home improvement industry in which Renin operates, the confectionary industry in which BBX Sweet Holdings and IT'SUGAR operate, and the pizza franchise industry in which the Company has recently commenced activities. Risks and uncertainties include, without limitation, risks associated with the ability to successfully implement currently anticipated plans and generate earnings, long term growth, and increased shareholder value; the performance of entities in which BBX Capital has made investments may not be profitable or perform as anticipated; BBX Capital is dependent upon dividends from its subsidiaries, principally Bluegreen, to fund its operations; BBX Capital's subsidiaries may not be in a position to pay dividends, dividend payments may be subject to certain restrictions, including restrictions contained in debt instruments, and may be subject to declaration by such subsidiary's board of directors or managers; the risks relating to acquisitions, including acquisitions in diverse industries, integration risks, risks regarding achieving profitability, foreign currency transaction risk, goodwill and other intangible impairment risks; risks relating to the monetization of BBX Capital's legacy assets; risks related to litigation and other legal proceedings involving BBX Capital and its subsidiaries. The Company's investment in Bluegreen exposes the Company to risks of Bluegreen's business and its ability to pay dividends to BBX Capital, and risks inherent in the vacation ownership industry, including the risk that Bluegreen's marketing expenses will increase; and the risk that Bluegreen's capital–light business activities or other operations may not be successful because of changes in economic conditions or otherwise, and the risk that the Bluegreen's strategy to grow profitability and increase long–term value may not be realized as anticipated, if at all. In addition, with respect to BBX Capital's Real Estate and Middle Market Division, the risks and uncertainties include risks relating to the real estate market and real estate development, the risk that joint venture partners may not fulfill their obligations and the projects may not be developed as anticipated or be profitable, and contractual commitments may not be completed on the terms provided or at all; risks related to the recently completed acquisition of IT'SUGAR, including the risk that the revenue anticipated to be generated by its operations will not be achieved, that net income may not be generated when anticipated or at all, and that the transaction may not be advantageous and the Company may not realize the anticipated benefits of the acquisition; and risks related to our pizza franchise operations, including that stores may not be opened when or in the number anticipated or at all, stores opened may not operate profitably, and the Company's pizza franchise activities may not otherwise be successful. Additional risks and uncertainties are described in BBX Capital's Quarterly Report on Form 10–Q for the quarter ended September 30, 2017and Annual Report on Form 10–K for the year ended December 31, 2016, and are available to view on the SEC's website, https://www.sec.gov, and on BBX Capital's website, www.BBXCapital.com. You should not place undue reliance on any forward–looking statement, which speaks only as of the date made. BBX Capital cautions that the foregoing factors are not exclusive, and we do not undertake, and specifically disclaim any obligation, to update or supplement any forward–looking statements whether as a result of changes in circumstances, new information, subsequent events or otherwise.

The following supplemental table represents BBX Capital's Segment Statement of Operations (unaudited) for the three months ended September 30, 2017 (in thousands):

      Reportable Segments                    
            BBX Capital                 Corporate              
            Real           BBX Sweet     Expenses &           Segment  
      Bluegreen     Estate     Renin     Holdings     Other     Eliminations     Total  
Revenues:                                            
  Sales of VOIs   $ 61,687                         61,687  
  Fee–based sales                                            
  commission revenue     69,977                         69,977  
  Other fee–based services revenue     27,386                         27,386  
  Trade sales             16,623     28,257             44,880  
  Interest income     21,296     697         1     241     (1,200 )   21,035  
  Net losses on sales of assets         (18 )                   (18 )
  Other revenue         964         12     474     (118 )   1,332  
  Total revenues     180,346     1,643     16,623     28,270     715     (1,318 )   226,279  
                                             
Costs and Expenses:                                            
  Cost of sales of VOIs     6,284                         6,284  
  Cost of other fee–based services     18,176                         18,176  
  Cost of trade sales             12,018     16,970             28,988  
  Interest expense     8,058         157     84     2,381     (1,200 )   9,480  
  Recoveries from loan losses, net         (2,005 )                   (2,005 )
  Asset impairments, net         1,233         273             1,506  
  Litigation costs and                                            
  penalty reimbursements                     (2,113 )       (2,113 )
  Selling, general and administrative expenses     113,643     3,099     4,253     12,210     15,449     (118 )   148,536  
  Total costs and expenses     146,161     2,327     16,428     29,537     15,717     (1,318 )   208,852  
                                             
  Equity in net earnings of unconsolidated real estate joint ventures         2,451                     2,451  
  Foreign exchange loss             (105 )               (105 )
  Other (loss) income, net     (119 )               32         (87 )
    Income (loss) before income taxes   $ 34,066     1,767     90     (1,267 )   (14,970 )       19,686  
                                             

The following supplemental table represents BBX Capital's Segment Statement of Operations (unaudited) for the three months ended September 30, 2016 (in thousands):

      Reportable Segments                    
          BBX Capital                 Corporate              
          Real           BBX Sweet     Expenses &           Segment  
      Bluegreen   Estate     Renin     Holdings     Other     Eliminations     Total  
Revenues:                                          
  Sales of VOIs   $ 71,741                         71,741  
  Fee–based sales                                          
  commission revenue     59,383                         59,383  
  Other fee–based services revenue     26,810                         26,810  
  Trade sales           15,624     6,454             22,078  
  Interest income     22,699   1,214         8     175     (2,000 )   22,096  
  Net gains on sales of assets       5,035                     5,035  
  Other revenue       1,152         1     1,108     (240 )   2,021  
  Total revenues     180,633   7,401     15,624     6,463     1,283     (2,240 )   209,164  
                                           
Costs and Expenses:                                          
  Cost of sales of VOIs     5,827                       5,827  
  Cost of other fee–based services     17,057                       17,057  
  Cost of trade sales           11,510     5,164             16,674  
  Interest expense     8,409       62     86     2,960     (2,000 )   9,517  
  Recoveries from loan losses, net       (10,944 )                   (10,944 )
  Asset recoveries, net       (30 )                   (30 )
  Selling, general and administrative expenses     110,973   2,527     4,416     3,980     11,928     (240 )   133,584  
  Total costs and expenses     142,266   (8,447 )   15,988     9,230     14,888     (2,240 )   171,685  
                                             
  Equity in net earnings of unconsolidated real estate joint ventures       4,480                     4,480  
  Foreign exchange gain           5                 5  
  Other income, net     511               20         531  
    Income (loss) before income taxes   $ 38,878   20,328     (359 )   (2,767 )   (13,585 )   (0 )   42,495  
                                           

The following supplemental table represents BBX Capital's Segment Statement of Operations (unaudited) for the nine months ended September 30, 2017 (in thousands):

      Reportable Segments                    
            BBX Capital                 Corporate              
            Real           BBX Sweet     Expenses &           Segment  
      Bluegreen     Estate     Renin     Holdings     Other     Eliminations     Total  
Revenues:                                            
  Sales of VOIs   $ 172,839                         172,839  
  Fee–based sales                                            
  commission revenue     179,046                         179,046  
  Other fee–based services revenue     83,442                         83,442  
  Trade sales             51,909     44,926             96,835  
  Interest income     65,673     1,915         3     674     (5,200 )   63,065  
  Net gains on sales of assets         2,161                     2,161  
  Other revenue         3,023         23     895     (357 )   3,584  
  Total revenues     501,000     7,099     51,909     44,952     1,569     (5,557 )   600,972  
                                             
Costs and Expenses:                                            
  Cost of sales of VOIs     10,737                         10,737  
  Cost of other fee–based services     51,550                         51,550  
  Cost of trade sales             37,150     30,303             67,453  
  Interest expense     23,779         338     255     8,405     (5,200 )   27,577  
  Recoveries from loan losses, net         (6,098 )                   (6,098 )
  Asset impairments, net         1,278         273             1,551  
  Net gains on cancellation of                                            
  junior subordinated debentures                     (6,929 )       (6,929 )
  Litigation costs and                                            
  penalty reimbursements                     (11,719 )       (11,719 )
  Selling, general and administrative expenses     308,515     8,001     13,052     22,776     46,548     (357 )   398,535  
  Total costs and expenses     394,581     3,181     50,540     53,607     36,305     (5,557 )   532,657  
                                               
  Equity in net earnings of unconsolidated real estate joint ventures         9,620                     9,620  
  Foreign exchange loss             (312 )               (312 )
  Other (loss) income, net     (120 )               184         64  
    Income (loss) before income taxes   $ 106,299     13,538     1,057     (8,655 )   (34,552 )       77,687  
                                             

The following supplemental table represents BBX Capital's Segment Statement of Operations (unaudited) for the nine months ended September 30, 2016 (in thousands):

    Reportable Segments                    
        BBX Capital               Corporate              
        Real         BBX Sweet     Expenses &           Segment  
    Bluegreen   Estate     Renin   Holdings     Other     Eliminations     Total  
Revenues:                                      
  Sales of VOIs $ 196,654                     196,654  
  Fee–based sales                                      
  commission revenue   153,718                     153,718  
  Other fee–based services revenue   78,421                     78,421  
  Trade sales         45,922   18,368             64,290  
  Interest income   66,931   3,082       8     443     (6,000 )   64,464  
  Net gains on sales of assets     5,326                   5,326  
  Other revenue     4,137       7     1,751     (737 )   5,158  
  Total revenues   495,724   12,545     45,922   18,383     2,194     (6,737 )   568,031  
                                       
Costs and Expenses:                                      
  Cost of sales of VOIs   19,410                     19,410  
  Cost of other fee–based services   48,644                     48,644  
  Cost of trade sales         33,551   17,129             50,680  
  Interest expense   24,461       204   402     9,255     (6,000 )   28,322  
  Recoveries from loan losses, net     (18,979 )                 (18,979 )
  Asset impairments, net     1,692                   1,692  
  Selling, general and administrative expenses   316,504   9,298     12,038   12,639     38,101     (737 )   387,843  
  Total costs and expenses   409,019   (7,989 )   45,793   30,170     47,356     (6,737 )   517,612  
                                         
  Equity in net earnings of unconsolidated real estate joint ventures     5,793                   5,793  
  Foreign exchange gain         325                 325  
  Other income, net   597             124         721  
    Income (loss) before income taxes $ 87,302   26,327     454   (11,787 )   (45,038 )   (0 )   57,258  
                                       

The following tables present Bluegreen's EBITDA and Adjusted EBITDA, defined below, for the three and nine months ended September 30, 2017 and 2016, as well as a reconciliation of EBITDA and Adjusted EBITDA to income before income taxes (unaudited) (in thousands):

      For the Three Months Ended     For the Nine Months Ended  
      September 30,     September 30,  
      2017     2016     2017     2016  
Bluegreen income before income taxes $ 34,066     $ 38,878     $ 106,299     $ 87,302  
  Add/(Less):                        
  Interest income (other than interest earned on VOI notes receivable)   (1,292 )   (2,051 )   (5,487 )   (6,106 )
  Interest expense   8,058     8,409     23,779     24,461  
  Interest expense on receivable–backed debt   (4,514 )   (4,463 )   (13,364 )   (14,211 )
  Franchise taxes   72     10     127     88  
  Depreciation and amortization   2,420     2,407     7,089     7,132  
Bluegreen EBITDA   38,810     43,190     118,443     98,666  
  EBITDA attributable to the noncontrolling interest in Bluegreen/Big Cedar Vacations   (3,070 )   (1,873 )   (9,163 )   (6,516 )
  Loss (gain) on assets held–for–sale   4     70     44     (37 )
  Restructuring cost   3,216         3,679      
  One–time special bonus               10,000  
Adjusted EBITDA $ 38,960     $ 41,387     $ 113,003     $ 102,113  

EBITDA is defined as earnings, or income before income taxes, before taking into account interest income (excluding interest earned on VOI notes receivable), interest expense (excluding interest expense incurred on financings related to Bluegreen's receivable–backed notes payable), franchise taxes, and depreciation and amortization. For purposes of the EBITDA calculation, no adjustments were made for interest income earned on Bluegreen's VOI notes receivable or the interest expense incurred on debt that is secured by such notes receivable because they are both considered to be part of the operations of Bluegreen's business.

Adjusted EBITDA is defined as EBITDA adjusted for amounts attributable to noncontrolling interest in Bluegreen/Big Cedar Vacations (in which Bluegreen has a 51% equity interest) and items that the Company believes are not representative of ongoing operating results.

The Company considers Bluegreen's EBITDA and Adjusted EBITDA to be an indicator of Bluegreen's operating performance, and it is used to measure Bluegreen's ability to service debt, fund capital expenditures and expand its business. EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. Additionally, the tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. EBITDA also excludes depreciation and amortization because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the related depreciation and amortization expense among companies.

The Company considers Adjusted EBITDA to be a useful supplemental measure of Bluegreen's operating performance that facilitates the comparability of historical financial periods.

EBITDA and Adjusted EBITDA should not be considered as an alternative to income before income taxes as an indicator of the company's financial performance, or as an alternative to cash flow from operating activities as a measure of its liquidity. The Company's computation of EBITDA and Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company's financial performance.

Dr. Derek Jones Presented Findings on Men and Aesthetics to Fellow Dermatologists in October

BEVERLY HILLS, CA—(Marketwired – November 06, 2017) – Citing men's increasing interest in procedures intended to improve the look of the face and skin, Dr. Derek Jones of Skin Care & Laser Physicians of Beverly Hills presented findings to the American Society for Dermatologic Surgery in October, noting that there is a need for more research into how aesthetic treatments specifically impact male facial structures. In particular, Dermatology Times reports that one decade — 2006 to 2016 — saw a 230 percent jump in men choosing dermal fillers and a 50 percent increase in men opting for injections of botulinum toxin, which includes Xeomin® and BOTOX®. In the Los Angeles area, Dr. Jones has seen that trend firsthand, as a greater number of men are looking for nonsurgical solutions to the problem of wrinkles and other cosmetic issues.

As the lead author, Dr. Jones focused the study on Xeomin®, an injectable neuromodulator used to temporarily relax the muscles that cause glabellar frown lines. His fellow authors in the study were Dr. Martina Kerscher, Dr. Thorin Geister, Dr. Michael A. Hast, and Dr. Petra Weissenberger.

Research involved analyzing randomized, double–blind studies on that topic, with the findings indicating that response rates to injections were lower for men than for women. When taken into consideration with similar findings from other studies, Dr. Jones concluded that men require unique considerations when it comes to this and other cosmetic treatments. Specifically, FDA–recommended doses may not be potent enough to work as desired due to the typical male glabellar muscle mass and other anatomical details.

The solution, Dr. Jones continued, is customization of cosmetic treatments — though individually created plans would merely help mitigate the symptoms of a larger problem: scant research on the differences between male and female responses to aesthetic procedures. A separate study, completed in 2013, found that out of 17 clinical studies exploring the effects of botulinum toxin–based cosmetic treatments, only 11 percent of the 5,646 participants were men.

On Nov. 3, Dr. Jones received word from BOTOX® manufacturer Allergan that another paper he helped to co–author, “Signs of Facial Aging in Men in a Diverse, Multinational Study: Timing and Preventive Behaviors” was published in November's Derm Surg Males Supplement.

This paper found that most of the men out of the 819 surveyed failed to regularly employ skincare treatments or practices, such as sunscreen, to prevent signs of aging. The authors hope their findings can help medical professionals communicate helpful information about facial aging and aesthetics during clinical discussions with men.

“Our role as dermatologists is to provide each patient with the best care possible, which means always seeking to further our understanding of how various treatments work for specific demographics,” Dr. Jones said. “Only with more research will we be able to increase our knowledge of the relationship between nonsurgical cosmetic treatments and the male face — an increasingly vital subject as men continue to demonstrate a growing interest in their options.”

Dr. Jones works at the physician–only Skin Care & Laser Physicians of Beverly Hills along with Dr. Naissan Wesley and Dr. Jeanette Black.

Green Brick Partners, Inc. Reports Strong Third Quarter 2017 Results

PLANO, TX—(Marketwired – November 06, 2017) – Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its third quarter ended September 30, 2017.

Results for the Third Quarter Ended September 30, 2017:

  • Basic net income attributable to Green Brick per common share (“EPS”) for the three months ended September 30, 2017 was $0.19, an increase of 46.2%, compared to $0.13 for the three months ended September 30, 2016. Basic adjusted net income attributable to Green Brick per common share (“Adjusted EPS”) for the three months ended September 30, 2017 was $0.29, an increase of 45.0%, compared to $0.20 for the three months ended September 30, 2016. See “Reconciliation of Non–GAAP Financial Measures.”
  • For the three months ended September 30, 2017, the Company had: pre–tax income of $14.6 million, an increase of 48.1%, compared to $9.9 million for the three months ended September 30, 2016; gross profit of $25.4 million, an increase of 23.1%, compared to $20.6 million for the three months ended September 30, 2016; and revenue of $113.7 million, an increase of 24.0%, compared to $91.7 million for three months ended September 30, 2016.
  • Builder operations revenue for the three months ended September 30, 2017 was $108.4 million, an increase of 23.5%, compared to $87.8 million for the three months ended September 30, 2016. Land development revenue for the three months ended September 30, 2017 was $5.3 million, an increase of 37.1%, compared to $3.8 million for the three months ended September 30, 2016.
  • The dollar value of backlog units as of September 30, 2017 was $164.6 million, an increase of 18.7% compared to September 30, 2016. The average sales price of homes in backlog increased $48,249, or 11.0%, to $488,522 for the three months ended September 30, 2017, compared to $440,273 for the three months ended September 30, 2016.
  • Homes under construction increased 7.5% to 715 as of September 30, 2017, compared to 665 as of September 30, 2016.

Results for the Nine Months Ended September 30, 2017:

  • Basic EPS for the nine months ended September 30, 2017 was $0.47, an increase of 42.4%, compared to $0.33 for the nine months ended September 30, 2016. Basic Adjusted EPS for the nine months ended September 30, 2017 was $0.74, an increase of 42.3%, compared to $0.52 for the nine months ended September 30, 2016. See “Reconciliation of Non–GAAP Financial Measures.”
  • For the nine months ended September 30, 2017, the Company had: pre–tax income of $36.7 million, an increase of 44.9%, compared to $25.3 million for the nine months ended September 30, 2016; gross profit of $69.6 million, an increase of 21.8%, compared to $57.2 million for the nine months ended September 30, 2016; and revenue of $318.0 million, an increase of 22.0%, compared to $260.6 million for nine months ended September 30, 2016.
  • Builder operations revenue for the nine months ended September 30, 2017 was $302.2 million, an increase of 21.8%, compared to $248.2 million for the nine months ended September 30, 2016. Land development revenue for the nine months ended September 30, 2017 was $15.8 million, an increase of 27.8%, compared to $12.4 million for the nine months ended September 30, 2016.

“I am pleased to report that in the third quarter we achieved record quarterly pre–tax income of $14.6 million, an increase over third quarter 2016 of 48%. This was achieved on revenue of $113.7 million, which is an increase of 24% over third quarter 2016,” said James R. Brickman, Green Brick's Chief Executive Officer. “Despite the significant increase in closings, our backlog grew 19% over third quarter 2016 to $164.6 million. We believe that this momentum will continue due to our superior lot position, strong balance sheet, teamwork and focus on operational excellence”

Earnings Conference Call:

We will host our earnings conference call to discuss our third quarter ended September 30, 2017 at 12:00 p.m. Eastern Time on Tuesday, November 7, 2017. The call can be accessed by dialing 800–374–0137 for domestic participants or 904–685–8013 for international participants. Participants should reference conference ID code 97853432. A replay of the call will be available from approximately 3:30 p.m. Eastern Time on November 7, 2017 through 11:59 p.m. Eastern Time on November 14, 2017. To access the replay, the domestic dial–in number is 855–859–2056, the international dial–in number is 404–537–3406 and the conference ID code is 97853432.

Investment in Unconsolidated Entity:

On August 15, 2017, the Company entered the Colorado market with the acquisition of a 49.9% interest in GB Challenger, LLC, a newly formed Texas limited liability company (the “Challenger Subsidiary”), which holds all of the equity interests in certain homebuilders operating under the name Challenger Homes. The consideration for the acquisition was 1,497,000 unregistered shares of the Company's common stock, par value $0.01 per share, subject to a holdback of 20,000 shares. The Company acquired a noncontrolling interest in Challenger Homes, one of Colorado's leading private homebuilders, and now our sixth builder partner, in order to expand its business with partners that are complementary to its current builder partner group and to gain a presence in the Colorado Springs market. Challenger Homes constructs townhouses, single family homes and luxury patio homes, and is headquartered in Colorado Springs, Colorado. The Company may have the opportunity to acquire an additional 20.1% or, in certain circumstances, all of the remaining interest in the Challenger Subsidiary on or after August 15, 2020. The Company incurred $0.2 million in related acquisition costs. The Company's investment in the Challenger Subsidiary is treated as an unconsolidated investment under the equity method of accounting, carried at cost, and is included in investment in unconsolidated entity in the Company's consolidated balance sheets.

Change in Classification:

Certain indirect project costs previously classified as salary expense and selling, general and administrative expense have been classified as cost of residential units for the three and nine months ended September 30, 2016 to properly present cost of residential units, salary expense, and selling, general and administrative expense.

Reconciliation of Non–GAAP Financial Measures:

In this press release, we utilize certain financial measures that are non–GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company's operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

GREEN BRICK PARTNERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
  Three Months Ended September 30, Nine Months Ended September 30,
  2017 2016 2017 2016
Sale of residential units $ 108,437   $ 87,827   $ 302,179   $ 248,187  
Sale of land and lots   5,269     3,843     15,815     12,377  
  Total revenues   113,706     91,670     317,994     260,564  
Cost of residential units   84,752     68,350     237,066     195,001  
Cost of land and lots   3,544     2,676     11,306     8,389  
  Total cost of sales   88,296     71,026     248,372     203,390  
  Total gross profit   25,410     20,644     69,622     57,174  
Salary expense   (5,218 )   (5,256 )   (15,985 )   (15,886 )
  Selling, general and administrative expense   (4,302 )   (4,130 )   (12,747 )   (12,275 )
    Operating profit   15,890     11,258     40,890     29,013  
  Equity in income of unconsolidated entity   968         968      
Other income, net   435     564     1,362     2,400  
  Income before provision for income taxes   17,293     11,822     43,220     31,413  
Income tax provision   5,364     3,657     13,635     9,340  
Net income   11,929     8,165     29,585     22,073  
  Less: net income attributable to noncontrolling interests   2,649     1,922     6,420     5,993  
  Net income attributable to Green Brick Partners, Inc. $ 9,280   $ 6,243   $ 23,165   $ 16,080  
                         
  Net income attributable to Green Brick Partners, Inc. per common share:                        
    Basic $ 0.19   $ 0.13   $ 0.47    $ 0.33   
    Diluted $ 0.19   $ 0.13   $ 0.47    $ 0.33   
  Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:                        
    Basic   49,808     48,899     49,274     48,868  
    Diluted   49,892     48,907     49,347     48,871  
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
    Three Months Ended
 September 30,
  Increase (Decrease)   Nine Months Ended
 September 30,
  Increase (Decrease)
New Homes Delivered and Home Sales Revenue   2017 2016   Change %   2017 2016   Change %
New homes delivered     235   196     39 19.9%     698   569     129   22.7%
Home sales revenue ($ in thousands)   $ 108,437 $ 87,827   $ 20,610 23.5%   $ 302,179 $ 248,187   $ 53,992   21.8%
Average sales price of homes delivered   $ 461,434 $ 448,097   $ 13,337 3.0%   $ 432,921 $ 436,181   $ (3,260 ) (0.7)%
    Three Months Ended
 September 30,
  Increase (Decrease)   Nine Months Ended
 September 30,
  Increase (Decrease)
Land and Lots Sales Revenue   2017 2016   Change %   2017 2016   Change %
Land and lots sold     35   28     7 25.0%     119   95     24 25.3%
Land and lots sales revenue ($ in thousands)   $ 5,269 $ 3,843   $ 1,426 37.1%   $ 15,815 $ 12,377   $ 3,438 27.8%
Average sales price of land and lots sold   $ 150,529 $ 137,259   $ 13,270 9.7%   $ 132,895 $ 130,284   $ 2,611 2.0%
    Three Months Ended
 September 30,
  Increase (Decrease)     Nine Months Ended
 September 30,
    Increase (Decrease)
New Home Orders & Backlog   2017   2016   Change %     2017   2016     Change %
Net new home orders     241      204      37  18.1%     798    683      115  16.8%
Average selling communities     55      49      6  12.2%     54    47      7  14.9%
Selling communities at end of period     56      49      7  14.3%     56    49      7  14.3%
Backlog ($ in thousands)   $ 164,632    $ 138,686    $ 25,946  18.7%                  
Backlog (units)     337      315      22  7.0%                  
Average sales price of backlog   $ 488,522    $ 440,273    $ 48,249  11.0%                  

The following table calculates the non–GAAP measure of Adjusted EPS for the three and nine months ended September 30, 2017 and September 30, 2016 and reconciles these amounts to net income attributable to Green Brick, as reported and prepared in accordance with GAAP. Adjusted EPS for the three and nine months ended September 30, 2017 and September 30, 2016 means pre–tax income for the period presented divided by the weighted average number of common shares outstanding for the three and nine months ended September 30, 2017 and September 30, 2016, respectively. Pre–tax income represents net income attributable to Green Brick for the period excluding provision for income taxes attributable to Green Brick. Due to our ability to use net operating loss carryforwards to offset future taxable income for U.S. federal income tax purposes, we believe pre–tax income is a useful measure of the Company's ability to service debt and obtain financing.

(In thousands, except per share amounts): Three Months Ended
 September 30,
Nine Months Ended
 September 30,
2017 2016 2017 2016
Basic Adjusted EPS                
  Net income attributable to Green Brick –basic $ 9,280 $ 6,243 $ 23,165 $ 16,080
  Income tax provision attributable to Green Brick $ 5,336 $ 3,624 $ 13,540 $ 9,260
  Pre–tax income $ 14,616 $ 9,867 $ 36,705 $ 25,340
  Weighted–average number of shares outstanding –basic   49,808   48,899   49,274   48,868
    Basic Adjusted EPS $ 0.29 $ 0.20 $ 0.74 $ 0.52
Diluted Adjusted EPS                
  Net income attributable to Green Brick –diluted $ 9,280 $ 6,243 $ 23,165 $ 16,080
  Income tax provision attributable to Green Brick $ 5,336 $ 3,624 $ 13,540 $ 9,260
  Pre–tax income $ 14,616 $ 9,867 $ 36,705 $ 25,340
  Weighted–average number of shares outstanding –diluted   49,892   48,907   49,347   48,871
    Diluted Adjusted EPS $ 0.29 $ 0.20 $ 0.74 $ 0.52

The following table calculates the non–GAAP measure of Adjusted Homebuilding Gross Margin for the three and nine months ended September 30, 2017 and September 30, 2016 and reconciles these amounts to homebuilding gross margin, as reported and prepared in accordance with GAAP.

  Three Months Ended
 September 30,
Nine Months Ended
 September 30,
(In thousands): 2017 2016 2017 2016
Homebuilding gross margin $ 23,685 $ 19,477 $ 65,113 $ 53,186
Add back: capitalized interest charged to cost of sales   573   426 $ 1,876 $ 2,051
Adjusted Homebuilding Gross Margin $ 24,258 $ 19,903 $ 66,989 $ 55,237

About Green Brick Partners, Inc.:

Green Brick Partners, Inc. (NASDAQ: GRBK) is a uniquely structured company that combines residential land development and homebuilding. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes DFW LLC, Normandy Homes (a division of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes, LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia, L.L.C.). Green Brick also owns a non–controlling interest in Challenger Homes in Colorado Springs, Colorado. The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities. For more information about Green Brick Partners, Inc.'s homebuilding partners go to www.greenbrickpartners.com/building–partners.html.

Forward–Looking and Cautionary Statements

Any statements in this press release about Green Brick's expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance that are not historical facts are forward–looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Accordingly, all such forward–looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the factors that could cause actual results to differ materially from those projected in the forward–looking statements are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; demand for real estate investments in the geographic markets in which we operate; significant inflation or deflation; labor and raw material shortages; the failure to recruit, retain and develop highly skilled and competent employees; an inability to acquire land suitable for residential homebuilding at reasonable prices; an inability to develop and sell communities successfully or within expected timeframes; risks related to regulatory approvals and government regulation; the interpretation of or changes to tax, labor and environmental laws and regulations; volatility of mortgage interest rates; the unavailability of mortgage financing; the occurrence of severe weather or natural disasters; risks related to future growth through strategic investments, joint ventures, partnerships and/or acquisitions; risks related to holding non–controlling interests in strategic investments, joint ventures, partnerships and/or acquisitions; the inability to obtain suitable bonding for the development of housing projects; difficulty in obtaining sufficient capital; the occurrence of a major health and safety incident; poor relations with the residents of our communities; information technology failures and data security breaches; product liability claims, litigation and warranty claims; our debt and related service obligations; required accounting changes; an inability to maintain effective internal control over financial reporting; and other risks and uncertainties inherent in our business. Additional factors that could cause actual results to differ from those anticipated are discussed in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's annual and quarterly reports filed with the Securities and Exchange Commission. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward–looking statements made by Green Brick, you should not place undue reliance on any such forward–looking statements. Further, any forward–looking statement speaks only as of the date of this press release, and Green Brick undertakes no obligation to update any forward–looking statement to reflect events or circumstances after such date.

Attachment Available: http://www.marketwire.com/library/MwGo/2017/11/6/11G147426/mw1bu95ou3f1319mpa106kg5bl2–4c7bc6122310a1eb8a3ffe7604df0ab5.pdf