Long-Short Value
Long/short equity, value, special situations

Green Brick Partners: Uniquely Structured Land Developer With Significant Embedded Value

Green Brick Partners (NASDAQ:GRBK) or "Green Brick" is a land developer and homebuilder that came into existence through a relationship between David Einhorn, Greenlight Capital Founder, and James Brickman, a veteran of real estate construction. Einhorn and Brickman were friends for many years before creating a vehicle in 2008 to take advantage of the distressed housing industry called JBGL (I assume this stands for James Brickman Green Light). The company was created with two branches; JBGL Capital LP, and JBGL Builder Finance. I will get into the exact company structure later in detail, but a key point to remember is it is largely a land developer and financier but also owns controlling stakes in

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