Forestar Group Inc.

Good morning and welcome to Four Star's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the corner over to Chris Hibbert, Vice President of Finance and Investor Relations for Four Star. Chris.

Thank you, Jenny. Good morning, and welcome to the call to discuss Four Star's first public results. Before we get started, I want to remind everyone that today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although Four Star believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to Four Star on the date of this conference call. and we do not undertake any obligation to update or revise any forward-looking statements publicly. Additional information about factors that could lead to material changes in performance is contained in Four Star's annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are or will be filed with the Securities and Exchange Commission. Our earnings release is on our website at investor.fourstar.com, and we plan to file our 10-Q later this week. After this call, we will post an updated investor presentation to our investor relations site under events and presentations for your reference. Now, I will turn the call over to Andy Oxley, our President and CEO.

Thanks, Chris, and welcome to the team. For those who haven't met Chris yet, he joined our team in December as part of a planned transition with Katie Smith joining D.R. Horton on January 1st. I'm also joined on the call today by Jim Allen, our Chief Financial Officer, and Mark Walker, our Chief Operating Officer. The four-star team delivered 2,333 lots, generating revenues of $250.4 million during the quarter and earnings per diluted share of 32 cents. Demand for finished lots remained solid, and our owned lots under contract have doubled from a year ago. And the percentage of our owned lots under contract is at the highest level since June of 2020. The four-star team continues to expand our operating platform, including making significant investments in land acquisition and development and adding key personnel in our local markets and entering new markets. Our owned lot position has increased 23% compared to a year ago, and our community count has increased 25% over the same period. We remain focused on investing in compelling land parcels, turning our inventory, maximizing returns, and consolidating market share in the highly fragmented lot development industry. Four Star's unique blend of financial strength, operating expertise, and geographic reach is a significant competitive advantage, enabling us to be a leading supplier of finished lots. Jim will now discuss our first quarter results in more detail.