Forestar Group Inc.

Good morning and welcome to Four Star's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If you wish to ask a question during today's Q&A session, please press star 1 on your phone at any time. Also, if anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. Please note this conference is being recorded. I will now turn the call over to Chris Hibbets, Vice President of Finance and Investor Relations for Four Star.

Thank you, Paul. Good morning, and welcome to our call to discuss Four Star's second quarter results. Before we get started, I want to remind everyone that today's call includes forward-looking statements as defined by the Private Security 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 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 Presentation for your reference. Now, I will turn the call over to Andy Oxley, our president and CEO.

Thanks, Chris. Good morning, everyone. 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 achieved solid second quarter results, generating revenues of $374.3 million, a 7% increase from the prior year quarter on 2,938 lots sold. Our pre-tax income increased 8% from the prior year quarter to $43.9 million. Our book value per share increased 10% from a year ago to $35.66, and our contracted backlog remains strong with visibility towards $2.2 billion of future revenue. Persistent affordability constraints and cautious consumer sentiment continue to impact the pace of new home sales. In response, we are managing our inventory investments with discipline and flexibility. which allowed us to end the quarter with more than $1 billion of liquidity. We remain focused on turning our inventory, maximizing returns, and consolidating market share in the highly fragmented lot development industry. Our unique combination of financial strength, operating expertise, and a diverse national footprint enables us to consistently provide essential finished lots to home builders and navigate current market conditions effectively. We will now discuss our second quarter financial results in more detail. Jim?