Forestar Group Inc.

Good morning, and welcome to Four Star's fourth quarter and fiscal 2026 earnings conference call. At this time, all participants are placed on a listen-only mode. If you have any questions or comments during the presentation, you may press star 1 on your phone to enter the question queue at any time, and we will open the floor for your questions and comments after the presentation. I will now turn the call over to Chris Hibbetts, Vice President of Finance and Investor Relations for Four Star.

Thank you, Matthew. Good morning, and welcome to the call to discuss Four Star's fourth quarter and fiscal year results. Thank you for joining us. Before we get started, 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 filed with the Securities and Exchange Commission. Our earnings release is available on our website at investor.fourstar.com and we plan to file our 10-K in the next few weeks. 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. 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. Before discussing our fourth quarter and fiscal year results, I want to recognize Don Tomnitz. As announced in yesterday's press release, Don will retire as executive chairman of Four Star, effective October 31st. His leadership has played a vital role in shaping the company's strategic direction and driving its significant growth. We are deeply grateful for his dedicated service and many contributions, and we wish him all the best in retirement. Now turning to the results, the Four Star team had a solid finish to the fiscal year. generating over $580 million of revenue in the fourth quarter and $1.6 billion for the full year within our most recent guidance range. Ongoing affordability constraints and cautious consumer sentiment continue to weigh on new home sales and higher mortgage interest rates added further pressure during the quarter. Despite these challenges, we increased our book value per share by 8% to $37.56 at year end and further strengthened our balance sheet, ending the year with $1.3 billion of liquidity while continuing to position us to achieve our long-term objectives. Over the last five years, we have invested more than $7 billion in land acquisition and development and delivered approximately 75,000 finished lots to local, regional and national home builders. During the same period, our book value per share increased 83% These results reflect the strength of our business model and teams that we have built across our national footprint. For fiscal 2027, we will continue to allocate capital prudently, manage inventories efficiently, and focus on generating solid returns to strengthen our market-leading presence in the highly fragmented lot development industry. With a differentiated combination of financial resilience, deep expertise, and a substantial operating platform, we are well equipped to supply home builders with the finished lots they need while successfully navigating current market dynamics. Jim will now discuss our fourth quarter and fiscal 2026 financial returns in more detail.