Green Brick Partners, Inc.

followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the call over to Rick Costello, Chief Financial Officer. Please go ahead.

Good afternoon, and welcome to Green Bear Partners Earnings Call for the third quarter ended September 30th, 2024. Following today's remarks, we will hold a Q&A session. As a reminder, this call is being recorded and will be available for playback. In addition, a presentation will accompany today's webcast and is also available on the company's website at investors.greenbrickpartners.com. On the call today is Jim Brickman, co-founder and chief executive officer, Jed Dolson, president and chief operating officer, and myself, Rick Costello, chief financial officer. Some of the information discussed on this call is forward-looking, including the company's financial and operational expectations for 2024 and beyond. In yesterday's press release and SEC filings, the company detailed material risks that may cause its future results to differ from its expectations. The company's statements are as of today, October 31, 2024, and the company has no obligation to update any forward-looking statement it may make. Our comments also include non-GAAP financial metrics. The reconciliation of these metrics and the other information required by Regulation G can be found in the earnings release that the company issued yesterday and in the presentation available on the company's website. With that, I'll turn the call over to Jim. Jim? Thank you, Rick.

Before we dive into the financial results today, I would like to take a moment to acknowledge a significant milestone for GreenBrick. This week marks the 10th anniversary since GreenBrick became a public company. Over the past decade, we have prided ourselves on our ability to navigate turbulent environments while maintaining a focus on our long-term growth objectives. Ten years ago, in 2014, we had fewer than 600 closings and $246 million in total revenues. In 2021, we achieved total revenues above $1 billion for the first time, and now we expect to surpass the $2 billion mark in revenues in fiscal 2024. Our compounded annual growth rate and pre-tax income from fiscal year 2015 to the last 12 months ending 9-30-24 is an amazing 34%. We also believe that our ability to grow with one of the least leveraged balance sheets and one of the lowest costs of debt among our small and mid-cap peers demonstrates our team's operational excellence and positions us well for future growth. At the end of the third quarter, our net debt to total capital ratio was only 12.5% and our total debt The total capital ratio was 16.4%, with a weighted average interest rate of 3.4%. Finally, of the 16 public home building peers that we track, Greenbrick was the top performer since we went public based on share price appreciation, including the impact of any dividends. As I look back on this journey, I'm incredibly grateful and proud of our accomplishments made possible by our dedicated employees whose unwavering commitment enabled GreenBrick to realize its vision of building long-term lasting communities and providing lasting value to our home buyers and our shareholders. Now let's turn to our third quarter results. I'm excited to share that GreenBrick completed its best third quarter in company history. We closed 956 new homes and grew home closings revenue by 26% year over year to 523 million, over 80% of which was again generated from infill and infill adjacent submarkets. Home building gross margins moderated from our record high last quarter, but remained at the top among our public home building peers as shown on slide four. Year to date home building gross margin of 33.6% was up 290 basis points and reflects a record for any year in our history through the third quarter. As shown on slide five, since 2022, we have generated home building gross margins in excess of 30% with the exception of only three quarters. Net income attributable to GreenBrick during the third quarter grew 23.5% to 89 million and earnings per share increased 26.9% year-over-year to $1.98, a record for any third quarter. Year-to-date diluted EPS of $6.12 was up 34.5% year-over-year, another record for the company for any year-to-date period through the third quarter, and only 2 cents below our full-year EPS of $6.14 in 2023. I believe there are several reasons for Greenbrick's consistent performance, but I would like to highlight one factor that is the heart of Greenbrick's success. Specifically, while Greenbrick has evolved since its founding, our core philosophy and approach to land acquisition and development remains intact. We differentiate ourselves from the prevalent land-light model by strategically acquiring high-quality land and self-developing lots on our balance sheet. This approach enables us to avoid the rising costs often associated with the land light model, particularly in today's demand environment for land and lot inventory. As a result, we anticipate our lot cost as a percentage of average sales price for a full year 2024 and 2025 to be flat compared to 2023. In contrast to the industry trend where land and lot costs are continually growing as a percentage of the ASV, we believe the ability to self-develop land at wholesale prices positions us favorably to control the entire land development lifecycle, including giving us the ability to moderate pacing and timing as markets shift, which in turn enables us to manage costs more effectively. Self-development also widens our access to land yields in a competitive land market, especially in coveted infill and infill adjacent submarkets. Despite the misconception that land heavy leads to lower returns, Greenberg has consistently generated industry-leading return on assets and equity. Our year-to-date annualized return on equity was 27%. and return on assets was 18%. Return on equity and return on assets since 2022 averaged 27.8% and 17.5%. These returns are even more impressive as we're able to generate this level of from our significant land investments, which are an investment in the long term, but do not contribute to any revenue in the current period. We believe we have one of the best land and lot positions in our industry and are well positioned to maximize the value of our land assets and generate sustainable growth for the years to come. We believe our land approach and key markets are also beneficial in analyzing market fundamentals. We have not yet seen a significant increase in competition from existing homes in our key submarkets where we have acquired land primarily in infill and infill adjacent locations. As illustrated on slide six, existing home inventory remains at near historic levels. Many existing homeowners continue to stay put rather than forego their low mortgage rates. As shown on slide seven, approximately 75% of outstanding mortgages have an interest rate below 5%. We believe that under current economic conditions, and the high interest rate environment, the primary challenges limited demand continue to be buyers' psychology and affordability. Many prospective homebuyers remain cautious even if they could qualify in current mortgage rates. We continue to provide our buyers the flexibility to allocate their spend out of our incentive dollars toward rate reduction buy-downs and closing costs to mitigate affordability concerns. Over the long term, we continue to believe that favorable demographic shifts will serve as a strong backdrop for the homebuilding industry. As outlined on slide 8, a wave of millennials and Gen Z are entering into prime homebuying years, fueling demand for the next decade. The housing market has been underbuilt for years following the financial crisis, creating a significant shortage estimated between 4 and 7 million units. These factors collectively represent a substantial opportunity for new home construction, and we believe GreenBrick is well positioned to capitalize on this trend and to expand our market share with our superior land pipeline. With that, I'll now turn it over to Rick, who will provide more detail regarding financial results. Rick?