Green Brick Partners, Inc.

Thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the GreenBrick Partners, Inc., third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the conference over to Jeff Cox, Chief Financial Officer. You may begin.

Good afternoon and welcome to Green Brick Partners earnings call for the third quarter ended September 30th, 2025. Following today's remarks, we will hold a question and answer session. As a reminder, this call is being recorded and will be available for playback In addition, a presentation will accompany today's webcast, which is available on the company's investor relations 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, Jeff Cox, chief financial officer. Some of the information discussed on this call is forward-looking, including a discussion of the company's financial, and operational expectations for 2025 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 30th, 2025, and the company has no obligation to update any forward-looking statement it may make. The 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 relief that the company issued yesterday in the aforementioned presentation. With that, I'll turn the call over to Jim.

Thank you, Jeff. First, I want to formally recognize Jeff's promotion to Chief Financial Officer effective earlier this month. Jeff joined the company in June 2023 as Senior Vice President of Finance with over two decades of home building experience, and he has been instrumental in helping us establish our wholly owned mortgage company, along with refining our financial systems and processes. I am excited to have Jeff join the senior leadership team and add his talent to GreenBrick's deep under 50 year old talent bench. With that, I am pleased to announce our third quarter results particularly given that we achieved these results against the backdrop of ongoing and persistent affordability challenges faced by many consumers in this housing market. Our performance remained resilient despite eroding consumer confidence and an increasing supply of housing inventory. Our builders adapted quickly to a volatile housing market as we continued to balance price and pace to maximize returns in each of our communities. We achieved 898 net orders, representing a 2.4% increase year over year, which is a record for any third quarter. We also closed 953 homes in the quarter, just three shy of beating our record third quarter 2024 results. Net income attributable to GreenBrick for the third quarter was $78 million, or $1.77 per diluted share. As Jed will discuss in more detail shortly, driving our sales volume required price concessions and other incentives as we addressed the affordability challenges faced by homebuyers in our markets. As expected, these dynamics put downward pressure on our home building gross margins, which declined 160 basis points year over year, and 70 basis points sequentially to 31.1%. Our results also reflect a $4.8 million warranty adjustment, which improved our gross margins by 90 basis points. Our gross margins remained the highest in the public home building industry and marked the 10th consecutive quarter in which our gross margins exceeded 30%. While the macroeconomic landscape presents headwinds for the entire industry, we believe the core strengths that have driven GreenBrick's success over the past decade will enable us to continue to navigate any challenges with confidence and flexibility. As always, we will focus on maintaining operational excellence centered on our disciplined approach to land acquisition and development to position us for future growth. We are laser focused on maintaining an investment grade balance sheet to support our targeted expansion in high volume markets. As Jed will discuss in more detail momentarily, we also continue to concentrate on reducing construction costs and cycle times. We believe we are well positioned to sustain our return metrics that rank among the very best in the home building industry and create long term shareholder value. We remain focused on growing our business, particularly our Trophy brand. Trophy's growth in DFW and Austin, combined with our planned entering into Houston by the 2026 spring selling season, presents significant opportunities for sustained growth over the next few years. This expansion, we believe, allows us to continue serving the critical first time and move up buyer segments while further diversifying our revenue base and strengthening our presence in key Texas markets. With our highly diversified brand portfolio, we believe we are well positioned to capitalize on demand from all home buyer segments. While the overall market conditions remain challenging due to macroeconomic and political uncertainty, we remain vigilant in monitoring and responding to shifts in buyer preferences. We believe that our experienced team and robust land pipeline and desirable infill and infill adjacent locations will drive continued success in the quarters to come. With that, I'll turn it over to Jeff to provide more detail about our financial results.