Green Brick Partners, Inc.

Hello and welcome to the Green Brick Partners Inc. first quarter 2026 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. And if you would like to ask a question, please press star one on your telephone keypad. I would now like to turn the conference over to Jeff Cox, Chief Financial Officer. Please go ahead.

Good afternoon. and welcome to GreenBrick Partners earnings call for the first quarter ended March 31st, 2026. 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, which is available on the company's 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 2026 and beyond. In yesterday's press release, the company detailed material risks that may cause its future results to differ from its expectations. The company's statements are as of today, April 30th, 2026, 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 and in the aforementioned presentation. With that, I'll turn the call over to Jim.

Thank you, Jeff. I'm pleased to announce our first quarter results, particularly given that we achieved these results against a backdrop of ongoing and persistent affordability challenges faced by many consumers in the housing market, as well as increasing uncertainty and volatility for consumers caused by domestic and global events and trends ranging from increasing gas prices to job concerns in this new AI era. Despite these challenges, our team's effort and disciplined approach led to another excellent quarter for our business and our shareholders. Net income attributable to GreenBrick for the first quarter was $61 million or $1.39 per diluted share on total revenues of $465 million. We delivered 908 homes in the quarter, only two less than in Q1 2025, and we had 1,037 net new orders. We achieved this despite, as we mentioned on our last call, losing about seven selling days in January due to inclement weather in DFW, our largest market. Orders increase sequentially each month of the quarter with March sales outpacing the same period in 2025. This was more in line with a normal spring selling season. We believe our aggressive grade balance sheet and low financial leverage provide us with the flexibility to navigate and takes advantage of evolving market conditions. At the end of Q1, our home building debt to total capital ratio decreased to 11.5%, and our net home building debt to total capital ratio decreased to 5.5% among the lowest of our public home building peers. We also have $475 million in available liquidity. Our industry leading home building gross margins of 28.9% give us the flexibility to profitably adjust the pricing of our homes to respond to market conditions. We believe the foundation of our industry-leading growth margin starts with our commitment to owning and developing land. We remain highly disciplined in how we control and purchase land. One of the primary differentiators for many of our peers is that we do not engage in off-balance sheet, high-interest-cost land banking arrangements that can distort a builder's economic leverage and risk. and that can get a land banker in direct control over a builder's lot purchase timing. At the end of the first quarter, 77% of our approximately 49,000 lots are owned. We have 3,400 lots owned or under contract and four joint ventures with other home builders or landowners. These joint ventures account for 7% of our total lots owned and controlled and only 2.9% of our total assets. These joint ventures are evaluated with the same underwriting criteria as our other land investments to ensure that we remain focused on attractive, risk-adjusted returns and protect shareholder values. As many of you who follow our company know, this disciplined approach to land acquisition and development is not a new philosophy for our company. We have always believed that a self-development focused strategy provides us with better capital efficiency and returns, allowing us to make higher margins, lower cost, and enhanced inventory control so that we can better determine the pace of land and lot deliveries. We generated strong operating cash flows of $56 million for the quarter. In the last 12 months, we generated $201 million in operating cash flows and returned $74 million to shareholders through repurchases. Even with our land-heavy balance sheet and macroeconomic headwinds, we delivered strong returns during the quarter of 96% return on assets and 13.1% return on equity, among the very best of public home building peers. Our disciplined returns focused approach and our experienced team of operators position us well for future value creation. This quarter we begin reporting on financial service operations as a separate segment due to the strong growth of our wholly owned mortgage company. Greenbrick Mortgage was founded in 2024 and funded its first loan in the first quarter of 2025. During 2025, GreenBrick Mortgage grew rapidly, and by the end of Q1 2026, was serving all of our tax entities. For the first quarter, revenues for GreenBrick Mortgage increased from $1.3 million to $5.6 million year over year, as the number of funded loans increased by almost 250%. Pre-tax income from our financial services segment increased year over year, by 139% in Q1 to 4.3 million. While the macroeconomic landscape prevents short-term 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 and ensuring we continue to build out our team of experienced, dedicated employees who drive our growth and provide a quality home and buyer experience for our customers. We believe we are well positioned to sustain our peer-leading return metrics and provide long-term value to our shareholders. We remain focused on growing our business, particularly our trophy brand. Trophy's continued growth in DFW and Austin, combined with our first community opening in Houston Q1, presents significant opportunities for sustained growth for the next few years. This expansion allows us to continue serving the critical first-time and first move-up buyer segments while further diversifying our revenue base, and strengthening our presence in key Texas markets. With that, I'll turn it over to Jeff to provide more detail regarding our financial results.