Green Brick Partners, Inc.

Hello, everyone. Thank you for joining us and welcome to the Green Brick Partners, Inc. Third Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Jeff Cox, Chief Financial Officer. Jeff, please go ahead.

Good afternoon. Welcome to Green Brick Partners earnings call for the third quarter ended September 30th, 2026. 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 are Jim Brickman, co-founder and co-chief executive officer, Jed Dolson, co-chief executive 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 future results to differ from its expectations. The company's statements are as of today, October 29, 2026, and the company has no obligation to update any forward-looking statement it may make. Our comments today also include non-GAAP financial metrics. Reconciliations of these metrics and the other information required by Regulation G can be found in yesterday's earnings release and in the accompanying presentation. With that, I will turn the call over to Jim.

Thank you, Jeff. Before discussing the quarter, I want to recognize Jed Dolson's promotion to Co-Chief Executive Officer. As we previously announced, Jed assumed his new role on October 15th. Jed has been an integral part of GreenBrick since before we became a public company. His leadership, commitment to our home values, and focus on long-term value creation have contributed meaningfully to our growth and success. I'm excited to work alongside him in his expanded role as we continue to execute our strategy, build on our foundation, and develop the next generation of Green Brick leadership. Turning to the quarter, I am pleased with the results our team achieved in a difficult housing market marked by high mortgage interest rates and economic uncertainty causing many potential home buyers to reevaluate the timing of their purchase decisions. Despite these affordability pressures, we delivered 978 homes, an increase of 2.6% from a year ago, generating home closing revenue of $437 million with a home building gross margin of 28%. We generated net income of $59 million, or $1.35 per diluted share. Net new homeowners increased 3.1% compared to the third quarter of 2025 to 926. Orders increased each month of the quarter, even as mortgage rates steadily rose during the quarter. These results demonstrate the resilience of Green Brick's differentiated operating model. Even as many first-time buyers continue to require significant incentives to purchase a home, we increased orders and deliveries while maintaining the highest home building gross margin among our public home building peers. This quarter highlights three important advantages of our business. The strength of our margins and balance sheet, our owned and self-developed land strategy, and the strength of our primary growth engine, Trophy Signature Homes. We recognize that the current housing market conditions are challenging. At the same time, we also believe that cyclical downturns create opportunities. Specifically for GreenBrick, we believe these potential opportunities include capturing market share and laying the foundation for sustained growth when the housing market inevitably improves. Our strong balance sheet and low leverage provide us with the financial flexibility to navigate current market conditions and invest selectively in attractive opportunities. Our home building debt to total capital declined to 13.1% from 15.3% year over year and our net home building debt to total capital was relatively unchanged at 9.6%. Book value per share increased 14% year over year to $46.10. We continue to view growth in book value per share as an important indicator of the value we are creating for shareholders over time, complemented by opportunistically repurchasing shares. Our strong margins and significant land pipeline allow us to remain patient and disciplined in deploying capital. The foundation of our performance begins with our owned and self-developed land strategy, which remains the primary driver of our industry-leading margins. At September 30th, we owned 40,869 lots and controlled another 10,000 566 lots under contract, giving us a total pipeline of 51,435 lots. We believe owning land gives us greater control over lot cost, the timing of development, and the pace at which we bring homes to market. Approximately 38,000 of our total lots are part of our large master plan communities, that will be developed in multiple phases over five to 10 years or longer. By securing these parcels well in advance of home delivery, we believe we have locked in our lot acquisition basis and minimized exposure to cost inflation and escalating fees that many builders incur when purchasing finished lots from third-party developers. One of the primary differentiators for many of our peers is that we do not rely on land banking arrangements with high interest costs that can distort a builder's economic leverage and risk and that can give a land banker indirect control over a builder's lot purchase timing. We believe this approach is particularly valuable in the current environment. Trophy Signature Homes is a key driver of GreenBrick's long-term growth strategy. By combining attainable home prices with our land development capabilities and efficient construction platform, Trophy expands our ability to serve the large pool of first-time and first-move-up buyers. We believe that Trophy's scale as the third largest builder in DFW and its continued expansion in Austin and Houston provide a clear path to grow deliveries, broaden our revenue base, and strengthen our presence in our key Texas markets over the next few years. Our focus remains on translating net growth into attractive returns that deliver long-term shareholder value. Green Break Mortgage continues to grow rapidly, driving third quarter financial services revenue to $11.2 million, an increase of 52%, while pre-tax income increased 69% to $5.6 million. For the first nine months, financial services pre-tax income increased 92% to $15.6 million. Our mortgage, title, and insurance operation helps us support buyers in a market in which monthly payments remain critical to the purchase decision. Our goal is to consistently deliver attractive risk-adjusted returns to our shareholders. Over the past 12 months, we returned $57 million to shareholders through stock repurchases, while continuing to invest significantly in land acquisition and development to position us for future growth. Even with our land-to-be balance sheet and macroeconomic headwinds, for the 12 months ended September 30th, our return on assets was 10.6%, and our return on equity was 14.5%. which remains among the very best of our public peers. For the most recently available trailing 12 month period of our public home building peers, the median return on assets was 3.9% and the median return on equity was 6.2%. Our disciplined, returns focused approach and our experienced team of operators position us well to create long term shareholder value. With that, I now turn it over to Jed to discuss current buyer trends and operating results.