PulteGroup, Inc.

Thank you, Erica, and good morning. I want to thank you for joining today's call.

as we look forward to discussing PulteGroup's third quarter operating and financial results. On today's call, I'm joined by Ryan Marshall, President and CEO, Jim Ossowski, Executive Vice President and CFO, and David Carrier, Senior Vice President, Finance. A copy of our earnings release and this morning's presentation have been posted to our corporate website at PulteGroup.com. We'll also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments today. The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying presentation slides. These risk factors and other key information are detailed in RICC filings, including our annual and quarterly reports. Now let me turn the call over to Ryan.

Thanks, Jim, and good morning. I'm very proud of the business results our organization has delivered thus far in 2026. In a world where we can't control global events or macroeconomic conditions, we can manage how we respond to the operating environment. To that end, I think VolteGroup continues to do an excellent job navigating today's evolving market dynamics and doing so in a way that is consistent with our long-term operating strategies. We continued this approach in the third quarter as we remained disciplined in our business practices and focused on delivering an outstanding home buying experience within a period that underwent meaningful change. To the former, in the third quarter we delivered almost 7,000 homes, maintained our focus on delivering strong gross margins and overall solid returns, while increasing our backlog and returning nearly $400 million back to our shareholders. As to the latter, consistent with all the reporting and commentary swirling around the current state of the U.S. housing industry, we experienced a notable slowdown in home buying demand as we moved through the third quarter and interest rates surged higher. The reality that buyer demand slowed through the quarter won't be news to anyone on this call. What I think is interesting, however, is exactly how buyers responded. Based on feedback from our sales associates, in the third quarter, They were routinely working through these important customer issues. Buyers are spending more time getting comfortable with the higher monthly payments, interest rates, and financing options before moving forward. The need to sell an existing home remains one of the most significant conversion barriers. Buyers have clear expectations regarding lot characteristics, home functionality, and overall fit. In other words, they are taking advantage of market conditions to be very particular and what they're willing to pay for. And finally, timing often appears to be a symptom rather than the true obstacle. In many conversations, our sense is that not ready yet is really about financing or existing home sale readiness rather than timing itself. The most interesting point with these comments, they really haven't changed very much from earlier in the year when interest rates initially started moving higher. Prospective buyers continue to have concerns about stretched affordability, high monthly payments, and home sale contingencies. Our sales teams were able to help buyers solve these challenges such that our conversion rates in the third quarter were comparable to the first two quarters of 2026. So if the buyer issues haven't changed and we're still able to convert prospects at a similar rate, why the meaningful deceleration in reported sales? What changed in the quarter, and most notably in September, is that the big move higher in interest rates, along with inflation, global tensions, and waning confidence, reached the point where more consumers simply put their search on pause. In the third quarter, our customer conversion rates were relatively stable, but traffic to our communities was down 14% from the prior year and on a sequential basis down 11% from the second quarter. These conditions have continued through the first few weeks of October. As you would expect, most of the missing traffic were first-time buyers, as this group remains the most impacted by higher interest rates. Not only did this pronounced slowdown among our first-time buyers impact our third quarter signups, but it also directly impacted our closing volumes for the quarter, as the majority of our spec sales are within our first-time buyer communities. We have done a great job controlling starts and in turn spec inventory, but the impact of having fewer finished spec sales reduced our home closings in the third quarter. I fully appreciate that this isn't a very upbeat message for an earnings call, but it's important to acknowledge that the change in the market conditions over the past 30 to 45 days when discussing PulteGroup's results for the quarter and the year to date. Consistent with previous quarters, in the third quarter we focused on serving what we consider core home buying demand rather than chasing volume in a market showing little price elasticity. You can see this in Folty Group's reported Q3 financial results as closings came in slightly below our guide, but a strong reported gross margin of 24.8% helped the company to deliver earnings of $476 million or $2.53 per share. Through the first nine months of 2026, VolteGroup delivered just shy of 20,000 homes and generated $11 billion of home sale revenues. Operating within this year's more competitive market conditions, we have appropriately managed price and pace to capture sales, while driving year-to-date gross margins and operating margins of 24.7% and 14.2%, respectively. In alignment with our capital allocation priorities, our strong nine-month financial results supported investment of $4 billion into land acquisition and development and the return of $1.2 billion to shareholders through share repurchases and dividends. I'll provide more detail on how we're navigating current demand dynamics later, but first, let me turn the call over to Jim Ossowski for a detailed review of HolteGroup's third quarter financial performance.