Tri Pointe Homes, Inc.

And welcome to the second quarter 2025 earnings conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Lee, General Counsel. Thank you, sir. You may begin. Good

morning and welcome to TriPoint Homes earnings conference call. Earlier this morning, the company released its financial results for the second quarter of 2025. Documents detailing these results, including a slide deck, are available at .tripointhomes.com through the investors link and under the events and presentations tab. Before the call begins, I would like to remind everyone that certain statements made on this are not historical facts, including statements concerning future financial and operating performance are forward-looking statements that involve risks and uncertainties. The discussion of risks and uncertainties and other factors that could cause actual results to differ materially are detailed in the company's SEC filings. Except as required by law, the company undertakes no duty to update these forward-looking statements. Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through TriPoint's website and in its SEC filings. Hosting the call today are Doug Bauer, the company's chief executive officer, Glenn Keeler, the company's chief financial officer, Tom Mitchell, the company's president and chief operating officer, and Linda Mame, the company's executive vice president and chief marketing officer. With that, I will now turn the call over to Doug.

Good morning and thank you for joining us as we report our results for the second quarter of 2025. Our teams delivered good quarterly results while executing a challenging environment. We met both our top and bottom line guidance while continuing to build a scalable foundation for long-term growth. In the second quarter, we delivered 1,326 homes at an average sales price of $664,000, generating $880 million in home sales revenue. Homebuilding gross margin adjusted to exclude an inventory-related charge was .1% supported by disciplined pricing, strong product positioning, and continued cost control. Adjusted debt income was $69 million or $0.77 per diluted share. But a long-term outlet for housing remains favorable due to strong demographics and the continuing undersupply of homes. The near term remains choppy. Continued policy uncertainty, geopolitical tensions have weighed on buyer confidence and several markets are experiencing rising housing inventory levels and a softer pricing environment. We generated 1,131 net new home orders in the quarter with a monthly absorption rate of 2.5 per average selling community. We continue to focus on balancing pace and price on a -by-community basis and have moderated our start pace in an effort to normalize our level of spec inventory. By leveraging targeted incentives for design studio options and mortgage rate buy-downs, we are addressing monthly payment sensitivity and buyer preferences for home personalization with the goal of optimizing margins. Our innovatively designed and well-located communities close to job centers and lifestyle amenities continue to attract a well-qualified buyer. Home buyers and backlog financing through our mortgage company, TriPoint Connect, have an average annual household income of $220,000, average FICO score of $753,000, 79% loan to value, and average -to-income ratio of 40%, consistent with the last several quarters. We ended the quarter with $1.4 billion in total liquidity, including $623 million in cash. Our home building -to-capital ratio was .7% and net -to-net capital stood at 8%. During the quarter, we further strengthened our financial position by extending and upsizing our revolving credit facility, expanding liquidity through 2030. Backed by a strong balance sheet, our land investment strategy remains disciplined with a selective focus on opportunities that produce the strongest returns in our core markets. In the near term, we have an excellent land position that enables us to grow our ending community count in 2026 in the low double digits. During the quarter, we returned an additional $100 million to shareholders through share repurchases. With our stock trading below book value, we accelerated repurchases, reducing our share count by .5% in the second quarter alone. For the -to-date period, end of June 30, we have repurchased $175 million, reducing our shares outstanding by $5.5 million or 5.3%. Since initiating the program in 2016, our share count has decreased by 46%. This reflects our confidence in the long-term value of the business and our commitment to enhancing per share returns for our shareholders. In the last 12 months, our book value per share has grown 12.4%. Our new market expansions in Utah, Florida, and the Coastal Carolinas remain on track and are expected to contribute to meaningful top and bottom line growth over time while broadening our geographic footprint. Development activity in these markets is progressing as planned, supported by strong local execution and scalable operating models. We expect a notable inflection in the performance from our new divisions beginning in 2027 as volumes increase and operating leverage improves, supporting our long-term growth strategy. While near-term conditions remain challenging, we are executing through a differentiated, premium product offering, targeted incentives, and continue to focus on cost discipline and cycle time improvements. We remain confident in long-term fundamentals underpinning housing demand, including favorable demographics and the under supply of housing over the last decade. The current market dynamics present not only challenges but also meaningful opportunities. Through discipline and capital allocation, including strategic land investments, prudent inventory management, and opportunistic share repurchases, we are positioning TryPoint for a continued strong returns and long-term shareholder value creation. With a healthy balance sheet, a seasoned team, and a differentiated brand, we are well positioned to navigate evolving market conditions and deliver sustained growth and performance. With that, I'll turn the call over to Glenn. Glenn?