Millrose Properties, Inc. Class A (MRP) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Millrose Properties second quarter 2025 earnings results conference 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 1 again. I will now turn the call over to Jesse Ross, Milrow's Head of Financial Planning and Analysis. Jesse, you may begin your conference. Good morning. Thank you for joining us. With us today to discuss our second quarter 2025 results are Darren Richman, our Chief Executive Officer and President, Robert Mitkin, our Chief Operating Officer, Garrett Rosenblum, our chief financial officer, and Stephen Hensley, senior market risk analyst. Before we begin, I'd like to remind everyone that this call may include forward-looking statements and discuss non-GAAP financial measures. Please refer to our second quarter 2025 financial and operational results announcement, as well as the second quarter investor presentation we released and posted on our website under the investor relations heading for discussion of these matters. With that, I'll turn the call over to Darren. Thank you Jesse and good morning everyone. I am pleased to discuss our second quarter results, marking our first full quarter as a public company and a period of significant growth and execution for Melrose. We continue to deliver on our strategy to redefine how homebuilders and land developers access land capital. As a pioneer in the institutionalization of land banking services, Milrose offers homebuilders a unique...