Millrose Properties, Inc. Class A (MRP) Q3 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 Milrose Properties Third 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 that time, press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I will now turn the call over to Jesse Ross, Melrose Head of Financial Planning and Analysis. Jesse, you may begin. Good morning. Thank you for joining us. With us today to discuss our third quarter 2025 results are Darren Richman, our Chief Executive Officer and President, Robert Nicken, our Chief Operating Officer, Garrett Rosenblum, our Chief Financial Officer, Adil Pasha, our Chief Technology Officer, and Stephen Hensley, our 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 third quarter 2025 financial and operational results announcements, as well as the third quarter investor presentation we released and posted on our website under the investor relations heading for a discussion of these matters. With that, I'll turn the call over to Darren. Thank you, Jesse, and good morning, everyone. I'm pleased to report that Milrose delivered another strong quarter, demonstrating the effectiveness of our disciplined capital deployment strategy and the growing demand for our home site option platform. Our approach centers on recycling home site sale proceeds and investing newly raised capital to maximize returns for our shareholders. This quart...