Millrose Properties, Inc. Class A (MRP) Q4 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 Melrose Properties' fourth quarter and full year 2025 earnings results conference call. All lights 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. Thank you. I will now turn the call over to Jesse Ross, Milrose Head of Financial Planning and Analysis. Jesse, you may begin your conference. Good morning, and thank you for joining us. With us today to discuss Milrose Properties' fourth quarter and full year 2025 results are Darren Richmond, our Chief Executive Officer and President, Robert Nitkin, our Chief Operating Officer, Garrett Rosenblum, our Chief Financial Officer, and Stephen Hensley, our Senior Market Risk Analyst. Before we begin, I'd like to remind everyone that today's call may include forward-looking statements and references to non-GAAP financial measures. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Please refer to our fourth quarter and full year 2025 earnings release and investor presentation, both available on our website under the investor relations heading for discussion of these matters and a reconciliation of non-GAAP measures. With that, I'll turn the call over to Darren. Thank you, Jesse, and good morning, everyone. I'm pleased to discuss our results for the fourth quarter and full year 2025, our first year as a public company. For years, we have seen a clear opportunity in a housing ...