Dan Hedigan, President and Chief Executive Officer, said, "I am happy to report that we started 2025 with a strong first quarter in which we generated consolidated net income of $60.6 million and had total cash and cash equivalents of $528.3 million and total liquidity of $653.3 million as of quarter-end. Homebuilder demand remained strong during the first quarter. At our Great Park Neighborhoods community, we closed a number of significant homesite sales and also signed multiple purchase agreements for additional homesites that are scheduled to close in the fourth quarter of 2025. In light of the uncertainty created by recent tariff policy announcements, we are continuing to closely monitor our markets, especially with respect to the impact of elevated mortgage rates on affordability and homebuyer demand. Although current market conditions are uncertain, we believe that the housing markets in which we operate remain materially undersupplied, and we are maintaining our prior guidance for 2025 of just under $200 million in consolidated annual net income."