Dream Finders Homes Inc. reported third quarter 2025 homebuilding revenues of $917.0 million, down from $986.0 million in the same period of 2024. Home closings increased by 1% to 1,915, a third quarter company record, compared to 1,889 in the third quarter of 2024. Net new orders rose 20% to 2,021 from 1,680, also a third quarter record. Homebuilding gross margin was 17.5%, compared to 19.2% a year earlier, while adjusted homebuilding gross margin (non-GAAP) was 26.7%, down from 27.6%. Pre-tax income was $61.0 million, compared to $92.0 million in the prior year's quarter. Net income attributable to Dream Finders Homes was $47.0 million, or $0.47 per basic share, compared to $71.0 million, or $0.72 per basic share, in the third quarter of 2024. Financial services pre-tax income increased 11% to $9.0 million from $8.0 million, primarily due to the April 2025 acquisition of Alliant Title and expansion within the Tennessee market. The company completed a bond offering of $300.0 million in senior unsecured notes due 2030, using the proceeds to repay a portion of its revolving credit facility. Total liquidity at the end of the quarter was $625.0 million. Dream Finders revised its full year 2025 guidance to approximately 8,500 home closings, down from a previous outlook of 9,250 homes. The controlled lot pipeline increased to 64,341 as of September 30, 2025, compared to 54,698 as of December 31, 2024. Return on participating equity was 22.0%, compared to 30.4% a year earlier. During the quarter, the company repurchased 357,715 Class A common shares for $10.0 million.