Operator

Hello, everyone. Thank you for joining us, and welcome to Millrose Properties First Quarter 2026 Earnings Call. [Operator Instructions]

I would now like to hand the conference over to Jesse Ross, Millrose's Head of Financial Planning and Analysis. Jesse, please go ahead.

Jesse Ross

Good morning, and thank you for joining us to discuss Millrose Properties First Quarter 2026 Results. Joining me on the call today are Darren Richman, our Chief Executive Officer and President; Robert Nitkin, our Chief Operating Officer; Garett Rosenblum, our Chief Financial Officer; and Steven Hensley, our Senior Market Risk Analyst.

Before we begin, I'd like to remind everyone that today's discussion 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. For a more complete discussion of these factors as well as reconciliations of non-GAAP measures, please refer to our earnings release and investor presentation, both of which are available on our Investor Relations website.

With that, I'll turn the call over to Darren.

Darren Richman
CEO & President

Thank you, Jesse, and good morning, everyone. Millrose delivered solid results in the first quarter of 2026, performing in line with our expectations and continuing to demonstrate the strength and durability of our platform. We deployed capital in a disciplined manner, expanded our relationships across the homebuilding ecosystem, and generated predictable recurring earnings consistent with the design of