Welcome to the Five Point Holdings second quarter 2025 conference call. As a reminder, this call is being recorded. Today's call may include forward-looking statements regarding FivePoint Holdings’ business, financial condition, operations, cash flow, strategy, acquisitions, and prospects. Please note that Five Point Holdings assumes no obligation to update any forward-looking statements. I would now like to turn the call over to Dan Hedigan [President and Chief Executive Officer] (FivePoint Holdings). Thank you, Paul. Good afternoon, and thank you for joining our call. I have with me today Mike Alvarado [Chief Operating Officer and Chief Legal Officer] (FivePoint Holdings); Kim Tobler [Chief Financial Officer] (FivePoint Holdings); and Leo Kij [Senior Vice President of Finance and Reporting] (FivePoint Holdings). Stuart Miller [Executive Chairman] (FivePoint Holdings) is joining us remotely. Finally, Kim will give an overview of the company's financial performance and condition with updated guidance for the remainder of 2025. We will then open the line for questions. I would like to ask that you please limit yourself to one question and one follow-up. This enabled the Great Park Venture to generate net income of $48.4 million during the quarter, our share of which, adjusted for basis differences, was $16.7 million. From a balance sheet perspective, we finished the quarter with total liquidity of $581.6 million, comprised of cash and cash equivalents totaling $456.6 million and borrowing availability of $125 million under our unsecured revolving credit facility. As we look at the remainder of the year, we expect a strong finish to 2025 with anticipated residential land sale closings at the Great Park in the third and fourth quarters, notwithstanding current uncertainty in the homebuilding industry. While these challenges are leading to slower new home sales by many of the public builders, to our benefit, our existing communities are located in California markets that are chronically undersupplied. Obviously, the market is very dynamic at this moment, and we will continue to monitor evolving market conditions as the year progresses. Kim will provide more details on our guidance for the remainder of 2025 during his remarks. Although there are additional costs associated with our planned growth, we are maintaining our lean operating structure. We anticipate that our acquisition of Hearthstone will be accretive to earnings, notwithstanding the additional labor costs associated with the acquisition. With that said, the members of our executive team have all been in this business long enough to know we will need to navigate through uncertainty from time to time. Let me now provide you with some updates on our communities. During the second quarter, builders in this community sold 112 homes versus 233 homes in the first quarter of 2025. We currently have 13 actively selling programs in the Great Park, roughly half of which we expect will be sold out by the end of 2025. Ten additional programs are anticipated to start sales later this year. I've also previously reported that the City of Irvine completed its state-mandated Regional Housing Needs Assessment, General Plan, and Zoning Updates for the Great Park Planning Area, which will provide the Great Park Venture with the opportunity to convert some or substantial portions of its remaining commercial land holdings to residential uses. We continue to work with the City to expand our residential opportunities on our remaining land, consistent with the RENAME program adopted by the City. We currently have six actively selling programs in Valencia, with one of those expected to sell out before year-end. Additionally, we anticipate another four programs will open during the last half of 2025, providing a greater diversity of home offerings for prospective homebuyers. We are continuing to work with builders on the potential sale of two new communities. Turning to San Francisco, we are currently working on our engineering for the next phase of infrastructure, with the expectation of starting construction early next year. As we work on these plans, we continue to explore opportunities to bring in a strategic partner or other capital sources for this mixed-use Bayfront community. First, it provides us with a platform to offer broader capital solutions for the many homebuilders that are already Five Point Holdings customers as they continue to adopt land-light strategies. We believe this will help fortify our already strong relationships with these customers and add new ones. Let me conclude by saying that while homebuilders are navigating the market uncertainty caused in part by reduced consumer confidence, our balance sheet and liquidity position allow us the flexibility to patiently optimize our land values while still working with our GIFT Builders to ensure the prudent development of our master-planned communities. Fundamentally, land is still about location and scarcity. We have well-located land in extremely supply-constrained markets. Thanks, Dan. Let me briefly provide some additional information about our vision for the possibilities with the new Hearthstone venture, as well as our continued efforts to pursue additional growth opportunities. Hearthstone serves homebuilders with current assets under management of approximately $2.6 billion. Hearthstone started its lot option program in 1996, and we believe it is the only lot option investor operating today that has been through multiple business cycles, including the Great Financial Crisis. Hearthstone’s experienced team, combined with Five Point Holdings’ public company infrastructure and development capabilities, will allow us to grow the new venture efficiently and responsibly. For Five Point Holdings, this venture supports our transition into an asset-light structure, where almost all of the capital for lot option investments will be provided by third-party capital sources through a joint venture arrangement. As part of that growth, we see a major opportunity in the midterm land market, a segment currently underserved by traditional capital providers. We have already had conversations with capital providers and builders who have expressed interest in discussing joint ventures or acquisition opportunities for land that does not fit within a shorter-term land banking model. These are the types of assets that align with the core of what we do as a land development company. Thank you, Mike. As Dan and Mike have shared, we are very excited about the progress Five Point Holdings is making in executing on our strategic priorities, including the Hearthstone transaction and the potential it provides to drive revenue growth for the company. The equity in earnings from the Great Park Venture was attributable to net income of $48.4 million, which resulted from land sales revenue of $63.6 million and a 75% gross margin. The venture also had $8.6 million of price participation and profit participation revenue in the aggregate, as the venture benefits from revenue streams generated through these different types of land sales structures. At the end of the quarter, our debt to total capitalization was 19.1%, and our net debt was $68.4 million. During the quarter, our cash decreased by $71.7 million. This was largely attributable to $32 million of development costs at Valencia and interest on our senior notes of $27.5 million. Since Five Point Holdings will own 75% of the common units in the Hearthstone Venture and will control the executive committee that manages the business and affairs of the venture, we expect to consolidate the activities of the Hearthstone Venture in our financial statements. These activities include asset management and co-investment with the managed capital that is raised. If you reviewed our Form 8-K announcing the transaction, you may have noted that in addition to the $56.3 million acquisition price, Five Point Holdings expects to contribute an additional $37.5 million over time to fund the co-investment as the assets under management grow, which, as I mentioned, is generally 1% of invested capital. However, we do not expect the Hearthstone joint venture to materially contribute to our results for 2025 but anticipate a larger contribution in 2026, and I will provide more guidance in that regard at year-end. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. Hey, everyone. Good afternoon, and congratulations on the Hearthstone deal — it’s an exciting growth opportunity for the company. I know you will provide more detail in a few months, but I am just curious, in terms of the economics of it, should we think broadly of that business as being a percentage of assets under management, less some type of personnel expenses? Is that the right way to think about modeling it longer term? Yes, Alan. That is the way you should look at that. Okay, great. In terms of the business itself, there have been quite a few new entrants into the land banking space over the last year or two, and we have seen terms and structures becoming more competitive in that space. I am thinking specifically about Millrose and other groups offering smaller deposits and lower interest carry compared to what we had seen previously in the private arena. Thanks, Alan, for that question. It’s a very good question. You’re right — there is a lot of movement in this space right now. What we see is that demand is much greater than current supply. We don’t need to make any changes to what we’re currently doing or what Hearthstone is currently doing. Working with them, we expect to expand their capital base, and there should continue to be strong demand in the homebuilding market. We don’t think we have to change anything. Hearthstone has a great platform and business model, and we believe we can stay consistent with that. Great, I appreciate that, Dan. Pivoting to the core business — on the land side — we’ve been hearing from many public builders over the last few days about their business. It seems like everyone is pulling back on starts and land spend. Maybe some of those deals get pushed out to 2026, but are you contemplating the possibility of lower pricing in either Great Park or Valencia — whether on a per-lot basis or per-acre basis — compared to what you’ve achieved more recently, given what we’re hearing from builders lately? You know, Alan, I’ve been reading the same things you’ve been reading, but California is so supply-constrained and unique. You really can’t replace the land that’s here. We will work with our builder partners to the extent that they reach out to us. Got it, that’s helpful, Dan. One final question from me on the land development cost side. When you think about Valencia and the development work ahead of you there — and hopefully, eventually, San Francisco gets up and running — we’ve heard quite a bit about the potential for driving land development costs lower, given everything going on in the market. I think, Alan, the broad answer to that is yes. As that technology progresses, we’re hopeful it will help us manage our land development work more effectively and analyze it more accurately. Ultimately, we’ll still be doing very physical work — moving dirt doesn’t change — but hopefully we can do it smarter and more efficiently. Great. Thanks a lot, and good luck with everything. Yeah, thank you, Alan. As a reminder, if you'd like to ask a question, please press star one. Our next question is from David Lundgren, private investor. Hi, thank you for taking my question. I had a question about using your cash. Have you considered using some of that cash to buy back shares? David, thanks for asking. A number of people are interested in that question. Currently, under our senior note indenture, we are not permitted to do that. That restriction is one of the factors we are evaluating as we consider refinancing those notes. Okay. I guess the elephant in the room that rarely gets discussed on these calls is the stock price being well below book value. I’ve been a shareholder for many years, and I’m curious whether you’re planning to address that or look into why the market isn’t valuing the company as it should be. I think one of the reasons you’re not valued appropriately in the market is because of your corporate structure — it’s very confusing. This recent deal to buy Hearthstone makes things even more complex since you’re acquiring 75%, which adds another serpentine layer. David, I appreciate that question. First, to address Hearthstone directly — because it will consolidate, it will not add any additional complexity. We will own 75%, but we will report 100%. As it relates to the overall concern about the difference between book value and the fair market value of the stock at this time, I understand the structural complexity that exists. However, there are advantages to that structure, particularly on the tax side and in other areas that are very important to the company. Thank you for answering my questions. I think you’re executing really well — I just always wonder why the stock price doesn’t reflect that. Thank you. Our next question is from Ben Fader-Rattner [Analyst] (Nexus Capital). Hi, I just wanted to clarify something you said. You mentioned there would be some debt paydown when you eventually refinance the bonds. I think previously you talked about $100 million to $200 million of debt paydown. Is that still the right number? You know, Ben, this is Kim — thank you. That will be determined at the time we enter into the transaction. I don’t know what the exact number will be at that point. Given that the market is changing daily, it’s important for us to assess our needs and the broader environment when that time comes. Thank you. There are no further questions at this time. I’d like to hand the floor back over to Dan Hedigan [President and Chief Executive Officer] (Five Point Holdings) for any closing comments. Thank you, Paul. On behalf of our management team, we thank you for joining us on today’s call, and we look forward to speaking with you next quarter. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.