Alan Ratner

“You know, you guys have been probably one of the most nimble builders over the last decade or so in terms of making some modest adjustments to your business model and strategy based on market conditions.”

“Second question, just on kind of the balance sheet and capital allocation. You know, you guys are going to spend north of $300 million this year on buybacks and dividends.”

“So, you know, obviously, given your commentary, it sounds like luxury move up is still an outperformer for you guys. You know, the last month or two, it seems like there's been a few headlines out there suggesting the K-shape economy might be coming to an end and talking to some move up builders.”

“The second question, you know, you made the comment about, you know, intra-quarter where rates briefly dipped. That gave you an opportunity to maybe pull back a little bit on incentives.”

“You know, obviously, you guys have done a great job of maximizing the profitability and the great part. And maybe I'm reading too much into this, but it sounds like maybe you were hedging the timing of the next land sales both there in Valencia maybe a little bit more than the last quarter or so.”