Financial Data and Key Metrics Changes - The company delivered 3,435 residential units in Q4 2025, exceeding guidance, with a total of 10,792 units delivered for the full year [4] - Net income for Q4 was $36 million, or $1.21 per diluted share, with adjusted net income at $47 million, or $1.59 per diluted share [19] - Home sales revenues for Q4 reached $1.1 billion, up 16% sequentially, while average sales price decreased by 5% to $367,000 [19] Business Line Data and Key Metrics Changes - The Century Living segment contributed to revenues with the sale of a 300-unit multifamily community for $97 million [20] - The company repurchased over 7% of its shares outstanding at the beginning of the year, totaling 2.3 million shares for $178 million [5][25] Market Data and Key Metrics Changes - The average community count increased by 13% to 318 communities in 2025, with expectations for low- to mid-single-digit percentage growth in 2026 [12][14] - The mortgage capture rate was 84% for both Q4 2025 and the full year, representing records for the company [23] Company Strategy and Development Direction - The company plans to maintain a disciplined approach to growth, focusing on existing lot counts and not expanding for the sake of growth alone [7] - The land acquisition and development expense is expected to remain flat in 2026, with the ability to adjust based on market conditions [15][16] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring selling season, noting improved order activity and potential consumer interest [29][31] - The company anticipates that any interest rate relief or governmental support for homebuyers could unlock buyer demand [7] Other Important Information - The company maintained a quarterly cash dividend of $0.29 per share and ended the year with $2.6 billion in stockholders' equity [24] - The company achieved a record book value per share of $89 at the end of Q4 2025 [5][25] Q&A Session Summary Question: Insights on the spring selling season - Management noted that while January sales pace has been slower compared to the previous year, order activity has improved sequentially, and they are hopeful for a better spring selling season [29][30] Question: Expectations for gross margin - Management indicated that gross margins may see a slight pullback due to incentives but expect to revert to a more balanced approach in the future [41][42] Question: Community count growth - Management expects community count to grow steadily throughout the year, particularly in the middle and back half of the year [33] Question: Stock repurchase authorization - Approximately 1.5 million shares remain under the stock repurchase program [45] Question: SG&A as a percentage of sales - SG&A is expected to be 14.5% in Q1 2026, higher than previous levels due to typical seasonal trends [51][52]

Tokenomics & Incentives - Projects initially promised token value accrual upon profitability, but later shifted upside to equity [1] - Tokenless projects question the rationale of distributing 60%-70% of tokens (and revenue) when equity retention offers greater control [1] - The crypto industry faces broken incentive structures [1]

great piecemost things taken to the extreme tend to backfirebeing too transactional is one of themincentives are important, but being genuine is too!sarah guo (@saranormous):https://t.co/0gHndlZbMl ...

Fresh incentives across all 13 Base v3 pools are now live ⚡️Add liquidity, earn LP fees, and claim rewards through Incentra, powered by @brevis_zkExplore pools → https://t.co/BZrbTnG4HQPancakeSwap (@PancakeSwap):PancakeSwap is bringing LP rewards across 11 v3 pools on @Base, powered by @brevis_zk IncentraAdd liquidity, generate trading fees, and stack OP rewards through Incentra on OptimismBoosted pools → https://t.co/BZrbTnG4HQ ...

a common sign of low resolution thinking is thinking that any sort of competence across several parties is a result of central planning (aka cabals)decentralized does not mean disorganizedthis is quite literally entire point of incentivestrillions ...

RT $800 pt HL Retard (@crypto_adair)"I think humans are more driven by incentives than deterrents, so maybe the answer for all of us is simply that we need to fall in love with real life again"I’d be lying if I said internet and crypto addiction hasn’t strained my IRL marriage, parenting, and friendships. Skill issue on my pary so working on it.Bear chop = touching grass rebuilding marriage, parenting, and friendships. Playing a lot of pickleball. Trying to reconnect with God and going to therapy etc.If you ...

Incentives explain outcomes.Free money from the US taxpayer is like a giant magnet attracting 90% of Earth to America!So why wouldn’t vast numbers of illegals want to come here?Unfortunately, if allowed, this will cause the collapse of America.The Rabbit Hole (@TheRabbitHole):Incentives explain outcomes.If a nation has a generous welfare state it will inevitably attract groups that want the welfare. ...

RT Funding The Commons (@FundingCommons)Ethereum's @VitalikButerin.Tor's @RogerDingledine.A powerful conversation from FtC Buenos Aires where they dig into what “privacy” really means, the tradeoffs behind it, and how incentives can warp communities. 🌐Watch here: https://t.co/n5RgGlVb4v https://t.co/sFXfithfm2 ...

The Smart Shopping Era: AMA on How BTC Incentives Create Real Loyalty. [Brought to you by @sequra_app] https://t.co/J9Y1IfK7jz ...

Yesterday, I saw an interesting post about how incentives often cause people to talk more about inferior products than actually good ones.There are two ways of looking at this:1) It sucks, because of course you want the best products to get the most attention and the most users.2) It makes sense, because most people are financially motivated, meaning they prefer a good product with direct incentives over a better product without incentives.InfoFi has accelerated this trend, as it now offers incentives not o ...