2025 Third Quarter INVESTOR PRESENTATION Southgate Homes | Reserve at Watters| Allen, TX Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words "anticipate," "believe," "consider," "estimate," "expe ...

New luxury home community offers exclusive amenities in a gated settingSAN TAN VALLEY, Ariz., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the grand opening of Toll Brothers at Ladera Trails, a new gated community in San Tan Valley, Arizona. The community offers a selection of luxury home designs and resort-style amenities in the foothills of the San Tan Mountains. Toll Brothers at Ladera Trails features four brand-new single ...

Uncertainties around taxation in the run-up to the UK budget is likely to weigh on homebuilding for the next six months, pushing the government further away from achieving its housing target https://t.co/ltsoyDiQ6T ...

Core Insights - D.R. Horton (NYSE: DHI) experienced a nearly 4% decline in stock price following two analyst price target cuts after its latest earnings report, contrasting with the S&P 500's flat performance on the same day [1][5] Analyst Revisions - Four analysts adjusted their ratings on D.R. Horton stock post-earnings, with two cutting their price targets and two raising them [2][7] - Citigroup and Keefe, Bruyette & Woods were among the analysts who reduced their price targets, with Jade Rahmani lowering his fair-value assessment from $178 to $175 per share while maintaining a market perform recommendation [3][4] Financial Performance - D.R. Horton's revenue for the fiscal fourth quarter of 2025 decreased by 3% to just under $9.68 billion, while net income fell to slightly over $905 million ($3.04 per share) from $1.28 billion in the previous year [5] - The company significantly missed analyst expectations on earnings, with a consensus estimate of $3.29 per share, although it surpassed revenue forecasts of $9.42 billion [5]

Core Insights - The Third Avenue Real Estate Value Fund achieved a return of +13.54% for the first nine months of 2025, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index, which returned +11.26% [3] - The Fund's long-term performance since inception in 1998 shows an annualized return of +9.12%, indicating significant growth for initial investments [5] Performance Contributors - Key contributors to the Fund's performance included investments in U.S. homebuilders such as D.R. Horton, PulteGroup, and Lennar, as well as preferred equity in Fannie Mae and Freddie Mac [4] - Detractors included investments in U.K. property companies and holdings related to the U.S. existing-home market [4] Market Trends - The Fund's management noted increasing bifurcation in the real estate sector, with significant differences in performance across property types and markets [10] - The "tale of two markets" theme was prevalent at the Zelman Housing Summit, highlighting disparities between new-home and existing-home sales [11] Investment Strategy - The Fund increased its position in Champion Homes, a leading producer of affordable housing, despite mixed industry orders and low stock prices [12][13] - The Fund also added to its investment in Unite Group, a U.K. REIT focused on student housing, capitalizing on price-to-value discrepancies in the market [15][16] Geographic Allocation - Approximately 41.9% of the Fund's capital is invested in U.S. residential real estate, with a focus on homebuilding and mortgage services [22] - 27.5% is allocated to North American commercial real estate, emphasizing real estate services and logistics [23] - 25.6% is invested in international real estate companies, targeting similar activities in developed markets [24] Cash and Hedging - The remaining 5.0% of the Fund's capital is held in cash, debt, and options, including hedges against currency exposure [25] Macro Economic Factors - The Fund's management is tracking macroeconomic indicators, including inflation rates and interest rates, which could impact the real estate sector [31][36] - A potential decline in mortgage rates could stimulate activity in the residential market, which is significant for the broader economy [36]

THIRD QUARTER 2025 ANALYST CONFERENCE CALL OCTOBER 29, 2025 Safe Harbor The information included in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our fourth quarter 2025 projected home closing volume, home closing revenue, home closing gross margin, effective tax rate and diluted EPS. All historical 2024 share and per sh ...

Core Insights - Toll Brothers, Inc. has announced the final opportunity to purchase a new luxury home at its Brookmeade Trail community in Cumming, Georgia, highlighting the exclusivity of this offering [1][5] - The last available home features the Rosewater Transitional design, with a spacious 4,500-square-foot layout, 5 bedrooms, 5.5 baths, and is priced at $1,399,000, available for move-in by the end of 2025 [2][5] Company Overview - Toll Brothers, Inc. is recognized as the nation's leading builder of luxury homes, founded in 1967 and publicly traded since 1986, with its stock listed on the NYSE under the symbol "TOL" [6] - The company operates in over 60 markets across 24 states and offers a diverse range of housing options for various buyer segments, including first-time buyers and active adults [6] Community Features - Brookmeade Trail offers resort-style amenities such as a clubhouse, outdoor pool, tennis courts, walking trails, and community parks, enhancing the living experience for residents [4] - The community is strategically located near Georgia State Route 400, providing easy access to shopping, dining, and recreational opportunities, along with being served by the highly rated Forsyth County School District [4] Recognition and Achievements - Toll Brothers has been recognized as one of Fortune magazine's World's Most Admired Companies for over a decade and has received multiple accolades, including Builder of the Year from Builder magazine [7]

Core Insights - M/I Homes has reported its Q3 2025 earnings, marking the fourth consecutive quarter of missing earnings expectations, leading to a 5% decline in stock price following the results [1] Financial Performance - The company has consistently underperformed in earnings, indicating potential challenges in meeting market expectations [1] Market Reaction - Following the earnings report, M/I Homes' stock price experienced a 5% drop, reflecting investor sentiment and market reaction to the disappointing results [1]

Core Insights - Meritage Homes reported $1.42 billion in revenue for Q3 2025, a year-over-year decline of 10.9% and below the Zacks Consensus Estimate of $1.52 billion, resulting in a surprise of -6.85% [1] - The company's EPS for the quarter was $1.39, down from $2.67 a year ago, with an EPS surprise of -18.71% compared to the consensus estimate of $1.71 [1] Financial Performance Metrics - Total homes ordered were 3,636, slightly below the nine-analyst average estimate of 3,716 [4] - Average sales price for home closing revenue was $380.00, compared to the nine-analyst average estimate of $390.27 [4] - Order backlog totaled 1,699, exceeding the average estimate of 1,677 based on nine analysts [4] - Homes closed totaled 3,685, below the average estimate of 3,787 from nine analysts [4] - Order backlog average sales price was $394.00, lower than the $407.27 average estimate based on seven analysts [4] - Order backlog value was $670.01 million, compared to the estimated $724.95 million from six analysts [4] - Active communities at the end of the quarter totaled 334, above the average estimate of 316 from six analysts [4] - Average sales price for home orders was $389.00, compared to the five-analyst average estimate of $395.70 [4] - Total closing revenue from homebuilding was $1.42 billion, below the average estimate of $1.52 billion from ten analysts, representing a year-over-year change of -10.9% [4] - Home closing revenue was $1.4 billion, compared to the ten-analyst average estimate of $1.51 billion, reflecting a year-over-year change of -11.8% [4] - Land closing revenue was $16.07 million, significantly above the nine-analyst average estimate of $5.6 million, showing a year-over-year increase of +502.9% [4] - Financial services revenue was $8.46 million, slightly above the nine-analyst average estimate of $8.4 million, with a year-over-year change of +4.8% [4] Stock Performance - Meritage shares returned -1.8% over the past month, while the Zacks S&P 500 composite increased by +3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - The stock has increased over 30% from the lows in April, indicating market recognition of the company's potential and qualitative attributes [1] Group 1: Investment Strategy - The company aims to invest in firms with strong qualitative attributes, purchasing them at attractive prices based on fundamentals and holding them long-term [1] - The investment approach involves managing a concentrated portfolio to avoid underperformers while maximizing exposure to high-potential winners [1] - The company may rate strong companies as 'Hold' if their growth opportunities do not meet the required threshold or if the downside risk is deemed too high [1]