M/I Homes, Inc. (NYSE:MHO) Q4 2025 Earnings Call Transcript January 28, 2026M/I Homes, Inc. misses on earnings expectations. Our sales pace was 2.8 in the fourth quarter, compared to 2.7 in February fourth quarter. In addition, 79% of our fourth quarter sales were inventory homes, compared to 67% in last year’s fourth quarter. Our effective tax rate was 21% in the fourth quarter, compared to 22% in last year’s fourth quarter, and our annual effective rate for this year was 23.5%. And we’re not, you know, we’re you know, we’ve we’ve we’ve had a very strong leadership position in those markets.