Ladies and gentlemen, thank you for standing by. Welcome to Altisource Portfolio Solutions second quarter 2026 earnings call. At this time, all participants are on the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please note that today's conference is being recorded. I would now like to turn the conference over to Michelle Esterman, Chief Financial Officer. Please go ahead. Thank you, operator. We first want to remind you that the earnings release and quarterly slides are available on our website at www.altisource.com. These provide additional information investors may find useful. Our remarks today include forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ. Please review the forward-looking statements sections in the company's earnings release and quarterly slides, as well as the risk factors contained in our 2025 Form 10-K and our 2026 Form 10-Q filings. These describe some factors that may lead to different results. We undertake no obligation to update statements, financial scenarios, and projections previously provided or provided herein as a result of change in circumstances, new information, or future events. During this call, we will present both GAAP and non-GAAP financial measures. In our earnings release and quarterly slides, you will find additional disclosures regarding the non-GAAP measures. A reconciliation of GAAP to non-GAAP measures is included in the appendix to the quarterly slides. Joining me for today is Bill Shepro, our Chairman and Chief Executive Officer. I'll now turn the call over to Bill. Thanks, Michelle. Good morning. I'll begin on slide four. We are pleased with our second quarter performance with sequential and year-over-year service revenue growth in both segments. Service revenue growth from customer wins has more than replaced the loss of a portion of the Rithm-related business, as demonstrated by our more diversified customer base and growing Hubzu inventory. In addition to strong service revenue, we reduced outstanding debt and continued to deploy AI and other efficiency initiatives, which we anticipate will improve product development speed and EBITDA margins. We believe the continued ramp of sales wins and ongoing efficiency initiatives should drive roughly flat third quarter and higher fourth quarter Adjusted EBITDA. Combined with continued sales wins, we believe this positions us well to achieve our Project 45 objective of $45 million in run rate Adjusted EBITDA by the fourth quarter of 2028. Turning to slide five. For the second quarter, we generated service revenue of $48.7 million, a 19% increase over the second quarter of 2025 and an 8% increase over last quarter. The increase over the second quarter of last year was driven by 62% growth in the origination segment and 8% growth in the servicer and real estate segment. Despite the revenue growth, business segment and total company Adjusted EBITDA and Adjusted EBITDA margins declined quarter-over-quarter, primarily due to a non-recurring benefit realized in the second quarter of 2025 related to a legacy matter in the servicer and real estate segment and higher costs to support revenue growth. This was partially offset by a second quarter 2026 gain from the repurchase of $2 million of our term loan. Moving to slide six. GAAP pre-tax earnings in the second quarter were nearly breakeven compared to $200,000 of pre-tax income in the second quarter of 2025. Net cash used in operating activities was $6.6 million, almost all of which was driven by an increase in receivables from revenue growth. We ended the quarter with $23.2 million in unrestricted cash. Turning to slide seven and our countercyclical servicer and real estate segment. Second quarter 2026 service revenue of $34.4 million increased by 8% from the same quarter last year. The increase was primarily attributable to growth from customer wins in the Hubzu title and trustee businesses, partially offset by a reduction of Rithm-related referrals. We anticipate service revenue from customer wins will continue to grow as it should take several more quarters for this new business to stabilize. Second quarter servicer and real estate segment Adjusted EBITDA of $11.7 million decreased by 2% compared to the same quarter last year. The modest decline is primarily from a non-recurring benefit realized in the second quarter of 2025 related to a legacy matter in the marketplace business and 2026 Rithm-related EBITDA losses, which were largely offset by EBITDA growth from customer wins. We anticipate Adjusted EBITDA to grow as service revenue from these wins continue to ramp. We believe our performance demonstrates the strength of our platform and our resiliency in the face of Rithm-related losses. Slide eight summarizes our servicer and real estate segment wins and pipeline. For the quarter, we won an estimated $5.2 million in annualized stabilized service revenue wins. In addition to these sales wins, we are particularly pleased with how quickly we are growing revenue from earlier sales wins. As shown on the bottom of this slide, we generated $9.1 million in second quarter revenue, or $36.5 million on an annualized basis from sales wins since 2024. We anticipate revenue and earnings from sales wins to increase as the year progresses. We ended the quarter with a servicer and real estate segment estimated total weighted average sales pipeline of $8.2 million on a stabilized basis. Turning to slide nine and our growing Hubzu inventory. Hubzu inventory grew 30% in the last quarter to 22,300 assets from 17,200 assets at March 31, 2026. The inventory level is an important service revenue barometer because growing inventory should generate future revenue growth. For REO inventory, we generate revenue on those REO that are ultimately sold, which has been typically most of the REO inventory. For foreclosure auction inventory, we generate revenue on those foreclosures that ultimately reach foreclosure sale and are sold to a third party, which has typically been anywhere from 5%-10% of foreclosure auction inventory and at a higher level pre-COVID. Moving to slide 10. Our origination segment continued to build momentum. Second quarter 2026 service revenue increased 62% over the second quarter last year, driven primarily by sales wins. Adjusted EBITDA declined as we invested in leadership and staff and incurred higher outside fees and services to support growth. Slide 11 outlines our origination segment sales wins and pipeline. During the quarter, we secured an estimated $7.1 million in wins, primarily in Lenders One. We ended the quarter with a $20 million estimated weighted average sales pipeline. We continue to be pleased with the origination segment pipeline and sales wins, which we believe demonstrate the value that we bring to our customers. Based upon the onboarding of several sales wins, our sales pipeline and forecasted market conditions, we anticipate service revenue and Adjusted EBITDA to grow in our origination segment. Turning to slide 12 and our growing revenue and customer diversification. We are executing well against our plan to grow revenue and reduce our dependence on Onity and Rithm. Second quarter 2026 total company service revenue grew by 19% over the second quarter in 2025. Over the same period, revenue from customers other than Onity, Rithm, and those associated with Onity and Rithm's portfolios increased to 65% of total service revenue from 46%. As the year progresses, we anticipate these trends to continue. This marks the company's highest percentage of service revenue from customers other than Onity and Rithm since Altisource went public in 2009. Moving to slide 13, I'd like to briefly discuss our AI and automation strategy. Over the last year, we have moved from evaluating AI to deploying it in practical, measurable ways across Altisource. Our priorities are clear: to enhance customer-facing capabilities, improve operating efficiency, support revenue generation, and accelerate software development. We have established a centralized AI enablement model to identify and scale high-impact use cases across the organization while also applying AI-first software development across both new applications and major platform modernization efforts. These initiatives are already improving software development speed and productivity. We believe they will also help us scale more efficiently, reduce commercial off-the-shelf software costs, strengthen our software platforms such as Equator, Hubzu, and REALSynergy, and support the Project 45 growth initiatives. Turning to slide 14 and our corporate segment. Second quarter 2026 corporate Adjusted EBITDA loss was $7.9 million, reflecting a $400,000 increase compared to the second quarter of 2025. The increase is largely due to the net impact of non-recurring items. Looking forward, we believe corporate costs should be more in line with the first quarter of 2026 and remain relatively stable as revenue grows. Moving to slide 15 and the business environment. We are performing well despite low delinquency rates and origination volumes. 90+ day mortgage delinquency rates slightly increased from 1.45% in December 2025 to 1.55% in May. As of May 31, 2026, 90-plus day delinquent mortgages plus loans in foreclosure totaled 857,000, which represents a 28% increase from May 2025 and a 7% increase from December 2025. Foreclosure starts for the first five months of 2026 were 14% higher than the same period in 2025, and foreclosure sales were 19% higher. Both still remain significantly below pre-pandemic levels. For the origination market, second quarter 2026 mortgage origination unit volume increased 9% compared to the second quarter of 2025, driven by a 37% increase in refinance volume and a 4% decrease in purchase volume. The MBA projects 5.7 million loans will be originated in 2026, representing 4% growth over 2025. To conclude, in what continues to be a tough market, we are pleased with the second quarter's performance and the progress we are making against our strategic priorities. We grew service revenue, reduced outstanding debt, and continued to ramp recent sales wins that should support future growth. We are reducing Onity and Rithm customer concentration and deploying AI with the objectives of improving efficiency and scalability and positioning the company to benefit if delinquency rates or origination volumes increase from today's relatively low levels. We believe Altisource is becoming a stronger, more diversified, and more scalable company. I am proud of what the team accomplished and the progress we are making on our strategic initiatives that should drive durable value for our stakeholders. I'll now open up the call for questions. Operator? Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. The first question comes from Timothy D'Agostino with B. Riley Securities. Your line is open. Thank you, and good morning. Yeah, just a couple of quick questions on my end. I guess first, it's great to see that Hubzu inventory continues to grow, and the 30% increase quarter-over-quarter is great. I guess, you talk about it as its future revenue growth, and I guess, while we look at foreclosure auction and REO inventory, could you maybe just provide some color on how long it may take for inventory to transfer into revenue? Understanding between foreclosure and REO, it might have different timelines, but just getting a general sense of when that might become future revenue. Yeah. Hi, good morning, Tim. We are starting to benefit from the inventory, but obviously, it's in the early innings. Typically, when you receive an REO file, it could take anywhere from, let's say, nine to 12 months to sell. A lot depends, of course, if it's in a redemption state, if you have to go through an eviction process, et cetera. Generally speaking, let's say nine to 12 months. With respect to foreclosure starts or foreclosure referrals, we typically receive the referral at the foreclosure start. I think on average, it takes around 12 months before it gets to the foreclosure sale. Of course, there's very wide variability around those timelines. There are certain states that take much longer, and there are certain states that are faster. Generally speaking, I think those are the averages. Okay, great. It's fair to say the inventory wins in 1 Q 2026 still have runway to be realized as well on top of the 2 key wins, correct? Absolutely. Yeah. Okay, great. That's great to hear. I guess on capital allocation, obviously, you paid down $2 million of the term loan. I guess, how do you think about capital allocation going forward? Do you continue to reduce debt? Just trying to get a better sense of how you plan to put cash to work. Yeah, sure. I think under our debt agreements that we have in place today, we have the ability, I think, to buy back up to $3 million in purchase price a year of debt. We view if we can opportunistically buy back some of that debt. By the way, it's subject to the first lien approval or the super senior term loan approval. If we have the opportunity to opportunistically buy back debt, we think that's a good use of cash, particularly when we're buying back at a discount. Otherwise, at this point, we want to continue to build the business, grow the revenue. We're very focused now. Now that revenue growth is growing, and we've been able to mitigate the loss of revenue from Rithm and Onity. We're very focused on improving our margins as we set up for the fourth quarter of this year. There's some more work we're going to be doing in the third quarter. We hope to have some improved margins going into the fourth quarter, and we want to continue to build the pipeline with stronger EBITDA margins to hopefully generate more free cash flow and put us in a very strong position over the next couple of years to ultimately refi the debt. Okay, great. If I'm sorry, if I could just sneak a final question in. It's obviously great to see that the customer diversification continues to excel. I guess, looking at the share of Onity and Rithm, maybe this is looking more too far into the future, but thinking about what percentage of service revenue Onity and Rithm might be going forward, will that continue to decrease? How little will that become as a percentage of the total, do you think, over time? Yeah. Obviously, it's difficult for us to forecast what happens with Onity's portfolio and how successful it is at growing its portfolio and how delinquent that portfolio is going forward. If you look at Onity's portfolio today, Onity is still managing some of Rithm's assets. As Onity has disclosed, those assets are being service transferred to Rithm, with the exception of there's about a $6.9 billion portfolio, which is subject to trustee and other approvals, which may or may not happen. There is a percentage of that portfolio which may remain with Onity for the foreseeable future. We do anticipate that the revenue we're generating from the Rithm portfolios that are being serviced or sub-serviced by Onity will decline over the next couple of months. We do think we are getting closer to the end than the beginning of this, and we should hopefully normalize from there. The bottom line is maybe some continued decline in the third quarter, and we think that should start to stabilize as we go into the fourth quarter. Then a lot just depends on Onity's growth after that. Great. Thank you so much for taking the questions today. I appreciate it. Thanks, Tim. Thank you. Our next question will come from Shachar Minkove with Napier Park Global. Your line is open. Hey, guys. Thanks so much for taking the question. Working capital seems to have been a bit of a use this quarter. Just wondering if you can give me a sense of sort of what's driving that. Obviously, it looks like the receivables were a big use. Wondering if there's a trend there, or is this just sort of normal seasonality that we should be thinking about? Yeah, I think it's associated with revenue growth. There's probably a little seasonality, but we've had a fair amount of growth and receivables have grown along with that. Okay. it's just. Nothing out of the ordinary from our perspective. Yeah. Yeah. It's just normal revenue increasing, therefore we're going to see some usage of growth in the receivables line. That's right. That combined with we spent about a million and a half to buy back some debt. Sure. That doesn't seem like liquidity that will come back necessarily. Almost seems like as you grow, that will be a continued need. Is that the right way to think about it? I think working capital fluctuates as we continue to grow. I think our receivables may grow in line, but we'll generate cash from receivables. It is seasonal as well. Right as revenue continues to grow, you would expect receivables to grow a little bit as well. Yeah. Okay. Not something we should be too alarmed by. No. No, I'm not alarmed at it. With regard to liquidity, I mean. Sorry to interrupt. No, just with regard to liquidity, just wanted to make sure there wasn't something that we should be sort of more concerned around. No, not at all. We're still obviously early into the third quarter, but cash is already building back up this quarter. Okay, great. Thanks so much. Thanks, Shachar. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. At this time, I am showing no further questions in the queue. I will now turn the call back over to Bill for closing remarks. Thanks, operator. We are pleased with our second quarter performance and believe we are set up well for continued growth. Thank you for joining us today. This concludes today's conference call. Thank you for participating, and you may now disconnect.