Good afternoon and welcome to Fathom Holdings Second Quarter 2025 Conference Call. Joining us today is the company's President and CEO, Marco Fregenal, and Vice President of Finance, Daniel Weinmann. If you need operator assistance during the call, please press zero on your telephone keypad. Before I turn things over to management, I want to remind listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those outlined in the Risk Factors section of the company's Form 10-K for the year ended December 31, 2024, and other company filings made with the SEC, copies of which are available on the SEC website at www.sec.gov. As a result of those forward-looking statements, actual results could differ materially. Fathom Holdings. undertakes no obligation to update any forward-looking statements after today's call except as required by law. Please also note that during the call, management will be discussing adjusted EBITDA, which is a non-GAAP financial measure as defined by the SEC Regulation G. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's press release, which is now posted on Fathom 's website. With that, I'll turn the call over to Fathom 's President and CEO, Marco Fregenal. Please go ahead, sir. Thank you, and good afternoon, everyone, and welcome to Fathom second quarter 2025 conference call. Today, I'll focus our call on four key areas that are critical to understanding our momentum and outlook. First, our second quarter performance and return to adjusted EBITDA profitability. Second, the momentum behind our Elevate program. Third, our strategy and priorities, including partnership and agent programs. Finally, the broader real estate market and what it means for the remainder of the year. The second quarter marked a clear step forward for Fathom, with a 36% revenue growth, 25% transaction growth, and a 23% increase in agent count. Most importantly, we returned to adjusted EBITDA profitability, a milestone that reflects the strength of our model and the progress we made in building a lean, scalable, and diversified business. We believe this momentum positions us to sustainable growth, positive adjusted EBITDA growth, and revenue growth for the remainder of the year. One key contributor to our ability to scale profitably is Elevate, our agent concierge program designed to help agents close more deals with less friction. In just a few months, Elevate has proven its ability to enhance productivity, improve agent satisfaction, and generate high-margin recurring revenue for Fathom. Elevate is more than a productivity tool; it's an important component of our broader platform strategy and a key differentiator in a competitive market. By layering high-value services onto our low-cost brokerage model, Elevate allows agents to focus on serving clients while our concierge team manages marketing, lead generation, and administrative tasks. This combination delivers meaningful value to our agents and creates a scalable, recurring revenue for Fathom. The early metrics are encouraging, Elevate agents averaging eight transactions per year with a strong lead generation that produced over 1,700 leads in July alone. We expect this to grow to 10,000 leads per month by December, and based on historical conversion rates, we see meaningful incremental revenue potential from this pipeline. Transactions from Elevate generate roughly four times the gross profit and five times the adjusted EBITDA of our standard brokerage transactions, positioning Fathom for sustained agent growth and enhanced long-term profitability. We're also seeing encouraging early traction with our ancillary services. Approximately 30% of Elevate agents have begun working with our mortgage and title companies. As the number of Elevate agents and transactions continues to grow, we anticipate this to have a positive and increase in impact on the performance of our mortgage and title businesses. Since its launch just three months ago, more than 70 agents have fully enrolled in Elevate, with another 100 agents expected to be enrolled into the program in the next 60 days. We remain on track to exceed 300 fully onboarded agents by the end of the year. In the coming months, we expect to announce several key partnerships that we believe further will enhance the Elevate program, including the launch of Elevate for Teams, which will extend the program benefits to top-producing teams and independent brokerages. Our strategy, which is based on Fathom's intelliAgent platform, is built to meet agents where they are in their business journey. Our FathomX plan offers ultra-low fees and full autonomy for agents focused on maximizing income. Fathom Share provides revenue-sharing opportunities for agents, building long-term recurring income while earning one of the best traditional splits in the industry. Elevate delivers a comprehensive concierge solution for agents seeking hands-on support to grow their businesses to the next level. We believe this range of plans and programs makes Fathom the ideal brokerage partner for every type of agent, regardless of business model or goals. We're also excited to announce a new partnership with Sovereign Realty Partners, who will license both our intelliAgent platform and the Elevate program. Sovereign agents will also gain access to Encompass Lending and Various Title services, extending the reach of our fully integrated platform while offering their brokers a new revenue stream. It's a true win-win. This agreement, along with our acquisition of MyHome Group, establishes a strong presence and foothold in the Arizona market, one of the largest and fastest-growing real estate markets in the nation, with approximately 90,000 licensees, and brings aboard an experienced leadership team with more than 80 years in combined commercial and residential expertise. We believe this model creates value for both sides, and it can be replicated with hundreds of independent brokerages nationwide, reducing costs, driving productivity, and unlocking recurring high-margin revenue. Importantly, we view this as the first of many similar agreements, as independent brokerages increasingly seek the technology, network, and services we provide to elevate their businesses. Beyond our intelliAgent technology platform and services, which are the foundation of our strategy, our agent-first culture remains central to our strategy. We were recently recognized as the brokerage with the highest agent satisfaction rating by Career.io and named one of the U.S. News and World Report's best companies to work for, both in real estate and across all industries across the Southern United States. It's no wonder our monthly churn rate of less than 1.6% is among the lowest in the industry, reflecting our commitment to agent satisfaction, work-life balance, and career development. Finally, our ancillary services, mortgage, and title continue to be a growth engine, improving agent loyalty and transaction capture rates while enhancing margins. Various Title delivered record-breaking months in June, and both Encompass Lending and Various are ideally positioned to continue sequential growth. These high-margin services are growing shares for our revenue mix and are central to our strategy for margin expansion. Turning to the broader real estate market, we believe that the stake is being set for a modest recovery in transaction volume during the winter and in months into next year, even as the key challenges persist, most notably affordability pressures driven by elevated interest rates and high home prices. That said, several indicators are beginning to trend toward a healthier market. Active listings in June reached 1.1 million units, marking a 29% year-over-year increase and the highest level since 2020. More inventory gives buyers more choices, reducing bidding wars and helping moderate home prices, supporting a more balanced market. The median days on market rose to 53 days, up from 48 days a year ago. A slower pace of sales eases the pressure on buyers, allowing for more negotiation and helping prevent sharp price increases driven by urgency. Median listings remain relatively flat in June 2025 at around 440,000 compared to the same period in 2024. However, some markets are seeing price declines up to 7%. Stable or slightly lower prices improve affordability, making ownership more attainable for a larger pool of buyers. Nationally, about 20% of listings have reduced asking price, with that figure climbing to 30% in markets such as Denver, Tampa, Austin, and Phoenix. Price adjustments are a natural part of a rebalancing, helping bring homes within reach for buyers that have been priced out in recent years. These shifts suggest that our market is gradually transitioning from a seller's market to a buyer's market, coupled with the potential of a lower mortgage rate later this year or into 2026. As the Federal Reserve reevaluates its interest rate policy, we believe that Fathom is well-positioned to grow faster than the broader market and deliver continued growth and profitability through the balance of the year and into 2026. Fathom is well-positioned to capitalize on this modest recovery. Our competitive agent-centric model allows us to grow faster than the broader market in any environment, which reinforces our confidence of the balance of the year and continued momentum into 2026. I will now turn the call over to Daniel Weinmann, our Vice President of Finance, to go over financial performance for the second quarter. Daniel? Thank you, Marco. I'll begin with our financial results for the second quarter of 2025 and then provide a breakdown for performance by business segment. For the second quarter of 2025, total revenue was $121.4 million, a 36.1% increase year-over-year compared to $89.2 million for the second quarter of 2024. The increase was driven by a 39.5% rise in brokerage revenue, partially offset by a 10.5% decline in revenue from our ancillary businesses, primarily due to the reduction in insurance revenue following the sale of our insurance business in May 2024. Excluding the impact of the divested insurance business, gross profit increased 24.7% in the second quarter of 2025 compared to the same period in 2024. Gross profit margin decreased to 7.7% from 8.5%, primarily due to competitive pricing pressure, higher commission splits to attract and retain agents, and increased transaction-related costs, which offset the benefit of higher transaction volumes. On the topic of gross profit, our gross profit from Q1 2025 to Q2 2025 increased by $1.3 million, while our adjusted EBITDA for the same timeframe increased by 114% or $1.5 million, reflecting improved operating leverage and a higher proportion of revenue converting to earnings. Technology and development expenses were $1.8 million for the second quarter of 2025 compared to $1.5 million for the same period in 2024. The $300,000 increase reflects continued investments in our technology platforms, including the build-out of our direct-to-agent program at LiveBy and enhancements to our Elevate program. General and administrative expenses totaled $8 million for the second quarter of 2025 compared to $8.3 million for the same period in 2024, with the decrease driven by cost-cutting initiatives. Marketing expenses were $1.4 million for the second quarter of 2025 compared to $1.3 million for the same period in 2024, primarily due to increased investments in our ancillary businesses. Our GAAP net loss for the second quarter of 2025 was $3.6 million or $0.13 per share, compared to a net loss of $1.3 million or $0.07 per share for the second quarter of 2024. The lower net loss in prior year quarter primarily reflected the contribution from our insurance business prior to its sale in May 2024, as well as the recognition of approximately $3 million in gain on the sale of that business. Adjusted EBITDA, our non-GAAP measure, was $29,000 for the second quarter of 2025 compared to $189,000 in the same period of 2024. The year-over-year decline was primarily driven by higher operating expenses related to the integration of MyHome Group, increased employee-related costs to support our expanded operations, and strategic investments in technology and marketing, which offset the benefit of higher brokerage segment revenue. I will now walk through the results of our individual business segments in more detail, starting with brokerage. Revenue for the brokerage segment was $116 million for the second quarter of 2025, an increase of 39.6% compared to the prior year period, primarily driven by the addition of MyHome Group, which was acquired in November 2024 and contributed significantly to transaction volume and commission income. The increase also reflects modest organic growth from our existing agent base, supported by expanded market coverage. We ended the quarter with 14,981 agent licenses, an increase of 22.6% compared to 12,224 in the same period of 2024, driven primarily by the addition of agents from MyHome Group, as well as continued success in attracting and retaining agents through competitive commission structures, enhanced support services, and targeted recruitment efforts. Gross profit margin for the brokerage segment was 6% for the second quarter of 2025, consistent with the prior year period, as higher transaction volumes from the addition of MyHome Group and modest organic growth were offset by a proportional increase in commission expenses and other agent-related costs, resulting in stable margins year- over- year. Adjusted EBITDA for the brokerage segment was $2.1 million for the second quarter of 2025, an increase of approximately $500,000 compared to the same period in 2024, primarily driven by higher revenue and ongoing cost management initiatives. Talking about our mortgage business, revenue for the mortgage segment was $3.3 million for the second quarter of 2025 compared to $3.7 million in the prior year period. The decline was primarily due to lower loan origination volumes resulting from persistently high interest rates. Adjusted EBITDA for the mortgage segment was a loss of $85,000 for the second quarter of 2025 compared to positive $15,000 in the same period of 2024. The decline in profitability was primarily driven by reduced loan origination volumes and compressed margins resulting from persistently high interest rates, which negatively impacted revenue and operating leverage. Talking about our title business, Various Title revenue was $1.5 million for the second quarter of 2025, an increase of 90% compared to $800,000 in the same period of 2024, driven by strong organic growth from increased order volumes, the expansion of relationships with existing agents, and agent walkovers. Additional contributions came from targeted marketing initiatives and process enhancement that improved closing efficiency and capacity. Adjusted EBITDA for the Various Title was a loss of $270,000 for the second quarter of 2025 compared to a positive $80,000 in the same period in 2024. Despite a 90% increase in revenue year- over- year, profitability declined due to higher operating expenses associated with supporting transaction growth, including increased personnel, onboarding costs, and other investments to expand capacity. With these investments now in place, the business is positioned to drive future growth without the need for a comparable increase in expenses. Technology third-party revenue was $600,000 for the second quarter of 2025 compared to $800,000 for the same period in 2024. The decline in revenue is mainly due to brokerages and agents reducing expenses to protect margins and therefore canceling or downsizing technology subscriptions and marketing packages. Adjusted EBITDA loss was $210,000 for the second quarter of 2025 compared to a profit of $220,000 in the same period of 2024. The decline was primarily driven by lower third-party revenue, reflecting reduced demand from industry clients, as well as an increased expense related to new software development, including product enhancement and platform upgrades, which are expected to support future growth and improve service capabilities. Focusing on our balance sheet, we continue to closely manage our balance sheet given the current real estate market conditions. We ended the quarter with $4.9 million in cash, which includes $3 million received in April 2025 from the insurance business sale, partially offset by full repayment of our $3.5 million note. No share repurchases were made in the first half of 2025 under the company's authorized stock repurchase program. That concludes my remarks on the financial results. I will now hand it back to Marco to share more on our strategic initiatives and outlooks. Thank you, Daniel. To wrap up, the second quarter of 2025 was a clear inflection point for Fathom. We delivered strong year-over-year growth in revenue, agent count, and transaction volume and returned to adjusted EBITDA profitability, all key indications our strategies are gaining measurable traction. We're beginning to see the tangible benefits of the foundation that we have spent the last year strengthening. From the early success of Elevate to the continued growth of Various Title and Encompass Lending, our platform strategy is no longer just a vision, it's scaling in the market. These high-margin service-based offerings are creating new revenue streams that complement our core real estate business and improve the economics of every transaction. At the same time, we're executing with discipline. We have maintained cost control, improved operational leverage, and made strategic investments where they count, particularly in technology and services that increase agent productivity and transaction capture. The balance between growth investments and cost discipline is central to sustaining profitability. Looking ahead, we are focused on building on this momentum. While we recognize that the market environment remains fluid, we believe our model gives us the flexibility and resilience to adapt and the competitive advantage to continue outpacing the market. As we move through the second half of 2025, our priorities are clear. First, continue driving revenue growth by expanding agent count and transaction volume, supported by our tech-enabled platform and differentiated agent value proposition. Second, increase blended margins by scaling Elevate and deepening penetration across our ancillary services. Third, sustain adjusted EBITDA profitability through disciplined execution and operating efficiency. We are encouraged by the traction we are seeing and remain confident in our ability to build a stronger, more profitable Fathom. I want to express my gratitude to our entire team for their relentless focus, to our agents for their trust and partnership, and to our shareholders for their continued support as we execute our long-term growth strategy. Operator, we are now ready to open the line for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. That is star one if you would like to ask a question. We'll pause for just a moment. It appears we have no questions. I would like to turn the floor back over to Marco Fregenal for closing comments. Thank you. Thank you, everyone, for joining us today. We appreciate your support. I am available for individual meetings. Thank you and have a great day. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.