Good afternoon. My name is Howard, and I will be your conference operator today. At this time, I would like to welcome everyone to the TWFG third quarter 2026 conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question at the time, you will need to press star 11 on your telephone keypad. This call is being recorded and will be available for replay on the company's website. Before we begin, let me remind you that today's discussion may contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements, please refer to the company's press releases and SEC filings. Also, on today's call, our speakers will reference certain non-GAAP financial measures, which we believe will provide useful information for investors. The company has posted the reconciliations of the non-GAAP financial measures discussed during this call in the tables accompanying the company's earnings press release located on the investor section of the company's website at www.twfg.com. It is now my pleasure to introduce Mr. Gordy Bunch, Founder, Chairman, and CEO of TWFG. Sir, the floor is yours. Live cast into the world. Got you. Thank you, and good afternoon, everyone. We appreciate you joining us today to discuss TWFG's third quarter 2026 results. Joining me on today's call is Janice Zwinggi, our Chief Financial Officer. After my remarks, Janice will walk through our financial performance in more detail, and then we'll open the call for questions. I am pleased to report that TWFG delivered another quarter of strong profitable growth, underscoring the resilience of our diversified platform in a softening market. Total revenue grew 24.6% to $79.9 million. Organic revenue growth was 16.6%. Total written premiums grew 18.5% to $554.2 million. Adjusted EBITDA grew 15% to $19.5 million, with an adjusted EBITDA margin of 24.4%. On profitability, our 24.4% adjusted EBITDA margin was within our full-year guidance range. As we discussed last quarter, we expect the temporary benefit from MGA Florida takeout books to normalize as those policies renew at the full-term premiums with standard commission expenses, and that is what we are seeing. The year-over-year comparison also reflects lower interest income as we deployed cash into share repurchases and acquisitions, as well as planned investments in growth initiatives. Janice will cover the margin bridge in more detail shortly. The market environment continued to soften in the third quarter, with most carriers turning their focus toward growth initiatives. Carrier demand for new business flow remains strong, and carriers continue to roll out incentives and broaden their underwriting appetite to win new business. This environment rewards distribution platforms with scale, and our results demonstrate the value we bring to our agents, policyholders, and carrier partners across market cycles. Every part of our platform contributed this quarter. In insurance services, written premium grew 12.5% to $444.7 million, led by our corporate branches, where written premiums grew 19.9% and our commission income grew 20.4%. Our Agency-in-a-Box channel grew written premiums 10.1%. Our MGA channel continued to scale, with written premiums up 50.9% to $109.5 million, and MGA new business more than doubling. MGA revenue increased 78.1% to $24.8 million and now represents 31% of total revenue, up from 22% just a year ago. We also continued to diversify our mix, with commercial lines written premiums growing 32.2% to $107.1 million, or 19% of total written premium. Our strategy remains consistent. We are executing our four core priorities: delivering strong double-digit organic growth, executing accretive M&A, investing in technology and platform enhancements that drive agent productivity, and deploying capital with discipline. This quarter, we again made meaningful progress on all four. On the acquisition front, TWFG Insurance Services completed the branch conversion acquisition of Select Insurance Solutions during the third quarter. Select joins a 2026 roster of corporate store and MGA acquisitions that include APIA, Loften Wells, and Fortress Insurance Services. Branch conversions are accretive, margin-expanding opportunities. They move established TWFG Agency-in-a-Box branches onto our corporate store platform, where commission expense is replaced by a lower salary cost, creating a higher-margin corporate store. These branches are led by seasoned agency owners with established books, requiring minimal integration. Integration of our first-half acquisitions remain on track, and these teams are positioned to contribute to TWFG's long-term growth strategy. On capital allocation, our balance sheet continues to give us flexibility. Our Class A share count stood at approximately 12.9 million shares at quarter end, down from approximately 15 million at the end of 2025, reflecting the share repurchase program we executed earlier this year. We also expanded our revolving credit facility to $125 million, which remains fully undrawn. Combined with our cash positions, this gives us approximately $203 million to invest in growth, pursue accretive M&A, and return capital to shareholders. On technology, we continue to invest in AI-enabled capabilities that help make our agents more productive and available to the clients they serve. TWFG is positioned to benefit from AI's continued evolution because we own our technology stacks, have proprietary policy and client data, and are deploying AI to amplify what our people do best. We look forward to sharing more at our Investor Day on Thursday, November 12th, at our home office in The Woodlands, where we will provide more detailed overviews of Agency-in-a-Box, corporate stores, M&A opportunities, the MGA platform strategy, geographic expansion plans, and technology roadmap. Our goal for attendees is to leave with a deeper understanding of our diversified distribution platform and to meet the leaders driving our business. Before turning it over to Janice, I want to acknowledge the outstanding execution of our team this quarter. Our results are the product of thousands of individuals contributing every day, from our agents, our carrier partners, and our corporate team. I could not be more proud of the entire TWFG family. With that, I will turn the call over to Janice for a closer look at our financial results. Thank you, Gordy. I am pleased to report the following third quarter results, beginning with our top KPI, written premium. Total written premium grew $86.5 million, or 18.5%, to $554.2 million, driven by strong renewal and new business performance. Renewal premium grew $48.5 million, or 13.4%, to $410.7 million, and new business grew $37.9 million, or 35.9%, to $143.5 million. For the third quarter, consolidated written premium retention was 88% compared to 91% in the prior year period. Insurance services retention was 90% compared to 92%, and TWFG MGA retention was 78% compared to 80%. On a year-to-date basis, consolidated retention was 91%, up from 89% in the prior year period. Looking at the components of our written premium, insurance services grew $49.5 million, or 12.5%, to $444.7 million, driven primarily by renewal growth of $40.6 million, or 13%, and new business growth of $8.9 million, or 10.8%, supported by organic and inorganic growth across both Agency-in-a-Box and corporate stores. Our MGA channel grew $37 million, or 50.9%, to $109.5 million, with new business growth of $29.1 million, or 122%, driven by the ramp of our voluntary Florida homeowners program, the continued renewal cycle of our Citizens takeout book, and contributions from APIA, which we acquired in the first quarter of 2026. Total revenues increased $15.8 million, or 24.6%, to $79.9 million. Commission income grew $15.1 million, or 25.9%, to $73.4 million, which was driven by strong MGA performance with growth of $10.7 million, or 92.6%, as a result of contributions from the acquisitions of MGA Florida and the APIA programs, which generate higher commission rates. Insurance services grew $4.4 million, or 9.4%, due to organic growth as well as contributions from acquisitions. Commission income growth outpaced written premium growth by 740 basis points, as the MGA programs contribute higher commission rates than the insurance services business. Contingent income was $2.6 million compared to $2.1 million in the prior year period, and fee income was comparable to the prior year quarter at $3.6 million. Organic revenues reached $68.7 million, representing a $9.8 million increase over the $58.9 million reported in the prior year quarter. This yielded an organic revenue growth rate of 16.6% and was at the top of our full-year guidance range and above industry averages. Importantly, our growth this quarter was volume-led rather than rate-driven. With rates moderating, we grew by adding policies and clients, as well as retaining our client base, as indicated in our renewal growth across both offerings. Our insurance services business continues to generate sustainable and consistent organic growth independent of acquisition contributions. Turning to operating expenses, commission expense increased $7.3 million, or 20.9%, to $41.9 million, growing 500 basis points slower than commission income. This operating leverage was primarily driven by higher commission income rates on MGA program business, as well as an increased concentration of corporate store acquisitions carrying minimal commission expense. Salaries and employee benefits increased $1.9 million, or 19.3%, to $11.8 million, due mainly to added headcount from our recent acquisitions. Other administrative expenses increased $4.5 million, or 85.8%, to $9.7 million, primarily due to professional and legal fees associated with capital markets activity and the expansion of our credit facility, as well as continued investments to support our growth initiatives. Approximately $1.8 million of the costs in the quarter were non-recurring, primarily those legal and professional fees, as previously mentioned, are excluded from our adjusted results. Depreciation and amortization increased $2.2 million, or 40.7%, to $7.5 million, primarily from amortization related to our recent acquisitions. Moving to profitability. Net income for the quarter was $9 million compared to $9.6 million in the prior year quarter, and net income margin was 11.3% compared to 15%. Diluted earnings per share were $0.09 compared to $0.11. The quarter-over-quarter comparison reflects higher administrative and personnel expenses, lower interest income, and higher non-cash amortization related to acquisitions. Adjusted net income increased 16.3% to $15.1 million, with an adjusted net income margin of 18.9% compared to 20.2% in the prior year quarter. Adjusted EBITDA grew 15% to $19.5 million, with an adjusted EBITDA margin of 24.4% compared to 26.5% in the prior year quarter. The 210 basis points decrease was primarily due to interest income, which we include in adjusted EBITDA, declined to $0.5 million from $1.6 million in the prior year period as we deployed cash into share repurchases and acquisitions. This accounts for roughly 180 basis points of the decline. The remaining 30 basis point decline was primarily due to corporate overhead costs for business growth, including technology initiatives. Year-to-date, adjusted EBITDA margin was 28%, up 310 basis points from 24.9%. Adjusted diluted earnings per share increased to $0.28, up 21.7% from $0.23 in the prior quarter. From a cash and capital perspective, cash flow from operating activities for the quarter was $10.6 million compared to $15 million in the prior year period, and adjusted free cash flow was $7.5 million compared to $12.3 million, primarily reflecting working capital impacts, including higher commissions receivables and lower commission payables and other liabilities. These impacts were partially offset by amortization. On a year-to-date basis, operating cash flow was $43.1 million, up 7.2% from $40.2 million, and adjusted free cash flow was $31.2 million, up 8.2% from $28.8 million. Our balance sheet remains strong. As of September 30, we had $77.8 million in unrestricted cash and cash equivalents, plus $17.8 million in restricted cash. We have full unused capacity on our expanded $125 million revolving credit facility and only $2.5 million of term notes outstanding, giving us approximately $202.8 million of available liquidity from unrestricted cash and revolver capacity. I will now turn it back to Gordy for closing remarks. Thank you, Janice. Turning to our outlook. We are updating our 2026 guidance from the second quarter based on our strong year-to-date performance and our line of sight to the balance of the year. We expect total revenues of $300 million-$320 million, organic revenue growth of 15%-17%, and an adjusted EBITDA margin of 24%-27%. Through the first nine months, organic growth of 21.5% and an adjusted EBITDA margin of 28% are tracking above the high end of those ranges. Our outlook reflects a prudent view of the fourth quarter, including the continued normalization of the MGA Florida takeout book and the softening market conditions. In closing, I want to thank our employees, agents, carriers, executive team, and shareholders for their continued trust in TWFG. We see significant opportunities ahead, and we look forward to hosting many of you at our Investor Day on Thursday, November 12th, at our home office here in The Woodlands, Texas. With that, operator, please open the line for questions. Yes, sir. Ladies and gentlemen, if you have a question or comment at this time, please press star 11 on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press star 11 again. Again, if you have a question or comment, please press star 11 on your telephone keypad. Please stand by while we compile the Q&A roster. Our first question or comment comes from the line of Michael Zaremski from BMO Capital Markets. Your line is open. Hi. Great. Thanks. Just looking, question on the guidance. I recall last quarter, the sticking points on the guidance were contingents, which can be choppy, and M&A-related revenues. Organic growth beat and raised, but total revs guide staying the same. I guess, does that imply, is it contingents or M&A-related revenues that are kind of falling a bit shy of the upside scenarios into the year end? It's a bit of a wide range. Hoping to get some color. Thanks. Yeah, sure. Great question, Mike. We chose not to up the contingent line coming out of the third quarter. We have locked in most of our major profit-sharing contingencies at the nine-month lock-in. When you do that, you take a little bit of a haircut on the ultimate payable. There's still potential upside to the contingent line, but those would be coming from more variable contingencies of which we won't know the outcome until after the calendar year. We chose not to increase the contingent revenue line at this time. As far as for M&A, M&A has always been a There's always potential for additional M&A at any time. We didn't have any significant transactions that altered that potential upside in the quarter. We did announce an internal branch conversion, which does also help support margin expansion going into the fourth quarter. Got it. That's helpful. Maybe you can just You mentioned the pricing environment and just the backdrop a number of times. Can you just kind of further elaborate on specifically, maybe quantitatively, what you're seeing with pricing and how it's impacting revenues? Maybe MGA versus non-MGA, or personal lines versus commercial, or whatever you feel would be the best way you guys think about it. Sure. On personal lines, it's really geographically different. In the more cat-exposed geography, you're seeing high single digits to low teen property decreases in pricing. In the auto, personal lines auto, more countrywide, you're seeing less rate coming down than perhaps we saw earlier in the year. I'd call that more rate moderation. On commercial lines, we're primarily in small business, lower end of middle market, less volatile areas of commercial lines where we don't have wild swings up or down. On the commercial property side, I think you, as a read through all the other brokers out there's still a little pressure on the property side, but not as acute as it was in the prior years. Overall, we see a moderating rate environment, geographical, more significant in cat-prone geography, less so in less cat-exposed, less cat reinsurance-oriented lines. That's helpful. Okay, I'll get back in the queue. Thanks. Thank you. Thank you. Our next question or comment comes from the line of Tommy McJoynt from KBW. Your line is now open. Hey, everyone. This is Molly Knoell for Tommy. Thank you for taking our questions. My first question's on written premium retention. I saw it fell 5 points from last quarter and 3 points year-over-year to 88%. Does this primarily reflect normalization given Florida takeout renewals in prior periods, or are you seeing any underlying changes in retention? Is 88% a reasonable starting point as we think about 2027? Thanks. Yeah, I think if you look at when you're looking at quarter over quarter, it is, the renewals are taken into account. However, what I noticed in Q3 compared to Q3 of 2026 compared to Q3 of 2025, the denominator where you take new business and renewals from the prior year, the new business uptick was due to Florida. So it wasn't always just based on renewals, but it was the new business and renewals 2025 to 2026. Then renewals in 2026, the numerator did increase. Yeah. We've previously put out that our long-term average retention's in the 88%-89% percentile range. Consolidated. Yeah, on a consolidated basis. We've been in the 90%-91% the last several quarters. If you isolate out, and we're not allowed to tell you specifically, but we would be in that same range about some of the impacts regarding the Florida book. Thank you. That's helpful. Then shifting gears here a little, does the expanded credit facility of $125 million signal a more actionable acquisition pipeline? How would you weigh M&A against authorizing additional share repurchases? Yeah, I think we have had the credit facility in place for multiple years. Given our size and growth initiatives, and our constructive pipeline, it made sense for us to upsize the facility in advance of all the opportunities that we have that we're looking at. I think in our prepared comments, between the base credit facility and cash on hand, that implies $203 million of capital available for us to invest across M&A, across internal investment for infrastructure improvements and initial growth initiatives. That's without using equity in transactions. So if we use equity in combination with cash, that significantly raises the size of transactions we can entertain. Last year, we mentioned we had quite a few larger transactions in the pipe. Most of those cooled off as the spring market volatility took hold. Some of those are coming back out and giving us visibility to additional opportunities. We've been very disciplined in our M&A. We've got a very healthy pipeline going into 2027, and we thought it was prudent for us to be in a position to execute without having to go through credit and other workflows in order to get a deal done. Thank you. Appreciate it. I should supplement with the facility also has a $75 million built-in accordion, so that takes the facility up to $200 million. So that even broadens even further the size of deals we can entertain. Thank you. Thank you. Our next question or comment comes from the line of Brian Meredith from UBS. Mr. Meredith, your line is now open. Yeah, thanks. Hey, Gordy, I guess first question is, and obviously a lot of people have been asking this, these personal agents, AI-enabled, maybe some thoughts and comments on that one as far as what the potential impact to your business is. As an add-on to that, I'm just curious, has that helped at all with respect to your pipeline for potential acquisitions? Is it lowering valuation? Are you seeing more agencies looking to maybe potentially sell? Good question, Brian. I think on just the whole AI narrative, I think there's going to be really multiple camps on how they interpret the future. I would say there are probably opportunities for agencies that are a little bit longer in the tooth, closer to retirement, that possibly don't want to go through the next inflection point of technology innovation and change for our industry. Those become buying opportunities as they're not going to want to reinvest and/or learn the new way forward. So we are seeing a few tenured agencies raise their hands and start to look for the exit. So that's buying opportunity. Those are going to be lower-sized agencies, and that becomes part of our M&A pipeline going forward. I think for the most part, the long-term, forward-looking agencies are all adopting AI initiatives within their agencies. It's going to be the haves and have-nots. We'll be in the camp with haves. If they're not already doing it, they probably should be updating their search results. A year ago today, everybody would be talking about SEO. Today, we'd be talking about GEO, and that's the distinction between how your business is found online. SEO is Google, GEO is your ChatGPTs, your AI-initiated search, and we're seeing flow coming through from both. I think most agencies are adopting and changing their technology platforms to be where they need to be in the new world going forward. As far as the disintermediation concerns, we've seen what's been rolled out so far. I think even Progressive announced in their call, they're seeing very little traffic coming from that side, but they'll be in a position to be responsive should that ever change. I think for us, we're going to be similarly forward-thinking and being in a position to attract that traffic should that increase. Makes sense. Thanks. Then really just quick numbers question, and I may have missed this, but it looks like the commission rate on Agency-in-a-Box is kind of declining. Is there anything going on there? Should be relatively flat, and I think that's because when we get incentive comp, most of that ends up in our contingency line. Then there is a little differential between new business and renewal commission, and as your portfolio grows, renewal commission becomes a larger portion of your portfolio than new business. So that could be slight shifts, but nothing material that I've seen. Great. That makes sense. Thank you. Thank you. Our next question or comment comes from the line of Cameron Bianchi from Piper Sandler. Bianchi, your line is open. Hi, good afternoon. This is Cameron for Paul. I was wondering if you could just talk a little bit what you are seeing in the M&A pipeline, and if you continue to believe the pipeline will be accretive to margins like the M&A operations that you are seeing from recent acquisitions? Yeah, so we did a reflective look back on all the prior acquisitions from the last several years, and we are seeing a consistent margin expansion theme from those operations. We believe that everything we are looking at in our pipeline needs to be accretive in order for it to be considered. So, we are monitoring what is working best in our prior acquisitions so we can make sure we incorporate those structures as we go forward for future acquisitions. But it is our belief and our real results that the things we are acquiring are accretive to margin, accretive to revenue growth, and provide us talent that is going to be beneficial to us to sustain long-term growth. Understood. Then, could you talk a little bit about what you are seeing from a competitive standpoint in Texas and maybe a little in the Florida MGA business as well? Texas is its own country, as most people know. You have multiple geographies with different risk exposures. The areas towards the coastline have rate moderation at a higher level than those that are only hail-exposed in Central Texas. Similarly with North Texas, it is more of a hail tornado exposure, and their rates are moderating, but not as significant as you would see along the hurricane-exposed, more cat-priced around hurricane than inland. When you get to Florida, the whole state is a cat zone. You had a lot of successful takeout companies started in the last five years. You had a lot of combined ratios come down with tort reform. When they got rid of the assignment of benefits, that made a significant improvement in average loss costs and frequency of litigation. That market is softening. Everybody is positioning for retention and growth of their programs. Our programs are no different. We have to remain competitive in order to retain the initial takeout portfolios, as well as position the new business voluntary programs to be competitive in today's marketplace. The good news for us is we did not have those voluntary programs in place prior, so we are not going to have massive decreases of premium over multiple years, given that most of the business we are writing is new business at more current rates, which would have been lower than they would have been two or three years ago. Yeah. Thanks for the help. Thank you. Again, ladies and gentlemen, if you have a question or comment at this time, please press star 11 on your telephone keypad. Our next question or comment comes from the line of Rowland Mayor from RBC Capital Markets. Mr. Mayor, your line is now open. Hi, good evening. I think in the prepared remarks you mentioned PIF growth as a revenue driver, but I do not know if you gave an actual number. Could you maybe help me understand how the policies in force are growing, and is organic normalized towards that as pricing softens? Yeah, so two things there. We have never provided PIF counts. We introduced that in our prepared remarks to explain the difference in our growth going into this softer market. During a hard market, you are getting growth both from PIF count, but more pressure or more growth coming from rate. As the market is softening, now we are shifting the narrative to say that more of our organic growth is coming from PIF count rather than rate. The rate environment is something that will make it incumbent upon us to add new customers, cross-sell existing customers, and grow our total policies in order to sustain organic growth at the levels that we want to achieve. Thank you. I guess during the year, the margin guide has moved up. Part of that, I think, is contingent, and then I think if my memory serves, the first half was impacted by some hiring. Could you help me understand what normalized margins might look like and how your business mix towards corporate and MGA impacts that? Yeah, we have talked about our margins. So where our margins have been for 2026 is elevated. Most of that elevation was due to the MGA takeout business that had income without corresponding commission expense. As that is normalizing, policies are renewing with full-term economics, where we are actually paying the commission expenses, that is going to come down. When we went public several years ago, our target long-term margin was in the low 20s, so between 22% to 23%. We have given and reaffirmed our full-year guidance for this calendar year at a higher range, and that is because we have had the benefit of the first three quarters with that takeout business and the favorable economics there. Thank you for the answers. Thank you. Our next question or comment comes from the line of Pablo Singzon from J.P. Morgan. Mr. Singzon, your line is now open. Hello. For organic growth this quarter, I was wondering what was it excluding the impact of the Florida takeout business? Janice has been waiting for you to ask that question, Pablo. If it is included? No, no. The excluding the takeout business. No, the 16.6. I know, but the excluding the takeout business. Oh, we can give that information? Well, we are not supposed to give you the excluding stuff because it is smoothing over the results. What we can say is organic was in the double digits, regardless of activities in the state of Florida. That is- Okay. Yep. Then I guess just a follow-up to the last question on margins. It is a similar tack here, right? To your point, Gordy, the margins benefited from Florida. Is your outlook for margins still in the low 20s ex-Florida, or are we moving closer to the mid-20s here? Thank you. For 2026 is the only guidance we've put out. We've put margin, we've given you the range, and if we look at long term, we think that our margins, as we continue to do accretive M&A, as we continue to expand the mix shift to commercial lines and MGA programs, that's going to be the lower end of the mid-20s probably is a better range as we normalize the economics. Right now, our reaffirmed was 24%-27%, and that's for calendar year 2026. We haven't given guidance for 2027, but that's kind of how I would frame it. Thank you. Yep. Thank you. Our next question or comment is a follow-up from Mr. Michael Zaremski from BMO Capital Markets. Your line is now open, sir. Hey, thanks. Just a quick follow-up, and if you think it's just splitting hairs, then feel free to say we could follow up offline. But back to the contingent question earlier. I think your answer was you're taking a haircut by locking in certain elements of commission now, but then you also said there could be upside in January, so in 4Q, based on, I'm not sure what, maybe it's how the loss ratio trends for home and auto, but I don't know, is it worth teasing out what you mean by potential upside? We had a higher total contingency revenue in 2025, and that was an outstanding combined ratio year across multiple geographies in all lines of business. We have a lower current accrual for contingent income. That is a very solid number based on everything we have already locked in. Many of the contingencies we get from smaller regional or super regional carriers, they do not provide us line of sight mid-year or at nine months on where we are at on the performance of those plans. We still have some accruals left for those, but there is room for them to come in at higher levels, similar to what happened in 2025, of which we just do not have They do not communicate to us, so we do not know what is coming. If you look at quarter-over-quarter, though, our contingent is relatively flat. Q4 is when we will get the increase, just like we did in Q4 of 2025. Yep. We do expect that number to go up in Q4, for sure. Okay. Yep. That is helpful. Thank you. Thank you. I'm showing no additional questions in the queue at this time. I would like to turn the conference back over to Mr. Bunch for any closing remarks. Thank you, operator, and thank you all for attending today's call. I do want to reiterate, we've had excellent three quarters so far through 2026. We've given out tightened guidance for the remainder of calendar year 2026. We have, throughout the calendar year, mentioned the economic changes of the takeout business normalizing, and that view is included in our updated guidance, as well as the current softening market. We see great opportunities for our company going forward, and we look forward to hosting many of you here in our office next week for our very first Investor Day, and look forward to seeing those who are able to attend in person on November 12th and those who can participate online. Without any other questions, I just thank you again for attending today's call. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.