Greetings. Welcome to the Reliance Global Group Second Quarter Business Update Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Ted Ayvas, Investor Relations. Ted, you may begin.

Thanks, Paul. Good afternoon, and thank you for joining Reliance Global Group's 2025 Second Quarter Financial Results and Business Update Conference Call. On the call with us today are Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group; and Joel Markovits, Chief Financial Officer of Reliance. Earlier today, the company announced its operating results for the quarter ended June 30, 2025, and a press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company will be filing its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission today, which will also be accessible on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020. Before Mr. Beyman reviews the company's operating results for the quarter ended June 30, 2025, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial position, strategy and plans and our expectations for future operations, are forward-looking statements. The words anticipate, estimate, expect, project, plan, seek, intend, believe, may, might, will, should, could, likely, continue, design and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements. These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several risks, uncertainties and assumptions as described in the company's Form 10-K filed with the U.S. Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made on this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. Having said that, I would now like to turn the call over to Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group. Ezra?

Thanks, Ted. Good afternoon, and thank you to everyone for joining us today. We had a strong second quarter marked by a solid execution on several initiatives aligned with our long-term goals. Although revenue saw a slight decline compared to the same period last year, mainly due to shifts within our medical and health client base, this was partially offset by an 8% increase in Property and Casualty revenue. Overall, the fundamentals of our business remain solid. Our core operations held steady and the improvements we've implemented across the organization are paving the way for greater efficiency, stronger margins and scalable growth. Building on that momentum, in July, we took a significant step to strengthen our financial position by repaying approximately $5.6 million, about half of our long-term debt. This move reduced our annual debt service by more than $1.8 million and meaningfully enhance both our cash flow and financial flexibility. One of the cornerstones of our ongoing transformation is our OneFirm strategy, which brings all of our agency operations together under a single unified model. It's helping us work more efficiently, collaborate more smoothly across teams and provide a better overall experience for both clients and agents. Just as importantly, it's setting us up to scale more effectively and grow our margins as we continue to expand. As part of this strategy, selling Fortman Insurance Services was an important step in streamlining our portfolio. By monetizing this asset, we strengthened our balance sheet and sharpened our focus on the tech-enabled, high-growth areas that are central to our long-term vision for sustainable, innovation-driven growth. We moved quickly to put that capital to work. Soon after the sale, we used the proceeds along with some release restricted cash to pay down over half of our long-term debt. On top of that,…

Thank you very much, Ezra, and good afternoon. It's my pleasure to share with you some key financial highlights for the quarter ended June 30, 2025. All figures presented are approximates. Commission income came in at $3.1 million for the quarter versus $3.2 million in 2024. The slight swing was primarily due to a shift in our medical/health client base, but offset by an 8% increase in our Property and Casualty, P&C, revenue stream. Commission expense came in at $989,000 versus $886,000 in the prior year. The slight increase is primarily due to the 8% growth in the P&C revenues. Salaries and wages were $2.6 million for the quarter versus $2 million in 2024, with the increase being primarily driven due to noncash share-based compensation, offset by OneFirm efficiencies and overall leaner operations. General and administrative expenses came in at $1.5 million for the quarter versus $1 million in 2024, with the change being driven by acquisition-related cash and noncash costs, offset by OneFirm efficiencies and overall leaner operations. Net loss for the quarter was $2.7 million compared to $1.5 million in 2024, primarily reflecting the changes in the accounts we just discussed. Adjusted EBITDA, our non-GAAP metric, was a loss of $382,000 for the quarter versus $178,000 in 2024. The change is primarily driven by fluctuations affecting the commission income and commission expense accounts, offset by improvements in the general expense accounts pursuant to OneFirm efficiencies and overall leaner operations. In summary, as mentioned by Ezra, we've made some good progress here in the first half of 2025, with amongst other things, stabilized and growing core operations, improved financial flexibility by the 50% reduction in our long-term debt and a decreased annual debt service costs, which improved by more than 60%. That's it from me for now. We'll turn the call back over to the operator to open the lines for questions, comments and feedback. Operator?

[Operator Instructions] First question today is coming from [ Nick Pincus ] from Forest Capital.

First and foremost, congrats on the sale of Fortman, the improvement in the balance sheet and the continued progress of the business. Thank you also for the additional clarity in your prepared remarks on the Spetner transaction. It seems like the deal is not dead, but rather you're evaluating different options. I'm just wondering if there's anything else you could share on the overall strategy as it relates to Spetner.

Yes. Spetner is still a good deal. We are looking at it. But we certainly did not want to hurt the company doing a transaction or financing for the transaction that would hurt it. We have to look at the big picture. But we are still -- we're in good terms actually with the Spetner team, and we are in touch with them, and we're working on a structure and financing that would be beneficial for us and the company. And if we accomplish that, it will be a win-win without the pain. So we look forward to that -- certainly to that potential, which we have certainly a potential there. And of course, also looking at other transactions as well.

Well, I appreciate that and that you're looking out for the best interest of the shareholders. As a follow-up, can you also just provide some more color on the commercial insurance business?

I'm going to give a little bit of that. I'm going to ask Moshe Fishman to chime in. In the big picture, commercial -- the average commercial premium is probably can be 3, 4, 5, 10x a personal lines. So with the same work basically and pretty much. So we look forward to much -- the potential for much bigger revenue. But I'm going to -- it also enhances our arrangement with our agents and the RELI Exchange program that they now have a much -- we can entice them to come and join us because we have a much more attractive platform now with commercial as well. And Moshe Fishman?

Thank you. The Commercial Insurtech platform is built out and currently support multiple lines of business from multiple carriers and our agency partners, hundreds of agency partners can go in and actually buying commercial business in real time. Additional lines of business are being added, additional carriers that support that commercial business are being added as well. I know another carrier just was turned live today, and we anticipate that growth of that business. As Mr. Beyman mentioned, the premiums of commercial business make up close to 90% of P&C business in the industry. So really looking to take advantage of that and have our agency partners write more and more commercial business, alongside the current personal lines that they do phenomenally well today.

[Operator Instructions] There were no other questions from the lines at this time. I would now like to turn the call back to management for closing remarks.

Thank you very much. On behalf of Ezra and the entire Reliance team, we appreciate you joining us today for this business update. We're excited about the road ahead and truly value the continued support and partnership with our shareholders as we move forward together. Thank you, and we wish you all the very best.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.