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. [Operator Instructions] 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 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 Holdings Second Quarter 2025 Conference Call. Today, I'll focus our call on 4 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. And third, our strategy and priorities, including partnership and agent programs; and 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 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 remaining of the year. Our -- 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 improved 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 on to our low-cost brokerage model Elevate allow 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 8 transactions per year with a strong lead generation that produced over 1,700 leads in…

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 [ 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 increase 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 time frame 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 buildout 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. And…

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 return to adjusted EBITDA profitability, all key indications that our strategy is gaining measurable traction. We're beginning to see the tangible benefits of the foundation that we have spent the last year threatening from the early success of Elevate to the continued growth of Verus Title and Encompass Lending. Our platform strategy is no longer just a vision. It's a scaling in the market. This high-margin service based offerings are creating new revenue streams that complement our core real estate business and improve economics of every transaction. At the same time, we're executing with discipline. We have maintained cost control, improve operational levers 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 essential to sustaining profitability. Looking ahead, we are focused on building on this momentum. While we recognize that macro environment remains fluid, we believe our model gives us the flexibility and resilience to adapt, and the competitive advantage to continue outpace of 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 volumes supporting our tech-enabled platform and differentiated agent value proposition. Second, increased blended margins by scaling Elevate and deepening penetration across our ancillary services; and third, sustained 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.

[Operator Instructions] 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, and as always, I'm 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.