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Ladies and gentlemen, thank you for standing by. Welcome to Out to Source 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 1 1 on your telephone. You will then hear an automated message advising your hand is raised. And 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-thinking 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 10Q 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-GAP 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, and good morning. I'll begin on slide 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 rhythm-related business as demonstrated by our more diversified customer base and growing HUBZoo 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 EBITTA. 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 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 EBITA 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 service 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 terminal. Moving to slide six, GAAP pre-tax earnings in the second quarter were nearly break-even 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 7 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 HUBZoo, Title, and Trustee businesses, partially offset by a reduction of rhythm-related referrals. We anticipate service revenue from customer winds will continue to grow as it should take several more quarters for this new business to stabilize. 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 rhythm-related EBITTA 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 rhythm-related losses. Slide 8 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 the 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 HUBZoo inventory. HUBzoo 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 five to ten percent of forecloser 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 percent 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 won. 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 ebita to grow in our origination segments 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 rhythm. 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, rhythm, and those associated with Onity and Rhythm'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 & Rhythm since Altasource 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 AltaSource. 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, HUBZoo, and RealSynergy, and support the Project 45 growth initiatives. Turning to slide 14 in 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 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 plus day mortgage delinquencies rates slightly increased from 1.45 percent in December 2025 to 1.55% in May. As of May 31, 2026, 90-plus-day delinquent mortgages plus loans and 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, although 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 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 continue to ramp recent sales wins that should support future growth. We are reducing odity and rhythm 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 Altasource 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 1-1 on your telephone and wait for your name to be announced. And to withdraw your question, please press start 1-2 again. The first question comes from Timothy D'Agostino with B. Raleigh Securities. Your line is open. Thank you, and good morning. Yeah, just a couple quick questions on my end. I guess first, it's great to see that HUBZoo inventory continues to grow, and the 30% increase quarter-for-quarter is great. I guess, you know, you talk about it as its future revenue growth, and I guess while, you know, while we look at foreclosure auction and REO inventory, could you maybe just provide some color on kind of how long it may take for inventory to transfer into revenue, understanding, you know—different, you know, between foreclosures and RRO, it might have different timelines, but just getting a general sense of when that might become future revenue. Yeah, hi. Good morning, Tim. So 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, 9 to 12 months to sell. A lot depends, of course, if it's a redemption state, if you have to go through an eviction process, et cetera. But generally speaking, let'S say 9 to12 months. And then with respect to foreclosure starts, we typically, or foreclosures referrals, we typically receive the referral at the foreclosure start. And 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. But generally speaking, I think those are the averages. Okay, great. So it's fair to say that the inventory wins in 1Q26, you know, still have runway to be realized as well on top of the two key wins, correct? Absolutely. Yeah. Okay, great. That's great to hear. And then I guess on capital allocation, obviously, you paid down $2 million as a term loan. I guess, how do you think about capital allocation going forward? You know, do you continue to reduce debt? Just trying to get a better sense of, you know, how you plan to put cash to work. Yeah, sure. So 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. And so 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. But 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 Rhythm and Onity, we're very focused on improving our margins as we set up for the fourth quarter of this year. So 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 corner. 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 rebuy the debt. Okay, great. And I'm sorry if I could just sneak a final question in. It's obviously great to see that, you know, the customer diversification continues to, you now, excel. I guess looking at the share of Onity and Rhythm, you know is there like, and I don't know, maybe this is looking more too far into the future, But thinking about what percentage of service revenue Onity and Rhythm might be going forward, will that continue to decrease? And how little will that become as a percentage of the total, do you think, over time? Yeah, so 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. But if you look at Onity's portfolio today, Onity is still managing some of Rhythm's assets, and as Onity has disclosed, those assets are being service transferred to Rhythm, 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. And so there is a percentage of that portfolio which may remain with Onity for the foreseeable future. So we do anticipate that the revenue we're generating from the rhythm portfolios that are being serviced or subserviced by Onity will decline over the next couple of months. But we do think we are getting closer to the end than the beginning of this, and we should hopefully normalize from there. So, 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. And then a lot just depends on Onity's growth after that. Okay, great. Great. Thank you so much for taking the questions today. I appreciate it. Yeah, thanks, Tim. Thank you. And our next question will come from Shakar Minko 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 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, you know, a fair amount of growth and receivables have grown along with that. Okay, so this is just normal. From our perspective, yeah. Yeah. I mean, it's just normal revenue increasing, so therefore we're going to see some usage of, you Know, growth in the receivable line. That's right. And that combined with we spent about a million and a half to buy back some debt. Sure, sure. And so that doesn't seem like liquidity that will come back necessarily. It almost seems like as you grow, that will be a continued need. Is that the right way to think about it? I mean, I think working capital fluctuates as we continue to grow. You know, I think our receivables, you know, may grow in line, but, you know, we'll generate cash from receivibles, you know, and it is seasonal as well, but as revenue grows, you would expect receivable to grow a little bit as well. Okay, but not something we should be too alarmed by. No, I'm not alarmed at it, no. With regard to liquidity, I mean. Oh, 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. And as we're still obviously early into the third quarter, but cash is already building back up this quarter. Okay, great. Thanks so much. Thanks, Chuck. Thank you. And, as a reminder, to ask a question, please press star 11 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. Bill Walsh Thanks, operator. We're 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.