Financial Data and Key Metrics Changes - In the first half of 2025, revenues increased by 8% year over year to $524.8 million, marking the strongest first half revenue performance since 2022 [6] - The net loss for the second quarter was $22.7 million or $0.27 per diluted share, compared to a net loss of $1.7 million or $0.02 per diluted share in the second quarter of 2024 [22] - Adjusted EBITDA for the second quarter was a loss of $849,000 compared to a positive $2.9 million in the second quarter of 2024 [22] - For the six months ended June 30, 2025, adjusted net loss was $7.1 million or $0.08 per share compared to $23.6 million or $0.28 per share in the 2024 period [24] Business Line Data and Key Metrics Changes - Revenues from existing home sales in New York and Northeast markets increased by $16.8 million or 7.9% from the first half of 2024 [14] - Development marketing's first half revenue increased by $17.7 million from the first half of 2024, reaching $35.4 million [20] - The average price per transaction rose to $1.92 million per home sale compared to $1.72 million in the comparable 2024 period [18] Market Data and Key Metrics Changes - The company reported a 38% increase in year-to-date sales of homes priced over $5 million compared to the first half of 2024 [18] - There were 204 home sales of more than $10 million in the first half of 2025, a 32% increase from 2024 [19] - The active pipeline for development marketing has a gross transaction value of approximately $28.1 billion, with $18.8 billion located in Florida [19] Company Strategy and Development Direction - The company is focused on executing strategic growth initiatives, including the launch of Element Capital and Element International [8] - Element Capital is an innovative mortgage platform expected to provide a licensing revenue stream and enhance service offerings [8] - Element International aims to serve international real estate needs directly, focusing on high-end luxury demand in key global markets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the third quarter and 2025, citing encouraging trends such as continued demand for luxury homes and rising average transaction values [7] - The company acknowledges challenges faced in May and early June due to economic pressures and elevated mortgage rates, which dampened market activity [15] - Management believes the foundation of business and the development marketing pipeline bode well for future revenue recognition [19] Other Important Information - The company maintains ample liquidity with cash and cash equivalents of approximately $136 million as of June 30, 2025 [21] - The increase in net loss for the second quarter included a non-cash charge of $17 million related to the increase in fair value of derivatives embedded within convertible debt [22] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without further inquiries [27]