Financial Data and Key Metrics Changes - The company reported a 4% increase in total service revenue to $39.7 million compared to the same quarter last year, driven by growth in various business segments [6][7] - GAAP loss before income taxes improved by $6.8 million to a pretax loss of $1.7 million, primarily due to lower interest expenses [8] - Operating cash flow improved by $2.3 million year-over-year, ending the quarter with $28.6 million in unrestricted cash [8] Business Line Data and Key Metrics Changes - The servicer and real estate segment generated $31.2 million in service revenue, a 3% increase from the previous year, with adjusted EBITDA of $10 million [10] - The origination segment saw service revenue rise by 9% to $8.5 million, although adjusted EBITDA remained flat at $900,000 [12] - The corporate segment reported an adjusted EBITDA loss of $7.3 million, slightly higher than the previous year [14] Market Data and Key Metrics Changes - The residential mortgage default market showed a 19% increase in foreclosure starts and a 10% increase in foreclosure sales for the first eight months of 2025 compared to the same period in 2024 [15] - Mortgage origination unit volume increased by 17% year-over-year, with refinance volume up by 103% [16] Company Strategy and Development Direction - The company is focusing on diversifying its customer base and growing businesses with strong growth potential, such as Renovation and Granite Construction Risk Management [8][9] - The strategy includes maintaining cost discipline and reducing corporate interest expenses to support long-term growth [17] Management's Comments on Operating Environment and Future Outlook - Management noted that despite low delinquency rates, foreclosure starts and sales are increasing, indicating a potential shift in the market [15] - The company believes it is well-positioned to benefit from stronger revenue and adjusted EBITDA growth if loan delinquencies and foreclosure activities rise [17] Other Important Information - The cooperative brokerage agreement with Rhythm expired on August 31, but Altisource continues to manage REO and receive referrals [11] - The company won new business estimated to generate $3.2 million in annual service revenue, with a total weighted average sales pipeline of $24.4 million [10] Q&A Session Summary Question: Are the customer wins for the Equator platform expected to translate to more inventory on Hubzu in the future? - Yes, the company won four new customers for the Equator platform, with three now live and loading properties, which should generate revenue as more assets are loaded [19]