Douglas Elliman Inc.

Welcome to Douglas Elliman's fourth quarter and full year 2025 earnings conference call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the investor relations section of the company's website located at investors.elliman.com for one year. I would like to turn the conference over to Douglas Elliman's Vice President of Finance, Heather Capriola.

Thank you, and good morning. On the call with me today is Michael Leibowitz, President and CEO of Douglas Elliman, Inc., and Brian Kirkland, CFO of Douglas Elliman, Inc. During this call, the terms adjusted EBITDA and adjusted net loss or income will be used. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income or loss are contained in the company's earnings release, which has been posted to the investor relations section of the company's website. Before the call begins, I would like to read a safe harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings. Any forward-looking statements made during this call are made as of today, and the company undertakes no duty to update or revise any such statement, whether as a result of new information, future events, or otherwise, except as required by law. Now, I would like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Leibowitz.

Thank you, Heather. Good morning, and thank you for joining us. Douglas Elliman continues to build on the strong momentum established by the decisive steps we took in 2025, including strategic alignment and disciplined financial management underpinned by our unwavering commitment to luxury service. The fourth quarter was a period of bold execution and meaningful progress on our long-term vision to be the leading independent luxury real estate brokerage driven by innovation, talent, and a relentless focus on our clients and agents. This progress positions Douglas Elliman well for long-term success and value creation for our stakeholders. On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the three months and year ended December 31st, 2025. All numbers presented this morning will be as of December 31st, 2025, unless otherwise stated. Before we turn to our results, I want to highlight several key developments from the past quarter that underscore our differentiated strategy and the unique strengths that set Douglas Element apart. First, we continue to actively pursue opportunities to deepen our footprint in existing markets while strategically entering new high-potential regions. We continued expanding our brand internationally with our recent entry into the French Alps, building on our successful launches in Bordeaux, the French Riviera, and Monaco. Under the leadership of Rich Green, our brand's presence in these globally recognized luxury destinations is already generating significant interest from high net worth clients seeking exclusive cross-border expertise. By partnering with seasoned industry leaders and local specialists, we believe we have further enhanced our ability to deliver best-in-class service and bespoke solutions in the world's most coveted markets. We currently operate in nine markets in the United States and believe there is a significant opportunity to further expand our presence as well as the Douglas Ellman brand in our existing and new markets. To support this strategy, Douglas Edelman recently launched two growth teams. The market growth team focused on expanding our footprint within current markets and the new markets team responsible for driving our expansion into new domestic and international markets. These teams will strategically recruit agents by highlighting our competitive advantage in serving the luxury real estate sector. Second, we have continued to expand our core service offerings. The successful launch of Element Capital in New York, following its debut in Florida, marks a significant step forward in our mission to deliver a seamless, integrated real estate and financing experience for our clients. By leveraging our strategic alliance with associated mortgage bankers, Element Capital provides agents and clients with a comprehensive suite of lending solutions, competitive rates, and the streamlined support that only an in-house platform can offer. This initiative strengthens our value proposition in our flagship markets and positions us to capture new opportunities among traditional and non-traditional borrowers alike. Third, we have reinforced our leadership team with appointments that signal our commitment to growth and innovation, operational excellence, and agent empowerment. Our broker subsidiary has appointed Wendy Purvey as Chief Strategy Officer and her appointment further strengthens our capacity to drive growth through agent acquisitions, international partnerships, and new service lines. Our broker subsidy areas also welcome the return of Natalie Passerini as Chief Marketing Officer and the addition of Chris Reyes as Chief Technology Officer. Natalie and Chris bring deep expertise and fresh vision to our brand evolution, digital strategy, and agent support platforms. We are excited to welcome these accomplished leaders to the Douglas Elliman team and look forward to the energy, insight, and collaboration they will bring as we continue to elevate our company and support our agents. Finally, we have also made significant investments in market intelligence, technology, and agent resources. We recently launched a new market data report program which will provide agents and clients with timely, transparent insights tailored to our markets. Our ongoing rollout of agent-centric technology, including LEAI, element private listings, and enhanced marketing tools, ensures our professionals remain at the forefront of the industry, equipped to deliver exceptional value and results. Now turning to our 2025 results was a pivotal year in which we advanced our strategic transformation and strengthened our financial position. Our revenues for 2025 increased by 3.8% year over year to $1.033 billion. We made considerable progress toward restoring profitability, reporting operating income of $45.5 million, a significant improvement from our operating loss of $68.8 million in 2024. This year's operating income was positively impacted by an $81.7 million gain from the sale of our property management division in October. After adjusting for this gain and other items, our adjusted EBITDA for 2025 improved to a loss of $14 million compared to a loss of $24.1 in 2024. With cash equivalents of approximately $115.5 million at December 31, 2025, and no long-term debt following the redemption of our convertible notes, we are strategically positioned to capitalize on market opportunities in our evolving industry. We believe 2026 will mark the beginning of a new growth phase as the investments and strategic moves we made in 25 begin to yield results. Our strengthened balance sheet and enhanced operational capabilities give us flexibility to enter new markets, scale our innovative offerings, and attract top talent. This foundation enables us to respond proactively to emerging opportunities and evolving client needs, helping us in our quest to drive long-term growth, and deliver sustainable value for our clients, agents, and stockholders. With that, I will turn it over to Bryant, who will provide more details on our financial performance and the trend shaping the residential real estate market.