The Real Brokerage, Inc. (REAX) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.394 Let me spend a 00:00:04.021 -- 00:00:06.021 moment 00:00:07.991 -- 00:00:13.766 on how each of our businesses performed. Brokerage revenue grew 53% to $565 00:00:13.766 -- 00:00:17.952 million, driven by both agent growth and higher productivity. 00:00:17.952 -- 00:00:23.460 We ended the quarter with over 30,100 agents, up 39% from a year ago, and 00:00:23.460 -- 00:00:28.424 as of today, our agent count stands at approximately 30,700. 00:00:29.048 -- 00:00:32.793 Real agents closed more than 53,500 transactions, 00:00:32.793 -- 00:00:37.399 totaling over $21 billion, up 49%. That 00:00:37.399 -- 00:00:41.325 performance speaks to the strength of our attraction flywheel and the quality of the 00:00:41.325 -- 00:00:45.856 agents who continue to choose real. Our brokerage business was once again profitable 00:00:45.856 -- 00:00:50.543 on a net income basis, and we continue to reinvest these earnings back into our ancillary 00:00:50.543 -- 00:00:54.728 businesses, which typically generate gross margins that are five to eight times higher 00:00:54.728 -- 00:00:59.735 than brokerage. In one real title, revenue was $1.3 million as we 00:00:59.735 -- 00:01:04.261 continued transitioning from team-based to state-based joint ventures, a shift designed 00:01:04.261 -- 00:01:07.806 to enhance scalability and long-term profitability. 00:01:07.806 -- 00:01:11.711 Under our new title, Leadership, we expect this structure to begin contributing more 00:01:11.711 -- 00:01:15.857 meaningfully in the quarters ahead, and we are encouraged that attach rates among our 00:01:15.857 -- 00:01:20.964 JV partners exceeded 35% in the quarter. One Real Mortgage delivered 00:01:20.964 -- 00:01:24.689 another strong quarter, with revenue up 47% year-over-year 00...