All right. Hi, everyone. My name is Paul Cecil. I am the Vice President of Strategy here at reAlpha, I'll be one of the moderators for today's live conversation here on X Spaces. AIRE Time is an ongoing series where we bring members of the reAlpha leadership team and other external guests into the conversation to discuss how we're building the business, how we think about operations and technology, and how those decisions translate into real outcomes. Today, I'm pleased to announce we're joined by guest Daniel Kurnos, Managing Director of Internet and Media at The Benchmark Company, our CEO, Mike Logozzo, and our CFO, Thomas Kutzman. Before we begin today, please note that today's discussion may include forward-looking statements. Our full disclaimer is found in the comments below, along with our link to our investor relations website, where you can find our press releases, filings, and additional materials. Thanks everyone for tuning in this morning. I will turn it over to Dan to get us kickstarted here. All right. Awesome. Great. Thanks for that, Paul. Good morning, everyone. Thank you for joining us today for our fireside chat with reAlpha. Appreciate you guys taking the time to be here. Really pleased to be joined, as Paul said, by CEO Mike Logozzo, and CFO Thomas Kutzman. I want to anchor today's conversation around four themes here. Broader real estate backdrop. We'll talk about rates, affordability, transaction volumes, industry consolidation. reAlpha's positioning as an integrated buyer-side platform across realty, mortgage, title, and AI. The path to profitability, especially after the recent restructuring and AI-led efficiency push, and the company's specific execution milestones focused on InstaMortgage, title expansion, attached rates, NASDAQ compliance, capital strategy, and everyone's favorite question, what comes next? Gentlemen, starting at the highest level. Housing market has not seen the mean reversion in transaction activity that many people were hoping for this year. Existing home sales April were only up about 0.2% month-over-month. We're at just over a four annualized rate. Inventory improved, but affordability remains stretched, and Freddie Mac's latest 30-year mortgage rate is still around 6.5%. How are you guys seeing the spring home buying season play out across your markets, and what does this environment tell you about the need for a more affordability-oriented buyer platform? Thanks, Dan. Thanks for joining. It's Tom here. I would say that the home buying season is definitely underway. We're seeing increased activity seasonally pick up now despite the macro environment. What I would say is if you look back to Q1, I think the home buying season started a little bit later this year, obviously driven by uncertainty from the macro picture with the Iran conflict, what that did in terms of mortgage rates, interest rates generally. When you look at that landscape, that's where our model really came into shape and play this season with elevated rates, prices still elevated due to inventory in several regions across the country. Our rebate really gives buyers an edge in combating that affordability issue. Despite uncertainty and not seeing that mean reversion, we're still seeing buyer demand for our style of real estate and savings component. Maybe for Mike, when you and I spoke back in March, you had mentioned that roughly 6% mortgage rates felt like the line in the sand where things could begin to thaw. Is that still the right threshold? If rates stay in the mid sixes rather than breaking lower, and we've obviously had some commentary from the new Fed officials here that we might see hikes rather than cuts, how does that change the growth strategy for reAlpha? More focus on rebates, rate buydowns, mortgage attachment, lower cost acquisition, or regional market selection? Hey, Dan. Thank you again for being here today and allowing us to chat. Yeah, you're right. When we last spoke, we did mention that line in the sand being 6%. What we're seeing, I would call more of a psychological threshold than a line. There was a brief period of time where rates dipped just below that 6% level, and we saw lead activity increase pretty substantially. When rates moved back up above 6%, that started to level out again. With that said, a higher rate environment doesn't really deter us. In many ways, I believe it drives home our value proposition even further. Some of the stats, like existing home sales are up only, what, like 0.2% month-over-month in April. It's like an annualized rate of just over 4 million now. You mentioned Freddie Mac's latest 30-year rate already. That's a challenging environment for buyers. Our focus is to help them make the transaction work. We're trying to reduce the total transaction cost through our rebate model. We talked about in the past how that works. For those who don't know, we currently offer a 1% rebate back of the purchase price for using our realty services and additional 0.5% back for using our mortgage services, and that's real money. That on top of improving the experience through integration between realty and mortgage and using technology to reduce friction through search all the way through to closing. Look, in general, I appreciate that response and agree with you. The underlying demand we've heard from the industry is generally there. Right. It's been a combination of supply, and I think as you have said, it's really more buyer affordability is the problem, sort of the core issue here. The framing is interesting because much of the industry has historically been built around sellers. Just look at all of the platforms, right? It's been listing inventory, agent count, a lot of seller leads, although we did shift to buyer leads eventually through Zillow and now Redfin. Why do you think the buyer side is the more attractive place to build, and what does reAlpha understand about digitally native buyers that traditional brokerages may be missing? Yeah. I think there's three key things on the buyer opportunity versus listing or seller opportunity. The first thing is more tools and tasks can be made available to be more efficient as an online experience for buyers, where selling is still a very offline experience. If you're listing your home and hiring a listing agent, that listing agent's got to see the house, visit the house, price the house, photos, open houses. There's a lot of things that you can't truly automate, that are still a lot of people hours involved. The second key component what we focus on is that buyers want to be involved in their process. They're more digitally native now, and they have the ability to collaborate digitally, with our tools and our technologies for that collaboration between the buyers and the agents in the moments that matter. The third is, obviously we're a company, we're seeking revenue and profits, right? There's more dollars in a home buyer's journey than a home seller. If you're listing your home, you list your home, you pay your commission, and you move on. Where a buyer, there's the real estate aspect of commission, there's mortgage, there's title, and many other things even beyond the transaction itself, when you think longer- term. There's just a much more scalable way to approach buyers with a digital product versus sellers at this time. Yeah, no, that makes sense. We will definitely get into some of those tools, some of the attach, and certainly the automation strategy that you guys are pursuing a little bit later, in this call. I want to keep it still for now just on a higher level perspective. Maybe go back to Mike and just, as CEO, you look at the industry, it's clearly consolidating. Rocket Companies got mortgage, Redfin Title, closing, personal finance, and they just added servicing through Mr. Cooper. Compass just bought anywhere for a $1.6 billion. They're now the largest brokerage, although it's interesting to debate whether headcount matters in this environment versus tools. How do you think about reAlpha Tech Corp.'s position in that world? Are you trying to be a smaller, more focused version of the same integrated transaction model, or is your differentiation that you're a buyer first, rebate led, and AI native from the beginning? I would say that, obviously there's a lot of movement in the consolidation play, and all of those examples you mentioned I think were just within the last 12 months or less. We view that movement towards integration as a validation of the direction of the market. The way we see it is our position, though, is we're not looking to be a smaller version of these guys. Our position is different. We're trying to build this buyer first model that's organized around affordability and transaction coordination and AI-enabled efficiency and create one stop shopping that is just reAlpha. It's not these large entities that have been acquired and brought together and we call stitched together. We're building this literally from the ground up. However, we are doing acquisitions, but they're acquisitions of smaller companies that we could very easily integrate as we're building our product ourselves. Obviously we're not building everything organically from scratch. The distinction is that we're acquiring and integrating these capabilities into a unified platform strategy rather than assembling them for scale. Let me follow up on that, though. First of all, it makes sense, right, in the context of where you sit. I am curious, though, do you think the consolidation in the industry that I just mentioned validate your strategy, or do you think it makes the competitive environment harder? Said differently, when you've got larger players that are vertically integrating, does it make it harder to acquire customers, or does it educate the market that the old fragmented model is broken? As I mentioned earlier, we do view it primarily as validation. When these large players consolidate across brokerage, mortgage title, servicing, it reinforces that the old fragmented model, it's not efficient enough to where the industry's heading. That doesn't mean the competitive environment becomes any easier, though. These larger players, they have so much more capital than us. They obviously have brand awareness. They have a lot more traffic. Obviously, it's educating the market, and it shows consumers and investors that integration really does matter. Our opportunity is to be more focused, and we're not trying to own every part of home ownership and be at national scale overnight. We want to focus on the buyer transaction, affordability, increasing the number of services used within our platform. If we can execute this, that gives us a differentiated lane that we can operate in. In addition to all that, Mike, as if there's not enough going on, and maybe I guess this one could be for Tom, as well. There is a very live fight over listings, portals, and data control. We've got the whole pocket listings fight, obviously, Compass and Zillow have exchanged several public and court related blows versus transparent syndication, MLS control versus portal control, who owns the consumer's relationship. Again, I know you've got the big guys with sort of the big guns all kind of pointed at each other right now. As you guys think about it, how important is top-of-funnel search ownership? Can a company win by owning the transaction workflow, even if, say, Zillow ends up controlling more of the initial listing discovery? Yeah. I think that the fight over listing syndication, what portal or brokerages display and data control is real, and it definitely matters. From where we sit, the loudest voices in this debate are largely arguing about whose inbox the consumer lands in, not about what happens to the consumer after that. At reAlpha, we're focused on consumers, not our egos. I think right now some of the lawyers are going to benefit more from this than the consumers themselves with these fights. Look, we are MLS members in the jurisdictions where we operate. We follow the rules on data licensing. We believe that maximum transparent exposure of listings is good for buyers, good for sellers, and good for the market. The consumer deserves to see everything. Whether they see it on our site or someone else's site, we still have a differentiated value proposition, versus our competitors in the form of savings. We do focus on search and having a rich search experience. You really still have to differentiate yourself for the consumer. We're not just a curated subset of inventory that happens to benefit a particular brokerage's private listings, like some of those big names you mentioned. I love that answer. It's very true, Tom, across the board. Yes, I think we have learned now, through both bull and bear markets, the lawyers always win. I think well said on that front. Just even looking at Zillow's margins in the front half of the year, the $tens of millions they've spent on legal alone, I think certainly addresses your answer. Just to put a finer point on that, Tom, by the way, I hear you. I think your answer is very on point, especially for where you guys are trying to play in the marketplace. Just out of curiosity, if that portal layer does consolidate, you're just trying to monetize the transaction rather than the search session. Does that mean anything for you? I think there's room for multiple scaled platforms. The companies that will win in real estate have to be more than just listings. They have to offer multiple services across the transaction. Like I said earlier, it's about having a compelling value proposition. If I were looking at the past analogs to predict what happens in real estate, I think we've had this conversation in past calls, Dan. I think real estate's going to follow the pattern of how OTA is consolidated into one place. Like you used to have flight sites and hotel sites and rental car sites, they all came into one place where you can take on whatever services you need for your transaction. At the end of the day, bringing all those things together for the transaction in one place that's not fragmented, streamlines the cost for the consumer. That's how we really help people tackle affordability. Yeah, that makes sense. I will say, Tom, since I also follow the online travel space, there are probably still too many of them. It'll be interesting to see now that you're getting a lot more of the AI native guys like Navan and others come to market. You are right. We've kind of consolidated down to three main players and then a bunch of ancillary either review type sites or travel aggregators at this point. Then a handful of international guys. I think that's probably realistic. Our personal view obviously is Zillow and Rocket being kind of the largest and biggest, and then you've got CoStar on the commercial side, are going to sort of control most of the market. We'll see, but less relevant for you guys, in the grand scheme of things. More focus on you guys here. I guess I want to ask, go back to Mike on this one, and then I want to dive into some of the more specifics on the company. Approximately two years ago, we had the NAR settlement. Have we actually seen a change in buyer behavior? It definitely changed the mechanics of the buyer-broker agreements and MLS compensation disclosure, has that changed consumer expectations around agent value, commission transparency, and the willingness to use a lower cost or rebate oriented model? Yeah, Dan, I'd be the first to admit when I saw this NAR settlement two years ago, I thought the change would be a little bit more than what we're seeing today. I guess I could chalk that up to the fact that real estate historically has been a very slow adopter to change, and this is probably just another example of that. I think what we are seeing is that buyers are more educated now than they were before. You had mentioned they changed the mechanics around the buyer representation, buyers now need written agreements before they tour homes when working with an MLS participating agent. The offers of compensation are no longer allowed on the MLS platform. Compensation is negotiable. All of that stuff is helping the buyer, be smarter about how they navigate this transaction. It's created more awareness about what buyers are paying for, what services they're receiving, how commissions work. I wouldn't go as far as to say that like buyers no longer want guidance. I still believe they do because this is one of the single largest transactions that they're going to make in their life. It's still complex, it's emotional, it's a financially significant transaction. With the buyer being more educated, I think it creates an opening for more models that are transparent, lower cost, better aligned with the buyer's economic needs. That's where our rebate-oriented model can really resonate with them. Let's dive into that. Just for the record, Mike, when the NAR settlement happened, we actually published a very lengthy piece addressing how there was a scenario anyway where commission rates could actually go up in that structure, depending on the services provided. Yes, you're completely right. Real estate, slow to adopt change, which is what I think makes your story interesting as you guys press for more change, especially technological-driven change. Really just how the space is sort of creatures of habit, especially consumers. Most of real estate's still done word of mouth, even with Zillow having 250 million uniques. Typically call your local broker and show your house, which we know is evolving, and you guys are starting to be a significant component of the change that we're seeing in the space as technology makes things a lot easier, especially with AI agents now loading in. Let's talk about reAlpha as, let's call you guys the main rebate player. You've got Prevu already operating on that model and an average realty-only rebate of roughly $7,500. Tom, how should investors think about the rebate as a customer acquisition tool versus a structural margin trade-off? Is the model attractive because you can give money back to the buyer and still make the economics work through mortgage, title, AI efficiency, and repeatable workflows? I always like to say that buyers come for the rebate but stay for the service. When you have the combination of our technology and salaried agents, which is an important distinction versus traditionals, it allows us to deliver that savings if you do just real estate on its own, we have the added benefit of additional services like mortgage where we can then bundle additional savings and additional benefits to the consumer. I know Mike touched on it earlier, but it's important for people to always remember that if you use us just for real estate, you can get up to 1% of your purchase price back. If you use us for real estate and mortgage, you can increase that rebate to a total of up to 1.5% of your purchase price. That's a significant portion of your home price. When you think about how people are putting down, in most cases, 20%, 25% of their home value, it's a significant amount of your equity in your home that you're getting back right off the jump. I think it's definitely a great customer acquisition tool, but it's something that not everybody can deliver on if they didn't have the technology. It's a great segue into what I wanted to ask next. You said stay for the services, and so probably for Mike, on the last earnings call, you emphasized that reAlpha is not a single service model. The goal is to originate more transactions inside the platform and keep more of the transaction inside the platform, which is I think what Tom was just trying to outline. What evidence are you seeing that that flywheel is beginning to work? Are customers actually using multiple services, and are you now tracking attach rate across realty, mortgage, and title as a core KPI? Dan, internally, we're tracking attach rates very closely, and we're seeing early signs of cross-service engagement between the realty and mortgage happening in both directions, which is an even better sign. I would say our primary constraint today is where our state and services overlap. We just do not have full parity where two or more states are offered together in the same state that we're licensed. I think we had mentioned that we were in realty in 12 states plus D.C., mortgage in 32 states. To put that into perspective where we have the overlap, that is just in eight states right now. We are currently addressing the parity there. InstaMortgage is going to help as well as the expansion of our Prevu into other states. That's currently happening organically. What I can tell you, though, is we're starting to see what we call green shoots in the eight states where we are overlapping. It is very encouraging to us. As we expand that overlap, this is where that flywheel becomes more measurable. The key is not just originating more customers, right? It's going to be increasing the number of services that each customer uses inside the platform. As we get more parity, we'll be able to share more of these metrics, but we need to establish a solid baseline first. That's basically our primary focus right now is to get that parity so we can establish that baseline and start showing everybody how multi-service transactions are really starting to take shape here. Mike, of course, because being the analyst that I am and we always ask for more information, that's our job. You literally just said you are still in the process of building these things out and getting the parity that you seek before you start giving out more information around this. Is there, I guess, at least from a high level, or is there any way we can think about how to define the attach rate targets we should watch for? Maybe at scale or when you get parity done, for example, if customers who start with realty, what percentage should eventually use mortgage? What percentage of mortgage customers should use title? What level of multi-service attach would make the unit economics of the platform clearly different from a traditional brokerage? Dan, I appreciate your persistence. We're not yet disclosing those specific targets at this stage right now. As I mentioned earlier, once we have more markets where we have two or more services offered together, we'll be in a much better position to measure, compare, and disclose these more attach rate targets that I know that the market wants to see. Directionally, in the states where we do offer realty and mortgage, we are seeing these green shoots. We are seeing handoffs coming in from both directions. From the people coming in from realty needing mortgage, and people getting pre-approved for mortgage that needs a realty. It's working. We want to better baseline so we could then share and show the growth and everybody could watch that as we grow. Okay. Fair enough, Mike. I'm filing that question away for later. Yeah. I fully expect it. Okay. We will get updates from you on your journey and when you guys are ready to share, it's definitely something I think investors will want to hear about. Let's pivot, and let's talk about Home Buying Hub. Q1, you launched Hub to coordinate search, financing, and closing, and you also enhanced the make an offer flow to reduce friction to the point where buyer intent becomes real. Is there any early evidence that those product changes are improving conversion? Again, I know super early, but are you seeing more users move from search to tour to offer to mortgage, or offer to close? Yeah, we're definitely seeing a pickup across all those conversion points, Dan. Home Buying Hub was a great step forward for the reAlpha platform in Q1. It drew a lot of inspiration from many of the features that Prevu had proven with consumers already in terms of conversion. For example, you mentioned the make an offer flow. Prevu had had a make an offer flow from going back to probably 2017, 2018, and it's been a great way to have reAlpha customers connect quickly with an agent. Right? When you have a make an offer button, which not every site has, surprisingly, in the real estate world, you connect with far more high-intent buyers. Why create a bunch of complexity for people? Sometimes you know the house you want to make an offer on, and you want to connect with an agent that can help you with that. That flow definitely serves that fully. Overall, we've been very happy with how the integration of Prevu's technology into the reAlpha platform has been progressing. There's still more to come for both the consumer side and the agent-facing side, which obviously the public doesn't see. We are making good strides on that and we're very excited about the progress and what that means for conversion over the long-term. We're trying to get the public to see, Tom. That's the whole point of doing this, right? We appreciate that this is still in process, in development, and that we'll get milestones as we move along. I do appreciate the color in terms of incremental conversion and hopefully as you guys continue to play that out, we'll be able to get more specific updates around conversion and attach to both what you and Mike said. Speaking of technological enablement, there's this small thing you guys might have heard of. It's called AI. It's kind of out there right now. It's slightly changing a few things in the industry and everywhere. There's clearly going to be a narrative, I think, that AI will kill the real estate broker. True or false, we don't know yet. You framed AI as an enabler, not autopilot, so human interaction throughout the process, which I happen to buy into. I think trusting a major home purchase to a machine is dangerous, as of this point in time anyway. Where is the line? Which parts of the home buyer journey can be automated or AI assisted today, and where does trust, licensing, negotiation still require a human expert? Dan, you hit the nail on the head, right, where we mentioned that AI is an enabler for both our home buyers and the people who serve them. When you think about our home buyers, AI helps with search, education, affordability guidance, transaction status, and kind of the navigation of the process. We think of it as a concierge type approach. For our people, we use AI to reduce the repetitive work, improve workflow coordination, support document processing, and then that ultimately allows teams to spend more time on the higher value customer interactions. You mentioned trust. Things like negotiation, judgment calls on when we're doing things that have to be compliant, major financial decisions, those emotionally complex moments that we talked about also. These are the things that we want to make sure that we still have humans available to be there, and to make themselves more available to do those types of things by giving them the AI to help on those other things that I had mentioned earlier, the repetitive work, the workflow coordination. Tom mentioned, we have licensed agents here in reAlpha, but we want to make sure that they're spending time on those higher value touchpoints with the customer. AI doesn't replace the human. It makes the human more effective, and we allow the business to scale without scaling headcount at the same rate. Which is a great thing as well if you're an investor in the company. We're definitely going to get into some of the trade-off between tokens and humans, I think, Mike, at some point here. I want to stick on the AI sort of higher level stuff for a moment and just, you brought it up as part of your answer. Now, I do think there is a bigger strategic theme, and this also applies to the portal guys as well. The search experience is kind of broken, and whoever fixes it wins the top of the funnel. What do you think a genuinely AI-native home search experience looks like? Better personalization, conversational search, real-time affordability? Maybe in your guys' case, you've got rebate visibility, mortgage qualification embedded in search. Is it something outside the box or more radical than what we're thinking about than the current portal experience offers? What I'm seeing is most search experiences are built around static filters. When you think about price, number of beds, number of bathrooms, location, where this next version, I think, is heading and what we're working on are things like understanding the buyer's preferences, their budget, their constraints. Introducing the rebate opportunity and how that helps them, what their mortgage readiness is. Really helping them navigate the transaction and not just automate some filters that you currently see on a lot of these other sites. For reAlpha, this really has two dimensions. With Claire, who is our AI concierge for the home buyer, Claire's intended to help buyers move from search to education, to affordability, to transaction readiness in a more guided experience. Secondly, we're incorporating capabilities from our subsidiary, AiChat, which is a conversational AI subsidiary. It's based in Singapore. AiChat has built technology around AI agents like omnichannel engagement, conversational commerce, and AI ticketing and workflows. This is a leading-edge company that we are using to bring into our platform as well to help bring us, I guess, make us state of the art in all things reAlpha. The strategic point where I'm trying to make is we're not starting at zero. The AiChat technology is built to manage real customer interactions and understand intent, escalate whenever there's needed, and move users through a workflow. All those capabilities are also applicable to homebuying. Again, we're not starting from zero there. Externally, we're focused on how reAlpha is showing up on generative platforms and answer engines. Like people are talking about, it's not just SEO anymore, right? It's AEO, answer engine optimization, and GEO, generative engine optimization. It's about making sure that reAlpha is also going to show up with a level of authority and consistency on these generative platforms when people are speaking or trying to interact with a ChatGPT, to make sure that reAlpha is showing up there as well to help them through the process. We want to improve the guidance from both inside our platform through Claire, using our AiChat, but also making sure that reAlpha becomes part of this answer engine and ecosystem when buyers are asking questions across this broader AI ecosystem that exists today. Let me actually, first of all, it's a great answer, and I appreciate all the color there. I just want to take a step back just before we get too deep in the weeds on the specifics here. Make sure that when we're talking with investors, that they understand the difference within internally when you guys talk about consumer-facing versus corporate AI. Can you just separate those out? You just talked about Claire, right? What AI is visible to the buyer versus what AI is operating internally across marketing, M&A research, back office workflows, what have you? AI has been at the forefront of what reAlpha's been doing on the consumer side since day one. You and Mike both mentioned Claire in terms of our AI concierge. Obviously, we have a loan AI assistant, which also helps with our collection of documents and making our loan officers more efficient in their interaction with borrowers, and other toolings we use on both the agent and loan officer side. That's obviously consumer-facing revenue production, right? On the corporate side, in terms of the more administrative functions, over the past six months, we've been really leaning into various AI tools, things like Claude and other products. We've been rolling them out in select departments to see those productivity gains, the repetitive tasks, speeding up our product velocity. We're now rolling those tools out to even more departments. Considering it almost company-wide. Everybody has different tools for their type of work. It really gave us great insights on how our talented people can be even more productive. Let's dive into that, Tom. This question has CFO written all over it. The restructuring that you guys announced is obviously one of the most important company-specific updates. You reduced the workforce by roughly 25%. You consolidated your vendors, you re-shored certain functions, and you've targeted approximately $2 million in annual savings. What changed in your thinking? Was this primarily a reaction to market conditions and burn, or was it a proactive view that the agentic AI has changed the operating model enough that reAlpha can scale with a smaller team? When you give your answer, Tom, obviously keep in mind we've had some rather public discussions about the balance between token cost and human cost and some guys blowing through their token budgets in months rather than years. Love to get your broader perspective as you think about navigating that balance. Yeah. Well, I guess I'll start off by saying we have throttles on all of our token limits. If you need more tokens, you need to probably ask our CTO or me for extra. We're definitely mindful of that. We're not going to blow through tokens over here. I think from the proactive standpoint of this move, I think there's also a timing thing here, and this is not about me, it's about the company, but I am new to my seat, right? I took the role of CFO in late February, so a lot of the changes we've made, the initiatives we've made, it is bringing a fresh lens to the seat. I was obviously the founder of Prevu, and so I do bring an additional operator's lens. When I was taking on the new seat, making my initial impressions of our cost structure, talking to other leaders across the organization, I picked up on simple patterns that an operator would. When I brought different ideas to Mike, and the board, it became very clear things we could do just to optimize. Every company should be optimizing all the time. We instituted a return-driven spending initiative to align our cost structure, right? We're making sure that every dollar we spend is aligned with our business outcomes. That coincides also with a world of leveraging AI right now. A lot of things came together at the same time, but I think it was more of a timing of a fresh lens in the seat, and an organization that's always open to change and optimization. The other key thing, separate from AI, separate from vendor optimization, we did make an important strategic decision to plan to reshore some of our key product and tech roles, particularly more of the strategic leadership on some of those roles. What we found was with real estate, it is very nuanced. You do need domain expertise around. We wanted to co-locate some of those strategic roles closer to the business units. We're seeing that even in the early moments. Obviously, we're still hiring for some of those potential seats, but we're seeing a much greater product velocity with some of those changes immediately. The logical follow-on question is how do investors measure whether this works? Is it lower quarterly cash burn, faster product velocity, higher gross margin, better conversion, or just simply a clearer path to adjusted EBITDA breakeven? I would say investors should measure success through our increased revenues, lower quarterly cash burn, improved operating leverage, and faster execution with a leaner structure, and a clearer path towards adjusted EBITDA breakeven and a path to profitability. As you're seeing reAlpha on a quarter-by-quarter basis, if you're seeing those things trend in the right direction, that's how you should measure our success. I want to go back and I guess reiterate what Tom mentioned about the RIF. It wasn't simply a cost-cutting exercise. It was really about aligning the operating model with where the business is going, especially as AI allows us to scale more efficiently. Over time, once we start to achieve greater state parity across the realty and mortgage and title, I think investors obviously should also measure us on the attach rate of our multi-service platforms. I know, Dan. We've talked about this already. Right now, I think it's really a lot about the financial fundamentals. If we start seeing those go in the right direction and then we'll start getting into the technicals of the transaction and attach rates, once we get to state parity. Those attach rates that you still won't give me yet, right, Mike? Those ones? We're working diligently on. Okay. Got it. We are, yes. Fair enough. I know. It's still early in the process. I'm just teasing you a bit. Q1, gross margin improved to 66%. You still had about a $4 million adjusted EBITDA loss. Cash was $5 million at quarter end. How much runway do you have after the restructuring, and what are the practical milestones you need to hit before investors can underwrite that path to profitability with more confidence? I guess there's a few things to unpack there. On the Q1 adjusted EBITDA side, that number included our final non-cash expense related to our media for equity marketing credits that were being used. That was approximately $500,000 or so in Q1. That's something that investors should be aware of as they think about our market expense line in coming quarters as we focus on narrowing our losses and working towards the path to profitability over time. That's something we've paused at the moment. We are diversifying our marketing with some of our more economical channels. On a EBITDA basis, you should see a narrowing there over time. In terms of runway, obviously we did disclose in our recent 10-Q approximately five months of runway based on average burn rate at that time. There's two key things to keep in mind here. First, the actions we took in restructuring over the past month or two. Those are going to dramatically reduce our burn rate, obviously, with the quoted annual savings. Real estate is a seasonal business, so average burn rates coming out of Q1 are different as you move through Q2, Q3. We're in the heart of home buying season when average burn rates are lower for businesses like ours in a growth stage. All this to say, we have extended our runway short-term, but we do have access to capital, and we've looked at a lot of different opportunities there. People are excited about our story. It's not about a runway, or it's about execution and platform building. Fair. Let's just talk about capital strategy for a second. You've mentioned a diversified approach, strategic debt, term facilities to reduce dilution. You also have acknowledged in the past that you're not opposed to dilution if needed. How are you thinking about capital today? Given the stock history and the recent reverse split, which I do want to address in a second, but I still want to focus on this topic here first. What's the bar for issuing equity versus using debt, or acquisition structures tied to performance? When it comes to our capital strategy, I would say that our focus is on maintaining flexibility while operating with discipline. As you guys know, in the current capital markets environment, especially for emerging small-cap companies, we need to be very thoughtful about every source of capital. That includes equity, debt, structured acquisition financing, other strategic alternatives. The bar for issuing equity is obviously much higher after the stock history and reverse split. That doesn't mean equity's off the table forever, but it does mean we need to be extremely disciplined and make sure any capital decision is tied to value creation. We will have a very critical eye on everything that comes across our desk. We mentioned InstaMortgage briefly, but obviously that's a significant transaction. Once that closes, we file a Super 8-K. I think that that could open up additional opportunities for us as well. Again, we're evaluating a number of opportunities now, just trying to keep our options open. Our goal at the end of the day is just to be selective and not reactive. Don't worry, Mike, I promise you we will get to InstaMortgage questions. I know investors want to know. We're almost there. I do want to just ask you first, though, or actually, I guess maybe for Tom here, and I've talked with both of you about this. I think you guys viewed the reverse split as positive, necessary. You did a one for 25, effective April 30. You regained NASDAQ minimum bid compliance on May 14. What do you want investors to take away from that process? Now that the listing issue is addressed, how do you rebuild market confidence around execution, liquidity, and long-term shareholder value? Yeah, I think you hit the nail on the head there, Dan. The reverse split was necessary. We had to do it for compliance with NASDAQ to get the minimum bid requirement. As you know, you're a seasoned analyst. Volatility comes right after a reverse split. That's completely normal. Obviously, some investors freak out about those things, but it's completely a normal pattern. We're beginning to see that volatility abate. You're seeing major moves higher. Not today particularly, but you're seeing those waves higher. You're seeing people come back to the story. With the compliance to the exchange behind us, we're focused on growing our revenue, closing acquisitions, and also state expansion to get that alignment that Mike was talking about so we can start getting you those attach rates that you love to ask us about. Fair enough. Appreciate the color there. All right, Mike, let's do it. InstaMortgage. Okay. Acquisition signed in December, expected to add direct lending capabilities across 32 states, complement your existing mortgage brokerage operation. Where does the transaction stand today from a regulatory approval perspective? I guess I'll try and say, we're June 5th today, is the first half 2026 closing expectation still the right framework? I'm sure a lot of people are anxiously awaiting the answer to this. We are currently going through what we refer to as a change of control process for InstaMortgage, and we're getting very close to the finish line. Can't tell you how close, but we're getting there. I think it's really important to note that change of control is a state-by-state regulatory approval process. It's not like a federal where we go through one authority. There's 32 states here. All required states need to approve before the transaction can officially close. Every state has their own approval process and timeline, and we need to respect that. We remain very optimistic. We are extremely collaborative and responsive. Anytime somebody needs something, they get it immediately. This is one of those areas where getting it right matters more than rushing the process. Again, we are working with these regulatory bodies and we want to make sure that we're doing it right. Strategically, InstaMortgage matters because it moves us from being a mortgage brokerage towards direct lending capabilities. That improves our margins, it gives us more control over the borrower experience. It allows us to participate more fully in the economics of the entire mortgage transaction. It gives us flexibility in how we can help buyers. Obviously, InstaMortgage will bring some great things along with it in talent, additional revenue sources, a lot of additional technologies that we can incorporate as well. We are extremely excited for it, anxiously awaiting getting to that finish line. We're pretty darn close, but not there yet. Sounds like you're still confident that it's going to close. I would just say, maybe Tom, if you want to riff a little bit off of Mike's answer, can you just give us more specifics around what changes economically? Is it greater revenue capture per mortgage transaction? As Mike said, you get to better control the borrower experience, you get faster close times. Can you offer savings in more creative ways, like rebates applied to closing costs or rate buydowns? Yeah. Obviously overall the transaction benefits the company from a revenue perspective, not only for their existing stream of revenues, but obviously the ability to capture more revenue per transaction in more states, in terms of the cross-sell for real estate into mortgage. They do bring greater alignment for us, as Mike spoke about on the real estate side. This is a significant transaction, obviously we can't provide any exact numbers yet. As Mike said, upon a successful closing, we would put out a Super 8-K, which would give pro forma numbers for the combined entity. That will give investors a good look of what that means from a revenue perspective. Yeah, obviously we're very excited about this transaction. It can only close as fast as the slowest state. We'll keep everybody updated as soon as we get our final approvals. Will the Super 8-K contain any additional color on thoughts? I know you guys have given them publicly on what InstaMortgage brings to the transaction, but just ways that you'll leverage it once it closes, or will we get an update from you guys further down the road on that? Yeah. The way the Super 8-K works, obviously even other consolidation in the industry, you saw Super 8-Ks even come out from Compass and Anywhere. You would get, obviously, full breakdown of both companies' audited financials as well as interim period financials. You'd get a good perspective of margins and everything else. Obviously, once that information's out there, obviously we'll have more calls with the Street to walk them through that to help them better understand their modeling on a go-forward basis. Okay. Makes sense. We will anxiously await the Super 8-K, Mike and Tom, which means that the deal will have closed. I assume you guys are just as anxious to put it out as we are to see it. Of course, again, being the analyst that I am, and having just had the conversation about a deal that hasn't quite closed yet, I have to ask you, Mike, about title, which you've cited as the next major piece. With title currently only in a few states and needed to align realty mortgage and title across the same geographies, what's the roadmap there? Is title expansion more likely to come organically through partnerships, acquisitions, or through different transaction structures with existing title companies? Yeah, first and foremost, I'd like to say that we're actively evaluating title options right now. This isn't something that we're doing sequentially and waiting for InstaMortgage to close and then starting. We're currently going through the process. It is obviously the next logical component of the platform, currently in three states in title. This is a priority to align with reAlpha Tech and mortgage in the same geographies. This is what unlocks that multi-service attach that you and I have been talking about, gives us stronger unit economics. What I love about it is that in addition to home buying, if you start thinking about refis, right? I know mortgage rates are high right now, but eventually things are going to get down to a point to where people will start to refi. That's an additional revenue generator for us as well, because it's not just mortgage when you refi. Mortgage picks the title. It's a great way for us to get a double dip on the revenues there. That's in addition to the home buying platform. We're looking at multiple options right now for a title company. Traditional acquisitions, we're looking at partnerships, organic expansion. I think a key lesson learned from InstaMortgage is speed to market. Particularly with the change of control at the state level, we need to make that a part of our decision criteria as well. I believe in all the research that we're doing is that a change of control for a title company is much lighter than change of control for a mortgage lender. We need to keep all of those things in mind when we're looking at what types of companies we want to either acquire or partner with to go forward there. I guess that would sum it up. Okay. No, it makes sense. It's good to know that you guys are, even with InstaMortgage yet to be closed, you're still keeping your eye on the ball in terms of how you want to continue to expand the business. I guess, if I just step back for a second and try to tie a lot of pieces together here before we wrap up. We just think, Mike, you've mentioned state parity. You guys have clearly InstaMortgage changes the equation. You're dealing with 32 states there. It is true in the market that different markets are behaving very differently. You've got California, Northeast are super tight. Texas, Florida, Colorado, and the Carolinas have seen a lot more inventory. How does that influence your expansion priorities? Are you looking for markets where affordability pain is the highest, where inventory is loosening, where mortgage attach is strongest, or where rebate awareness is easiest to build? Yeah, I think we're still seeing those regional disparities, in terms of inventory that we talked about earlier in the year. The way we think about real estate expansion generally is, we identify buyers. We want to align. All right. We're getting close to sort of tying it all together question or set of questions here. You have said you want reAlpha to be seen as a category creator, and that organic growth over time can make the brand a household name. For public market investors, what are the two or three milestones over the next 12 months that would prove this is becoming a real category and not just a collection of acquired assets? Is it InstaMortgage closing, title expansion, multi-service attach rate, lower burn, revenue growth, transaction of volume, demonstrable AI-driven operating leverage? I think the answer's going to be yes, but, however you want to frame it, Mike, I want to turn it over to you and kind of get your opinion here. Sure. Trying to think if it's three or four milestones here. I could combine them, make them three. I think geographic alignment across realty, mortgage, and title is extremely important. InstaMortgage is a component of that, right? That helps us achieve the geographic alignment. It also helps with the multi-service attach rate. We want to show improvement in the multi-service attach where we have the overlay. Next, we want to show that we're narrowing our losses and showing a clearer path to profitability. We know that that is extremely important to the market. It's extremely important to our board, our executive team. We are very focused on that. Continued disciplined execution. I think we did three acquisitions in about 14 months. We've improved our economics. We've simplified the rebate model. We've restored NASDAQ compliance. We're starting to see transaction volume. Well, I think it's already more than doubled. I think we put that on our 10-Q. We need to show continued execution there and continued improvement in all of these different areas. If we can execute on all of these things, that story transitions from building the platform to proving the model out. We know we got some work ahead of us. We know that we have some things that are outside of our control, like the InstaMortgage, getting the change of control done. We also know that once these things fall into place, we have a wide-open space that we could actually go out there and show everybody who we are and what we can do and what we could achieve. With that, Mike, that was the last one that I had for you. I appreciate today all of the color. I'll actually just flip it back to you guys if there are any kind of closing remarks or takeaways that you guys want to leave people with. I would say thanks to everybody who listened, taking the time out of their day to understand where we currently are. I know that we've been somewhat quiet. I think a lot of it was waiting for the InstaMortgage transaction. People deserve an update. We want to give everybody an update as to where we currently are there. Appreciate the opportunity to tell our story. Dan, we always appreciate you challenging us on certain topics as well. Keeps us on our toes and shows us a little bit of the direction that we need to go as an executive team in order to make the market feel good about us. I will continue to ask the challenging questions, Mike, and I appreciate you and Tom being open and honest with your answers and sharing as much as you can at this point in time. With that, I'll just say, again, reiterate, thanks to Mike and Tom for doing this. I know you guys wanted to get out and talk to people. Think this is a great first step, and really appreciate everybody listening in today to the story. You can certainly follow up with the team if you have more questions. Thanks everyone for doing this, and Mike and Tom, really appreciate your time today. Thanks, Dan. Thanks, Dan.