By using the Q&A tool at the bottom of the Zoom window. Before we begin, please allow me to read the Safe Harbor Statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Any statements that are not historical facts should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. I now turn the webinar over to Marco. Please go ahead. Thank you and welcome, everyone. I hope everybody's having a great afternoon. I'll quickly take you through a set of slides that hopefully give you a feel for Fathom and the potential of our business. Okay, so Fathom, as always, is a real estate technology company. It provides a complete solution for residential and commercial, including brokers, mortgage, title, and assessed offerings for not only for our agents and brokerages as well. In Q1, we just had our Q1 earnings call about a week ago. We grew our revenue by 32%, transactions by 26%, and agent growth was 22.8%. Lifetime, we've invested about $20 million in our software product, and we are currently in 43 states with five new states coming in 2024. One of the most significant acquisitions we made to date was the My Home Group, which was acquired in November of last year for 2,200 agents, $100 million in revenue, and roughly about 12,000 transactions per year. We'll touch more about that transaction in a few slides. What makes Fathom unique is several factors. First of all, we think about the brokerage business in a very different way. The best way to think of it is we have sort of reinvented the real estate business. We believe we have a significant great deal of value for agents, and we'll go over those as well. One of the other things that makes us incredibly unique is that we own all our technology, and we'll talk about that as well. We do own a mortgage company and a title company. Therefore, we can benefit from additional revenue from each transaction. We believe we have a very effective growth strategy. Certainly, we have delivered over the last 13, 14 years, even through difficult years, the last two years in the real estate industry, we've done fairly well. Of course, we have an experienced management team that can continue to execute as we move forward into this industry. When we think about the real estate industry, what makes Fathom unique is that our model is somewhat different than the traditional brokerage model, where typically an agent pays a percentage of their commission and often get actually very little for that. Our agent transactions and our agent commission is very different than most companies. We do have a concierge-level service, and we'll talk about that. We are a virtual company for the most part. We do have some small offices across the country in order to meet requirements from real estate commissions. We discussed earlier about our technology. We own all our technology. We've done that over many, many years. Of course, ancillary services, we actually can monetize the transaction through mortgage and title as well. We certainly believe that we have an enormous growth potential ahead of us as we are now the 10th largest real estate company in the country in a market that is highly fragmented. We believe that there is a long runway for us. When we talk about unmatched value, we talked about the commission splits or how much we charge an agent. Our agents are able to keep a great deal more of their income. We do have revenue share, and we have our revenue share model is a little different than most of our competitors. Our technology not only helps us be able to run our business in a much more efficient way, but also helps our agents run their business in a much more efficient way. We do provide leads and training and agent support. We feel like we provide a comprehensive solution and value to our agents, and we continue to add more as we grow. When we talk about the commissions, and we think we have one of the best commissions and values in the country, as I mentioned earlier, most traditional brokers, they charge a percentage, 20%, 30%, sometimes even 40%. At Fathom, we charge an annual fee of $700, and then we charge a flat fee of $465 + $35. We do have a 12% transaction fee program, our Share plan, which is really more focused on agents that want to do revenue share. The majority of our agents are in the Fathom Max plan where they pay a fixed fee and have a $9,000 cap. As you can see, it's incredibly competitive. A typical agent that comes from a legacy brokerage, when they come to Fathom, they're able to earn an extra $3,000 or keep an extra $3,000 per transaction on a typical transaction. We recently have launched Elevate. Now, Elevate is an offering that is, we often talk about Shopify. It is more like a Shopify kind of transaction. In a sense, our Fathom Max program allows the agent to come in, pay a flat fee, leverage our technology, but they do everything themselves in order to run their business. Elevate is the complete opposite, where an agent comes and joins Fathom, and through a concierge desk, we actually help the agent run their business from marketing to workflow, productivity, recruiting. In a sense, we offer a complete solution where the agent can really just focus on taking care of their customers and their clients, and we do everything else. In this program, we do charge a 20% fee, which, again, is similar to our competitors, but the significant difference is that we provide a complete solution for an agent to run their business, where our competitors do not provide that as part of their 20%. As you can see, it provides a great deal in terms of value to our agents. Now, the benefit to Fathom is that the Elevate program, our gross profit per transaction is more than 4x. There is a significant impact, a positive impact to not only our gross profit, but our EBITDA per transaction as well. The program was launched about 30 days ago. Our goal by the end of the year is to have 500 agents in this program, and this program will have a significant effect going forward in our EBITDA and gross margin. We estimate, given the early results from the program, that for every 100-120 agents, we will generate approximately $1 million in EBITDA in the next 12 months. As you can see, it is a significant value, and we'll continue. We're going to start marketing the program this coming week. As we continue to roll up the program, ramp up the program across the country, our goal is to have about 400-500 agents by the end of the year, and then a significant more number of agents next year. We do provide revenue share as part of our program as well. There are several companies out there that have been providing revenue share for many years. Our revenue share program is somewhat similar to those companies, and it does have an increase in our gross profit margin to 9.3%. We have the complete technology solution that allows agents to keep track of all their revenue share. We feel this could be a positive value to our business. This was launched in Q4 of last year, and we're already seeing some agents already migrating to revenue share. Now, we are unique that in our revenue share program, we offer revenue share both on the 100% commission or the flat fee model, as well as in our 12% commission model. That's a rather unique approach to revenue share. Most of the revenue share companies out there are in the traditional split, either 15% or 20%, and do not have a flat commission program revenue share. This is a competitive advantage for us as well. We do provide, as I mentioned earlier, a complete platform for technology. The best way to think of our technology, think of it as an ERP system for the real estate industry. It manages every aspect of a transaction and of an agent, all the way from onboarding the agent to agent websites, a CRM, transaction management. We do all kinds of marketing programs in the neighborhoods. Probably one of the companies that can provide about 140,000 reports on every neighborhood in the country. We provide lead generation, marketing campaigns, and a full suite of marketing programs. As you can see, it manages the entire lifecycle of an agent and of a transaction. What makes our technology even more efficient is that we can run a transaction in such a way that our direct cost per transaction is less than $270. Most of our competitors have a much higher cost for direct cost per transaction. We are what we believe to be the low-cost provider, and therefore, over time, provide a significant competitive advantage. We do provide real estate leads. We're asked about that question all the time. We have a variety of different programs. This is just an example of some of our programs that we create for agents, and these are customized for agents as well. Many of our agents take advantage of these programs, and we help them grow their business. Certainly, training is important, and I think it's important that we show you that we have a comprehensive training solution. One of the things that makes our training even more interesting is that it is on demand, and agents can participate in any of the training classes any time of the day, 24/7, seven days a week. We also provide a mentorship program that has been incredibly effective in the last six, seven years. We will continue to provide training to our agents so they can grow their business. Proprietary technology, I mentioned earlier, we have invested over $20 million over the last four or five years to develop this technology called intelliAgent. intelliAgent is a best-of-breed software product that really manages, again, every aspect of a transaction. It allows us to run the business in a very cost-effective way. It allows us to bring in new brokers into the business very quickly, and it allows us to reduce the expense not only internally, but also reduce the amount of time an agent spends putting all their paperwork in our software. An agent typically will spend a lot less hours in terms of dealing with paperwork and running their compliance using our technology than other products out there. We do offer our agents the ability to work with our mortgage company and our title company. We do not take paper risks, so we do not hold any mortgage or any paper. We sell all those mortgages before the transaction is closed. I want to highlight that. It is a question that we often get asked. The margins on a mortgage and a title business is highly significant. We do take advantage of those as much as we can, and it will add to our business. Both our mortgage and title companies have grown significantly. In Q1, our mortgage companies' income grew by 15% Q1 year- over- year, and our title company grew by 61% year- over- year. Even in a difficult quarter, and Q1 is rather difficult for the market overall, even though we increased revenue by 32% and agent count and transactions, most brokers were challenged in terms of the market overall. Fifteen percent growth in our mortgage business is rather significant. Certainly, 61% in our title business proves that we're able to execute our strategy in terms of getting additional revenue to our ancillary businesses. We do believe we have an effective growth strategy, one by really leveraging our technology. As I mentioned earlier, our direct cost to run a transaction through our entire platform, including the local managing brokers, is less than $270, where most of our competitors are in the $1,200-$1,800 range. As you can see, it is a significant competitive advantage that as we continue to grow the business, we're going to be able to show a much higher percentage of the additional gross profit dollars that would flow to the bottom line through EBITDA. We do intend to increase our gross profit per transaction, not only through adding more agents, but certainly the Elevate program, as I mentioned earlier, is going to add a 4x in terms of gross profit per transaction, and that will have a significant impact into that, as well as the ancillary businesses as they have a much higher gross profit margin. All three of these factors will contribute to not only an increase in gross profit, but also an increase to adjusted EBITDA as we move forward. Our goal is to get to roughly around 100,000 agents in the U.S. We currently have close to 15,000, and we think that we continue to grow not only organically, but we also have a significant growth through agent referrals, and then more importantly, through acquisitions. We have done several acquisitions in the last years. Certainly, the most important acquisition we've done in November of last year was My Home Group, which was the 27th largest real estate company in the country, and it's going to add significant value to our business in 2025 and going forward. Let me touch upon My Home Group and show you how this could be incredibly beneficial to us going forward. My Home Group, as I mentioned, we acquired in November of 2024. It is going to add roughly $100 million in revenue in 2025, and it's going to provide us with about $1.2 million in EBITDA. For 2026, we believe we'll do $130 million in revenue and $2 million in EBITDA. We think the break-even in this acquisition is roughly two years. Roughly between 2025 and 2026, we got to a break-even point. The other point I'll highlight is this is a company that was basically running at break-even in 2024. Because of our technology processes and the way we run a business, we're able to significantly increase the profitability of the business. We think that we can do this as we continue to add more brokerages to our business, either through walkover or acquisitions. As I mentioned, Q1, we have a track record of growth. Certainly, 2022 and 2023 were difficult years. I'm sorry, 2023 and 2024 were difficult years to the industry as interest rates changed rather drastically, and that basically reduced the number of transactions by 40% or so. In Q4 of last year, we began growing again. In Q1 of this year, as we provided our earnings call about a week ago, we grew revenue by 32%. We grew gross profit by 34% if we exclude Dagley Insurance, which is a company that we divested in Q2 of last year. Agents grew by 22.8% and transactions by 22%. As you can see, we are going back to becoming a growth company again after two difficult years. We believe 2025 is going to be an inflection point for Fathom as we get back to significant growth and continue to deliver and reach EBITDA. Our goal is to reach adjusted EBITDA positive in Q2 of this year. We feel this, again, is a transition year for us, an inflection year where the company begins to generate not only adjusted EBITDA, but cash flow. One of the things that makes it unique as well is our low agent turnover. We have what we believe is one of the lowest, if not the lowest, agent turnovers in the country of roughly 1.7%. Now, what makes this even more interesting in terms of agent turnover is that 86% of the agents leaving closed less than four transactions, and only 6% of the agents leaving sold more than 10 homes, right? When you look at 6% of the 1.7%, you can see that we're looking at basically 0.1% of agent turnover of any agent that has a significant business. The majority of the agents who are leaving, they typically are not leaving to go to the competition. They're typically leaving the industry. I think that is due to the quality and the value that agents receive when joining Fathom. As a matter of fact, about six months ago, we were recognized as being the brokers with the highest level of customer satisfaction through agent surveys. We feel very proud of that in terms of our ability to provide value to our agents. We are almost in every state in the country. We are in 43 states, and we continue to expand our footprint, not only in brokers, but also in mortgage as well and title. We think that within the next year or so, we should be in all states for brokerage, certainly almost all states for mortgage, and almost all states for title as we continue to expand our footprint across the country. We have a great leadership team. Josh Harley was a founder. He was the CEO up to about a year and a half ago. I've been with the company since 2012 as President and CFO. I took the realm of CEO about a year and a half ago. Samantha Giuggio, the Chief Operating Officer, who runs the brokerage business, and Jon Gwin, Chief Revenue Officer, who runs mortgage and title. John has had a great career, ran a very large mortgage company, has a great deal of experience in mortgage and title, as well as Samantha in the real estate industry as well. We have a great board of directors who have a great deal of experience in running not only public companies, but fast-growth companies, as well as SaaS companies, technology companies. I am very blessed to have a board that not only is supportive of what we're trying to accomplish, but understand the industry as well. I'll highlight Steve Murray real quickly. Steve Murray has been in the real estate industry for over 40 years. He probably has done over six, seven hundred M&A deals. Roughly knows almost everyone in this industry. He had a choice to join any board when he retired, and he decided to join our board. We certainly feel grateful for that. Scott Flanders ran several public companies. Adam Rothstein's been investing in companies for a long time. Again, we have a board that not only understands growth companies, but public companies, and feel that they can continue to help us grow our business. With that, I will stop and take any questions anyone may have. Thank you very much, Marco. Yes, we are taking your questions now. Press the Q&A button and then type in your question in the text box if you wish to reach Marco Fregenal, the CEO. We already have some questions here for you, Marco. How many transactions does your average agent do per year? Yeah, it varies. But an agent who's been at least for a year, a full-time agent will do 10-12 transactions. A part-time agent will do 2-4 transactions. And that's for an agent that's been with us for at least 12 months. Thank you very much. What are you doing in the commercial real estate segment? Sure. Yeah, we have several agents. We primarily are a residential real estate company. I would say about 2%-3% of our transactions are commercial. And that number continues to grow. It will not surprise me three, four years from now to have about 5%-7% of our transactions on the commercial side. But primarily, we are a residential company. Again, we do have agents who are not only just focused on commercial, but do both. Like I said, we'll continue to see that percentage of commercial continue to increase over time. What is the barrier to a competitor to replicate the Elevate platform? Is it something you can license to others? Sure. Keep in mind, again, we're charging a 20% split and then providing the agent a significant value in terms of a concierge desk, marketing, lead generation, an ISA team that qualifies the lead, transaction coordination, reviews, I mean, postcard marketing. I mean, we offer a great deal. The Elevate platform is a combination of technology and services. Our intelliAgent platform actually brings all this data together and is able to manage all aspects of these transactions and these services. In order for somebody to replicate Elevate, they certainly will have to have some technology to do it to make the whole process efficient. That's number one. Second, if there's a company that's already charging 20% or 25% or 30%, and they're going to add the Elevate program, they're going to have to increase their fees from 20% to 30% to 50%. As you can see, that's going to become incredibly cost-prohibitive for them to do that. I think what's going to happen, and ever since we launched Elevate, we've been approached by a variety of brokerages who want to license the technology and license the service. I think what's going to happen over time as we continue to develop the Elevate program is that we're going to find technology. We're going to find company brokers, specifically even small brokers, mid-sized brokers who would like to license private label Elevate. We are already in a variety of discussions with companies that want to do that. I think that's probably what's going to happen in the future. Certainly, other companies could create something like Elevate, but they will have to invest in some technology, a significant amount of money in technology, and then, of course, make sure that they can charge for the program, which is going to have a significant effect on their transaction fees to their agents. When do you expect to sign your first deal to license Elevate? It's a little early to tell. There are early discussions, and we haven't given any guidance on when that's going to happen. I think it could be rather soon. We're taking our time to make sure that we're first launching Elevate within Fathom agents, then offering to non-Fathom agents, and then providing the technology platform to other brokers. Like I said, there are a variety of companies that have approached us. We want to make sure that the first few are the right ones as well. We are going to take our time in order to make sure that we do this in the most effective and efficient way. How many agents do you have that currently average five or more transactions per year? How many that do more than 10? And of those over the 10 level, how many have left in the past year? Over 10 transactions, I don't have the number how many left, but I know that the number is less than 0.1% a month in terms of turnover. You're looking for, I mean, typically, we lose agents that close more than 10 transactions. We lose two or three a month. That's about it. When we lose them, they typically are going to small brokers where they're going to get ownership or they're creating their own small brokerage. It's rare that they're going to a large competitor. Typically, it's to go to a small company where they're going to get equity in their business, or it's a company or they're creating their own business, which happens not that often, but it does happen. Roughly 20%-25% of our agents close more than five transactions a year. Are there any plans to expand into the appraisal market to complement the overall coverage of real estate? Not at this time. What percentage of growth in agent count do you account for M&A? Our organic growth is in Q1. It was roughly 5%, 5%-6%. The rest of the growth was non-organic or acquisitions. We think that, again, Q1 for most companies was a difficult quarter. Q1 is always a difficult quarter because agents who have paid fees to MLSs typically are charged those fees. If they are annual fees, they get charged in Q1. The industry typically sees a higher turnover in Q1. Our organic growth is around 5% or so. The balance is the non-organic or acquisitions. We think that over time, organic growth is going to continue to get back to the 10%-15%. Through walkovers and acquisitions, we should double our growth to close to 30%. Are there any plans to incorporate new AI ideas into Fathom's technology? Oh, we have been working on AI for many, many months. As some of you may know, if we've spoken before, I've been in the technology for many years, ran several software companies. I am a technologist at heart. We've been working with a variety of different solutions with AI. We already have implemented AI in a variety of different ways in order to improve efficiencies, reduce expenses, marketing, lead generation, our mortgage business. Yeah, and we're not the only ones. I mean, I think every large brokerage is implementing AI in some sort of shape or format. I think this will benefit the industry. I think the key is how do you find the right combination between AI and still the human aspect of it. I think that's going to be the challenge is how do you put the two together in a way that you're providing value to your agents, to your customers. That's going to be the challenge going forward is how you do that. How do you see Fathom competing with Rocket Mortgage long-term? Yeah, our mortgage business is never going to be that kind of business, right? We don't hold paper. By the time we close a mortgage, and we're very small compared to Rocket, our ELG, Encompass Lending, generates more than 50% of our business, maybe 60% because of Fathom agents providing those transactions. We don't spend money in marketing to market our mortgage company. If you think about Rocket, which is a great company, they spend a significant amount of money in marketing, right, in whether commercials or TV. That's how they generate their leads and their business. That's not what Encompass Lending is. Encompass Lending is a mortgage company that's part of a real estate platform like ours. It's going to benefit from the Fathom agents. We are a very, very small company compared to Rocket. The way we operate is different. That is why our mortgage company can be very profitable because we do not spend a lot of any money in marketing. We are getting the significant share of our business from Fathom agents. We do not have to spend a significant amount of money in marketing like a company like Rocket does. It is good to see positive Q2 EBITDA guidance. Can you maintain it for the rest of the year? Yeah, our goal is to continue to do that, yes. We believe we will be adjusted EBITDA positive in Q2. I think the combination of several factors are going to aid us in being adjusted EBITDA positive going forward, provided the market at least stays stable. Those factors are we implemented some cost reductions in Q1. That's going to have an effect in Q2 and, more importantly, Q3. Second, our ancillary business continues to grow. As I presented earlier, they have a much higher gross profit margin and EBITDA per transaction. Third, our Elevate program is going to continue to add from its early stages that we have done only four weeks ago, but it will continue to grow and add significant gross profit and EBITDA going forward. All of those are going to contribute to us being able to not only stay positive EBITDA going forward, but continue to accelerate our EBITDA margin as we continue to grow the business. How do you see agent growth, organic versus M&A, for the next few years? There's going to be, look, the market, as I mentioned in several calls in the past, there's a great deal of consolidation that's going to happen in the real estate industry in the next two to three years. We already have seen this in the past year with Rocket Mortgage acquiring Redfin, Compass acquiring @properties. There are a lot of small deals that do not get the attention that those two large deals have received, right? There's going to be a great deal of consolidation in the market. This market is highly fragmented. There are roughly 80,000 brokerages. I mean, if you think about Fathom, for example, we are roughly 15,000 agents, and we're number 10 in the country. It is a highly, highly fragmented market. A lot of mid-size to smaller brokerages are facing significant challenges in terms of profitability. As you all know, the real estate market in terms of transactions has suffered a 40%-50% decline in number of transactions, right, in 2023 and 2024. 2025 looks like to be more of a flat year. In 2026, hopefully, get back to growth. There is going to be a great deal of consolidation. We certainly are going to partake in that. We think that we will bring on several smaller brokerages, certainly nothing as big as My Home Group, at least not at this time, but certainly smaller ones that we can continue to add as we go forward. Yeah, there is going to be a great deal of consolidation. How do I see the percentage one versus the other? It is too early to tell. I think time will tell. Certainly, we're not going to be the only ones in terms of taking advantage of this market and the potential partnerships we can create with smaller companies. What kind of profit multiples are small/private brokerages expecting for takeouts? Compass, in their last call, I believe mentioned that they believe that the acquisition market for them is 4x-6x EBITDA. That is certainly what they paid for some of their acquisitions, which tend to typically be larger companies. I think when you're looking at the smaller market, I mentioned earlier, for example, that when we bought My Home Group, we're going to be able to pay that back within two years, right? So two times forward EBITDA. I think that what we're seeing in the market is roughly three times, two and a half to three and a half, something like that, depending on the efficiencies of the business, depends on a variety of different factors in terms of who is the acquirer, who is the acquiree, do they bring presence in a market that we're not there. I mean, there's a lot of fact leadership. There are a lot of factors that contribute to the valuation of the business just past the EBITDA multiple. There are a lot of non-quantitative factors that are important in that kind of discussion. We are very excited for the acquisition of My Home Group because it gave us a footprint on the West Coast. That was an acquisition that we're not only very excited, but continue to be excited about. But, 2.5x- 3.5x typically seems to be the normal value as long as it's a company that's running efficiently. I've seen some acquisitions in the 2x, depending on the situation as well. Generally, when you buy a small brokerage, what percentage of costs can you take out, i.e., real estate, IT costs, etc.? It depends on the company. It depends what kind of technology they have. It depends on their manual processes. Not every company operates the same. We're able to reduce expenses by 20%-30%, again, depending how manual they are, depending on, in some cases, even 40%. It really varies because every small real estate company operates very differently. It depends how they sort of grew, right, and how they were created. But roughly 20%-40% seems to be a mark, sort of a zone that we're able to sort of navigate between those two numbers. Going to combine two questions having to do with dilution. First person asks, yeah. First person asks, "Please explain how Fathom plans on expanding with M&A and how that would impact debt and how that would impact overall finances without diluting shareholders further." And please wait for the second question here. "Hello, Marco." "Hello, Marco. Will "Hello, Marco. Will there be any need to dilute based on current cash holdings and burn rate?" Look, yeah, we don't anticipate. We just raised capital a couple of months ago, and we feel positive about our cash position at this point. So there are no plans for that. In terms of the acquisition, it depends on the acquisition, right, in terms of the value that they can bring. If we can acquire, I think we begin to see our stock begin to behave more appropriately in terms of the value of the company. We hope to continue to see that in the future. Certainly, feel that when we reach adjusted EBITDA positive, we hope to be rewarded in terms of the valuation of the company. Again, we look at when you look at dilution, keep in mind that between Josh, myself, and our board members and insiders within the company, we own a significant percentage of the company, north of 60%. We take dilution very seriously because we're diluting ourselves as well. When we do that, it's always in a way to continue to increase the value of the business in relative terms to the dilution. We do not have any plans right now, but again, we look at everyone, every situation in a selfish way as well because we are significant stockholders of the company. How many of your agents do you expect to move to Elevate when it is fully done? Again, Elevate is only for agents that close at least four transactions a year, right? Not every agent within Fathom is going to move to Elevate. It is too early to tell. Some agents already pay for some of these services already. It is too early to tell. We certainly think that within the next 18 months, we will see a significant number of agents migrate from our current plans to Elevate. Really, the future of Elevate is the growth outside of non-Fathom agents, right? We have a very modest goal of this year, roughly 400 agents or so in Elevate, 400-500. We will continue to market the program, and that will have significant effect. As I mentioned, we think that about 100-120 agents in Elevate, we generate about roughly $1 million in EBITDA. If we are able to reach 500 agents by the end of the year, you can do the math and see what the positive EBITDA will be next year just from those. Of course, we will be adding more agents next year, right? At this point, it is too early to tell. This program is roughly four weeks old. Thank you, everyone, for your great many questions. We will take a few more before we wrap up. Marco, what is the attach rate of your ancillary services, and how have they changed over time? They continue to increase over time. I mean, part of that is, I think I showed earlier that our title business grew by 16% in Q1, year- over- year, and mortgage grew by 15%. It was a tough quarter for mortgage in Q1. I think in Q2, we see an increase in that growth rate as well. Our ancillary business continues to grow. Our goal is to have at least 50% of our business in our ancillary companies, mortgage and title, about 50% coming to Fathom agents and 50% non-Fathom. I think we are probably north of 60% right now coming for Fathom. We continue to increase that. We have a variety of programs that we launched that continue to help our agents not only work with us, but help their clients. Over time, I think that our mortgage and title businesses are going to grow with a higher percentage of growth over our real estate business, which then hopefully dictates that we are getting a higher and higher attach rate from the business, right? We believe that's going to continue to happen going forward. We feel good about our business, but they're never going to be both mortgage and title are going to be meaningful, but not significant. At the end of the day, we are a real estate platform company. The majority of our revenue comes from real estate transactions and our SaaS product offerings. Certainly, mortgage and title will be meaningful to the bottom line. Our final question for the day, Marco, can you comment on why Fathom divested from the insurance company last year? Sure. Yeah, we divested from the insurance company because we wanted to grow at a much higher rate. The insurance business, even though it's a great business, typically grows 6%-7% a year. As we demonstrated in Q1, we grew our company overall by 32%. We felt it was a better return to our stockholders in terms of capital to sell the business and then put that money to work in growing our businesses that provide a higher gross profit, higher growth rate, higher gross profit margin, higher EBITDA margin. I think it was just the best way to allocate our assets and our resources in a way that can deliver a higher return to our stockholders. That is why we did that. Given that we're now getting back to 30%+ growth rate in our business, we feel like we made the correct decision. Thank you very much, Marco, and to our many attendees today. For more information about Fathom Holdings, reach us at 1-800-REDCHIP or email us at fthm@redchip.com. Visit RedChip's investor information page for Fathom, fthminfo.com. There you can view and download the investor presentation and fact sheet and sign up for news alerts on Fathom. RedChip is excited to announce the launch of REDCHAT, our advanced AI assistant designed to empower investors with instant in-depth insights on thousands of small-cap and micro-cap stocks. Try it now on fthminfo.com or go to red.chat. Watch Small Stocks, Big Money, RedChip's program featuring exciting small-cap companies every Saturday at 7:00 P.M. Eastern on Bloomberg USA. Finally, join RedChip's next webinar with Atossa Therapeutics on Thursday, May 22nd at 4:15 P.M. U.S. Eastern. Register for RedChip webinars at redchip.com/events. Thank you again, participants. Thank you, Marco. Thank you. It's my pleasure. I hope everybody has a great rest of the day.