All right. Good morning, everyone, and thanks for joining. My name is Chad Larkin, and I am on the internet team here at Oppenheimer, and we are very pleased to have Tamir Poleg, Founder and CEO of The Real Brokerage, with us this morning. He is going to go through a presentation followed by some Q&A. If you have any questions after the presentation, feel free to ask them in the chat function below, or you can email me directly at chad.larkin@opco.com. With that, Tamir, the floor is yours. Thank you, Chad. Hi, everyone. Good morning. My name is Tamir, and I am the Co-Founder and CEO here at Real. I want to, first of all, thank Oppenheimer for the opportunity to speak to you today. For those of you who attended the conference last year, you may know The Real story. We are a fast-growing, technology-based real estate brokerage with a very differentiated growth trajectory, especially given the current housing market. A lot has changed over the past 12 months, and I want to spend some time today talking about both what we have built and what we think the next chapter looks like, because we think that the next chapter will be even more exciting than it has been so far. Before I get into it, our presentation contains forward-looking statements, so please review the full disclaimer in our slides and in our public filings. Let me ground everyone with where Real is today. At the end of the second quarter of 2026, we had over 35,000 real estate agents across the U.S. and Canada, and that number is now over 36,000. We have been growing agents at a nearly 50% compounded growth rate since early 2023, which has translated to significant revenue and adjusted EBITDA growth over that same period. I want to put that in context because the housing market over the same period has been near a 30-year low in terms of transaction volume. We are growing our agent count 50% in a market that is basically flat to down. The way we have done that is by building a platform that agents genuinely want to be a part of, not because the market is so great, but because our economics and our technology are just fundamentally better than what is available today by other brokerages. Our business model is pretty simple. At Real, agents keep 85% of every commission dollar they generate with a $12,000 annual cap in the U.S. and a CAD 15,000 annual cap in Canada. Once they hit the cap, they keep 100% of their commission, less a $325 transaction fee. On top of that, agents can earn revenue share income by attracting other agents to the platform. They can earn equity in the company through various agent equity programs, and there are a few more ways that they can monetize their businesses. So there are multiple ways, as I said, for agents to build wealth on our platform, not just from transactions that they close. The reason we can offer agents such compelling economics is because instead of operating a traditional brick-and-mortar offices like most traditional brokerages, which has been the industry norm for many, many decades, we are a fully remote virtual brokerage, giving agents significant freedom and flexibility to run their businesses their own way. Looking at the next chart or the next slide with the four charts, the numbers here speak for themselves. Since the second quarter of 2023, we have grown our LTM revenue from $500 million to over $2.3 billion in the second quarter of 2026. LTM adjusted EBITDA has grown from pretty much breakeven to $77 million over the same period. I think that it is worth highlighting here that the margin improvement comes from both a combination of improved pricing and operating leverage that we have in our business, which is just a function of our platform. As we add more agents, we do not have to add proportional headcount or infrastructure. Our technology does more of the work, and the numbers speak for themselves. Let me talk about the technology itself, because this is really our moat, and a lot of people are not aware of it. Our core technology platform is called reZEN. It is our proprietary transaction management software and business intelligence system used by 100% of our agents. Every deal, every document, every commission payout runs through reZEN. It is essentially the operating system for an agent's business. On top of reZEN, we have built Leo, which is our AI layer. Leo currently handles over 100,000 agent questions each quarter, and I want you to think about what it means in terms of headcount efficiency. If we did not have Leo combing through all of our proprietary data, we would need a massive support organization to answer all of those agent questions. Instead, Leo does it instantly, around the clock, without agents needing to wait for answers. Leo does not just handle support. Leo helps agents with compliance questions, with questions about their own personal production. It helps them with marketing, with earnings. It even creates social media posts for them. So it is really embedded into how agents work on a day-to-day basis. Last month, we beta launched several new features for Leo. We call it Leo 2.0, including direct integration with some of the largest real estate CRMs in the industry. As a result, with the help of Leo, our agents can now seamlessly leverage agentic AI to help activate, engage, and nurture their leads. So think about every agent having a CRM. Leo is now nurturing those leads instead of the agent staying on top of the follow-ups for every person they interacted with in the past in terms of potentially buying or selling a home. We also have Real Wallet, which is our fintech business. Real Wallet provides agents bank accounts, debit cards, near instant commission payments, and access to lines of credit, all powered by their transaction data. We believe that we are the only brokerage that underwrites our agents for credit lines, and that is because we have full visibility into their production, into their businesses, into the different assets that they are building on our platform. The results of all this is that we operate one of the most efficient brokerages in the industry from a headcount standpoint, with 94 agents per full-time employee at the end of 2025. The next closest public competitor was at 45, while the industry largest player is at 12. One employee for every 12 agents versus our ratio of 1: 94. That gap is structural and driven by our technology. It comes from automating nearly everything that we can or everything that can be automated by software, whereas most traditional brokerages just rely on humans who work in physical offices to do many of the things that Real does centrally and automatically. While we operate a super efficient and fast-growing brokerage, we've always known that there's a bigger opportunity to monetize transactions in a much better way. On the brokerage side, our gross margins are around 8%-9%, but nearly every home sale transaction also involves mortgage and title insurance, and those businesses typically carry gross margins of 45%-80% or even north of that. Right now, most of that revenue flows to third parties, but we have been building the infrastructure to capture all of that revenue in-house through our One Real Mortgage and One Real Title businesses. The attach rates for these businesses are still early. We're in the low single digits for both. But over time, we think that the attach rates can move significantly meaningfully higher, and when they do, the profitability profile of the company will change dramatically. Now, moving to the big news that I think is top of mind for everyone in this room. In April, we announced that we are acquiring RE/MAX Holdings, and our security holder vote is set for Friday, in two days. I want to explain why we think that this is such an important moment for Real and why this transaction makes a lot of sense. When we built Real, we made a deliberate decision not to create a consumer-facing brand. We focused entirely on helping agents brand themselves, and that has worked very well for us. Obviously, we've been growing agent count dramatically over the past six years. But we also know that there are certain agents in certain markets where the brokerage brand and in-office experience really does matter. RE/MAX clearly addresses that gap. RE/MAX is one of the most iconic, recognized name in the real estate world globally, with presence in over 120 countries and over 145,000 agents. It's a completely different kind of business compared to Real. It's a high-margin, franchise-based business with two-thirds of revenue coming from recurring franchise fees and annual dues. In 2025, RE/MAX generated about $94 million of adjusted EBITDA at a 32% margin. What we're creating with this combination between Real and RE/MAX is something that does not exist anywhere in real estate today, a company with both high growth, AI-powered cloud brokerage, and a global franchise network. Those models are genuinely complementary. They serve different agent profiles, and together they give us access to a much larger part of the market. At announcement, the deal terms reflect an acquisition price that was approximately 7 x 2025 adjusted EBITDA on a fully synergized basis. One thing I want to be very clear about, and we've been very vocal about that, the RE/MAX brand is not changing. RE/MAX will continue to operate as RE/MAX. Real will operate as Real. What we're adding is an advanced technology platform and shared back-office infrastructure supporting both brands. That's the operating philosophy behind that combination. As we noted, we expect to close the transaction in the second half of 2026, subject to shareholder approvals and customary closing conditions. To give you a sense of the scale of the combined company, on a pro forma basis, Real RE/MAX Group would have over 180,000 agents, and in 2025, would have generated $2.3 billion in revenue and $157 million in adjusted EBITDA or $187 million in adjusted EBITDA on a fully synergized basis. The company would have closed nearly 1 million transactions in North America annually and 1.8 million transactions globally. I want to spend a minute talking about why these two models belong together because I think there's a question of whether the cultures are compatible. Real's community is built around agents who value flexibility and technology that allows them to work whenever and from wherever they want. RE/MAX community is built by franchisees and agents who have invested in brand, who want the credibility of a globally recognized name, and who operate in a more traditional brick-and-mortar model. Those are genuinely different agent profiles, but importantly, both models offer agents compelling economics that reward performance. The bright side is that agents don't need to pick just one model. An agent who thrives in the RE/MAX franchise environment stays with RE/MAX. An agent who prefers the Real model can stay with Real. From a financial standpoint, the combination gives us much more diversified revenue base. RE/MAX recurring franchise fees are not as correlated to the housing transaction volume the way Real's commission revenue is, so we become a more resilient business through the cycle. Hopefully, we'll see the housing market improving soon, but even if it doesn't, we've demonstrated that we know how to grow and increase profitability regardless of the market conditions. From a financial standpoint, the combination structurally improves the quality of our earnings, not just the scale. Today, Real's revenue is almost entirely from transaction-based commissions. An agent closes a deal, we collect our 15%, that's the majority of our revenue. RE/MAX, meanwhile, generates nearly two-thirds of its revenue from recurring franchise fees and annual dues at a 32% adjusted EBITDA margin. Pro forma, our blended adjusted EBITDA margin in 2025 would have improved from about 3% at Real standalone to about 7% combined, and that's before any synergies. It's a meaningful structural improvement in the earnings quality. On synergies, I mentioned we expect to generate approximately $30 million of annual run rate cost savings, with the majority realized by the end of 2027. The sources are pretty clearly identified. Shared services consolidation, eliminating the cost of running two separate public companies, vendor and systems realization, and gradual optimization of the real estate footprint. At full run rate, that equates to about 100 basis points of consolidated margin expansion. I want to give you a sense of why we're confident in our ability to execute. Over the past three years, Real reduced operating expenses as a percentage of revenue by over 400 basis points. We've done this before. We know how to run a lean, scalable platform, and we're bringing that same discipline and mentality to the integration and obviously to the RE/MAX operation as well. Moving on. Beyond the cost synergies, we see significant revenue upside from deploying our higher margin businesses, mortgage, title, and Real Wallet across the combined network. As I said, the combined company will have roughly 1 million real estate transactions in North America, and we want to try and attach mortgage and title to as many of them as possible. We also want to use HeyLeo, our AI capabilities, to monetize RE/MAX's nearly 1 million annual website leads in a more intelligent way. RE/MAX has two significant websites. One is remax.com, the other one is remax.ca. They attract roughly 92 million annual visitors, and they generate close to 1 million buyer leads a year, and there is just a significant opportunity in nurturing those leads using our AI capabilities and then handing over those leads to agents and trying to monetize the websites in a more meaningful way. The scale of the opportunity is meaningful. Last year, as I said, RE/MAX and Real networks together closed more than 700,000 transaction sides in the U.S. alone, a couple of hundred thousand in Canada as well. Against that addressable base, even a modest penetration of our ancillary businesses can have a significant financial impact. As we've discussed previously, we estimate that just 1% attachment rate for our mortgage company would represent approximately $25 million of high margin annual revenue for the combined company, while a 1% attachment rate for title will represent more than $10 million of annual revenue. Importantly, 1% is not where we intend to stop. Currently on the Real side, our attach rate on the mortgage side is 1%, on title it's between 3% and 4%, so obviously we're not happy or we're not targeting 1%. I was just simply illustrating the operating leverage available to us as we expand these businesses across a much larger network and pool of transactions. On the consumer side, I've talked before about how buying a home is just not a great experience at the moment. It lacks transparency, it takes a long time, there are too many handoffs. The client has to deal with an agent, a title company, a lender, an appraiser. So too many parties involved, and we've been building toward a better experience for a while now through HeyLeo and Leo 2.0. Again, Leo is our AI assistant. This is important because RE/MAX, as I said, generates over 1 million consumer leads annually across their website, and right now the traffic is handled in a fairly traditional way. HeyLeo can change that, providing an always on support, guiding buyers and sellers from the first search all the way through to closing, being there available 24/7, providing the right answers, finding the right properties, connecting them with the right agents. Leo will be that personal assistant for buyers and sellers that are visiting the RE/MAX websites. When you combine that consumer engagement capability with mortgage and title under one platform, we have the opportunity to capture more of the economics surrounding each transaction while also delivering a more seamless closing experience. At the end of the day, consumers will enjoy a better experience and we hopefully will enjoy improved economics. None of the accretion or pro forma figures that we've discussed today or previously depend on these revenue opportunities. They represent an additional upside on top of what we've already committed to, and we expect to demonstrate them over time. Just to wrap up and leave time for questions, let me share with you why we think that this is an important moment for investors that are following our story or investors that are new to the story. First, we're the only company in the real estate space with both high growth AI-powered brokerage and a global franchise network. That's a unique position that is difficult to replicate. Second, we have a consistent track record of execution through one of the most challenging housing environment in decades, and that's important because we managed to demonstrate that we can grow in great markets in 2020 and 2021, and in really challenging markets anywhere between 2023 and today. Third, we're acquiring RE/MAX at a 7x fully synergized 2025 adjusted EBITDA at the trough of the housing cycle with $30 million of identified run rate cost savings and a meaningful revenue upside that we haven't underwritten. Fourth, there are a number of potential catalysts on the horizon, from continued organic growth, ancillary attachment, housing market normalization, integration, and synergy realization. All of these could converge over the next 12-24 months, and we think that the outlook from here is very compelling. Just to end, we built Real to be at the center of a transformation that's happening in real estate. What RE/MAX adds is the brand, the franchise network, and the global footprint to deploy that platform at a scale that we just could not build organically in the near term. We're excited about what comes next. Obviously, we think that we have a solid plan in place, and more to come. But now, I just want to thank you for listening and watching, and I'll be happy to take questions. And maybe my first question, and I think you kind of hit on this a little bit in the presentation, but with everything going on with listings and you have Compass and Zillow fighting, and everything going on there, and you acquiring RE/MAX have, I think you said 92 million monthly people coming to those websites. Annual. Annual. Okay. Annual. That's a not insignificant number. You're growing share organically. You'll be growing share inorganically of listings right through the acquisition. Maybe how do you think about the evolving landscape and where you fit in, and then what ultimately will be the best way to monetize your listings? Well, it's a big question. I'll start by saying that Real has not joined any of the recent initiatives when it comes to private listings or private marketing, private exclusive, whatever we want to call them. When this became a topic, we reached out to our agents, as we typically do, and we asked them whether this would be interesting for them, whether this would be interesting for their clients, and the overwhelming majority, meaning more than 95% of our agents, said that their clients are not even interested in having a conversation about an exclusive marketing of their property. For us, it was a clear signal that at least for our agents and within our price point, which is around $400,000- $500,000 range, this is not something that we should spend resources on. That was step number one. I think that it is fair for brokerages and agents to expect to monetize their data. Right now, the way the industry works is that an agent gets a listing from a seller, they upload the information to the MLS, then that information is disseminated to all the portals free of charge. The agent does not get anything in return to the data. The portals are monetizing it, and we can focus on Zillow specifically. I think that what some large brokerages are trying to do is change all of this. There are some benefits and some risks if that eventually happens. I don't know how many of you actually bought properties elsewhere, meaning in other countries, but the experience for the consumer is not great when there's not a centralized database of properties available for sale because you would have to go and visit multiple brokerages' websites. Sometimes the data isn't accurate. Sometimes the properties have already been sold a month ago. It's just not a great experience. There is a benefit in keeping the structure of the MLSs the way it is at the moment, and I think that sometimes when you change a structure, you don't really know what the end game is going to look like, and that's risky. I'm not sure that it would be wise to change the status quo that exists right now in the market, and this is why we've been observing, and we did not join any of the initiatives. Having said that, having a network of 180,000 agents and being the second largest brokerage pretty much in the world positions us very well to call the shots and to capitalize on any opportunity or any change that happens in the market. But we prefer not to be active. We prefer not to push in any direction at the moment, and just see how things play out, and then I would assume that anyone who does anything meaningful will want us at their side just because we have such a huge volume of transactions and listings. Right. Look, I would think at the very least, given your combined scale, you should be able to keep more of those transactions in-house versus going to other brokerages, right? Right We will see how that plays out. Maybe on the consumer experience, and how you are trying to improve it, maybe just talk about HeyLeo, what that product is, and the long-term goal of what you think that product can become. Sure. Leo essentially is just a massive real estate brain. It is powered by AI. It has access to all of our systems, all of the conversations that our agents are having with our brokers, all of our knowledge base, all of our transaction materials. Leo continues to evolve and understand real estate better than pretty much any other human. What we wanted to do with HeyLeo, or with Leo 2.0, is provide consumers with the ability to talk to an AI assistant that speaks like a human with real voice or via chat or email. That AI assistant has tremendous knowledge about how real estate works, has access to all of the listings in the U.S. and Canada, can understand what the consumer wants, what they are looking for, show them the right properties for them, and get them to a point where they are ready to transact. What we've changed with Leo 2.0, that we launched a couple of weeks ago, is the ability to connect Leo to agent CRMs. Because agents typically have thousands or tens of thousands of contacts that they have been in touch with before, but they didn't really follow up with them for two, three, four, five years. Now Leo can look at the CRM, create a profile for every person in that CRM based on the interactions that the agent had before, understand when they're likely to want to engage again, and reach out with a property that they might be interested in, and just start a conversation. When we launched it, immediately Leo started creating opportunities for our agents within their databases that they were not aware of, people that are now in the market looking for homes, and the agents were not even aware. Leo is actually generating money for our agents, but more importantly, Leo is so good at what it does that, let's say, Chad, you had an interaction with our agent. Our agent introduced you to their version of Leo. You started the conversation, and you told Leo that you're looking for a three-bedroom in a certain zip code, but Leo started observing that you're liking properties with blue countertops, for example, but you never told Leo that you're looking for a kitchen with a blue countertop. Leo can identify that, and based on what it understands, starts sending you listings with blue countertops, or homes with fronts facing west, without you even knowing that this is what you're looking for. Leo provides a benefit to the consumer as well. Leo can get them pre-qualified for a mortgage. Leo can be there 24/7. You don't have to wait for the agent to be available. Sometimes agents are busy. Sometimes it's just weekend or the middle of the night, and you don't want to send a message to the agent. Leo becomes your best friend in terms of the home search journey. Right. How do we think about the financial profile of those leads? Is it different than the current split is basically, it's a 85/15 split, and then it goes down to a flat fee. If you're essentially sourcing these leads through the power of your platform, theoretically you should be earning more on those kinds of transactions. We have to distinguish between a couple of scenarios. If we're talking about agents using HeyLeo to connect to their CRM, those are leads that they acquired in the past. Yep They just did not follow up. They exist within their system. Leo is just helping them activate those leads. This is free of charge. We don't charge anything. Obviously, there is a token cost. We'll need to see how we mitigate that. But at the end of the day, it's the agent's data, it's the agent's leads. We don't charge for it. And by the way, if agents ever leave us, they take that information with them. We don't keep the information of their clients or leads. If we're talking about the RE/MAX website, obviously those are visitors to the website that Leo helped nurture and brought them to a point where they're ready to work with an agent, they're ready to go and see a property, and obviously we want to monetize that in a different way. There will be a monetary benefit to the company out of those leads. Right. Makes sense. Maybe just switching gears to the quarter that you just reported. Obviously strong organic growth, particularly in the face of a flat housing market, and then I think if you break it down by pricing, you're really outperforming the market, right? Your average transaction versus the average existing home that's selling at $400,000 or $500,000, you're obviously growing a lot faster than that. Maybe what's driving that outperformance? Anything you can point to that you felt really drove upside in the quarter? Sure. So one thing that I did not mention on the presentation is that in 2020, we had about 1,000 agents. We are now north of 36,000. So we have grown dramatically over the past six years, including the past three years or four years, where the market was at a trough. We typically ask our agents, "Why did you join Real?" The answers repeat themselves. It starts with the freedom and flexibility. Imagine an agent working in an office. Typically they would have a manager in the office. The manager will tell them which meetings they have to attend, what their marketing materials should look like. They are building the brokerage branding instead of their own branding. They have less freedom and flexibility. When they join Real, they can build their business the way they want to because agents are independent contractors, and it is their asset. That is number one. Number two is the compelling economics of the 85/15 split with the $12,000 cap, which is about half of what they would pay at any other brokerage. Number three is the technology that we offer them that really helps them save time on every transaction, make more money, eliminate a lot of the costs for paying third-party vendors for tech tools. So the technology is very meaningful for them and becomes even more meaningful. I will just add one more thing. Over the past three years, we managed to increase our pricing three times just because we believe we provide more value and that our technology continues to evolve. Number four is the special community or culture that we built here. It is a culture of collaboration. Most of our agents are shareholders in the company, so they have a vested interest in seeing other agents succeed, and that is very unusual in the industry. Number five is just the additional monetization opportunities. Agents at Real can make money from attracting their friends to the company, from participating in the share purchase program, from being part of the title joint ventures, from getting licensed as loan officers. There are multiple opportunities to monetize their existing transactions, and those opportunities do not exist anywhere else. So, why are we continuing to grow where everybody else is losing market share? Probably a good balance between value and cost. Yeah. We continue to increase the value proposition. Yep. Makes sense. Okay. We're coming up on time. Maybe I'll just throw a bunch of RE/MAX questions at you, and you can kind of- Sure answer them as you like. Maybe just how did this acquisition come about? What ultimately was what attracted you to it? The benefit of the franchisee model. I think that the synergy targets you laid out make a lot of sense, but the level of your confidence in meeting or even exceeding those targets, and then maybe just what excites you most about the acquisition. Sure. A lot to unpack here. I'll start at the end. We're very confident in our ability to realize the synergy numbers that we put out, and obviously, we'll try to do even better. If you read our public filings, you could see that we've made our first offer to RE/MAX in June of 2024. This transaction has been in the work for a couple of years. We initially really liked RE/MAX because I think that there's an alignment in the culture between RE/MAX and Real. Both agents on the Real side and on the RE/MAX side are focused on helping consumers buy and sell homes, who are not involved in the politics in the industry. Both companies have a lot of kindness in them. The culture was a fit. I think that as we dove deeper, we understood that Real has the technology and the growth, and RE/MAX has the brand and the scale. It's just the two businesses are extremely complementary. Adding that to the fact that right now, agents can choose between a traditional model where you have the broker there, you have the backing of a large brand, you're doing things a little bit more manually. Or if you're more tech-savvy and you're more independent, and you don't need a large brand to back you up, you can choose the Real model. Right now, we can offer both different models under the same roof. That would be a benefit. For the RE/MAX franchisees and agents, RE/MAX has been losing agents in the U.S. for the last couple of years. I think that the reason that this happened is because the value proposition was diminishing. It is somewhat difficult for the RE/MAX broker owners to go and compete in their local markets and attract agents. We want to take everything that was working well for Real, meaning the technology that we had that was offered to agents, and put it in the hands of the franchisees and help them attract more agents to their offices. We do not want to migrate agents from RE/MAX to Real. We do not want to migrate agents from Real to RE/MAX. We want to grow the RE/MAX network. We want to make sure that RE/MAX is more attractive in the marketplace. On top of that, we want to take the technology that helped us scale and improve profitability on the Real side and put it in the hands of the broker owners so that they can run their businesses on our platform and save a lot of costs. At the end of the day, they can attract more agents and also operate with higher margins. That is the idea behind the combination. Okay. Makes a lot of sense. We are up at time, I think. Tamir, thank you for speaking today. To everyone else, we will see you at the next one. Thank you, everyone. Thanks, Chad.