Real Brokerage Inc (NASDAQ: REAX)

The Real Brokerage Inc. is a real estate technology company that operates as a licensed residential real estate brokerage across all 50 U. S. states, the District of Columbia, and 5 Canadian provinces. As of December 31, 2025, the platform had 31,739 affiliated agents and facilitated approximately $20,300,000,000 in total transaction value during the fourth quarter of that year. The company generates most of its revenue from commissions earned on residential real estate transactions completed by those agents, while also offering ancillary services such as mortgage brokerage, title and escrow, and financial technology products under the Real Wallet brand. It employs a fully digital brokerage model supported by proprietary technology and AI powered tools to enhance agent productivity while maintaining a low fixed cost structure.

The company earns revenue primarily through commissions on real estate transactions closed by its affiliated agents, retaining a portion of the gross commission according to its agent compensation structure, which contributed to $505,100,000 of revenue in the fourth quarter of 2025. It also generates income from mortgage brokerage services provided by One Real Mortgage, title and escrow services offered by One Real Title, and financial technology products including Real Wallet banking and lending solutions. Revenue is recognized at the point of transaction closing for commissions, title fees, and mortgage funding, while wallet transaction fees are recognized when the service is performed and interest income accrues over time. In addition, the company earns referral based revenue share payments from agents who bring new brokers to the platform and may issue equity based incentives as part of its compensation package.

The company operates through the following segments.

• Real Estate Brokerage: This segment provides residential real estate brokerage services through a digital platform, connecting affiliated agents with home buyers and sellers in all 50 U. S. states, the District of Columbia, and 5 Canadian provinces, earning commissions on completed transactions and offering agent support tools such as Leo CoPilot and the reZEN transaction management system.

• Mortgage Brokerage: This segment operates One Real Mortgage, a licensed mortgage broker in Washington D. C. and 25 states, originating residential mortgage loans for clients referred by affiliated agents and earning fees upon loan funding, with a growing loan officer base contributing to increased origination volume.

• Title and Escrow Services: This segment operates One Real Title, delivering title insurance and escrow services in 17 states including Arizona, California, Florida, and Texas, facilitating the closing process for real estate transactions and collecting fees at settlement.

• Real Wallet (Financial Technology): This segment offers the Real Wallet suite of financial products, including business checking accounts, lending options, rewards programs, and capital solutions, providing agents with access to banking like services and generating fee based and interest income that grew alongside agent adoption in the United States and Canada.

The Real Brokerage Inc. positions itself as a technology driven alternative to traditional residential brokerages, competing with established firms such as Keller Williams, RE/MAX, and Coldwell Banker as well as digital first players like Zillow, Redfin, and Compass. Its competitive advantages stem from a proprietary technology platform (reZEN) that integrates AI powered tools such as Leo CoPilot and HeyLeo, a agent centric compensation model that offers high commission payouts, and a fully digital operating model that reduces fixed costs associated with physical office networks. The company reported a 44% year over year increase in quarterly revenue to $505,100,000 in the fourth quarter of 2025, reflecting its ability to gain market share despite muted residential real estate conditions. These factors enable the company to attract productive agents, scale across jurisdictions, and expand ancillary revenue streams while maintaining a lean cost base.

The company serves home buyers and sellers who engage its affiliated agents to complete residential real estate transactions, as well as the agents themselves who utilize its platform for transaction management, compliance support, and access to AI driven tools. Additional customers include mortgage borrowers seeking home loans through One Real Mortgage in Washington D. C. and 25 states, parties requiring title and escrow services via One Real Title in 17 states, and agents who adopt Real Wallet financial products for banking, lending, and cash management needs across the United States and Canada.