Fathom Holdings Inc. Q3 FY25 Results

Thank you, Operator, and good afternoon, everyone, and welcome to Fathom Holdings’ third quarter 2025 conference call. Before we begin, today is a very special day, as it is Veterans Day. It is the day that we have an opportunity to thank and show gratitude to those who have served and continue to serve our great country. Let us also thank their families, as we all know that when someone serves, the entire family serves. So, thank you all for all you do. We are sincerely grateful. As Daniel highlighted, our financial performance this quarter reflects both the strength of our core business and the early benefits of our strategic initiatives. I would like to take a few minutes to discuss the broader housing market and our outlook for 2026. Yes, sure. Thank you, Dillon, for your question. Yes, there are approximately about 18,000 brokers between 25 and 500 agents. And we already—our go-to-market strategy really to start—we already built several different relationships across the industry over the last four or five years. We probably have relationships with a few hundred small brokers already. Also, through our partnership with LiveBy, LiveBy has approximately another 200 brokers as customers. So, when you combine all of this, you're looking at 300 to 400 of small brokers that we have a relationship with. So, we'll begin with those and then we'll continue marketing to all 18,000 and demonstrating our value proposition to them as we have done for my home group and sovereign partners as well. So, and we'll begin that—we already have begun that in terms of discussions, but that will accelerate in Q1 of next year. Yes. START is really a very interesting business. Randy, the owner, really created a process in which really holds the hand of a first-time buyer. For people who never bought a home, buying your first home is a rather complex process. My son just bought his—my younger son just bought his first home and even told me, “Dad, I can't even imagine how complex this is.” So, it is a complex process, and Randy has created a really hands-on operational process that does that. His attach rate is over 70%. He currently is in Colorado. We already are expanding into three other states, and we believe that we'll be able to expand to every state in the country. We do anticipate attach rates to continue to be that high. And we've seen that because he already started in Utah and he's already seen that attach rate because really it's a byproduct of the process that he created. We're basically going to replicate that across the country and that's really his special sauce to run this program. So to answer your question, we do anticipate significantly growing the program and we do anticipate to have attach rates over 70%. Thank you, Dillon.

Thank you, Marco. I'll begin with our financial results for the third quarter of 2025 and then provide a breakdown of performance by business segment. That concludes my remarks on the financial results.