Real Brokerage at William Blair Conference: Growth Amid Market Challenges

On Tuesday, 03 June 2025, Real Brokerage Inc (NASDAQ:REAX) presented at the 45th Annual William Blair Growth Stock Conference, emphasizing its robust growth trajectory despite a challenging housing market. The company showcased significant achievements, including a 61% increase in agent count and an over 80% surge in revenue year-over-year. However, the company also acknowledged the need to balance growth with profitability in an industry marked by inherent churn.

Key Takeaways

• Real Brokerage’s agent count grew by 61% year-over-year, reaching approximately 27,000.
• Revenue increased by over 80% in the twelve months ending March 2025.
• The company tripled its adjusted EBITDA in the same period.
• RealWallet’s annual revenue run rate reached $1 million with 3,000 agent opt-ins.
• The company aims to increase attachment rates for mortgage and title services.

Financial Results

• Revenue: Grew by over 80% year-over-year.
• Adjusted EBITDA: Tripled in the twelve months ended March 2025.
• Agent Count: Reached approximately 27,000 agents in the US and Canada.

• Gross Margins:

- Brokerage: Approximately 9%

- Title: Over 80%

- Mortgage: Over 50%

• RealWallet Annual Revenue Run Rate: $1 million.
• Mentioned revenue in 2020: $15 million; last year: $1.3 billion.
• Agent revenue churn: 2.5%

Operational Updates

• Agent-to-Employee Ratio: Improved to 1:88 due to automation.
• LEO (AI Assistant): Handles over 2,000 agent queries daily.
• RealWallet: Over 3,000 agents opted in; credit lines to be rolled out in the US.

• Attach Rates:

- Title: Approximately 4%

- Mortgage: Approximately 2%

• 85% of growth driven by agent referrals.
• Share repurchase authorization of $150 million.

Future Outlook

• Focus: Continue above-market growth and expand the agent base.
• Goal: Increase attachment rates for ancillary services to double digits.
• LEO for Clients: To automate 80-90% of agent tasks later this year.
• RealWallet: Envisioned as mandatory for all agents, creating a substantial revenue stream.
• Expects more aggressive stock buybacks under SEC regulations.

Q&A Highlights

• Strong agent pipeline; converting high-performing teams is time-consuming.
• Small independent brokerages face increasing pressure and consolidation.
• Agent churn is normal; focus on retaining high-producing agents.
• Difficulty in raising mortgage and title attachment rates; exploring "early commission payment" (ECP) system.
• Aims for profitability and improving profitability over time.

Real Brokerage’s presentation at the conference highlighted its strategic initiatives and growth potential. For more details, refer to the full transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Stephen Sheldon, Analyst, William Blair: All right, we’ll get started here. So good afternoon. Thank you for joining for the Real Brokerage session. I’m Stephen Sheldon, an analyst in the tech group at William Blair covering real estate, including coverage of real brokerage. Please visit our website at williamblair.com for a complete list of research disclosures and potential conflicts of interest.

So we’re thrilled to have REAL back at our conference once again. It’s been an outlier in the residential brokerage space for anyone who’s followed it and has been really growing significantly over the last few years, even with the challenging housing backdrop. And just for context, as we think about more recently in the first quarter, put up, over 60% growth in both agent count and gross profit, so growing very well. They lead with a strong technology platform for agents, which, Tamir will will get into. They use, the impressive operating efficiency to provide attractive economics to agents, and teams that join its platform.

It’s also making progress monetizing some different solutions like mortgage and title, and it’s got some fintech, capabilities that are kind of in the early innings of being rolled out here, with the real wallet. So I think it’s a great time to be looking at the story. Any housing recovery would likely boost its ability to scale. So from the company today, we have Tamir Poleg who’s, the cofounder, chairman, and CEO. We also have Ravi Jani, here sitting in the front row in the audience, who is the CFO, just took over that role a couple months ago.

So with that, I will turn it over to Sameer. He’s gonna give a presentation. With any remaining time, we’ll run through some q and a.

Sameer, Cofounder and CEO, Real Brokerage: Thanks, Steven. Hi, everybody. Good afternoon. My name is Sameer, and I’m the cofounder and CEO at Real. Real is a real estate technology company that was founded back in 2014.

Our primary business, is real estate brokerage where we operate a platform for real estate agents to grow their businesses on while delivering them all of the technology that they need and with a strong focus on AI that I will dive into. As Steven mentioned, we are a very unique growth story right now in the industry, especially given the the situation in in the housing market. But just to give you an understanding of where we are, at the twelve month ended in March of twenty twenty five, we had about 27,000 agents across The US and Canada, which was a growth of 61 year over year. Same period, we grew revenue by north of 80% year over year, and we actually tripled our adjusted EBITDA in that time frame. So the market was down about 30% since 2022, and we managed to to grow significantly.

Talking a little bit about the industry, there are one and a half million agents, real estate agents in The US and another 60,000 in Canada. All of them have to be affiliated with brokerages. And where when we looked at the market back in 2014, we understood that agents do not really have an alternative. The market was dominated by traditional players, companies like Century twenty one, Kelly Williams, Coldwell Banker. Those folks have been around forever.

All of them operate in the same way. They rely heavily on office locations for distribution of services, and they rely on manual labor for, processing transactions. And when we look at at the industry, we realize that there’s an opportunity to create a brokerage that delivers more value at a lower cost. And while we’re growing so rapidly, we’re still under 2% of the overall overall market, so there’s a lot of room to grow. But going back to what we wanted to offer, as I said, we thought that the traditional brokerages are charging agents a lot of money delivering poor value, and at the same time, there’s an opportunity to create an operating model for a brokerage that is much more efficient.

So let’s eliminate the need for office space. Let’s try and automate as much as possible all of the manual processes that are being handled in the back office of a brokerage, and this is what we’ve been focused on for the past eleven years. As I said, the market has shifted in the middle of twenty twenty two. We had a bull market, and then the market became much slower. During that time frame from the first quarter of twenty twenty two to today, we grew our revenue eight times, while the industry declined by about 3030%.

If we look before the first quarter of of twenty twenty two, for those of you who ask themselves whether we know how to, grow only in in bad markets, no. We grew very rapidly even before 2022. What really changed our trajectory was the fact that we decided to take the company public. That happened in the summer of twenty twenty. Back then, it did not make any sense.

We were making about $15,000,000 in annual revenue, but we wanted to create an equity incentive plan for our agents. We wanted them to become partners in this company that we built together. So we decided to go public initially on the TSXV in Canada. A Year later, we did a direct listing into Nasdaq. Currently, we’re only listed at Nasdaq.

But, again, in 2020, we did about $15,000,000,000 in annual revenue. Last year, we did 1,300,000,000.0. So in a matter of about four years, we grew from 15,000,000 to 1,300,000,000.0, which is a very, unique case. And and that growth is driven by our ability to attract and retain high producing agents. And when you ask when we ask ourselves or when we ask our agents, why did you choose to join Real?

Why did you leave this previous brokerage that you were with and and decided to shift your business over to us? We get the same answers. One is freedom and flexibility. Imagine yourselves as an agent working at a REMAX office, for example. There is a manager in the office that tells you when you have to come to the office, which meetings you have to attend.

Your marketing materials have REMAX all over them. You’re building somebody else’s brand. And when they join REAL, they join a platform that gives them the free freedom and flexibility to build their businesses the way they want to. The second reason is the compelling economics. Typically, at a brokerage, agents would pay monthly fees, transaction fees, commission splits that vary from fifty fifty to seventy thirty.

On average, it’s seventy thirty. 30 percent of the commission stays with the brokerage, 70% goes to goes to the agent. And on average, an agent saves 50% of the fees when they switch over to real. So we have an $85.15 split with a $12,000 cap, meaning that when agents pay us $12,000 annually in commission splits, they get to keep a % of their commissions and only pay a transaction fee. This is extremely compelling, especially for high producing teams.

The third reason for joining us is technology. We built an operating system for agent businesses. Everything that they need from searching listings to creating contracts to having twenty four seven support, everything in the palm of their hands. We’re a mobile focused company. Agents need to be out there nurturing relationships, showing homes, and we built we built a system for them that saves them a lot of money on third party party tools, but also gives them a lot of visibility into their businesses and makes them more efficient.

We save them time on every transaction because of of the technology that we build for them. And by the way, everything is proprietary, which is also a very unique story in the industry because typically brokerages provide third party tools that are not really integrated. At Real, everything is integrated. On the technology front, we focus our our technology on four main pillars. One is productivity, everything that helps agents save time and make more money from CRM to twenty four seven support to education module, everything they need in order to process a transaction.

The second pillar of the technology is marketing, and here, we took a very conscious decision not to create a consumer facing brand. Nobody chooses an agent today based on their brand affiliation. Nobody goes into a Coldwell Banker office saying, hey. I need an agent, and I came here because I heard that Coldwell Banker have great agents. People choose agents because they know that that person is an expert in the area.

Maybe they worked with them before. Maybe they helped a friend. And we decided that we are going to help our agents brand themselves within their communities and not create a consumer facing brand. So everything that agents need from business cards, yard signs, brochures, listing presentations, personal branded website, everything is offered to them via real at no added cost, and everything is a part of of the package. The third segment of technology is community.

We don’t have offices for the agents to use, but we do understand that agents want to feel a part something bigger. We have a community feature, which is like a Facebook chat where agents can either chat one on one or at at groups. They can ask questions. They can exchange leads. This community really replaces the need for physical offices, and the interactions and the engagement in the communities is pretty impressive.

The fourth segment of technology is brokerage operations, and this is our probably our biggest moat. We took a hard look at all of the actions, all of the processes that are being done at the back office of a brokerage, everything that has to do with support, with transaction management, with contract reviews, with payment processing, and we just automated it to the full extent possible. I’ll just give you an idea of what it means. Typically, at a brokerage, you would have one full time employee for every 20 agents. You you’re probably familiar with Compass.

Compass has one full time employee for every twelve twelve agents. Our ratio is one to 88, and that number compete continues to improve. And that is due to the fact that we just automated everything that can be automated. This enables us to scale faster and, just grow our profitability as as we grow our agent count. On top of that, we were the first company to introduce AI or a copilot for our agents to use.

We introduced LEO more than more than a year ago. LEO, our AI assistant for for our agents, currently answers more than 2,000 agents questions a day. So just try to imagine how many people, how much more headcount we would need in order to answer 2,000 agent questions. But LEO also drives customer satisfaction. Agents get their their answers immediately when they need anything.

Leo is there to help them. If they need to create a listing presentation, if they need to draft a contract, if they wanna ask anything about their business, Leo is there on the app twenty four seven to support them. Another reason for agents to join us is culture. And probably culture doesn’t mean too much to to the people in this room when it comes to the real estate brokerage, but agents wanna be with a company that where they can collaborate versus compete with other agents in the office. They wanna be able to to grow something together together.

And the fact that all of our agents or most of our agents are shareholders, and the fact that we managed to build a culture of collaboration over competition created a lot of buzz in the industry around REAL. People know that when you join REAL, you have an opportunity to collaborate and learn from the best in the industry, and that attracts a lot of agents and a lot of teams who wanna be a part of of this and wanna build together with us. I talked about the the efficiency metrics, and the efficiency is is going to improve as we grow. We will implement more AI. We will implement more automation.

But at the end of the day, brokerage is a low margin business. And the more you automate, the less you rely on humans for for processing of transactions. You will win, and you create a a massive moat. Most of our peers, the traditional ones, are spending a lot of money on headcount and and office expenses, and this is something that we completely eliminated. Couple of years ago, we realized that while we operate a a fast growing brokerage, there’s an opportunity to monetize transactions in a much better way.

On the brokerage side, we have gross margins of about 9%. And over the past couple of years, we made a couple of acquisitions. We acquired a title company and a mortgage company. Those those businesses have very high margins. On title, we have over 80% gross margin.

On mortgage, we have over 50% gross margins, and we are now starting to scale those businesses. Both businesses are are still nascent. They are still start ups. But as we grow, as we attract more agents that will bring their transactions into the platform, we want to be able to attach more ancillary services to every transaction. We’re doing it in multiple ways.

One on the title side, we’re offering our agents to become partners in a joint venture where they can actually make money out of title services if they send their transactions to the title sir to the title company that they’re a part of. We’re adding some features on the technology side on our app that will help us incentivize agents to actually send us their deals. But looking forward into the future, if we’re able to attach more and more transactions, currently, attach rates are about 4% on title and 2% on mortgage in the in the markets that we operate in. If we take those attach rates and increase them over time and hopefully get to double digit attach rates, the profitability pattern or profile of the company changes dramatically. So on one hand, we’re growing the brokerage, we’re attracting more and more transactions, and then we’re putting more services, high margin services in place that will help us monetize and and become more profitable.

Another interesting initiative is LEO for clients. I don’t know how many of you have purchased a home in recent years, but buying a home is not a great experience. It lacks transparency. It takes a long time. It’s not fun.

It creates a lot of frustration. And when we look at the experience that we’re having in the tech world with other companies, we think that there is a tremendous opportunity in in creating a a different kind of home buying experience and home selling experience directly for consumers. Up to now, all of the technology that we built was for our agents, but now we’re starting to build technology for our agents’ clients. So LEO for clients is our AI tool that is going to be available for every agent at Real. Every agent will have their own phone number.

That phone number will be powered by LEO, and LEO will be able to take clients from the initial conversation about what kind of home are you looking for, what’s important for you, which area are you looking at, what what’s your financial situation, let’s get you prequalified for a mortgage. All of those things Leo can can actually, be engaged in and take the client from thinking about buying a home to touring homes and then up to closing in one single place. So Leo is going to be there twenty four seven. Leo we’re now training Leo to have to have voice capabilities, so every agent can actually teach Leo on on using their own voice. So when Leo answers the call, clients can they will think that they’re talking to the agent even though there will be a disclaimer.

They will know that they’re talking to to an AI. But we want we think that 80 to 90% of the tasks that agents perform for clients can be automated or replaced by AI. In the future, we might face a scenario where there will be fewer agents in the industry doing more volume because because of AI, and we wanna be at the forefront of that. LEO for clients is going to be available later this year. Another interesting product that we launched back in October of twenty twenty four is the RealWallet.

Currently or before the RealWallet, when agents close the transaction, we would collect the commission check, and then we would deposit the the agent’s portion of the commission directly into their own bank accounts, Bank of America, Wells Fargo, whatever it it may be. With the the real wallet, agents can opt in to a digital wallet on our platform, and we monetize those wallets in three main ways. One, if agents keep deposits in the wallet, we make interest on the float. Number two, because of the fact that we have so much visibility into everything our agents do, we know exactly how many pending transactions we have. We know how many transactions they closed in the past twelve months.

We know how much equity they have in the company. We know how much revenue share they’re doing from attracting their friends. We have full visibility into everything they do. We can underwrite them for credit lines. The wallet has a credit line feature, which is currently only available in Canada.

We’re rolling it out in The US as well. And agents can actually draw from that credit line. They can use that money to purchase leads, do whatever they want. But this is a benefit that does not exist anywhere else. And, obviously, if agents wanna have a credit line for their business and they go to a traditional bank, a traditional bank doesn’t know how to underwrite them, and they will often decline them.

So the digital wallet is the real wallet is is a program that we launched back in October. It’s getting very rapidly right now. It’s at an annual revenue run rate of about a million dollars. We have over 3,000 agents that opted in. Credit lines are still not available in The US.

It’s gonna be pretty massive once we roll it out in a few weeks, but we we do envision a world where real wallet is mandatory. Agents will not get paid outside of the wallet. And just think about our last year revenue, which was $1,300,000,000. Think about that revenue flowing into the wallet, some of it staying in the wallet, some of it converting into lines of credit. It’s it’s a huge revenue potential for real.

So just to to kind of wrap it up, we have demonstrated that we grow in great markets and in the worst possible market, real estate market in the past, three decades, and we will continue to to demonstrate above market growth, in years to come. We own our own technology that enables us to expand and add additional features, add additional monetization opportunities such as the wallet, for example, such as mortgage and title. And in the future, we we we intend to continue and grow our agent space and also inject more and more ways to monetize transactions with high margin services.

Stephen Sheldon, Analyst, William Blair: All right, great. Thank you, Sameer. So yeah, we’ll do a little bit of Q and A before we move to the breakout. And I guess just first, mean, the agent growth has been phenomenal. Maybe just talk about the pipeline you’re seeing right now for the rest of the year.

Is there a portion of the platform and what you’re offering that’s resonating more with clients? And maybe just talk about the buckets of kind of where you’re recruiting from and what’s resonating with agents.

Sameer, Cofounder and CEO, Real Brokerage: About 85% of our growth is coming from referrals from existing agents. We have a revenue share program where if an agent refers a friend to the company, that agent enjoys the revenue that is or portion of the revenue that is generated by that other agent that just joined. The remaining 15% is just inbound inquiries. I think that there’s just currently, there’s a lot of pain in the industry. Agents are struggling.

The transaction volume is super depressed. And that causes a lot of nonperforming agents to leave the industry. And I think that this is a theme that we have seen in 2024 across the industry, and it’s actually accelerating now just because the market is is is even deteriorating. Our pipeline is strong. I would note that we do see that it takes a little bit more time to convert.

So especially the high performing teams, they tend to to take a little bit longer right now because they do not want to create any additional shock to their business just because the market is so bad. They don’t wanna change. Sometimes they’re coming to us and saying, hey. We have to change all of our marketing materials if we switch over to real, this is gonna cost us $3,000. So they pause over, you know, really, really small amounts.

On one hand, it’s funny. On the other hand, it’s painful. But we try to help them as much as possible. But I think that strategically, if you’re an agent or if you’re a team leader and you’re struggling at the moment, you should be looking at ways to cut costs. And switching to a company like Real or a platform like Real, on one hand, helps you save a lot of cost and on the other hand creates more opportunities for you to monetize your business in more ways.

Stephen Sheldon, Analyst, William Blair: And there’s a ton of small independent brokerages out there. What do you think happens to them over time? How are you kind of actively going after that opportunity?

Sameer, Cofounder and CEO, Real Brokerage: It’s funny. I had a conversation last week with with someone who runs a 90 agent brokerage in in LA, One of the biggest player over there doing massive volume. And he said, you know, he’s a smart guy, and he said, when I’m thinking about the future of my business ten, twenty years from now, I realize that I will never be able to compete with folks like Real. I will never be able to to offer my agents so much value as you can. I will never be able to process transactions as cheaply as you can.

So the smart thing to do is join a platform. I think that if you if you look at the average commission rate in the past thirty years, you can see that there’s a slow decline in the total commission that’s paid on a transaction. And I think that that will continue. And at the same time, there’s a lot of pressure on the actual commission splits that that agents are are putting on brokerages. And companies like ours are just adding to that pressure.

So I I think that I’m not very bullish on the future of small independent brokerages just because I think that larger companies like ourselves can offer more value at a lower cost. And those small small brokerages just do not have the the means to build the technology to automate their businesses. So we will likely see more consolidation in in the field. Having said that, there will always be those niche brokerages, local brokerages that have the local branding that have been going on for years. So there’s room for that, but I think that most brokers or brokerages are just not making money and they need a plan B.

Stephen Sheldon, Analyst, William Blair: Makes sense. Maybe on agent churn, it’s an industry that has a lot of natural churn. You were talking about agents leaving the industry. You’re not immune to that. Do you think your churn rate is more, you know, driven by industry dynamics?

Is there anything you can do to reduce that? And I know it’s a lot of lower producing agents that are turning off, but maybe just talk about, is there anything you can do to better help people scale their businesses? You know, how are you thinking about it?

Sameer, Cofounder and CEO, Real Brokerage: Well, first of all, agents are funny people. Sometimes they they just switch brokerages just because of, you know, that’s how the industry behaves. So for for a typical brokerage, a churn rate of 20% a year is is normal. In our case, we track revenue churn because you truly care about the agents that are closing deals and and contributing to revenue, and you you don’t mind if an agent that doesn’t close any deal switches over or or leaves your company. Our agent churn last quarter was in the range of 7.5%, I believe.

Our revenue churn was 2.5%. So there is a big gap between agent churn and revenue churn. But we have to understand that this is a high churn industry, and you want to be able to retain the high producing agents. But at the same time, it is what it is. When you ask agents why did you switch, you get all kinds of answers.

It doesn’t matter if if you’re the cheapest, they will still leave you. If you provide the best technology, they will still leave you. So you just have to live with some level of churn, but you need to make sure that you’re retaining the the agents that contribute to the revenue.

Stephen Sheldon, Analyst, William Blair: And maybe on the ancillary solutions and specifically thinking about mortgage and title, what are the big stepping stones you need to get to get the attach rates up? You’re talking about 4% I think in title, 2% in mortgage. You know, what are the stepping stones to get those higher? Where do you think they can get to over time?

Sameer, Cofounder and CEO, Real Brokerage: The biggest hurdle is the fact that every agent has their title person or their lender, and they trust that person because they have been working with that person for a while. They know they know that their lender or their title person can make sure that the transaction closes. And at the end of the day, agents care about their commissions. They wanna make sure that they work with people that can ensure that they will get their commission at the end of the transaction. So from our perspective, we own a title company and a mortgage company.

A lot of our agents are just not aware that we own those companies, and we would expect them to drive a little more attachment just because of the fact that they’re shareholders in the company, so they have an, an interest in in scaling those businesses. But for a very long time, we were trying to find a a way that is RESPA compliant. RESPA is the Real Estate Services Protection Act that prohibits title company and mortgage mortgage companies to pay any kind of incentive to agents for referring their friends. But we finally found something, which internally we called ECP, early commission payment. As of now, agents who refer their clients to our mortgage company will receive their commission ahead of closing.

So we eliminated that dependency on that lender that I’ve been working on for ten years because I know that that person will help me close the deal so I can get my commission. We are able to receive signals from our mortgage company that the transaction is moving along so we can actually pay the agent ahead of closing, weeks ahead of closing. And that, we think, will create a huge incentive for them. Obviously, this is something that agents are not used to. Agents are used to getting paid at closing, so it’ll require some market education.

But we’re now testing it on the mortgage side. We will test it or we will roll it out to the title side, and we believe that that will be a huge accelerator in adoption.

Stephen Sheldon, Analyst, William Blair: And maybe just last one for me. You did announce and maybe this is more for Ravi. But, you know, you did announce the hundred and 50,000,000 share repurchase authorization, think, early earlier this week. Maybe talk about that decision, you know, how you plan to use it or, you know

Sameer, Cofounder and CEO, Real Brokerage: Sure. We have the agent equity program, the stock purchase program that allows agents to carve out a portion of their commission to actually purchase company shares. And if they’re with the company for a year after the closing of that real estate transaction, they receive a bonus from the company. So we facilitate that program through a buyback or partially through a buyback. And this is why we announced $150,000,000 We expect the company to continue and grow, and we expect to become more and more active in in the marketplace.

We now switch from being tied to Canadian regulation on the buyback to being tied to SEC regulation, which allows us more flexibility. Being more aggressive. The Canadian regulation allowed us to purchase up to 5% of the daily volume, and now we can go as, I think, as high as we want. But, yeah, the $150,000,000 in buyback were primarily focused on fulfilling the the demand from our agent.

Stephen Sheldon, Analyst, William Blair: I think we’ve got maybe time for one question from the audience if anyone has one. Yep. You’re growing like a weed, but you’re still not profitable. Is there a path to profitability?

Sameer, Cofounder and CEO, Real Brokerage: Yeah. Obviously, there is a path to profitability, and and we’re improving profitability all the time. As a high growth company that also invest heavily in technology, in r and d, in building future products that will drive margins, it was kind of a conscious decision to try and balance the two. So if you look at our profitability over the past four years, you can see a constant improvement. We are working towards net profitability or operating profit.

We don’t really provide guidance, but that’s that’s the goal. Is it what?

Stephen Sheldon, Analyst, William Blair: Is your $12,500 cap sacrosanct? Or is it

Sameer, Cofounder and CEO, Real Brokerage: It’s it’s it’s $12,000. It’s not 12,500. We actually did change the model in Canada now, and we increased it to 15,000 in Canada, and we increased some fees in Canada. We do think that over the past two years, we made a couple of model changes. We introduced a new a few new fees, and we increased some fees.

We don’t really wanna change the $12,000 cap in The US, but we do think that there’s an opportunity to change the model in a way that will drive more economics outside of the $12,000 cap. Is

Stephen Sheldon, Analyst, William Blair: the referral fee indefinite or does it add a life to it?

Sameer, Cofounder and CEO, Real Brokerage: As long as the agents are with the company, the revenue share is earned. One thing we did last year is we capped how much the company pays to the agents. It was uncapped before. We capped it at 60% of our gross profit of of our split, so 60% of our 15%. And, obviously, there’s an opportunity in the future to optimize that even further.

Stephen Sheldon, Analyst, William Blair: Alright. I think we will call it there. Thank you, Tamir, so much. And the breakout is gonna be upstairs in Jennie B.

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