UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM6-K

REPORTOF FOREIGN PRIVATE ISSUER

PURSUANTTO RULE 13a-16 OR 15d-16

OFTHE SECURITIES EXCHANGE ACT OF 1934

Forthe month of August 2025

CommissionFile Number: 001-40442

THEREAL BROKERAGE INC.

(Registrant)

701Brickell Avenue, 17th Floor

Miami,Florida, 33133 USA

(Addressof Principal Executive Offices)

Indicateby check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form20-F ☐ Form 40-F ☒

Indicateby check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicateby check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

INFORMATIONCONTAINED IN THIS FORM 6-K REPORT

ExplanatoryNote

Exhibits99.1, 99.2, 99.3, and 99.4 included with this Report on Form 6-K are hereby incorporated by reference into the Company’s RegistrationStatement on Form F-3 (Reg. No. 333-282687) and Registration Statements on Form S-8 (Reg. Nos. 333-262142 and 333-269982 and 333-287690),including the prospectuses contained therein and shall be deemed to be a part thereof from the date on which this Report on Form 6-Kis furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

SIGNATURES

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

	THE REAL BROKERAGE INC.
	(Registrant)

Date August 7, 2025	By	/s/ Alexandra Lumpkin
		Alexandra Lumpkin
		Chief Legal Officer

EXHIBITINDEX

Exhibit		Description of Exhibit

99.1		Management’s Discussion and Analysis for the period ended June 30, 2025

99.2		Unaudited Interim Condensed Consolidated Financial Statements for the period ended June 30, 2025

99.3		Certificate of Interim Filings CEO dated August 7, 2025

99.4		Certificate of Interim Filings CFO dated August 7, 2025

99.5		Press Release dated August 7, 2025 - The Real Brokerage Inc. Announces Second Quarter 2025 Financial Results

Exhibit99.1

THEREAL BROKERAGE INC.

MANAGEMENT’SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION

August7, 2025

ThisManagement’s Discussion and Analysis (the “MD&A”) provides a discussion of the operations and financialcondition of The Real Brokerage Inc. (“Real” or the “Company”) for the period ended June 30, 2025,and 2024. This report should be read in conjunction with the interim condensed consolidated financial statements and related notes forthe period ended June 30, 2025 and 2024 (the “Financial Statements”). Unless the context indicates otherwise, referencesto “Real”, “the Company”, “we”, “us” and “our” in this MD&A refer toThe Real Brokerage Inc. and its subsidiaries.

Unlessotherwise specified herein, financial results, including historical comparatives, contained in this MD&A are based on the FinancialStatements, which have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”or “GAAP”). All dollar amounts are presented in U.S. dollars unless otherwise stated.

Thepurpose of this MD&A is to provide investors with a clear understanding of the Company’s performance, including itsstrategic initiatives, operational trends, and financial results. It also discusses key developments that may impact futureperformance and outlines the risks and opportunities that Real faces in the evolving real estate technologylandscape.

Thisdocument includes forward-looking statements that reflect the Company’s expectations, projections, and future plans. These statementsare subject to risks and uncertainties, which may cause actual results to differ materially. Readers are encouraged to review the “CautionRegarding Forward-Looking Information” section for further details on these risks.

Asa growing real estate technology company, Real is focused on expanding its agent network, enhancing its proprietary technology platform,and diversifying its revenue streams through ancillary services. The following sections provide a discussion of our recent developments,operational highlights, financial performance, and future expectations.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

SECONDQUARTER FINANCIAL HIGHLIGHTS

●	The total value of completed real estate transactions reached $20.1 billion in the second quarter of 2025, an increase of 60% from $12.6 billion in the second quarter of 2024.

●	The total number of transactions closed was 49,282 in the second quarter of 2025, an increase of 62% from 30,367 in the second quarter of 2024.

●	The total number of agents on the platform increased to 28,034 at the end of the second quarter of 2025, an increase of 43% from the second quarter of 2024.

●	Revenue rose to $540.7 million for the three months ended June 30, 2025, an increase of 59% from $340.8 million for the three months ended June 30, 2024.

●	Gross profit reached $47.9 million for the three months ended June, 30 2025, an increase of 50% from $31.9 million for the three months ended June 30, 2024.

●	Operating expenses, which include General & Administrative, Marketing, and Research and Development expenses, totaled $46.2 million for the three months ended June 30, 2025, an increase of 42% from $32.5 million for the three months ended June 30, 2024.

●	Operating income was $1.7 million for the three months ended June 30, 2025, compared to an operating loss of $(0.6) million for the three months ended June 30, 2024.

●	Net income was $1.6 million for the three months ended June 30, 2025, compared to a net loss of $(1.1) million for the three months ended June 30, 2024.

●	As of June 30, 2025, cash and cash equivalents and investments totaled $54.8 million, compared to $32.8 million as of December 31, 2024.

CAUTIONREGARDING FORWARD-LOOKING INFORMATION

Someof the statements in this MD&A are forward-looking statements. These statements may constitute “forward-looking information”and “forward-looking statements” under applicable Canadian and United States securities laws (collectively, “forward-lookingstatements”). These forward-looking statements typically include the words “anticipate,” “believe,”“consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,”“plan,” “predict,” “projection,” “seek,” “strategy,” “target,”“outlook,” “will,” “should,” “could” or other words of similar meaning, as well as statementswritten in the future tense. Forward-looking statements contained herein may include opinions or beliefs regarding market conditionsand similar matters. In many instances, those opinions and beliefs are based upon general observations by members of our management,anecdotal evidence and our experience in the conduct of our businesses, without specific investigations or analyses. Therefore, whilethey reflect our view of the industries and markets in which we are involved, they should not be viewed as reflecting verifiable viewsor views that are necessarily shared by all who are involved in those industries or markets. These statements concern expectations, beliefs,projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.Without limitation, this MD&A may contain forward-looking statements pertaining to the following:

●	the Company’s capital and organizational structure;
●	the Company’s expected working capital;
●	the Company’s business plans and strategies including targets for future growth;
●	the development of the Company’s business;
●	expectations regarding the real estate industry;
●	expectations regarding the development, launch and adoption of new technologies, including Real Wallet, Leo for Clients, and Leo CoPilot, and their expected features;
●	expectations with respect to future opportunities;
●	capital expenditure programs and future capital requirements;
●	supply and demand fundamentals for services of the Company;
●	the Company’s plans and funding for planned development activities and the expected results of such activities;

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

●	our expectations regarding the impact of our former CFO’s violation of Company policies;
●	the Company’s treatment under governmental and international regulatory regimes;
●	the Company’s access to capital and overall strategy and development plans for all of the Company’s assets; and
●	litigation and antitrust matters that may impact the Company.

Theforward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. Wewish to caution readers that certain important factors may have affected and could in the future affect our actual results and couldcause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors thatcould cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limitedto:

●	the impact of macroeconomic conditions on the strength of the residential real estate market;
●	an extended slowdown in some or all of the real estate markets in which we operate;
●	the future operational and financial activities of the Company generally;
●	fluctuations in foreign currency exchange rates, interest rates, business prospects and opportunities;
●	the impact of inflation or a higher interest rate environment;
●	reduced availability or increased cost of mortgage financing for homebuyers;
●	increased interest rates or increased competition in the mortgage industry;
●	our inability to successfully execute our strategies, including our strategy regarding Real Wallet, Leo for Clients, Leo CoPilot and our strategy to grow our ancillary mortgage broker, title services, and wallet operations;
●	our inability to launch Leo for Clients with all expected features or at all;
●	the possibility that we will incur nonrecurring costs that affect earnings in one or more reporting periods;
●	the impact of the industry antitrust litigation on the industry generally and specifically to us with respect to any lawsuit in which we were named, as well as potential future lawsuits in which we are named;
●	a reduction in customary commission rates and reduction in the Company’s gross commission income collection;
●	new laws or regulatory changes that adversely affect the profitability of our businesses;
●	risks related to information technology failures or data security breaches;
●	the effect of cybersecurity incidents and threats;
●	our ability to attract and retain highly qualified employees;
●	our inability to retain agents, or maintain our agent growth rate;
●	the regulatory framework governing intellectual property in the jurisdictions in which the Company conducts its business and any other jurisdictions in which the Company may conduct its business in the future;
●	the Company’s potential inability to comply with the regulatory bodies governing its activities;
●	the impact of competition on the Company;
●	our ability to obtain or maintain adequate insurance coverage;
●	the results of the investigation into our former Chief Financial Officer’s violation of Company policies related to personal expenses, including the determination of the full amount at issue once the investigation has concluded, any impact to our financial statements and the determination of the effectiveness of our internal controls;
●	the effects of weather conditions and natural disasters on our business and financial results;
●	our ability to maintain our company culture;
●	the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses;
●	the effects of negative publicity;
●	our ability to successfully estimate the impact of certain accounting and tax matters, including related to transfer pricing;
●	changes in law that have a negative impact on our business; and
●	the impact of regulatory and litigation matters.

Theforegoing list of assumptions is not exhaustive. Actual results could differ materially from those anticipated in forward-looking statementsas a result of various events and circumstances, including, among other things, the risk factors identified under the heading “Risksand Uncertainties”.

Shouldone or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect,actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information containedin this MD&A. These factors should be carefully considered and readers are cautioned not to place undue reliance on forward-lookinginformation, which speaks only as of the date of this MD&A. All subsequent forward-looking information of the Company herein is expresslyqualified in its entirety by the cautionary statements contained in or referred to herein. The Company does not undertake any obligationto release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date ofthis MD&A or to reflect the occurrence of unanticipated events, except as may be required under applicable Canadian and United Statessecurities laws.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

CORPORATEINFORMATION

TheReal Brokerage Inc. (formerly ADL Ventures Inc.) was incorporated under the laws of the Business Corporations Act (British Columbia)on February 27, 2018. Originally a capital pool company, Real completed a qualifying transaction on June 5, 2020, acquiring all of theissued and outstanding shares of Real Technology Broker Ltd., an Israel-based private corporation, and changed its name to The Real BrokerageInc.

TheCompany’s principal executive office is located at 701 Brickell Avenue, 17th Floor, Miami, Florida, 33131 and registered officeis located at 550 Burrard Street, Suite 2300, Bentall 5, Vancouver, British Columbia, V6C 2B5, Canada.

Thecommon shares of the Company (“Common Shares”) are listed and traded on the Nasdaq under the symbol “REAX”.The Company is a “reporting issuer” in all the provinces and territories of Canada. Real, a corporation existing under theBusiness Corporations Act (British Columbia), qualifies as a foreign private issuer in the United States for purposes of the SecuritiesExchange Act of 1934, as amended.

BUSINESSOVERVIEW AND STRATEGY

Realis a growing real estate technology company that operates across all 50 U.S. states, the District of Columbia, and four Canadian provinces.As a licensed real estate brokerage, the Company’s revenue is generated primarily by processing real estate transactions whichentitle us to commissions. The Company pays a portion of its commission revenue to real estate agents who are affiliated with the Company.Unlike traditional brokerages, who rely on costly physical offices with high overhead expense for service delivery, Real operates asa fully digital brokerage and offers agents a more flexible, efficient, and financially compelling model. Our proprietary software platform,reZEN, leverages artificial intelligence (“AI”) and automation to enhance agent productivity while maintaining a leanoperating model. Our vision is to transform the home buying and selling experience by integrating technology, AI, and ancillary productsand services (including Mortgage brokerage, Title, and fintech products), into a seamless real estate ecosystem - while ensuring agentsremain at the center of the transaction.

Software-BasedBrokerage Model

Ourmodel is built on developing technology to enhance real estate agent performance, while maintaining a scalable, efficient brokerage operationthat does not rely on a cost-heavy brick and mortar presence in the markets we serve.

Webelieve we are differentiated by our ability to deliver a simpler, more enjoyable experience that aligns broker, agent, and consumerinterests and changes the entire process for the better. We believe we are well positioned to deliver on this promise, supported by ourecosystem which includes:

	●	Growth-minded agents who seek to improve the real estate industry through collaboration and innovation.
	●	Innovative technology that reduces friction and is designed to keep transactions seamless, transparent, and easily accessible.
	●	Integrated services that put the consumer first, including mortgage and title products that contribute to a seamless experience and offer consumers a better product and experience.

ProprietaryTechnology Platform

Technologyis the foundation of Real’s ability to scale efficiently while maintaining low overhead. At the core of our technology platformis reZEN, our proprietary transaction management and brokerage operations software. reZEN powers nearly every aspect of our brokerage,enabling efficiency, automation, and flexibility, by incorporating:

	●	End-to-End Transaction Management - Agents can process deals, manage commissions, and direct payments.
	●	Integrated Payment & Financial Services - Provides commission disbursement and access to financial tools.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

	●	Leo CoPilot: AI-Powered Agent Support - reZEN powers Leo CoPilot, our AI-driven agent assistant, enhancing productivity and streamlining workflows. Leo acts as a 24/7 concierge to our agents and brokers throughout the United States and Canada, providing real-time insights about past and future transactions and key agent performance metrics. Real’s vision is to create an integrated home buying experience through the adoption of its consumer-facing product called Leo for Clients.
	●	Open API for Customization - Agents have the flexibility to integrate certain third-party tools.

Byautomating and centralizing key brokerage functions, reZEN enhances operational efficiency. It will also serve as the foundation forfuture innovations, including consumer-facing tools and ancillary services expansion. Within our platform, AI plays a critical role inagent support, enhancing agent productivity, and operational automation, and we believe our integration of AI is differentiated by itsfocus on real estate-specific applications, including intelligent transaction management, proactive agent assistance, and planned automatedbrokerage oversight.

AgentCompensation & Incentive Model

Real’sagent compensation model is designed to be more financially compelling than traditional brokerage structures, while offering agents higherearnings potential, passive income streams, and opportunities for equity ownership in the Company.

CommissionStructure

Asa licensed real estate brokerage, our primary revenue source is derived by processing real estate transactions which entitle us to commissions.We distribute a portion of this commission revenue to our agents and brokers, according to our commission structure. The key componentsof our commission structure include:

	●	85/15 Commission Split - Under this model, agents receive 85% of the commission generated from real estate transactions, with the remaining 15% allocated to Real.
	●	Annual Cap - Once an agent contributes $12,000 in the U.S. or $15,000 CAD (or other agreed amount) in commission splits to Real, that agent qualifies to receive 100% of their gross commission income per transaction for the remainder of their annual cycle. For Canadian agents, the annual cap increased from $12,000 CAD to $15,000 CAD (or other agreed amount) effective April 1, 2025 for new agents and on an agent’s first anniversary date occurring on or after May 1, 2025, for all existing agents.
	●	Transaction Fees - After an agent has reached the annual cap, the agent pays a fee of $285 per transaction in the U.S. and CAD $375 per transaction in Canada, in addition to a $40 fee (USD in U.S. and CAD in Canada) per transaction for compliance and broker review.

RevenueShare Model

Weoffer agents the opportunity to earn revenue share (the “Revenue Share”), paid out of the Company’s portionof commissions, for new, productive agents that they personally refer and who join our platform. Launched in November 2019, this programhas had a major impact on our agent count and revenue growth. The momentum across various markets is largely driven by the enthusiasmof key influential agents who have embraced us, actively bringing peers and others in their network to our growing community. In February2023, we expanded the program to allow new agents to select two sponsors that split 90% of the Revenue Share stream equally while payingthe remaining 10% back to the Company. In July 2024, we introduced a broker revenue share program under which brokers are eligible toearn 1% of the revenue share that is generated by transactions closed in their state.

AgentEquity Participation

Inan effort to incentivize and reward our agents, our agents have the opportunity to earn restricted share units (each an “RSU”)based on achievement of certain performance criteria. These RSUs typically vest over the course of three years into Common Shares directlylinking our agents’ success to the Company’s. Additionally, our Agent Stock Purchase Plan enables agents to buy RSUs witha portion of their commissions. These RSUs vest over a one year term and are not subject to forfeiture. Agents participating in the programare eligible to earn bonus RSUs, subject to certain vesting conditions. This equity incentive plan is part of our broader strategy tofoster a culture of ownership and alignment.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

StrategicPriorities

ExpandingOur Agent Network and Market Presence

Akey driver of our growth is attracting top-performing real estate agents and teams by offering:

	●	A financially competitive commission model with Revenue Share and stock incentives.
	●	Technology tools, including reZEN and Leo CoPilot, that increase agent productivity.
	●	Freedom and flexibility to run their businesses their way, embracing an entrepreneurial mindset without the constraints of a traditional brokerage model.
	●	A collaborative culture where agents support and learn from each other, fostering a sense of community and shared success.

Realestate teams have a unique structure and are typically formed by a high producing agent who attracts other agents to work with them andenjoy the leadership and mentoring provided by the team leader. We have introduced programs specifically designed to attract and supportlarge real estate teams and independent brokerages, including:

	●	Private Label - Allows independent brokerages to retain their branding while benefiting from Real’s transaction management and back-office support.
	●	ProTeams - Gives team leaders flexibility to customize their team members’ caps, splits, and fee structures, making it easier for large groups to transition to Real.

Byremoving geographic limitations and offering a nationwide platform for team growth, we continue to see strong adoption across multipleU.S. and Canadian markets.

AncillaryServices: One Real Mortgage & One Real Title

Realis building a fully integrated real estate ecosystem through its mortgage and title services, which provide additional revenue opportunitiesbeyond brokerage commissions. We believe these services will allow Real to further monetize the significant volume of transactions flowingthrough its platform while offering agents and their clients access to essential real estate services under the same company umbrella.

OneReal Title

OneReal Title (“Real Title” or “Title”), which Real acquired in January 2022, through its affiliatedentities, offers title and escrow services in Washington D.C. and the following states: Arizona, California, Delaware, Florida, Georgia,Illinois, Maryland, Michigan, Minnesota, Nevada, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia,and Wisconsin. One Real Title operates through wholly-owned subsidiaries of Real, and through joint ventures in which Real is the managingmember and majority owner.

OneReal Mortgage

OneReal Mortgage (“Real Mortgage” or “Mortgage”), which Real acquired in December 2022, offers mortgagebroker services in Washington D.C. and the following states: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Louisiana,Maryland, Michigan, Minnesota, Mississippi, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas and Washington.

Realviews these businesses as high-margin, adjacent services that complement our core brokerage operations. With thousands of transactionsflowing through our brokerage each year, mortgage and title represent natural opportunities to increase revenue and gross profit pertransaction while simplifying the experience for agents and their clients. While still in the early stages, we continue to evaluate opportunitiesto expand our ancillary services, leveraging the strength of our growing agent network to drive adoption and long-term revenue growth.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

ExpandingAgent-Centric Financial Technology Products

Aspart of our ongoing strategy to create new benefits for agents while diversifying Company revenue, we have developed Real Wallet, a financialtechnology platform that centralizes an agent’s access to Company-branded financial products. In October 2024, we announced thelaunch of certain Real Wallet products, including:

	●	Business checking accounts for eligible U.S. agents with Thread Bank, Member FDIC, including a Company-branded debit card.
	●	Credit lines for eligible Canadian agents, based on their earnings history with Real.

Weexpect to continue working on developing an ecosystem of financial products for real estate agents, creating additional revenue streamsto monetize the significant gross market value transacted on our platform. These innovations are being designed to empower agents byhelping them build wealth within the Real ecosystem.

Realis a real estate technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. The Real Wallet Visadebit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards areaccepted. All accounts are subject to approval.

Transformingthe Consumer Experience

Aspart of our strategy to transform the home buying process under the guidance of an agent, we are developing Leo for Clients, a technologyproduct designed to streamline the home-buying process for consumers while increasing adoption of our high-margin ancillary services.Leo for Clients is a natural extension of our agent-facing technology platform, providing agents with another value-added service fortheir clients.

Expectedfeatures include:

	●	(i) Dedicated AI-enhanced phone lines for each agent;
	●	(ii) 24/7 access to property information;
	●	(iii) Scheduling for home tours and access to other real estate services via text message.

Testingof Leo for Clients began in the fourth quarter of 2024, with anticipated beta launch later in 2025. We believe this strategy can createa technology-enhanced experience for consumers, while delivering value to shareholders through better monetization of ancillary services.

Pioneeringthe Future of Real Estate Through Technology

Technologyis a core pillar of our strategy, and a key differentiator in the real estate industry. Our commitment to continuous innovation ensuresthat agents have best-in-class tools to increase productivity, streamline operations, and enhance the transaction experience.

Wehave built our business around a software-based, AI-enhanced brokerage model, and expect to continue investing in reZEN, Leo CoPilot,Leo for Clients, and Real Wallet, to drive agent success and operational efficiency. We believe these innovations position Real at theforefront of real estate technology, creating a scalable, cost-efficient, and differentiated platform that benefits agents, consumers,and shareholders alike.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

PRESENTATIONOF FINANCIAL INFORMATION AND NON-GAAP MEASURES

Presentationof financial information

Non-GAAPmeasures

Inaddition to the reported GAAP measures, industry practice is to evaluate entities giving consideration to certain non-GAAP performancemeasures, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”) or adjusted earnings beforeinterest, taxes, depreciation and amortization (“Adjusted EBITDA”).

Managementbelieves that these measures are helpful to investors because they are measures that the Company uses to measure performance relativeto other entities. In addition to GAAP results, these measures are also used internally to measure the operating performance of the Company.These measures are not in accordance with GAAP and have no standardized definitions, and as such, our computations of these non-GAAPmeasures may not be comparable to measures by other reporting issuers. In addition, Real’s method of calculating non-GAAP measuresmay differ from other reporting issuers, and accordingly, may not be comparable.

Earningsbefore Interest, Taxes, Depreciation and Amortization

EBITDAis used as an alternative to net income (loss) because it excludes major non-cash items such as interest, taxes, and amortization, whichmanagement considers non-operating in nature. It provides useful information about our core profit trends by eliminating our taxes, amortization,and interest which provides a useful comparison between our competitors. A reconciliation of EBITDA to GAAP net income (loss) is presentedunder the section “Discussion of Results from Operations” in this MD&A.

AdjustedEarnings before Interest, Taxes, Depreciation and Amortization

Managementbelieves that Adjusted EBITDA provides useful information about our financial performance and allows for greater transparency with respectto a key metric used by the Company for financial and operational decision-making. We believe that Adjusted EBITDA helps identify underlyingtrends in our business that otherwise could be masked by the effect of the expenses that we exclude in Adjusted EBITDA. In particular,we believe the exclusion of finance, stock and stock option expenses provides a useful supplemental measure in evaluating the performanceof our operations and provides additional transparency into our results of operations.

AdjustedEBITDA is used as an addition to net income (loss) because it excludes major non-cash items such as amortization, interest, stock-basedcompensation, current and deferred income tax expenses and other items management considers non-operating in nature.

Areconciliation of Adjusted EBITDA to GAAP net income (loss) is presented under the section “Discussion of Results from Operations”of this MD&A.

KEYCOMPONENTS OF RESULTS FROM OPERATIONS

Fordetails on the key components of the results of operations, see “Key Components of Results from Operations” set out in ourmanagement’s discussion and analysis for the year ended December 31, 2024, available on SEDAR+ under the Company’s profileat www.sedarplus.com, as incorporated in our 2024 Form 40-F. There have been no material changes to our key components of results ofoperations for the three and six months ended June 30, 2025, as compared to those described in our management’s discussion andanalysis for the year ended December 31, 2024, as incorporated in our 2024 Form 40-F.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

SUMMARYRESULTS FROM OPERATIONS

Thefollowing table sets forth our interim condensed consolidated statements of comprehensive income (loss) for the three and six monthsended June 30, 2025 and 2024 (in thousands):

	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenues	$	540,747		$	340,778		$	894,728		$	541,521
Cost of Sales		492,886			308,910			812,931			488,894
Gross Profit	$	47,861		$	31,868		$	81,797		$	52,627

General and administrative expenses		18,900			14,015			36,416			26,151
Marketing expenses		23,284			15,889			40,981			28,518
Research and development expenses		3,993			2,608			7,925			5,070
Settlement of litigation		—			—			—			9,250
Operating Expenses	$	46,177		$	32,512		$	85,322		$	68,989
Operating Income (Loss)	$	1,684		$	(644	)	$	(3,525	)	$	(16,362	)

Other income, net		166			57			288			230
Finance expenses		(300	)		(523	)		(334	)		(1,075	)
Net Income (Loss)	$	1,550		$	(1,110	)	$	(3,571	)	$	(17,207	)
Net income (loss) attributable to non-controlling interests		38			(105	)		(116	)		(105	)
Net Income (Loss) Attributable to the Owners of the Company	$	1,512		$	(1,215	)	$	(3,455	)	$	(17,312	)
Other comprehensive income/(loss), Items that will be reclassified subsequently to profit or loss:
Unrealized gain (loss) on investments in financial assets		(9	)		51			3			94
Foreign currency translation adjustment		(8	)		376			(129	)		495
Total Comprehensive Income (Loss) Attributable to Owners of the Company	$	1,495		$	(788	)	$	(3,581	)	$	(16,723	)
Total Comprehensive Income (Loss) Attributable to Non-Controlling Interest		38			105			(116	)		105
Total Comprehensive Income (Loss)	$	1,533		$	(683	)	$	(3,697	)	$	(16,618	)
Earnings (Loss) per share
Basic earnings (loss) per share	$	0.01		$	(0.01	)	$	(0.02	)	$	(0.09	)
Diluted earnings (loss) per share	$	0.01		$	(0.01	)	$	(0.02	)	$	(0.09	)
Weighted-average shares, basic		214,787			189,046			213,738			186,568
Weighted-average shares, diluted		233,366			189,046			213,738			186,568

Basic and diluted earnings (loss) per share are calculated based on weighted average of Common Shares outstanding during the period.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Thefollowing table sets forth our cost of sales and operating expenses for the three and six months ended June 30, 2025 and 2024 (inthousands):

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Cost of Sales	$	492,886	$	308,910	$	812,931	$	488,894

Operating Expenses
General and Administrative Expenses		18,900		14,015		36,416		26,151
Salaries and Benefits		9,758		6,566		19,460		12,434
Stock-Based Compensation for Employees		1,714		2,066		3,019		3,420
Administrative Expenses		1,221		933		2,113		1,769
Professional Fees		5,007		3,304		9,200		6,422
Depreciation and Amortization Expense		398		340		777		666
Other General and Administrative Expenses		802		806		1,847		1,440
Marketing Expenses		23,284		15,889		40,981		28,518
Salaries and Benefits		413		237		803		442
Stock-Based Compensation for Employees		43		1		83		5
Stock-Based Compensation for Agents		3,478		2,335		6,593		4,472
Revenue Share		17,644		12,475		30,148		21,539
Other Marketing and Advertising Cost		1,707		841		3,355		2,060
Research and Development Expenses		3,993		2,608		7,925		5,070
Salaries and Benefits		2,360		1,322		4,754		2,713
Stock-Based Compensation for Employees		300		198		605		333
Other Research and Development		1,333		1,088		2,567		2,024
Settlement of Litigation		-		-		-		9,250
Total Operating Expenses		46,177		32,512		85,322		68,989
Total Cost of Sales and Operating Expenses	$	539,063	$	341,422	$	898,253	$	557,883

DISCUSSIONOF RESULTS FROM OPERATIONS

Revenue

Revenuefor the three-month period ended June 30, 2025, increased 59% to $540.7 million, up from $340.8 million in the three-month period endedJune 30, 2024. For the six months ended June 30, 2025, total revenue grew to $894.7 million, compared to $541.5 million in the correspondingperiod of 2024. This substantial growth was primarily driven by an increase in the number of productive agents on our platform and correspondingincrease in the number of real estate transactions closed. Substantially all revenue is derived from commissions generated from the saleof real estate properties, supplemented by revenues relating to ancillary services. We continue to invest in our technology platformto provide agents with the tools to enhance productivity, which we expect will further contribute to increased transaction volume closedby our agents.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Abreakdown in revenues (in thousands) generated during the period is included below:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Main revenue streams
Commissions	$	537,445	$	338,574	$	889,194	$	537,826
Title		1,346		1,255		2,376		2,050
Mortgage Income		1,709		949		2,785		1,645
Wallet		247		—		373		—
Total Revenue	$	540,747	$	340,778	$	894,728	$	541,521

Commissions

Commissionrevenue, our primary revenue stream, increased by 59% to $537.4 million for the three-month period ended June 30, 2025, up from $338.6million for the three-month period ended June 30, 2024. For the six-month period ended June 30, 2025, commission revenue grew to $889.2million, up from $537.8 million for the six-month period ended June 30, 2024. The robust growth for both periods was driven by a highernumber of productive agents on our platform and increased overall transaction volume.

Title

Titlerevenue saw a modest increase to $1.35 million for the three-month period ended June 30, 2025, compared to $1.26 million for the three-monthperiod ended June 30, 2024. For the six-month period ended June 30, 2025, Title revenue increased to $2.4 million, up from $2.1 millionfor the six-month period ended June 30, 2024. This growth was primarily attributable to an increase the number of transactions closedon our platform.

MortgageIncome

MortgageIncome experienced strong growth, reaching $1.7 for the three-month period ended June 30, 2025, up 80% from $0.9 million for the three-monthperiod ended June 30, 2024. For the six-month period ended June 30, 2025, Mortgage Income increased to $2.8 million, up from $1.6 millionfor the six-month period ended June 30, 2024. These increases were largely driven by an increase in the number of mortgage loan officerson our platform and a corresponding rise in closed mortgage transactions.

Wallet

Walletrevenue for the three-month and six-month period ended June 30, 2025 totaled $0.2 million and $0.4 million, respectively. There was noWallet revenue in the comparable 2024 periods, as the product was introduced in the fourth quarter of 2024. Revenue is derived from interchangefees from agents’ use of Real-branded debit cards, interest income on deposit balances held with Thread Bank, Member FDIC, andinterest income from credit extended to agents.

Costof Sales

	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenues	$	540,747		$	340,778		$	894,728		$	541,521
Cost of Sales		492,886			308,910			812,931			488,894
Cost of Sales as a Percentage of Revenues		91.1	%		90.6	%		90.9	%		90.3	%

Costof Sales for the three-month period ended June 30, 2025 increased to $492.9 million, from $308.9 million for the three-month period endedJune 30, 2024. For the six-month period ended June 30, 2025, Cost of Sales totaled $812.9 million, compared to $488.9 million for thesix-month period ended June 30, 2024. The increase in both periods primarily reflects increased commission payments, driven by growthin our agent base and increased transaction volume.

Asa percentage of revenue, Cost of Sales increased slightly to 91.1% for the three-month period ended June 30, 2025, compared to 90.6%for the same period in 2024. For the six-month period ended June 30, 2025, Cost of Sales was 90.9%, a slight increase from 90.3% forthe six-month period ended June 30, 2024. The increase primarily reflects a higher proportion of revenue generated by agents had reachedtheir annual commission cap, as well as a relative decrease in contribution from higher-margin ancillary services.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

GrossProfit

	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Gross Profit	$	47,861		$	31,868		$	81,797		$	52,627
Gross Profit as a Percentage of Revenues		8.9	%		9.4	%		9.1	%		9.7	%

Grossprofit for the three-month period ended June 30, 2025, grew to $47.9 million, up from $31.9 million for the three months ended June 30,2024. For the six-month period ended June 30, 2025, Gross profit increased to $81.8 million, from $52.6 million in the corresponding2024 period. This growth was largely driven by higher transaction volume, growth in our agent base, and increased contribution from ancillaryservices such as Real Title and Mortgage Brokerage.

However,gross profit as a percentage of revenues decreased to 8.9% for the three months ended June 30, 2025, compared to 9.4% in the prior yearperiod. Similarly, for the six-month period ended June 30, 2025, gross profit as a percentage of revenues was 9.1%, down from 9.7% inthe corresponding 2024 period. This decrease in gross margin, and the slower pace of gross profit increase relative to revenue, was primarilydue to a higher proportion of revenue generated by agents who had reached their annual commission cap, as well as a relative decreasein contribution from higher-margin ancillary services.

General& Administrative Expenses (“G&A”)

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Salaries and Benefits	$	9,758	$	6,566	$	19,460	$	12,434
Stock-Based Compensation for Employees		1,714		2,066		3,019		3,420
Administrative Expenses		1,221		933		2,113		1,769
Professional Fees		5,007		3,304		9,200		6,422
Depreciation and Amortization Expense		398		340		777		666
Other General and Administrative Expenses		802		806		1,847		1,440
General and Administrative Expenses	$	18,900	$	14,015	$	36,416	$	26,151

General& Administrative (G&A) expenses for the three-month period ended June 30, 2025 increased to $18.9 million, up from $14.0 millionfor the three-month period ended June 30, 2024. For the six-month period ended June 30, 2025, G&A expenses rose to $36.4 million,up from $26.2 million for the six-month period ended June 30, 2024. This increase across both periods primarily reflects our strategicinvestments in corporate infrastructure and personnel to support our growth and operations.

Keycomponents contributing to the G&A increase include:

	●	Salaries and Benefits: Salaries and Benefits represent the largest component of G&A expenses. For the three-month period ended June 30, 2025 Salaries and Benefits expense increased to $9.8 million, from $6.6 million for the three-month period ended June 30, 2024, and for the six-month period increased to $19.5 million from $12.4 million. The increase reflects investments in corporate personnel who support operations, administrative functions, and overall business growth.

	●	Professional Fees: Professional fees increased to $5.0 million for the three-month period ended June 30, 2025, from $3.3 million for the three-month period ended June 30, 2024 and to $9.2 million for the six-month period ended June 30, 2025, from $6.4 million for the six-month period ended June 30, 2024. This was primarily due to higher broker consulting fees, increased audit and tax compliance costs, and higher legal expenses.

	●	Stock-based Compensation: Within G&A, stock-based compensation expenses decreased to $1.7 million for the three-month period ended June 30, 2025, (from $2.1 million), and to $3.0 million for the six-month period (from $3.4 million). This decrease resulted from adjustments made for Restricted Stock Units (RSUs) with performance vesting conditions that are no longer expected to vest. This reduction was partially offset by overall headcount expansion and increased equity compensation for other employees.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

MarketingExpenses

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Salaries and Benefits	$	413	$	237	$	803	$	442
Stock-Based Compensation for Employees		43		1		83		5
Stock-Based Compensation for Agents		3,478		2,335		6,593		4,472
Revenue Share		17,644		12,475		30,148		21,539
Other Marketing and Advertising Cost		1,707		841		3,355		2,060
Marketing Expenses	$	23,284	$	15,889	$	40,981	$	28,518

Marketingexpenses for the three-month period ended June 30, 2025 increased to $23.3 million, from $15.9 million for the three-month period endedJune 30, 2024. For the six-month period ended June 30, 2025, marketing expenses rose to $41.0 million from $28.5 million for the six-monthperiod ended June 30, 2024. This overall increase reflects our continued investment in agent attraction and support. Real prioritizesagent-driven growth over traditional marketing channels, with Revenue Share and equity incentives serving as the primary cost of acquisition.As the agent base continues to grow, these expenses are expected to scale accordingly.

Keycomponents contributing to the increase in marketing expenses include:

	●	Revenue Share: Revenue Share, the largest component of Marketing expense, rose to $17.6 million for the three-month period ended June 30, 2025, from $12.5 million for the three-month period ended June 30, 2024 and rose to $30.1 million for the six-month period ended June 30, 2025, from $21.5 million for the six-month period ended June 30, 2024. This growth is primarily tied to the increase in productive agents and their corresponding transaction volumes on our platform.

	●	Stock-based Compensation for Agents: Stock-based compensation for agents increased to $3.5 million (from $2.3 million) for the three-month period ended June 30, 2025 and to $6.6 million (from $4.5 million) for the six-month period. This increase was mainly driven by higher transaction growth and a greater number of RSUs awarded to agents for meeting production-based milestones, which are designed to attract and retain high-performing agents.

Researchand Development Expenses

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Salaries and Benefits	$	2,360	$	1,322	$	4,754	$	2,713
Stock-Based Compensation for Employees		300		198		605		333
Other Research and Development		1,333		1,088		2,567		2,024
Research and Development Expenses	$	3,993	$	2,608	$	7,925	$	5,070

Researchand development expenses for the three-month period ended June 30, 2025 were $4.0 million, compared to $2.6 million for the three-monthperiod ended June 30, 2024. For the six-month period ended June 30, 2025, R&D expenses were $7.9 million, compared to $5.1 millionfor the six-month period ended June 30, 2024. The increase was primarily driven by higher headcount to support ongoing investment inplatform enhancements, new product development, and technological innovation, including various AI initiatives.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

OperatingIncome (Loss)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Operating Income (Loss)	$	1,684		$	(644	)	$	(3,525	)	$	(16,362	)
Operating Income (Loss) as a Percentage of Revenues		0.3	%		0.2	%		0.4	%		3.0	%

Forthe three-month period ended June 30, 2025, the Company generated Operating Income of $1.7 million, a significant improvement from anOperating Loss of $(0.6) million for the three-month period ended June 30, 2024. As a percentage of revenue, operating income for thethree-month period ended June 30, 2025 was 0.3%, compared to an operating loss of 0.2% for the three-month period ended June 30, 2024.

TheOperating Loss for the six-month period ended June 30, 2025, narrowed to $(3.5) million, an improvement from $(16.4) million for thesix-month period ended June 30, 2024. As a percentage of revenue, the operating loss for the six-month period ended June 30, 2025 was0.4%, a reduction from 3.0% for the six-month period ended June 30, 2024. This improvement in operating performance for both periodswas primarily driven by the overall revenue growth and expense management discussed in previous sections. Furthermore, the prior year’ssix-month results include a $9.25 million litigation settlement expense related to the resolution of the Umpa v. The National Associationof Realtors, et al. (the “Umpa Class Action”) lawsuit, which significantly impacted the prior year period’soperating loss.

TheCompany remains committed to balancing growth with improving profitability. We continue to focus on scaling our agent network while managingour cost structure to drive long-term financial performance.

Earningsbefore interest, taxes, depreciation and amortization (“EBITDA”) (in thousands)

	For the Three Months Ended					For the Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025			June 30, 2024
Net Income (Loss)	$	1,550	$	(1,110	)	$	(3,571	)	$	(17,207	)
Add/(Deduct):
Depreciation and amortization		398		340			777			666
EBITDA ^{(i) (ii)}	$	1,948	$	(770	)	$	(2,794	)	$	(16,541	)

	i.	Represents a non-GAAP measure. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly may not be comparable. For definitions and basis of presentation of Real’s non-GAAP measures, refer to the non-GAAP measures section.
	ii.	EBITDA is calculated on a trailing three-month basis. Refer to non-GAAP measures section of this MD&A for further details.

EBITDAfor the three-month period ended June 30, 2025, was $1.9 million, compared to $(0.8) million for the three-month period ended June 30,2024. For the six-month period ended June 30, 2025, EBITDA improved to $(2.8) million from $(16.5) million for the six-month period endedJune 30, 2024. This improvement aligns with the trends observed in operating income/loss, reflecting the Company’s revenue growthand expense management efforts. Consistent with operating income, the prior year’s six-month EBITDA was impacted by the $9.25 millionUmpa Class Action litigation settlement expense.

Adjustedearnings before interest, taxes, depreciation, and amortization (in thousands)

AdjustedEBITDA excludes stock-based compensation expense related to RSUs and options (“Options”) granted pursuant to our equityplans, including our Amended and Restated Omnibus Incentive Plan and our 2025 Stock Incentive Plan, finance expenses, depreciation andamortization expense, goodwill impairment, restructuring expenses, and expenses incurred as part of the settlement agreement to resolvethe Umpa Class Action. Stock-based compensation expense is influenced by factors such as the volume of awards granted and/or forfeitedduring the period, as well as changes in their fair value. Further details regarding our share-based payment arrangements are providedin Note 8 to our Financial Statements, Share-Based Payment arrangements.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

	For the Three Months Ended					For the Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025			June 30, 2024
Net Income (Loss)	$	1,550	$	(1,110	)	$	(3,571	)	$	(17,207	)
Add/(Deduct):
Finance expenses, net		300		899			334			1,570
Depreciation and Amortization		398		340			777			666
Stock-Based Compensation		17,795		13,536			30,502			22,380
Restructuring Expenses		-		-			250			-
Expenses related to Anti-Trust Litigation Settlement		-		369			27			10,226
Adjusted EBITDA^{(i) (ii)}	$	20,043	$	14,034		$	28,319		$	17,635

	i.	Represents a non-GAAP measure. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly may not be comparable. For definitions and basis of presentation of Real’s non-GAAP measures, refer to the non-GAAP measures section.
	ii.	Adjusted EBITDA is calculated on a trailing three-month basis. Refer to non-GAAP measures section of this MD&A for further details.

AdjustedEBITDA for the three-month period ended June 30, 2025, increased significantly to $20.0 million compared to $14.0 million for the three-monthperiod ended June 30, 2024. For the six-month period ended June 30, 2025, Adjusted EBITDA increased significantly to $28.3 million comparedto $17.6 million for the six-month period ended June 30, 2024.

Thegrowth in Adjusted EBITDA for both periods was largely driven by:

	●	Robust revenue growth, supported by a higher number of closed transactions and increased agent productivity.
	●	The exclusion of stock-based compensation expense, which amounted to $17.8 million for the three-month period ended June 30, 2025 (up from $13.5 million for the three-month period ended June 30, 2024), and $30.5 million, up for the six-month period ended June 30, 2025 (up from $22.4 million for the six-month period ended June 30, 2024). The increase for both periods is primarily attributable to higher participation in the Agent Stock Purchase Program, increased production-based incentives for agents, and higher equity compensation awarded to employees.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Stock-BasedCompensation

Stock-basedcompensation expense for the three-month period ended June 30, 2025 was $17.8 million compared to $13.5 million for the three-month periodended June 30, 2024. Stock-based compensation expense for the six-month period ended June 30, 2025 was $30.5 million compared to $22.4million for the six-month period ended June 30, 2024. The increase for both periods is primarily attributable to higher participationin the Agent Stock Purchase Program, increased production-based incentives for agents, and higher equity compensation awarded to full-timeemployees (“FTEs”).

Stock-basedcompensation is expected to continue increasing as we expand our agent network, enhance equity programs to attract and retain key personnel,and grant production-based equity awards to qualifying agents. As equity awards typically vest over one to three years, stock-based compensationexpense in a given period may fluctuate due to changes in share price and the timing of new grants.

Thefollowing table is presented in thousands:

	For the Three Months Ended
	June 30, 2025						June 30, 2024
	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
Cost of Sales – Agent Stock-Based Compensation	$	-	$	12,260	$	12,260	$	-	$	8,936	$	8,936
Marketing Expenses – Agent Stock-Based Compensation		56		3,422		3,478		69		2,266		2,335
Marketing Expenses – FTE Stock-Based Compensation		-		43		43		-		1		1
Research and Development – FTE Stock-Based Compensation		2		298		300		8		190		198
General and Administrative – FTE Stock-Based Compensation		209		1,505		1,714		461		1,605		2,066
Total Stock-Based Compensation	$	267	$	17,528	$	17,795	$	538	$	12,998	$	13,536

	For the Six Months Ended
	June 30, 2025						June 30, 2024
	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
Cost of Sales – Agent Stock-Based Compensation	$	-	$	20,202	$	20,202	$	-	$	14,150	$	14,150
Marketing Expenses – Agent Stock-Based Compensation		125		6,468		6,593		211		4,261		4,472
Marketing Expenses – FTE Stock-Based Compensation		-		83		83		1		4		5
Research and Development – FTE Stock-Based Compensation		3		602		605		15		318		333
General and Administrative – FTE Stock-Based Compensation		462		2,557		3,019		1,065		2,355		3,420
Total Stock-Based Compensation	$	590	$	29,912	$	30,502	$	1,292	$	21,088	$	22,380

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

FinancialInstruments

Financialassets and financial liabilities are recognized on the Company’s consolidated balance sheets when Real becomes party to the contractualprovisions of the instrument.

Financialassets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisitionor issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profitor loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate. Transaction costsdirectly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognizedimmediately in profit or loss.

Classificationand subsequent measurement

Thedetermination of which classification category is applicable depends, in part, on management’s intent and ability to hold the securitiesand is made on an instrument-by-instrument basis. Three classification categories are used:

Heldto maturity (HTM) — Securities that the entity has the positive intent and ability to hold to maturity are accounted for at amortizedcost.

Availablefor sale (AFS) — Securities that are not classified as held to maturity or trading are accounted for at fair value through othercomprehensive income (FVTOCI).

Trading— Trading securities are accounted for at fair value through net income (FVTNI).

Financialassets – Subsequent measurement and gains and losses

Financial

assets at

amortized cost

These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

Debt

investments at

FVOCI

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

Financialliabilities – Classification, subsequent measurement and gains and losses

Financialliabilities are classified as measured at amortized cost or FVTNI. A financial liability is classified as at FVTNI if it is classifiedas held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTNI are measuredat fair value and their net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilitiesare subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and lossesare recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

Derecognition

Financialassets

TheCompany applies a control-based model to determine derecognition and derecognizes assets when control is surrendered. Control of a financialasset is surrendered only if (1) the transferred asset is legally isolated from the transferor; (2) the transferee has the ability tofreely pledge or exchange the transferred financial asset (or third-party beneficial interest holders have the right to pledge or exchangethe beneficial interests if the transferee’s sole purpose is to engage in securitization or asset-backed financing activities);and (3) neither the transferor nor its consolidated affiliates or agents maintain effective control over the transferred asset throughother rights.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Offsetting

Financialassets and financial liabilities are offset and the net amount presented on the consolidated statements of financial position, only whenthe Company has a legally enforceable right to offset the amounts and it intends either to settle them on a net basis or to realize theasset and settle the liability simultaneously. A breakdown of financial instruments as of June 30, 2025 is included below(in thousands):

	As of June 30, 2025
	Carrying Amount						Fair Value
	Financial Assets at Amortized Cost		Other Financial Liabilities		Total		Level 1		Level 2		Level 3		Total
Financial Assets Measured at Fair Value (FV)
Investments in Financial Assets	$	5,155	$	-	$	5,155	$	5,158	$	-	$	-	$	5,158
Total Financial Assets Measured at Fair Value (FV)	$	5,155	$	-	$	5,155	$	5,158	$	-	$	-	$	5,158

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

BUSINESSSEGMENT INFORMATION

TheCompany has determined that it operates as three reporting segments - North American Brokerage, One Real Title and One Real Mortgage,which comprise more than 90% of the Company’s total revenue and income (loss) from operations. The other segment, Real Wallet,is not considered a reporting segment as its revenue and net loss do not meet the quantitative threshold set for reporting segments.This segment is disclosed in the “Other Segments” category below. Further details regarding the Company’s operatingsegments are provided in Note 5 within the Financial Statements.

Afurther breakdown of the interim condensed consolidated statements of comprehensive income (loss) by business segment during the periodis included below (in thousands):

	Three Months Ended June 30, 2025
	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
Revenues	$	537,445	$	1,346		$	1,709		$	247		$	540,747
Cost of Sales		491,737		216			900			33			492,886
Gross Profit	$	45,708	$	1,130		$	809		$	214		$	47,861

Operating Expenses⁽¹⁾⁽²⁾		42,222		2,123			1,492			340			46,177
Operating Income (Loss)	$	3,486	$	(993	)	$	(683	)	$	(126	)	$	1,684

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net													166
Finance expenses, net													(300	)
Net Income												$	1,550

¹Operatingexpenses includes General and administrative expenses, Marketing expenses, and Research and development expenses.

²Operatingexpenses includes Revenue share expense of approximately $17,644 thousand and is recorded in the North American Brokerage segment.

	Six Months Ended June 30, 2025
	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
Revenues	$	889,194	$	2,376		$	2,785		$	373		$	894,728
Cost of Sales		810,986		383			1,477			85			812,931
Gross Profit	$	78,208	$	1,993		$	1,308		$	288		$	81,797

Operating Expenses⁽¹⁾⁽²⁾		77,623		4,411			2,792			496			85,322
Operating Income (Loss)	$	585	$	(2,418	)	$	(1,484	)	$	(208	)	$	(3,525	)

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net													288
Finance expenses, net													(334	)
Net Loss												$	(3,571	)

¹Operatingexpenses includes General and administrative expenses, Marketing expenses, and Research and development expenses.

²Operatingexpenses includes Revenue share expense of approximately $30,148 thousand and is recorded in the North American Brokerage segment.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

	For the Three Months Ended June 30, 2024
	North American Brokerage		One Real Title			One Real Mortgage			Total
Revenues	$	338,574	$	1,255		$	949		$	340,778
Cost of Sales		308,268		143			499			308,910
Gross Profit	$	30,306	$	1,112		$	450		$	31,868

Operating Expenses⁽¹⁾⁽²⁾		29,983		1,641			888			32,512
Operating Income (Loss)	$	323	$	(529	)	$	(438	)	$	(644	)

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net										57
Finance expenses, net										(523	)
Net Loss									$	(1,110	)

¹Operatingexpenses includes General and administrative expenses, Marketing expenses, Research and development expenses, and Settlement of litigation.

²Operatingexpenses includes Revenue share expense of approximately $12,475 thousand and is recorded in the North American Brokerage segment.

	For the Six Months Ended June 30, 2024
	North American Brokerage			One Real Title			One Real Mortgage			Total
Revenues	$	537,826		$	2,050		$	1,645		$	541,521
Cost of Sales		487,736			285			873			488,894
Gross Profit	$	50,090		$	1,765		$	772		$	52,627

Operating Expenses⁽¹⁾⁽²⁾		64,404			2,892			1,693			68,989
Operating Loss	$	(14,314	)	$	(1,127	)	$	(921	)	$	(16,362	)

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net											230
Finance expenses, net											(1,075	)
Net Loss										$	(17,207	)

¹Operatingexpenses includes General and administrative expenses, Marketing expenses, Research and development expenses, and Settlement of litigation.

²Operatingexpenses includes Revenue share expense of approximately $21,539 thousand and is recorded in the North American Brokerage segment.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Areconciliation of Net Income (Loss) to Adjusted EBITDA by business segment is presented below (in thousands):

	Three Months Ended June 30, 2025
	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
Net Income (Loss)	$	3,297	$	(989	)	$	(682	)	$	(76	)	$	1,550
Add/(Deduct):
Finance income (expenses), net		298		(4	)		-			6			300
Depreciation and Amortization		204		168			26			-			398
Stock-Based Compensation		17,532		8			233			21			17,794
Adjusted EBITDA	$	21,331	$	(817	)	$	(423	)	$	(49	)	$	20,042

	Six Months Ended June 30, 2025
	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
Net Income (Loss)	$	507	$	(2,435	)	$	(1,484	)	$	(159	)	$	(3,571	)
Add/(Deduct):
Finance income (expenses), net		308		17			-			9			334
Depreciation and Amortization		388		336			53			-			777
Stock-Based Compensation		30,017		4			458			22			30,501
Restructuring Expenses		-		250			-			-			250
Expenses related to Anti-Trust Litigation Settlement		27		-			-			-			27
Adjusted EBITDA	$	31,247	$	(1,828	)	$	(973	)	$	(128	)	$	28,318

Theamount of revenue from external customers, by geography, is shown in the table below (in thousands):

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
United States	$	480,678	$	296,261	$	801,170	$	472,750
Canada		60,069		44,517		93,558		68,771
Total revenue by region	$	540,747	$	340,778	$	894,728	$	541,521

LIQUIDITYAND CAPITAL RESOURCES

Asof June 30, 2025, cash and cash equivalents and investments totaled $54.8 million, compared to $32.8 million as of December 31, 2024.Cash is comprised of cash held in our banking accounts and money market funds.

Allof our operations are conducted in the U.S. and Canada. Assets in Israel and India, such as cash in the bank, subscriptions, computersand hardware, primarily relate to employees who provide support services for our North American operations.

Forthe six-month period ended June 30, 2025:

	●	Cash flows generated by operating activities were $57.0 million, an increase from $37.5 million for the period ended June 30, 2024. The increase was primarily due to improved operating results, as discussed above, which in the prior year period were negatively impacted by the $9.25 million litigation settlement expense related to the Umpa Class Action. Additionally, the increase reflects the impact of non-cash income and expense items such as depreciation and amortization, equity-settled share-based payments and finance costs of $7.5 million.
	●	Cash flows generated by investing activities were $1.5 million, primarily due to the net sale of financial assets of $4.3 million. The increase was partially offset by the purchase of an investment in equity securities for $2.25 million.
	●	Cash flows from financing activities represented a use of $10.0 million. Cash flow used in financing activities reflects repurchases of Common Shares for satisfying RSU obligations totaling $8.8 million, which was partially offset by proceeds of $0.7 million from the exercise of Options.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Webelieve that our existing balances of cash and cash equivalents, and cash flows expected to be generated from our operations will besufficient to satisfy our immediate and ongoing operating requirements.

Ourfuture capital requirements will depend on many factors, including our level of investment in technology, our rate of growth into newmarkets, and potential mergers and acquisitions. Our capital requirements may be affected by factors that we cannot control such as theresidential real estate market, interest rates, and other monetary and fiscal policy changes. To support and achieve our future growthplans, however, we may need or seek to obtain additional funding, including through equity or debt financing.

Thefollowing table presents liquidity (in thousands):

	As of
	June 30, 2025		December 31, 2024
Cash and Cash Equivalents	$	49,614	$	23,376
Investment in Financial Assets ^[iii]		5,158		9,449
Total Capital ^{[i] [ii]}	$	54,772	$	32,825

[i]– Total Capital is not a standard financial measure under non-GAAP and may not be comparable to similar

measuresreported by other entities.

[ii]– Represents a non-GAAP measure. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’methods and accordingly may not be comparable.

[iii]– Investment securities are presented in the table below.

Ourprimary sources of liquidity are cash and cash flows from operations as well as cash raised from investors in exchange for issuance ofCommon Shares. The Company expects to meet all of its obligations and other commitments as they become due. The Company has various financingsources to fund operations and will continue to fund working capital needs through these sources along with cash flows generated fromoperating activities.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

BalanceSheet overview (in thousands)

	As of
	June 30, 2025		December 31, 2024
ASSETS
Current Assets	$	129,590	$	72,911
Non-Current Assets		19,843		13,684
TOTAL ASSETS	$	149,433	$	86,595

LIABILITIES
Current Liabilities		100,464		54,452
TOTAL LIABILITIES		100,464		54,452
TOTAL EQUITY		48,969		32,143
TOTAL LIABILITIES AND EQUITY	$	149,433	$	86,595

Assetsoverview by geographical segment (in thousands)

	As of June 30, 2025
	Canada		Israel		India		United States		Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	3,844	$	32	$	41	$	45,697	$	49,614
Restricted cash		33,122		-		-		13,180		46,302
Investment in financial assets		78		-		-		5,080		5,158
Trade receivables		8,179		-		-		18,642		26,821
Other receivables		-		51		-		-		51
Short-term financing receivables, net		-		-		-		72		72
Prepaid expenses and deposits		62		-		133		1,377		1,572
TOTAL CURRENT ASSETS	$	45,285	$	83	$	174	$	84,048	$	129,590
NON-CURRENT ASSETS
Intangible assets		-		-		-		2,130		2,130
Goodwill		-		-		-		8,993		8,993
Property and equipment		13		11		126		2,174		2,324
Long-term financing receivables, net		2,834		-		-		1,312		4,146
Long-term investments		-		-		-		2,250		2,250
TOTAL NON-CURRENT ASSETS		2,847		11		126		16,859		19,843
TOTAL ASSETS	$	48,132	$	94	$	300	$	100,907	$	149,433

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

	As of December 31, 2024
	Canada		Israel		United States		Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	2,840	$	61	$	20,475	$	23,376
Restricted cash		16,140		-		7,949		24,089
Investment in financial assets		73		-		9,376		9,449
Trade receivables		5,089		-		9,146		14,235
Other receivables		-		117		-		117
Prepaid expenses and deposits		-		-		1,645		1,645
TOTAL CURRENT ASSETS	$	24,142	$	178	$	48,591	$	72,911
NON-CURRENT ASSETS
Intangible assets		-		-		2,575		2,575
Goodwill		-		-		8,993		8,993
Property and equipment		16		11		2,089		2,116
TOTAL NON-CURRENT ASSETS		16		11		13,657		13,684
TOTAL ASSETS	$	24,158	$	189	$	62,248	$	86,595

INVESTMENTIN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE

TheCompany invested surplus funds from operating activities into a managed investment portfolio. Securities are purchased on behalf of theCompany and are actively managed through multiple investment accounts.

TheCompany’s investment securities portfolio consists primarily of cash investments, debt securities issued by U.S government agencies,local municipalities, and certain corporate entities. As of June 30, 2025, the total investment in securities available for sale at fairvalue was $5.2 million and is more fully disclosed in Note 9 of the Financial Statements, Investment Securities Available forSale Securities at Fair Value, of the Financial Statements.

Thefollowing table presents Investments in Available for Sale Securities at Fair Value (in thousands):

Description	Estimated Fair Value December 31, 2024		Deposit / (Withdraw)			Dividends, Interest & Income		Gross Unrealized Gains		Estimated Fair Value June 30, 2025
Fixed Income	$	9,370	$	(4,523	)	$	222	$	3	$	5,072
Investment Certificate		79		7			-		-		86
Total	$	9,449	$	(4,516	)	$	222	$	3	$	5,158

TheCompany holds no debt obligations.

TheCompany has no future material contractual obligations or payments due with respect to debt, finance leases, operating leases, purchaseobligations, or other capital commitments.

Capitalmanagement framework

Realdefines capital as its equity. It is comprised of common shares, additional paid in capital, accumulated other comprehensive income,deficit, treasury stock, and non-controlling interests. The Company’s capital management framework is designed to maintain a levelof capital that funds the operations and business strategies and builds long-term shareholder value.

TheCompany’s objective is to manage its capital structure in such a way as to diversify its funding sources, while minimizing itsfunding costs and risks. The Company sets the amount of capital in proportion to the risk and adjusts to changes in economic conditionsand the characteristic risk of underlying assets. To maintain or adjust the capital structure, the Company may repurchase shares, returncapital to shareholders, issue new shares or sell assets.

Real’sstrategy is to retain adequate liquidity to mitigate the effect of the risk that cash flows from its operations will not be sufficientto meet operational, investing and financing requirements. There have been no changes to the Company’s capital management policiesduring the three and six-month periods ended June 30, 2025 and June 30, 2024.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

SUMMARYOF QUARTERLY INFORMATION

Thefollowing table provides selected quarterly financial information (in thousands, except per share data) for the nine most recently completedfinancial quarters ended June 30, 2025. This information reflects all adjustments of a recurring nature that are, in the opinion of management,necessary to present a fair statement of the results of operations for the periods presented. Quarter-to-quarter comparisons of financialresults are not necessarily meaningful and should not be relied upon as an indication of future performance. The general increase inrevenue and expense quarter over quarter is due to growth and expansion of the Company.

	2025						2024												2023
	Q2			Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2
Revenue	$	540,747		$	353,981		$	350,630		$	372,488		$	340,778		$	200,743		$	181,341		$	214,640		$	185,332
Cost of Sales		492,886			320,045			320,645			340,359			308,910			179,984			165,810			195,865			167,573
Gross Profit	$	47,861		$	33,936		$	29,985		$	32,129		$	31,868		$	20,759		$	15,531		$	18,775		$	17,759
General and Administrative Expenses		18,900			17,516			18,632			16,301			14,015			12,136			15,387			9,234			9,654
Marketing Expenses		23,284			17,697			13,698			15,261			15,889			12,629			9,084			11,577			10,266
Research and Development Expenses		3,993			3,932			4,042			3,045			2,608			2,462			2,325			1,931			1,579
Settlement of Litigation		-			-			-			-			-			9,250			-			-			-
Operating Expenses	$	46,177		$	39,145		$	36,372		$	34,607		$	32,512		$	36,477		$	26,796		$	22,742		$	21,499
Operating Income (Loss)	$	1,684		$	(5,209	)	$	(6,386	)	$	(2,478	)	$	(644	)	$	(15,718	)	$	(11,265	)	$	(3,967	)	$	(3,740	)
Other income (expenses), net		166			122			(115	)		(151	)		(57	)		(173	)		693			(38	)		(40	)
Finance Income (Expenses), net		(300	)		34			434			214			523			552			32			10			272
Income (Loss) Before Tax	$	1,550		$	(5,121	)	$	(6,705	)	$	(2,541	)	$	(1,110	)	$	(16,097	)	$	(11,990	)	$	(3,939	)	$	(3,972	)
Non-controlling interest		38			154			62			(45	)		(105	)		-			26			(85	)		(146	)
Income (Loss) Attributable to the Owners of the Company	$	1,512		$	(4,967	)	$	(6,643	)	$	(2,586	)	$	(1,215	)	$	(16,097	)	$	(11,964	)	$	(4,024	)	$	(4,118	)
Other Comprehensive Incomes (loss):
Unrealized Gains (Losses) on Available for Sale Investment Portfolio		(9	)		12			(16	)		3			51			43			116			79			42
Foreign Currency Translation Adjustment		(8	)		(121	)		529			(230	)		376			119			(38	)		(52	)		(85	)
Comprehensive Income (Loss)	$	1,495		$	(5,076	)	$	(6,130	)	$	(2,813	)	$	(788	)	$	(15,935	)	$	(11,886	)	$	(3,997	)	$	(4,161	)
Adjusted EBITDA Reconciliation:
Net Income (Loss)	$	1,550		$	(5,121	)	$	(6,705	)	$	(2,541	)	$	(1,110	)	$	(16,097	)	$	(11,990	)	$	(3,939	)	$	(3,972	)
Finance Costs		300			34			169			(16	)		899			671			(6	)		(42	)		187
Depreciation and Amortization		398			379			372			358			340			326			298			277			284
Stock-Based Compensation		17,795			12,707			15,119			15,417			13,536			8,844			19,423			7,144			6,075
Goodwill Impairment		-			-			-			-			-			-			723			-			-
Restructuring Expense		-			250			-			-			-			-			58			80			44
Expenses related to Anti-Trust Litigation Settlement		-			27			118			33			369			9,857			-			-			-
Adjusted EBITDA	$	20,043		$	8,276		$	9,073		$	13,251		$	14,034		$	3,601		$	8,506		$	3,520		$	2,618
Earnings per Share
Basic Earnings (Loss) per Share	$	0.007		$	(0.024	)	$	(0.033	)	$	(0.013	)	$	(0.006	)	$	(0.087	)	$	(0.066	)	$	(0.022	)	$	(0.023	)
Diluted Earnings (Loss) per Share		0.007			(0.024	)		(0.033	)		(0.013	)		(0.006	)		(0.087	)		(0.066	)		(0.022	)		(0.023	)

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

QUARTERLYREVENUE PERFORMANCE BY CATEGORY

Year-over-yearquarterly revenue growth (in thousands)

	2025						2024												2023
	Q2			Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2
Revenue
Commissions	$	537,445		$	351,749		$	348,083		$	369,890		$	338,574		$	199,252		$	180,417		$	213,319		$	184,022
Commissions – YoY QTR		59	%		77	%		93	%		73	%		84	%		86	%		89	%		92	%		65	%
Title Revenue		1,346			1,030			1,338			1,400			1,255			795			480			964			948
Title Revenue – YoY QTR		7	%		30	%		179	%		45	%		32	%		33	%		1	%		99	%		87	%
Mortgage Revenue		1,709			1,076			1,167			1,198			949			696			444			357			362
Mortgage Revenue – YoY QTR		80	%		55	%		163	%		236	%		162	%		427	%		2,237	%		-%			-%
Wallet Revenue		247			126			42			—			—			—			—			—			—
Wallet Revenue - YoY QTR		-%			-%			-%			-%			-%			-%			-%			-%			-%
Total Revenue	$	540,747		$	353,981		$	350,630		$	372,488		$	340,778		$	200,743		$	181,341		$	214,640		$	185,332
Total Revenue – YoY QTR		59	%		76	%		93	%		74	%		84	%		86	%		89	%		92	%		65	%

THE REAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

QUARTERLYKEY PERFORMANCE METRICS

TheCompany uses the results of our operations and key performance metrics related to our business and the real estate industry to evaluateperformance, make strategic decisions, and allocate resources. The below table shows certain key performance metrics the Company periodicallyreviews to measure performance:

	2025			2024					2023
Key Performance Metrics		Q2	Q1		Q4	Q3	Q2	Q1		Q4	Q3	Q2
Closed Transaction Sides¹		49,282	33,617		35,370	35,832	30,367	19,032		17,749	20,397	17,537
Total Value of Home Side Transactions ($, billions)²		20.1	13.5		14.6	14.4	12.6	7.5		6.8	8.1	7.0
Median Home Sale Price ($, thousands)³		387	380		380	383	384	372		355	370	369

Total Agents⁴		28,034	26,870		24,140	21,770	19,540	16,680		13,650	12,175	11,500
Agent Churn Rate (%)⁵		9.4	8.7		6.8	7.3	7.5	7.9		6.2	10.8	6.5
Revenue Churn Rate (%)⁶		1.9	2.5		1.8	2.0	1.6	1.9		4.9	4.5	3.8

Full-Time Employees⁷		429	410		264	240	231	151		159	162	145
Full-Time Employees, Excluding Real Title and One Real Mortgage⁸		324	307		178	155	142	117		118	120	102
Headcount Efficiency Ratio⁹		1:87	1:88		1:136	1:140	1:138	1:143		1:116	1:101	1:113
Revenue Per Full-Time Employee ($, thousands)¹⁰		1,669	1,153		1,970	2,403	2,400	1,716		1,537	1,789	1,817
Operating Expense Excluding Revenue Share ($, thousands)¹¹		28,533	26,641		26,835	22,956	20,037	27,413		19,956	14,796	13,815
Operating Expense Per Transaction Excluding Revenue Share ($)¹²		579	792		759	641	660	1,440		1,124	725	788

¹Represents the number of transactions closed by our agent base during the period.

²Represents the dollar amount (in USD) of home side transactions closed by our agent base during the period.

³Represents the median price (in USD) of homes sold by our agent base during the period.

⁴Defined as our agent base at period end.

⁵Represents the rate at which agents churn. Calculated as the number of agents churned during the period divided by our total agentbase at the beginning of the period.

⁶Represents a supplementary financial measure calculated as the rate of commission revenue generated by churned agents. Calculatedas commission revenue from churned agents during the last six months divided by total Company commissions revenue for the last six months.

⁷Total Company headcount at period end.

⁸Total Company headcount at period end, less Title and Mortgage employees.

⁹Defined as the ratio of full-time brokerage employees (excluding One Real Title and One Real Mortgage employees) to the number of agentson our platform.

¹⁰A supplementary financial measure calculated as total company revenue divided by full-time brokerage employees (excludes One RealTitle and One Real Mortgage employees).

¹¹A supplementary financial measure calculated as total operating expenses per the Company’s statement of comprehensive loss,less revenue share disclosed in the Company’s expense by nature footnote disclosure in the Financial Statements.

¹²A supplementary financial measure calculated as operating expense excluding revenue share, divided by closed transaction sides.

THE REAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Wetrack these key performance indicators to assess business growth, agent and transaction trends, operational efficiency, and financialdiscipline. Closed transaction sides, total value of home side transactions, and median home sale price provide insight into market growth,market share, and transaction volume, key drivers of our revenue. Total agents, agent churn rate, and revenue churn rate help evaluateagent network expansion, retention, and the stability of our revenue base.

Operationalefficiency is measured through full-time employees, headcount efficiency ratio, and revenue per full-time employee, which reflect scalabilityand productivity relative to revenue growth. Operating expense excluding revenue share and operating expense per transaction excludingrevenue share provide a clearer view of cost management by isolating fixed and discretionary operating expenses from agent-driven revenueshare fluctuations.

Theincrease in full-time employees during 2025 was primarily attributable to the transition of 136 employees (122 excluding One Real Mortgageand Real Title employees) in India from contractor status to FTEs. This transition contributed to a decrease in the headcount efficiencyratio for the first half of 2025.

QUARTERLYTRENDS

QuarterlyRevenue and Gross Margin Trends

Ourrevenue has seen continued growth over the last eight quarters, driven in large part by the expansion of our operations, transactionvolume and our agent base.

Ourgross margin percentage has varied over the last eight quarters and is driven by transaction volume, contributions from our ancillaryservices, and the mix of agents that have hit their annual cap. We expect contributions to gross margin from our ancillary services togrow over time.

QuarterlyOperating Expense Trends

Overthe last eight quarters, operating expense has seen a relatively consistent increase as we continue to grow our headcount and supportour growing agent base. Expenses in Q1 2024 reflect the $9.25 million settlement reached to settle the Umpa class action lawsuit, asdescribed in footnote 15 of our Financial Statements.

SIGNIFICANTACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION

Thepreparation of the Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses and the related disclosures as of the date of the Financial Statements. Actual results may differfrom estimates under different assumptions and conditions.

Significantjudgments include measures of share-based payment arrangements. Our significant judgments have been reviewed and approved by the AuditCommittee for completeness of disclosure on what management believes would be relevant and useful to investors in interpreting the amountsand disclosures in the Financial Statements.

DISCLOSURECONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

Disclosurecontrols and procedures

TheCompany’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) have designedcontrols to provide reasonable assurance that: (i) material information relating to the Company is made known to management by others,particularly during the period in which the annual and interim filings are being prepared; and (ii) information required to be disclosedby the Company in its annual and interim filings or other reports filed or submitted under securities legislation is recorded, processed,summarized and reported within the time frame specified in the securities legislation.

Basedon the evaluations, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were adequate and effectiveas of June 30, 2025.

THE REAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

Internalcontrol over financial reporting

Ourmanagement is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Canada byNational Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, and in the UnitedStates by Rule 13a-15(e) under the Securities Exchange Act of 1934). Our internal control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statementsfor external purposes in accordance with U.S. GAAP. Because of its inherent limitations, internal control over financial reporting maynot prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk thatcontrols may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures maydeteriorate.

Ourmanagement, with the participation of our CEO and CFO, evaluated the effectiveness of our internal control over financial reporting asof June 30, 2025, based on the criteria described in the Internal Control-Integrated Framework (2013) issued by the Committee of SponsoringOrganizations of the Treadway Commission. Based on the results of its evaluation, management concluded that our internal control overfinancial reporting was effective as of June 30, 2025.

Inherentlimitations

Itshould be noted that in a control system, no matter how well conceived and operated, it provides only reasonable, not absolute, assurancethat the objectives of the control system are met. Given the inherent limitations in all control systems, no evaluation of controls canprovide absolute assurance that all control issues, including instances of fraud, if any, have been detected. These inherent limitationsinclude, among other items: (i) that management’s assumptions and judgments could ultimately prove to be incorrect under varyingconditions and circumstances; (ii) the impact of any undetected errors; and (iii) controls may be circumvented by unauthorized acts ofindividuals, by collusion of two or more people, or by management override.

Changesin Internal Control over Financial Reporting

Therewere no changes in Internal Control over Financial Reporting during the period ended June 30, 2025 that have materially affected or arereasonably likely to materially affect the adequacy and effectiveness of the Company’s Internal Control over Financial Reporting.

Relatedparty transactions

Balancesand transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are notdisclosed in this note. The Company’s key management personnel are comprised of its Chief Executive Officer, Chief Financial Officer,Chief Technology Officer, Chief Marketing Officer, Chief Operating Officer, Chief Legal Officer and other members of the executive team.Executive officers participate in the A&R Plan (see Note 8.A of the interim condensed consolidated financial statements).

RISKSAND UNCERTAINTIES

Thereare a number of risk factors that could cause future results to differ materially from those described herein. The risks and uncertaintiesare not the only ones the Company faces. Additional risks and uncertainties, including those that the Company does not know about asof the date of this MD&A, or that it currently deems immaterial, may also adversely affect the Company’s business. If any ofthese risks occur, the Company’s business may be harmed, and its financial condition and the results of operation may suffer significantly.Please refer to the risks under the caption “Risk and Uncertainties” in the Company’s MD&A for the interim periodended March 31, 2025, available on SEDAR+ under the Company’s profile at www.sedarplus.com, as well as the risk factors setforth below, for a list of risks that could materially adversely affect our business, financial condition or results of operations.

TheCompany may issue additional Common Shares and Shareholders may experience dilution.

The Company is authorized to issuean unlimited number of Common Shares. In addition, the Company maintains equity incentive programs under which employees, agents, brokers,and certain service providers of the Company and its affiliates may receive equity awards. The Company issues Restricted Share Unitsto agents on a monthly basis pursuant to these incentive programs and periodically issues Common Shares to other eligible participants,including employees. As a result, shareholders may experience dilution of their ownership interests in the Company in the future.

THEREAL BROKERAGE INC.

MANAGEMENT'SDISCUSSION & ANALYSIS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

LEGALPROCEEDINGS

Referto Note 15 within the Financial Statements for a description of legal proceedings affecting the Company, of which Note 15is hereby incorporated by reference.

OUTSTANDINGSHARE DATA

Asof June 30, 2025, the Company had 208.6 million Common Shares issued and 208.1 million Common Shares outstanding. Additionally, therewere 24.7 million Common Shares reserved for issuance subject to RSUs and 13.7 million Common Shares reserved for issuance pursuant tothe exercise of Options.

Asof July 31, 2025, the Company had 209.8 million Common Shares issued and 209.3 million outstanding. As of July 31, 2025,a total of 25.1 million RSUs are issued and outstanding. Once vested, each RSU will settle for a Common Share, but may be settledin cash in certain circumstances in accordance with the equity plan under which the RSUs were issued. Additionally, there were 13.6million Options issued and outstanding with exercise prices ranging from $0.08 to $6.50 per share and expiration dates ranging from June2030 to March 2035. Each Option is exercisable for one Common Share.

RECENTDEVELOPMENTS

ExecutiveTrading Plans (Rule 10b5-1)

TheCompany has adopted a written insider trading policy that governs the purchase, sale, and other dispositions of the Company’s securitiesby its directors, officers, and employees, designed to promote compliance with applicable insider trading laws and regulations. The policypermits our officers, directors, funds affiliated with our directors, and certain other persons to enter into trading plans complyingwith Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

OnMay 28, 2025, Pritesh Damani, the Company’s Chief Technology Officer, entered into a 10b5-1 trading plan (the “Plan”),which is intended to satisfy the affirmative defense of Rule 10b5-1(c), for the sale of up to 1,249,212 Common Shares. The first saleof Common Shares will not take place until at least September 26, 2025. The Plan end date is March 31, 2026. Under the Plan, Mr. Damaniwill relinquish control over the sale transactions. Accordingly, sales under the Plan may occur at any time, including possibly before,simultaneously with, or immediately after significant events involving the Company.

Flyhomes,Inc. Acquisition and Equity Investment

OnJune 30, 2025, the Company purchased preferred shares of Flyhomes, Inc. (“Flyhomes”) for $2.25 million, representingapproximately a 2.3% ownership interest in Flyhomes. Flyhomes is a wholesale mortgage lender focused on modern home financing solutions.

OnJuly 1, 2025, the Company acquired the AI-powered consumer home search portal and related technology assets of Flyhomes for $3.25 million.

OTHER EVENTS

On April 24, 2025, the Company announcedthe promotion of Ravi Jani to Chief Financial Officer, effective immediately. Mr. Jani succeeded Michelle Ressler as CFO. Ms. Ressler’semployment with the Company was terminated based on the Company’s opinion that she engaged in actions that violated Company policiesrelated to personal expenses. While the Company’s review of Ms. Ressler’s actions is ongoing, the Company does not believethat the actions of the former CFO had any material impact on the Company’s previously issued financial statements.

ADDITIONALINFORMATION

Thesedocuments, the Company’s Annual Information Form for the year ended December 31, 2024, as well as additional information regardingReal, have been filed electronically on Real’s website at www.onereal.com and is available on SEDAR+ under the Company’sprofile at www.sedarplus.com.

Exhibit 99.2

TABLE OF CONTENTS

Interim Condensed Consolidated Financial Statements (Unaudited):

Interim Condensed Consolidated Balance Sheets	2

Interim Condensed Consolidated Statements of Comprehensive Income (Loss)	3

Interim Condensed Consolidated Statements of Shareholders’ Equity	4-5

Interim Condensed Consolidated Statements of Cash Flows	6

Notes to the Interim Condensed Consolidated Financial Statements	7-24

THEREAL BROKERAGE INC.

INTERIMCONDENSED CONSOLIDATED BALANCE SHEETS

(U.S.dollars and shares in thousands)

UNAUDITED

	June 30, 2025			December 31, 2024
	As of
	June 30, 2025			December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	49,614		$	23,376
Restricted cash		46,302			24,089
Investments in financial assets		5,158			9,449
Trade receivables		26,821			14,235
Other receivables		51			117
Short-term financing receivables, net		72			-
Prepaid expenses and deposits		1,572			1,645
TOTAL CURRENT ASSETS	$	129,590		$	72,911
NON-CURRENT ASSETS
Intangible assets, net		2,130			2,575
Goodwill		8,993			8,993
Property and equipment, net		2,324			2,116
Investment in equity securities		2,250			-
Long-term financing receivables, net		4,146			-
TOTAL NON-CURRENT ASSETS	$	19,843		$	13,684
TOTAL ASSETS	$	149,433		$	86,595

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable		1,251			1,374
Accrued liabilities		48,068			25,939
Customer deposits		46,302			24,089
Other payables		4,843			3,050
TOTAL CURRENT LIABILITIES	$	100,464		$	54,452
TOTAL LIABILITIES	$	100,464		$	54,452

EQUITY
EQUITY ATTRIBUTABLE TO OWNERS
Common Shares, no par value, unlimited Common Shares authorized, 208,613 Shares issued and 208,121 outstanding at June 30, 2025; and 202,941 Shares issued and 202,499 outstanding at December 31, 2024		-			-
Additional paid-in capital		158,827			138,639
Accumulated deficit		(108,201	)		(104,746	)
Accumulated other comprehensive income		582			708
Treasury shares, at cost, 492 and 442 Common Shares at June 30, 2025 and December 31, 2024, respectively		(2,021	)		(2,455	)
EQUITY ATTRIBUTABLE TO OWNERS	$	49,187		$	32,146
Non-controlling interests		(218	)		(3	)
TOTAL EQUITY	$	48,969		$	32,143
TOTAL LIABILITIES AND EQUITY	$	149,433		$	86,595

Theaccompanying notes form an integral part of the interim condensed consolidated financial statements.

THEREAL BROKERAGE INC.

INTERIMCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(U.S.dollar and shares in thousands, except per share amounts)

UNAUDITED

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues	$	540,747		$	340,778		$	894,728		$	541,521
Cost of Sales		492,886			308,910			812,931			488,894
Gross Profit		47,861			31,868			81,797			52,627

General and administrative expenses		18,900			14,015			36,416			26,151
Marketing expenses		23,284			15,889			40,981			28,518
Research and development expenses		3,993			2,608			7,925			5,070
Settlement of litigation		—			—			—			9,250
Operating Expenses		46,177			32,512			85,322			68,989
Operating Income (Loss)		1,684			(644	)		(3,525	)		(16,362	)

Other income, net		166			57			288			230
Finance expenses, net		(300	)		(523	)		(334	)		(1,075	)
Net Income (Loss)	$	1,550		$	(1,110	)	$	(3,571	)	$	(17,207	)
Net income (loss) attributable to non-controlling interests		38			105			(116	)		105
Net Income (Loss) Attributable to the Owners of the Company	$	1,512		$	(1,215	)	$	(3,455	)	$	(17,312	)
Othercomprehensive income/(loss), Items that will be reclassified subsequently to profit or loss:
Unrealized gain (loss) on investments in financial assets		(9	)		51			3			94
Foreign currency translation adjustment		(8	)		376			(129	)		495
Total Comprehensive Income (Loss) Attributable to Owners of the Company	$	1,495		$	(788	)	$	(3,581	)	$	(16,723	)
Total Comprehensive Income (Loss) Attributable to Non-Controlling Interest		38			105			(116	)		105
Total Comprehensive Income (Loss)	$	1,533		$	(683	)	$	(3,697	)	$	(16,618	)
Earnings (Loss) per share
Basic earnings (loss) per share	$	0.01		$	(0.01	)	$	(0.02	)	$	(0.09	)
Diluted earnings (loss) per share	$	0.01		$	(0.01	)	$	(0.02	)	$	(0.09	)
Weighted-average shares, basic		214,787			189,046			213,738			186,568
Weighted-average shares, diluted		233,366			189,046			213,738			186,568

Theaccompanying notes form an integral part of the interim condensed consolidated financial statements.

THE REALBROKERAGE INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS

FOR THE PERIOD ENDED JUNE 30, 2025 AND2024

UNAUDITED

	Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Equity Attributable to Owners			Non- Controlling Interests			Total Equity
Balance at, March 31, 2025	$	142,457		$	(109,713	)	$	599		$	(591	)	$	32,752		$	(233	)	$	32,519
Total net income (loss)		-			1,512			-			-			1,512			38			1,550
Total other comprehensive income (loss)		-			-			(17	)		-			(17	)		-			(17	)
Distributions to non-controlling interests		-			-			-			-			-			(23	)		(23	)
Acquisition of common shares for Restricted Share Unit (RSU) Plan		-			-			-			(2,708	)		(2,708	)		-			(2,708	)
Release of treasury stock		(1,278	)		-			-			1,278			-			-			-
Exercise of stock options		351			-			-			-			351			-			351
Shares withheld for taxes		(498	)		-			-			-			(498	)		-			(498	)
Equity-settled stock-based payment		17,795			-			-			-			17,795			-			17,795
Balance at, June 30, 2025	$	158,827		$	(108,201	)	$	582		$	(2,021	)	$	49,187		$	(218	)	$	48,969

Balance at, March 31, 2024	$	121,870		$	(94,302	)	$	(5	)	$	(2,110	)	$	25,453		$	171		$	25,624
Total net income (loss)		-			(1,215	)		-			-			(1,215	)		105			(1,110	)
Total other comprehensive income		-			-			427			-			427			-			427
Distributions to non-controlling interests		-			-			-			-			-			(14	)		(14	)
Acquisition of common shares for Restricted Share Unit (RSU) Plan		-			-			-			(10,603	)		(10,603	)		-			(10,603	)
Release of treasury stock		(2,278	)		-			-			2,278			-			-			-
Exercise of stock options		3,010			-			-			-			3,010			-			3,010
Exercise of warrants		377			-			-			-			377			-			377
Shares withheld for taxes		(420	)		-			-			-			(420	)		-			(420	)
Equity-settled stock-based payment		13,536			-			-			-			13,536			-			13,536
Balance at, June 30, 2024	$	136,095		$	(95,517	)	$	422		$	(10,435	)	$	30,565		$	262		$	30,827

Theaccompanying notes form an integral part of the interim condensed consolidated financial statements.

THEREAL BROKERAGE INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OFSHAREHOLDERS’ EQUITY

(U.S. dollar in thousands, except per share amounts)

UNAUDITED

	Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Equity Attributable to Owners			Non- Controlling Interests			Total Equity
Balance at, January 1, 2025	$	138,639		$	(104,746	)	$	708		$	(2,455	)	$	32,146		$	(3	)	$	32,143
Total net loss		-			(3,455	)		-			-			(3,455	)		(116	)		(3,571	)
Total other comprehensive income (loss)		-			-			(126	)		-			(126	)		-			(126	)
Distributions to non-controlling interests		-			-			-			-			-			(99	)		(99	)
Acquisition of common shares for Restricted Share Unit (RSU) Plan		-			-			-			(8,830	)		(8,830	)		-			(8,830	)
Release of treasury stock		(9,264	)		-			-			9,264			-			-			-
Exercise of stock options		661			-			-			-			661			-			661
Shares withheld for taxes		(1,711	)		-			-			-			(1,711	)		-			(1,711	)
Equity-settled stock-based payment		30,502			-			-			-			30,502			-			30,502
Balance at, June 30, 2025	$	158,827		$	(108,201	)	$	582		$	(2,021	)	$	49,187		$	(218	)	$	48,969

Balance at, January 1, 2024	$	115,504		$	(78,205	)	$	(167	)	$	(257	)	$	36,875		$	209		$	37,084
Balance	$	115,504		$	(78,205	)	$	(167	)	$	(257	)	$	36,875		$	209		$	37,084
Total net income (loss)		-			(17,312	)		-			-			(17,312	)		105			(17,207	)
Total other comprehensive income (loss)		-			-			589			-			589			-			589
Distributions to non-controlling interests		-			-						-			-			(52	)		(52	)
Acquisition of common shares for Restricted Share Unit (RSU) Plan		-			-			-			(15,226	)		(15,226	)		-			(15,226	)
Release of treasury stock		(5,048	)		-			-			5,048			-			-			-
Exercise of stock options		3,623			-			-			-			3,623			-			3,623
Exercise of warrants		377			-			-			-			377			-			377
Shares withheld for taxes		(741	)		-			-			-			(741	)		-			(741	)
Equity-settled stock-based payment		22,380			-						-			22,380			-			22,380
Balance at, June 30, 2024	$	136,095		$	(95,517	)	$	422		$	(10,435	)	$	30,565		$	262		$	30,827
Balance	$	136,095		$	(95,517	)	$	422		$	(10,435	)	$	30,565		$	262		$	30,827

Theaccompanying notes form an integral part of the interim condensed consolidated financial statements.

THE REAL BROKERAGE INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCASH FLOWS

(U.S. dollar in thousands)

UNAUDITED

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
OPERATING ACTIVITIES
Net Income (Loss)	$	1,550		$	(1,110	)	$	(3,571	)	$	(17,207	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		398			340			777			666
Equity-settled share-based payment		17,795			13,536			30,502			22,380
Finance costs		62			71			(87	)		200
Change in fair value of warrants liability		-			200			-			471
Changes in operating asset and liabilities:
Funds held in restricted escrow account		-			(9,250	)		-			(9,250	)
Trade receivables		(10,031	)		(9,096	)		(12,586	)		(12,190	)
Other receivables		3			34			66			7
Short-term and long-term financing receivables, net		(1,249	)		-			(4,218	)		-
Prepaid expenses and deposits		(39	)		(319	)		73			591
Accounts payable		324			103			(123	)		625
Accrued liabilities		14,496			12,415			22,129			20,255
Customer deposits		16,043			8,684			22,213			20,176
Other payables		1,666			362			1,793			10,726
NET CASH PROVIDED BY OPERATING ACTIVITIES		41,018			15,970			56,968			37,450

INVESTING ACTIVITIES
Purchase of property and equipment		(255	)		(501	)		(540	)		(597	)
Purchase of investment in equity securities		(2,250	)		-			(2,250	)		-
Purchase of financial assets		(109	)		(1,542	)		(1,459	)		(1,713	)
Proceeds from sale of financial assets		5,496			5,730			5,753			5,752
NET CASH PROVIDED BY INVESTING ACTIVITIES		2,882			3,687			1,504			3,442
FINANCING ACTIVITIES
Purchase of common shares for Restricted Share Unit (RSU) Plan		(2,708	)		(10,603	)		(8,830	)		(15,226	)
Payment of employee taxes on certain share-based arrangements		(498	)		(420	)		(1,711	)		(741	)
Proceeds from exercise of stock options		351			3,010			661			3,623
Distributions to non-controlling interest		(23	)		(14	)		(99	)		(52	)
NET CASH USED IN FINANCING ACTIVITIES		(2,878	)		(8,027	)		(9,979	)		(12,396	)

Net change in cash, cash equivalents and restricted cash		41,022			11,630			48,493			28,496
Cash, cash equivalents and restricted cash, beginning of period		54,965			44,512			47,465			27,655
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash		(71	)		298			(42	)		289
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE	$	95,916		$	56,440		$	95,916		$	56,440

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Warrants exercised		-			377			-			377

Theaccompanying notes form an integral part of the interim condensed consolidated financial statements.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

1.NATURE OF BUSINESS

TheReal Brokerage Inc. (“Real” or the “Company”) is a growing real estate technology company thatoperates across all 50 U.S. states, the District of Columbia, and four Canadian provinces. As a licensed real estate brokerage, the Company’srevenue is generated primarily by processing real estate transactions which entitle us to commissions. The Company pays a portion ofits commission revenue to real estate agents who are affiliated with the Company. Unlike traditional brokerages, who rely on physicaloffices for service delivery, Real operates as a fully digital brokerage, providing agents with reZEN, our proprietary transaction managementand brokerage operations software. The Company’s vision is to transform home buying under the guidance of an agent through an integratedconsumer technology product, while growing its ancillary services, including mortgage broker, title and fintech services.

Theconsolidated operations of Real include the subsidiaries of Real, including those involved in the brokerage, title, mortgage broker andwallet operations.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Thesignificant accounting policies described below have been applied consistently to all periods presented.

A.Basis of preparation

Theinterim condensed consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accountingprinciples in the United States of America (“GAAP”).

Thefinancial information as of December 31, 2024 that is included in this quarterly report is derived from the audited Consolidated FinancialStatements and notes for the year ended December 31, 2024. Such financial information should be read in conjunction with the notes ofthe Consolidated Financial Statements included in our annual report.

Alldollar amounts are in U.S. dollars unless otherwise stated.

B.Basis of Consolidation

Theinterim condensed consolidated financial statements incorporate the financial statements of the Company, its wholly-owned subsidiariesand entities in which we have a controlling voting interest in. Intercompany transactions and balances are eliminated upon consolidation.

Consolidationof a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Companygains control until the date when the Company ceases to control the subsidiary.

Wherenecessary, adjustments are made to the financial statements of subsidiaries to ensure subsidiaries’ accounting policies are inline with Company’s accounting policies.

Allintragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Companyand its subsidiaries are eliminated on consolidation.

C.Use of Estimates

Thepreparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statementsand the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptionsrelated to legal contingencies, income taxes, revenue recognition, stock-based compensation, intangible assets, goodwill and deferredincome tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and variousother factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments aboutthe carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent thereare material differences between the estimates and the actual results, future results of operations will be affected.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

D.Cash and Cash Equivalents and Restricted Cash

Thefollowing table (in thousands) provides a reconciliation of cash, cash equivalents, and restricted cash further reported within the condensedconsolidated balance sheets that sum to the total of the same amounts shown on the condensed consolidated statements of cash flows.

	June 30, 2025		December 31, 2024
	As of
	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	49,614	$	23,376
Restricted cash		46,302		24,089
Total cash, cash equivalents, and restricted cash, ending balance	$	95,916	$	47,465

E.Income Taxes

TheCompany accounts for income taxes under the asset and liability method pursuant to ASC 740, Income Taxes. Under this method, the Companyrecognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statementcarrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferredtax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporarydifferences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognizedin income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likelythan not that some portion or all of the deferred tax assets will not be realized based on all available positive and negative evidence.

Taxbenefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained duringan audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

F.Financing Receivables, net

TheCompany provides financial services to its agents with credit terms of up to three years. The balances reported in the consolidated balancesheets were at the outstanding principal amount less allowance of credit losses. The accrued interest receivables are also included infinancing receivables as of the balance sheet date. In estimating the amount of the allowance for credit losses, the Company considersa combination of historical loss data, agents specific information, current market conditions and reasonable and supportable forecastsof future economic conditions to inform adjustments to historical loss data. Both the allowance for credit losses and the interest incomerelated to financing receivables were immaterial for the three and six months ended June 30, 2025 and the three and six months endedJune 30, 2024.

G.Investments in Equity Securities

TheCompany’s investments in equity securities include securities without readily determinable fair values. For investments withoutreadily determinable fair values, the Company has elected to use the measurement alternative, under which the investment is measuredat its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identicalor a similar investment of the same issuer. This election is reassessed each reporting period to determine whether non-marketable equityinvestments have a readily determinable fair value, in which case they would no longer be eligible for this election. Indicators of impairmentmay include negative changes in the industry, unfavorable market conditions, weak financial performance, or other relevant events andfactors. No impairment was recorded in the interim condensed consolidated statements of comprehensive income (loss) for the three andsix months ended June 30, 2025 and 2024.

H.Accounting Policy Developments

NewAccounting Pronouncements

InDecember 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),to require disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on incometaxes paid. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. ASU 2023-09 iseffective for annual periods beginning after December 15, 2024. The Company is in the process of evaluating the impact ASU 2023-09 willhave on its consolidated financial statements and related disclosures.

InNovember 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) requiring additional disclosure of thenature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses includedin the expense captions presented on the face of the income statement as well as disclosures about selling expenses. DISE will be effectivefor annual reporting periods beginning after December 15, 2026 with early adoption permitted. The Company is in the process of evaluatingthe impact ASU 2024-03 will have on its consolidated financial statements and related disclosures.

3.REVENUE

Inthe following table, Revenue (in thousands) from contracts with customers is disaggregated by major service lines.

	2025		2024		2025		2024
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Main revenue streams
Commissions	$	537,445	$	338,574	$	889,194	$	537,826
Title		1,346		1,255		2,376		2,050
Mortgage Income		1,709		949		2,785		1,645
Wallet		247		—		373		—
Total Revenue	$	540,747	$	340,778	$	894,728	$	541,521

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

4.EXPENSES BY NATURE

Thefollowing table presents cost of sales and a breakdown of operating expenses (in thousands):

	2025		2024		2025		2024
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of Sales	$	492,886	$	308,910	$	812,931	$	488,894

Operating Expenses
General and Administrative Expenses		18,900		14,015		36,416		26,151
Salaries and Benefits		9,758		6,566		19,460		12,434
Stock-Based Compensation for Employees		1,714		2,066		3,019		3,420
Administrative Expenses		1,221		933		2,113		1,769
Professional Fees		5,007		3,304		9,200		6,422
Depreciation and Amortization Expense		398		340		777		666
Other General and Administrative Expenses		802		806		1,847		1,440
Marketing Expenses		23,284		15,889		40,981		28,518
Salaries and Benefits		413		237		803		442
Stock-Based Compensation for Employees		43		1		83		5
Stock-Based Compensation for Agents		3,478		2,335		6,593		4,472
Revenue Share		17,644		12,475		30,148		21,539
Other Marketing and Advertising Cost		1,707		841		3,355		2,060
Research and Development Expenses		3,993		2,608		7,925		5,070
Salaries and Benefits		2,360		1,322		4,754		2,713
Stock-Based Compensation for Employees		300		198		605		333
Other Research and Development		1,333		1,088		2,567		2,024
Settlement of Litigation		—		—		—		9,250
Total Operating Expenses	$	46,177	$	32,512	$	85,322	$	68,989
Total Cost of Sales and Operating Expenses	$	539,063	$	341,422	$	898,253	$	557,883

5.OPERATING SEGMENTS DISCLOSURES

Segmentinformation aligns with how the Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, manages the businessand allocates resources into four operating segments:

	●	NorthAmerican Brokerage: generates revenue by processing real estate transactions which entitles the Company to commissions.

	●	One Real Title: generates revenue by offering title insurance and closing services for residential and/or commercial transactions.

	●	One Real Mortgage: derives revenue from premiums associated with facilitating mortgage transactions between borrowers and lenders.

	●	Real Wallet: derives revenue from fees associated with the program and the offering of financial products.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

TheCompany determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses,(ii) has discrete financial information and is (iii) regularly reviewed by the CODM. Once operating segments are identified, the Companyperforms a quantitative analysis of the current and historic revenues and profitability for each operating segment, together with a qualitativeassessment to determine if operating segments have similar operating characteristics.

Eachoperating segment is assessed both quantitatively and qualitatively to determine whether it meets the thresholds for separate disclosureunder ASC 280. The Company has elected to separately disclose Title and Mortgage segments as management expects that the segments willcontinue to be significant. Both segments were previously classified as part of Other Segments. As a result of this change, prior periodsegment information has been recast to conform to our current presentation in our financial statements. The Company has determined thatit operates as three reporting segments - North American Brokerage, One Real Title and One Real Mortgage, which comprise more than 90%of the Company’s total revenue and income (loss) from operations. The other segment, Real Wallet, is not considered a reportingsegment as its revenue and net loss do not meet the quantitative threshold set for reporting segments. This segment is disclosed in the“Other Segments” category below.

TheCODM uses revenues, gross profit and operating income (loss) as key metrics to evaluate the operating and financial performance of asegment, identify trends affecting the segments, develop projections and make strategic business decisions. All segments follow the samebasis of presentation and accounting policies as those described throughout the notes to the audited consolidated financial statementsincluded herein. The following tables provide information about the Company’s reportable segments (in thousands).

SCHEDULE OF OPERATING SEGMENT

	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
	For the Three Months Ended June 30, 2025
	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
Revenues	$	537,445	$	1,346		$	1,709		$	247		$	540,747
Cost of sales		491,737		216			900			33			492,886
Gross Profit	$	45,708	$	1,130		$	809		$	214		$	47,861

Operating Expenses(1)(2)		42,222		2,123			1,492			340			46,177
Operating Income (Loss)	$	3,486	$	(993	)	$	(683	)	$	(126	)	$	1,684

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net													166
Finance expense, net													(300	)
Net Income												$	1,550

Operating expenses includes General and administrative expenses, Marketing expenses, and Research and development expenses.

Operating expenses includes Revenue share expense of approximately $17,644 thousand and is recorded in the North American Brokerage segment.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
	For the Six Months Ended June 30, 2025
	North American Brokerage		One Real Title			One Real Mortgage			Other Segments			Total
Revenues	$	889,194	$	2,376		$	2,785		$	373		$	894,728
Cost of sales		810,986		383			1,477			85			812,931
Gross Profit	$	78,208	$	1,993		$	1,308		$	288		$	81,797

Operating Expenses⁽¹⁾⁽²⁾		77,623		4,411			2,792			496			85,322
Operating Income (Loss)	$	585	$	(2,418	)	$	(1,484	)	$	(208	)	$	(3,525	)

Reconciliation of profit or loss (segment profit/loss)
Other income, net													288
Finance expense, net													(334	)
Net Loss												$	(3,571	)

Operating expenses includes General and administrative expenses, Marketing expenses, and Research and development expenses.

Operating expenses includes Revenue share expense of approximately $30,148 thousand and is recorded in the North American Brokerage segment.

	North American Brokerage		One Real Title			One Real Mortgage			Total
	For the Three Months Ended June 30, 2024
	North American Brokerage		One Real Title			One Real Mortgage			Total
Revenues	$	338,574	$	1,255		$	949		$	340,778
Cost of sales		308,268		143			499			308,910
Gross Profit	$	30,306	$	1,112		$	450		$	31,868

Operating Expenses⁽¹⁾⁽²⁾		29,983		1,641			888			32,512
Operating Income (Loss)	$	323	$	(529	)	$	(438	)	$	(644	)

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net										57
Finance expenses, net										(523	)
Net Loss									$	(1,110	)

Operating expenses includes General and administrative expenses, Marketing expenses, Research and development expenses and Settlement of Litigation.

Operating expenses includes Revenue share expense of approximately $12,475 thousand and is recorded in the North American Brokerage segment.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

	North American Brokerage			One Real Title			One Real Mortgage			Total
	For the Six Months Ended June 30, 2024
	North American Brokerage			One Real Title			One Real Mortgage			Total
Revenues	$	537,826		$	2,050		$	1,645		$	541,521
Cost of sales		487,736			285			873			488,894
Gross Profit	$	50,090		$	1,765		$	772		$	52,627

Operating Expenses(1)(2)		64,404			2,892			1,693			68,989
Operating Loss	$	(14,314	)	$	(1,127	)	$	(921	)	$	(16,362	)

Reconciliation of profit or (loss) (segment profit/(loss))
Other income, net											230
Finance expenses, net											(1,075	)
Net Loss										$	(17,207	)

Operating expenses includes General and administrative expenses, Marketing expenses, Research and development expenses and Settlement of Litigation.

Operating expenses includes Revenue share expense of approximately $21,539 thousand and is recorded in the North American Brokerage segment.

Segmentrevenue reported above represents revenue generated from external customers. There were no intersegment sales for the three and six monthsended June 30, 2025 and June 30, 2024.

Segmentspecific assets and liabilities are not disclosed in these interim condensed consolidated financial statements because the CODM is notregularly provided with that information.

Depreciationand Amortization (in thousands):

	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
North American Brokerage	$	204	$	146		388		277
One Real Title		168		168		336		336
One Real Mortgage		26		26		53		53
Other Segments		—		—		—		—
Total	$	398	$	340	$	777	$	666

Theamount of revenue from external customers, by geography, is shown in the table below (in thousands):

SCHEDULE OF REVENUE GEOGRAPHY

	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
United States	$	480,678	$	296,261	$	801,170	$	472,750
Canada		60,069		44,517		93,558		68,771
Total revenue by region	$	540,747	$	340,778	$	894,728	$	541,521

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

6.INCOME TAXES

TheCompany has not recorded any income tax expense or benefit in either the six months ended June 30, 2025 or June 30, 2024 as it has hadcumulative tax losses in all jurisdictions where it conducts business. Since our inception, we have not recorded any income tax benefitsfor the net losses we have incurred or for our other deferred tax assets, as we believe that it is more likely than not that all of ourdeferred tax assets will not be realized. Accordingly, we have recorded a full valuation allowance against our net deferred tax assets.

InJuly 2025, the One Big Beautiful Bill Act (the “OBBB”) was enacted into law, extending key provisions of 2017 Tax Act. TheOBBB brought back accelerated depreciation for property acquired and placed in service after January 19, 2025, and restored expensingof domestic research expenditures for years beginning after December 31, 2024. Additionally, the bill also amended the interest expenseslimitation to EBITDA-based instead of EBIT, international tax provisions on global intangible low-tax income, foreign derived intangibleincome, and base erosion and anti-abuse tax. The company is still evaluating the impact of OBBB on our consolidated financial statements.

7.BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

Basicearnings (loss) per share is computed by dividing the income available to common shareholders for the period by the weighted averagenumber of common shares of the Company (“Common Shares”) outstanding during the period. Diluted earnings (loss) pershare is computed by dividing net income available to common shareholders less any preferred dividends for the period by the weightedaverage number of Common Shares outstanding plus any potentially dilutive securities outstanding during the period. The Company usesthe treasury stock method to reflect the potential dilutive effect of unvested RSUs and unexercised stock options. The Company does notpay dividends or have participating shares outstanding.

Thefollowing table outlines the number of Common Shares (in thousands) and basic and diluted earnings (loss) per share.

	June 30, 2025		June 30, 2024			June 30, 2025			June 30, 2024
	For the Three Months Ended					For the Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025			June 30, 2024
Weighted-average numbers of Common Shares - basic		214,787		189,046			213,738			186,568
Effect of Dilutive Securities:
RSUs		8,445		-			-			-
Options		10,134		-			-			-
Weighted-average numbers of Common Shares - diluted		233,366		189,046			213,738			186,568
Earnings (Loss) per share
Basic earnings (loss) per share	$	0.01	$	(0.01	)	$	(0.02	)	$	(0.09	)
Diluted earnings (loss) per share	$	0.01	$	(0.01	)	$	(0.02	)	$	(0.09	)

Thefollowing potential ordinary shares (in thousands) are anti-dilutive and are therefore excluded from the weighted average number of ordinaryshares for the purpose of diluted earnings per share.

	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Options		70		18,787		13,737		18,787
RSU		—		25,551		17,010		25,551
Total		70		44,338		30,747		44,338

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

8.STOCK-BASED PAYMENT ARRANGEMENTS

A.Description of stock-based payment arrangements

Stockoption plan (equity-settled)

OnJanuary 20, 2016, the Company established a stock option plan (the “Stock Option Plan”) that entitles key managementpersonnel and employees to acquire Common Shares upon the exercise of Company options (“Options”). Under the StockOption Plan, holders of vested Options are entitled to purchase Common Shares for the exercise price as determined at the grant date.

OnFebruary 26, 2022, the Company established an omnibus incentive plan providing for up to 20% of the issued and outstanding Common Sharesas of the date thereof (being 35.6 million Common Shares, less RSUs and Options outstanding under other equity inventive plans) to beissued as RSUs or Options to directors, officers, employees, and consultants of the Company (the “Omnibus Incentive Plan”).The Omnibus Incentive Plan was approved by shareholders of the Company on June 13, 2022.

TheCompany amended its Omnibus Incentive Plan (the “A&R Plan”) on July 13, 2022, and the Company’s shareholdersapproved the A&R Plan on June 9, 2023. Pursuant to the A&R Plan, the maximum number of Common Shares issuable pursuant to outstandingOptions at any time shall be limited to 15% of the aggregate number of issued and outstanding Common Shares as of the applicable awarddate less the number of Common Shares issuable pursuant to Options under the A&R Plan or any other security-based compensation arrangementof the Company. In addition, the Company was authorized to grant up to 70,000,000 RSUs pursuant to the A&R Plan. The RSU limit isseparate and distinct from the maximum number of Common Shares reserved for issuance pursuant to Options under the A&R Plan. No moresecurities are granted under the Stock Option Plan, Omnibus Incentive Plan, or A&R Plan after June 1, 2025; however, these security-basedincentive compensation plans continue to govern the previously issued securities under such plans.

OnApril 14, 2025, the Company established the 2025 Stock Incentive Plan (the “2025 Plan”) and the Company’s shareholdersapproved the 2025 Plan on May 30, 2025. Pursuant to the 2025 Plan, the Company is authorized to issue 50,000,000 Common Shares to itsdirectors, employees and other service providers, including agents, as stock-based compensation. The Company may grant options, restrictedstock awards, restricted stock units, and other stock-based awards under the 2025 Plan.

ShareRepurchases

OnMay 14, 2024, the Company announced that it renewed its normal course issuer bid (“NCIB”) to be transacted throughthe facilities of the Nasdaq Capital Market and other stock exchanges and/or alternative trading systems in the United States and/orCanada. Pursuant to the NCIB, Real was able to purchase up to approximately 9.47 million Common Shares, representing approximately 5%of the total 189 million Common Shares issued and outstanding as of May 1, 2024. The NCIB terminated May 28, 2025.

TheNCIB was conducted to acquire Common Shares for the purposes of satisfying restricted share unit (each, an “RSU”)obligations. The Company appointed CWB Trust Services (the “Trustee”) as the trustee for the purposes of arrangingthe acquisition of Common Shares and to hold the Common Shares in trust for the purposes of satisfying RSU payments as well as to manageother administrative matters. RBC Capital Markets was engaged to undertake purchases under the NCIB.

OnMay 30, 2025, the Company announced a new share repurchase program, pursuant to which it may repurchase up to the lesser of 35 millionshares, or $150 million in value. Purchases are made at prevailing market prices and the program has no termination date provided itcontinues to comply with exemptions from the issuer bid requirements of applicable Canadian securities laws at the applicable time. Theprogram may be suspended or discontinued at any time and does not obligate the company to acquire any amount of Common Shares.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

B.Measurement of fair value

Thefair value of the Options has been measured using the Black-Scholes formula. The Black-Scholes model requires management to make certainassumptions including the expected life of the stock options, volatility and risk-free interest rate. Service and non-market performanceconditions attached to the arrangements were not considered in measuring fair value. The inputs used in the measurement of the fair valueat the grant and measurement date of options granted in the period were as follows:

	As of
	June 30, 2025			June 30, 2024
Share price	$	5.10		$	4.31
Expected volatility (weighted-average)		60	%		95	%
Expected life (weighted-average)		2.46 years			10 years
Expected dividends		—	%		—	%
Risk-free interest rate (based on US government bonds)		4.45	%		4.26	%
Weighted-average grant date fair value	$	5.10		$	4.31

Expectedvolatility has been based on an evaluation of historical volatility of the Company’s share price.

C.Reconciliation of outstanding stock options

Thefollowing table outlines the number of Options (in thousands) and weighted-average exercise price:

	As of
	June 30, 2025					June 30, 2024
	Number of Options			Weighted- Average Exercise Price		Number of Options			Weighted- Average Exercise Price
Outstanding at beginning of year		14,991		$	1.09		21,943		$	0.92
Granted		15			5.10		45			4.31
Forfeited/ Expired		(35	)		0.84		(50	)		2.38
Exercised		(1,234	)		0.62		(3,151	)		0.62
Outstanding at end of period		13,737		$	1.14		18,787		$	0.98
Exercisable at end of period		11,345		$	1.04		14,270		$	0.81

TheOptions outstanding as of June 30, 2025 had a weighted average exercise price of $1.14 (June 30, 2024: $0.98) and a weighted-averageremaining contractual life of 6.2 years (June 30, 2024: 6.9 years).

D.Restricted share units

Restrictedshare units

TheCompany issues RSUs to agents based on an agent meeting certain performance metrics, including successfully attracting other performingagents to the Company. Each RSU, which has a vesting term of up to 3 years and is subject to forfeiture in certain circumstances, entitlesthe holder to one Common Share or the equivalent cash value, as determined in the Company’s discretion. The Company recognizesexpense from the issuance of these RSUs during the applicable vesting period based upon the best available estimate of the number RSUsexpected to vest with a corresponding increase in additional paid-in capital. The expense recognized from the issuance of RSU awardsfor the three and six months ended June 30, 2025 was $3.4 million and $6.5 million, respectively. The expense recognized for the threeand six months ended June 30, 2024 was $2.3 million and $4.3 million, respectively. These expenses are classified as marketing expenses.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

Underthe Company’s agent stock purchase program (“Agent Purchase Program”), agents purchase RSUs, which are not subjectto forfeiture and immediately vest with a one-year restriction for exercise, using a percentage of the agent’s commission thatis withheld by the Company. Each RSU entitles the holder to one Common Share, but may be settled in cash at the Company’s solediscretion in accordance with the equity plan under which the RSUs were issued. The RSUs are expensed in the period in which they areissued with a corresponding increase in equity. Eachagent pays the Company 15% of commissions until the commission paid to the Company totals that agent’s “cap” amount(the “Cap”). As an incentive to participate in the Agent Purchase Program, the Company issues additional RSUs (“BonusRSUs”) with a value of (i) 10% of the commission withheld (the percentage was previously 15%) if an agent has not met the Capand (ii) 15% of the commission withheld (the percentage was 20% until April 1, 2025) if an agent has met the Cap. The Bonus RSUs havea one-year vesting term and are subject to forfeiture in certain circumstances. The RSUs purchased under the Agent Purchase Program areexpensed to cost of sales and the Bonus RSUs are expensed to stock-based compensation expense within marketing expenses. Bonus RSUs areamortized over the vesting period with a corresponding increase in additional paid-in capital.

Stockcompensation awards granted to full-time employees (“FTEs”) are classified as a general and administrative, researchand development, or marketing expense based on the appropriate department within the condensed consolidated statements of comprehensiveincome (loss).

TheCompany also awards performance-based RSUs which require certain conditions, communicated within each individual award, to be met forvesting to occur. Expense related to the issuance of performance-based RSUs is recorded over the vesting period, is initially based onthe fair value of the award on the grant date, and is subsequently remeasured at each reporting date based upon the probability thatthe performance target will be met. Remeasurement may result in the reversal of expenses previously recorded if it is determined thatthe performance target will not be met.

Thefollowing table illustrates the Company’s stock activity (in thousands of units) for the RSUs under its equity plans.

	Restricted Share Units
Balance at, December 31, 2023		27,609
Granted		17,769
Vested and Issued		(19,376	)
Forfeited		(1,383	)
Balance at, December 31, 2024		24,619
Granted		10,379
Vested and Issued		(6,963	)
Forfeited		(3,310	)
Balance at, June 30, 2025		24,725

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

Stock-BasedCompensation Expense

Thefollowing tables provide a detailed breakdown of the stock-based compensation expense (in thousands) as reported in the condensed consolidatedstatements of comprehensive income (loss).

	For the Three Months Ended
	June 30, 2025						June 30, 2024
	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
Cost of Sales – Agent Stock-Based Compensation	$	-	$	12,260	$	12,260	$	-	$	8,936	$	8,936
Marketing Expenses – Agent Stock-Based Compensation		56		3,422		3,478		69		2,266		2,335
Marketing Expenses – FTE Stock-Based Compensation		-		43		43		-		1		1
Research and Development – FTE Stock-Based Compensation		2		298		300		8		190		198
General and Administrative – FTE Stock-Based Compensation		209		1,505		1,714		461		1,605		2,066
Total Stock-Based Compensation	$	267	$	17,528	$	17,795	$	538	$	12,998	$	13,536

	For the Six Months Ended
	June 30, 2025						June 30, 2024
	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
Cost of Sales – Agent Stock-Based Compensation	$	-	$	20,202	$	20,202	$	-	$	14,150	$	14,150
Marketing Expenses – Agent Stock-Based Compensation		125		6,468		6,593		211		4,261		4,472
Marketing Expenses – FTE Stock-Based Compensation		-		83		83		1		4		5
Research and Development – FTE Stock-Based Compensation		3		602		605		15		318		333
General and Administrative – FTE Stock-Based Compensation		462		2,557		3,019		1,065		2,355		3,420
Total Stock-Based Compensation	$	590	$	29,912	$	30,502	$	1,292	$	21,088	$	22,380

9.INVESTMENTS

Available-for-SaleSecurities at Fair Value

Thefollowing table provides a detailed breakdown of investments in financial assets (in thousands) as reported in the condensed consolidatedbalance sheets:

Description	Cost or Amortized Cost December 31, 2024		Cost or Amortized Cost June 30, 2025		Estimated Fair Value December 31, 2024		Deposit / (Withdraw)			Dividends, Interest & Income		Gross Unrealized Gains		Estimated Fair Value June 30, 2025
Fixed Income	$	9,289	$	5,069	$	9,370	$	(4,523	)	$	222	$	3	$	5,072
Investment Certificate		79		86		79		7			-		-		86
Total	$	9,368	$	5,155	$	9,449	$	(4,516	)	$	222	$	3	$	5,158

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

Investmentsecurities are recorded at fair value. The Company’s investment securities portfolio consists primarily of debt securities issuedby U.S. government agencies, local municipalities and certain corporate entities. The products in the Company’s investment portfoliohave maturity dates ranging from less than one year to over 20 years.

Thefair value of investment securities is impacted by interest rates, credit spreads, market volatility, and liquidity conditions. Net unrealizedgains and losses in the portfolio are included in other comprehensive income (loss).

Ateach balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the declinein fair value below amortized cost is a result of credit losses or other factors, whether the Company expects to recover the amortizedcost of the security, the Company’s intent to sell and if it is more likely than not that the Company will be required to sellthe securities before the recovery of amortized cost. For the three and six months ended June 30, 2025 and three and six months endedJune 30, 2024, no allowance for credit losses was recorded.

EquityInvestment

OnJune 30, 2025, the Company executed an agreement to acquire a 2.3% minority equity interest in Flyhomes, Inc., a real estate technologycompany. The Company’s total investment in Flyhomes, Inc., through preferred shares, is $2.25 million. As the fair value of theinvestment is not readily determinable, the Company is applying the measurement alternative under ASC 321, accounting for investmentat cost, less any impairment and adjusted for observable price changes in orderly transactions for the identical or a similar investment.As of June 30, 2025, no impairment or observable price changes have been identified. The investment is classified as an investment inequity securities in the interim condensed consolidated balance sheets.

10.PROPERTY AND EQUIPMENT

Propertyand equipment, net consisted of the following (in thousands):

SCHEDULEOF PROPERTY AND EQUIPMENT

	June 30, 2025			December 31, 2024
	As of
	June 30, 2025			December 31, 2024
Computer hardware and software	$	3,610		$	3,070
Furniture, fixture, and equipment		9			9
Total property and equipment		3,619			3,079
Less: accumulated depreciation		(1,295	)		(963	)
Property and equipment, net	$	2,324		$	2,116

Forthe three and six months ended June 30, 2025 depreciation expense was $176 thousand and $332 thousand, respectively. For the three andsix months ended June 30, 2024 depreciation expense was $117 thousand and $220 thousand, respectively.

11.INTANGIBLE ASSETS

TheCompany’s intangible assets are finite lived and consist primarily of acquired technology, customer relationships and other identifiableassets, which are amortized on a straight-line basis over their useful life of 5 years. Intangible assets also includes $25 thousandof indefinite-lived trademarks that are not subject to amortization but reviewed annually for impairment.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

Reconciliationof Carrying Amounts (in thousands):

	December 31, 2023		Additions		December 31, 2024		Additions		June 30, 2025
Cost
Indefinite-lived trademarks	$	—	$	25	$	25	$	—	$	25
Acquired Technology		1,168		—		1,168		—		1,168
Customer Relationships		2,839		—		2,839		—		2,839
Other		456		—		456		—		456
Total	$	4,463	$	25	$	4,488	$	—	$	4,488

Accumulated Amortization
Acquired Technology	$	398	$	234	$	632	$	116	$	748
Customer Relationships		568		568		1,136		283		1,419
Other		55		90		145		46		191
Total	$	1,021	$	892	$	1,913	$	445	$	2,358

Carrying Amounts	$	3,442			$	2,575			$	2,130

TheCompany recorded $222 thousand and $445 thousand for the three and six months ended June 30, 2025, respectively, and $223 thousand and$446 thousand for the three and six months ended June 30, 2024, respectively.

Asof June 30, 2025, expected amortization (in thousands) related to intangible assets will be:

Expected Amortization
2025, excluding the six months ended June 30, 2025	$	447
2026		780
2027		780
2028		98
2029 and thereafter		—
Total	$	2,105

12.GOODWILL

Goodwillis recorded when the purchase price of the business exceeds the fair value of the net tangible and intangible assets acquired. In accordancewith ASC 350, we evaluate goodwill for impairment on at least an annual basis in the fiscal fourth quarter or on an interim basis ifan event occurs or circumstances change that indicate goodwill may be impaired. We first assess qualitative factors to determine whetherit is more likely than not that the fair value of a reporting unit is less than its carrying amount. If necessary, a quantitative analysisis performed to measure any impairment. The Company did not record any impairments in the periods presented. The following table is presentedin thousands:

SCHEDULE OF GOODWILL

	North American Brokerage		One Real Title		One Real Mortgage		Total
Balance at June 30, 2025	$	602	$	7,670	$	721	$	8,993

Accumulated Impairment Loss at June 30, 2025	$	—	$	723	$	—	$	723

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

13.CAPITAL AND RESERVES

CommonShares

AllCommon Shares rank equally with regards to the Company’s residual assets. The following table is presented in thousands:

SCHEDULEOF COMMON SHARES

	June 30, 2025		December 31, 2024
	As of
	June 30, 2025		December 31, 2024
Common Shares, Beginning Balance		202,941		183,605
Stock Options Exercised		1,341		5,379
Release of Restricted Share Units		4,331		13,820
Warrants Exercised		—		137
Common Shares, Ending Balance		208,613		202,941

TreasuryStock

TreasuryStock, which is stock held by the Trustee, is recognized at cost of purchase and presented as a deduction from equity. The followingtable shows the changes in treasury stock shares for the periods presented in thousands:

SCHEDULE OF TREASURY STOCK

	As of
	June 30, 2025			December 31, 2024
Treasury Shares, Beginning Balance		442			175
Repurchases of Common Shares		1,913			8,264
Issuance of Treasury Shares		(1,863	)		(7,997	)
Treasury Shares, Ending Balance		492			442

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

14.FINANCIAL INSTRUMENTS – FAIR VALUE

Itemsmeasured at fair value (in thousands):

SCHEDULEOF FINANCIAL INSTRUMENTS

	As of
	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets Measured at Fair Value (FV)
Investments in Financial Assets	$	5,158	$	-	$	-	$	5,158	$	9,449	$	-	$	-	$	9,449
Total Financial Assets Measured at Fair Value (FV)	$	5,158	$	-	$	-	$	5,158	$	9,449	$	-	$	-	$	9,449

Inthe periods presented there have been no transfers between Level 1, Level 2 and Level 3.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

15.COMMITMENTS AND CONTINGENCIES

Fromtime to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. Claims orregulatory actions against the Company, whether meritorious or not, could have an adverse impact on the Company due to legal costs, diversionof management resources and other elements. Except as identified with respect to the matters below, the Company does not believe thatthe outcome of any individual existing legal or regulatory proceeding to which it is a party will have a material adverse effect on itsresults of operations, financial condition or overall business in each case, taken as a whole.

TheCompany may have various other contractual obligations in the normal course of operations. The Company is not materially contingentlyliable with respect to litigation, claims and environmental matters. Any settlement of claims in excess of amounts recorded will be chargedto profit or loss as and when such determination is made.

InOctober 2023, a jury found that the National Association of Realtors (“NAR”) and several brokerage agencies had violatedthe antitrust laws by artificially inflating commissions through, among other things, the practice of having sellers pay both the sellers’agents’ and the buyers’ agents’ commissions. The Company was not a party to that litigation. In March 2024, NAR announceda settlement agreement that would resolve litigation of claims brought on behalf of home sellers related to broker commissions. Pursuantto the settlement, which is subject to court approval, NAR agreed to put in place a new Multiple Listing Service (“MLS”)rule prohibiting offers of broker compensation on any MLS. In Nosalek, a similar case pending in Massachusetts (the Company is not adefendant) in which the parties have also proposed a settlement, the U.S. Department of Justice Antitrust Division (the “DOJ”)submitted a Statement of Interest objecting that the settlement did not do enough to address alleged anticompetitive practices and thatthe settlement should prohibit sellers from making commission offers to buyer’s brokers at all. While the DOJ withdrew its objectionto the settlement in Nosalek, if the DOJ were to take action in the future to prohibit sellers from making commission offers to buyer’sbrokers, it could reduce commissions to real estate agents in transactions, and could have an adverse effect on our results of operations.A similar complaint has been filed in Canada. In addition, a few complaints have been filed in U.S. courts alleging that buyers paidincreased home prices as a result of the practice of sellers paying both the sellers’ agents’ and the buyers’ agents’commissions.

InDecember 2023, the Company was named as a defendant in a putative class action lawsuit, captioned Umpa v. The National Association ofRealtors, et al., which was filed in the United States District Court for the Western District of Missouri (the “Umpa ClassAction”). The Umpa Class Action alleges that certain real estate brokerages, including the Company, participated in practicesthat resulted in inflated buyer broker commissions, in violation of federal antitrust laws. On April 7, 2024, the Company entered intoa settlement agreement to resolve the Umpa Class Action on a nationwide basis. This settlement conclusively addresses all claims assertedagainst the Company in the Umpa Class Action, releasing the Company, its subsidiaries, and affiliated agents from these claims. The settlementdoes not constitute an admission of liability by the Company, nor does it concede or validate any of the claims asserted in the litigation.Pursuant to the terms of the settlement agreement, the Company paid $9.25 million into a qualified settlement fund following the court’spreliminary approval of the settlement agreement.

Additionally,the Company agreed to implement specific changes to its business practices. These changes include clarifications about the negotiabilityof commissions, prohibitions on claims that buyer agent services are free, and the inclusion of listing broker compensation offers incommunications with clients. The Company also agreed to develop training materials to support these practice changes. The settlementagreement received final court approval on October 31, 2024, and will take effect following the appeals process if the appellants areunsuccessful. Certain objectors filed notice of appeal, and the appeal is pending. There were no changes to the settlement agreementbetween preliminary and final approval. The Company does not foresee the settlement terms having a material impact on its future operations.

THEREAL BROKERAGE INC.

NOTESTO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FORTHE PERIOD ENDED JUNE 30, 2025 AND 2024

UNAUDITED

OnJune 14, 2024, the Company was named as a defendant in a putative class action lawsuit, captioned Kyle Miholich v. The Real BrokerageInc., et al., which was filed in the United States District Court for the Southern District of California (“Miholich Case”).The Miholich Case alleged that real estate agents acting as independent contractors to the Company under an Independent Contractor Agreementsent text messages that violated the federal Telephone Consumer Protection Act (“TCPA”). The Company’s policiesrequire the independent contractor real estate agents to comply with the TCPA. In the complaint, the plaintiffs sought injunctive reliefprohibiting future alleged violations of the TCPA, monetary damages for each alleged statutory violation and reimbursement of their litigationcosts and attorneys’ fees. Although the Company disputed the allegations, in order to avoid the cost of litigation and withoutadmitting liability or fault, the Company entered into a settlement agreement with the plaintiff in July 2025. The settlement didnot have a significant impact on the Company’s financial results. Plaintiff dismissed the Miholich Case consistent with theterms of the agreement.

OnApril 23, 2025, the employment of Ms. Ressler, the Company’s former Chief Financial Officer, was terminated based on the Company’sopinion that she engaged in actions that violated Company policies related to personal expenses. On June 10, 2025, the Company was named as a defendant in the matter captionedRessler v. The Real Brokerage Inc., et al., which was filed in the United States District Court for the Southern District Of New York(the “Ressler Matter”). Ms. Ressler alleges gender and pregnancy discrimination, retaliation and defamation. The Companyis unable to predict the outcome of the Ressler Matter or to reasonably estimate the possible loss or range of loss, if any, arisingfrom the claim asserted therein. The ultimate resolution of the Ressler Matter could have a material adverse effect on the Company’sfinancial position, results of operations, and cash flow.

OnJune 28, 2025, the Company was named as a defendant along with other brokerages in a putative class action lawsuit, captioned Cwynarv. The Real Brokerage Inc., et al., which was filed in the United States District Court Northern District of Illinois Eastern Division(the “Cwynar Class Action”). The Cwynar Class Action alleges that the defendants entered into a continuing contract,combination, or conspiracy to unreasonably restrain interstate trade and commerce in violation of Section 1 of the Sherman Act, and thatmisrepresentations as to the payment of brokerage commissions increased prices of homes sold due to elevated broker commissions resultingin harm to homebuyers. The Company is unable to predict the outcome of the Cwynar Class Action or to reasonably estimate the possibleloss or range of loss, if any, arising from the claim asserted therein. The ultimate resolution of the Cwynar Class Action could havea material adverse effect on the Company’s financial position, results of operations, and cash flow.

16.SUBSEQUENT EVENTS

Separatefrom the equity investment discussed in Footnote 9 above, on July 1, 2025, the Company acquired the AI-powered consumer home search portaland related technology assets of Flyhomes, Inc. for a total purchase price of $3.25 million. The acquired assets are expected to enhancethe Company’s digital offerings. We expect to account for this transaction as a business combination and are currently in the processof determining the initial purchase accounting for this transaction.

Exhibit99.3

FORM52-109F2

CERTIFICATIONOF INTERIM FILINGS

FULLCERTIFICATE

I,Tamir Poleg, the Chief Executive Officer of The Real Brokerage Inc. certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of THE REAL BROKERAGE INC. (the “issuer”) for the interim period ended June 30, 2025.

2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

	(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

	(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2	N/A

5.3	N/A

6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:August 7, 2025

/s/ Tamir Poleg
Tamir Poleg
Chief Executive Officer

Exhibit99.4

FORM52-109F2

CERTIFICATIONOF INTERIM FILINGS

FULLCERTIFICATE

I,Ravi Jani, the Chief Financial Officer of The Real Brokerage Inc. certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of THE REAL BROKERAGE INC. (the “issuer”) for the interim period ended June 30, 2025.

2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

	(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

	(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2	N/A

5.3	N/A

6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:August 7, 2025

/s/ Ravi Jani
Ravi Jani
Chief Financial Officer

Exhibit99.5

TheReal Brokerage Inc. Announces Second Quarter 2025 Financial Results

MIAMI,August 7, 2025 – The Real Brokerage Inc. (NASDAQ: REAX) (“Real” or the “Company”), a leading real estatetechnology platform redefining the industry through innovation and culture, announced today financial results for the second quarterended June 30, 2025.

“Thisquarter marks a pivotal moment for Real, as we proudly announce our first-ever quarter of positive net income,” said Tamir Poleg,Real’s Chairman and Chief Executive Officer. “This milestone is a testament to the scalability of our technology and theefficiency of our operating model. We continue to make progress across our ecosystem, including expanding the utility of Real Walletfor our agents, and the significant potential unlocked by our recent acquisition of Flyhomes’ consumer home search portal. Ourcommitment to building a differentiated, high-value platform that attracts top talent and empowers real estate professionals positionsus well for continued long-term growth and success.”

“Whilemany in the industry are scaling back, Real continues to invest in our future and in the success of our agents,” said Jenna Rozenblat,Real’s Chief Operating Officer. “We’re deeply focused on enhancing every aspect of the agent experience. This includesthe significant investments we are making in artificial intelligence (AI) to improve agent efficiency, as well as the forthcoming RevenueShare model enhancements, which are designed to reward both high producers and network builders, allowing them to earn even more as theyachieve new milestones.”

“Realdelivered standout financial performance in the second quarter, despite a challenging macro backdrop,” said Ravi Jani, Real’sChief Financial Officer. “Our disciplined financial approach is clearly yielding results, and we remain focused on driving long-termshareholder value. Given our strong cash generation and confidence in our outlook, we expect to increase our pace of share repurchasesin the second half of the year.”

Q22025 Operational Highlights¹

●

The total value of completed real estate transactions reached $20.1 billion in the second quarter of 2025, an increase of 60% from $12.6 billion in the second quarter of 2024.

●

The total number of transactions closed was 49,282 in the second quarter of 2025, an increase of 62% from 30,367 in the second quarter of 2024.

●

The total number of agents on the platform increased to 28,034 at the end of the second quarter of 2025, an increase of 43% from the second quarter of 2024. As of August 5, 2025, approximately 29,200 agents are now on the Real platform.

Q22025 Financial Highlights

●

Revenue rose to $540.7 million in the second quarter of 2025, an increase of 59% from $340.8 million in the second quarter of 2024.

●

Gross profit reached $47.9 million in the second quarter of 2025, an increase of 50% from $31.9 million in the second quarter of 2024.

●

Net income attributable to owners of the Company improved to $1.5 million in the second quarter of 2025, compared to a net loss of $(1.1) million in the second quarter of 2024.

●

Adjusted EBITDA² was $20.0 million in the second quarter of 2025, an improvement from $14.0 million in the second quarter of 2024.

●

Operating expenses, which include General & Administrative, Marketing, and Research and Development expenses, totaled $46.2 million in the second quarter of 2025, a 42% increase from $32.5 million in the second quarter of 2024.

¹Alldollar references are in U.S. dollars.

²Thereare references to “Adjusted EBITDA” and “Adjusted Operating Expense” in this press release, which are non-GAAPmeasures. See accompanying note under the heading “Non-GAAP Measures” for an explanation of the composition of these non-GAAPmeasures.

●

Revenue share expense, which is included in Marketing expenses, was $17.6 million in the second quarter of 2025, a 41% increase compared to $12.5 million in the second quarter of 2024.

●

Adjusted operating expenses, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation, and other unique or non-cash expenses, were $22.6 million in the second quarter of 2025, an increase of 53% from $14.7 million in the second quarter of 2024.

○

Adjusted operating expense per transaction was $459 in the second quarter of 2025, a decline of 5% from $485 in the second quarter of 2024.

●

Basic and diluted earnings per share were $0.01 in the second quarter of 2025, compared to a basic and diluted loss per share of $(0.01) in the second quarter of 2024.

●

Real generated $41.0 million of cash from operating activities during the second quarter of 2025 and repurchased 0.7 million common shares for $2.7 million in the quarter.

●

Real ended the quarter with $54.8 million of unrestricted cash and equivalents and short-term investments on its balance sheet, and continues to have no debt.

BusinessHighlights and Recent Updates

●

Real Wallet Update. The Real Wallet is a financial technology platform that centralizes an agent’s access to certain Company-branded financial products.

○

Real Wallet currently includes:

	■	Business checking accounts for eligible U.S. agents with Thread Bank, Member FDIC, including a Company-branded debit card.
	■	Credit lines for eligible Canadian agents, based on their earnings history with Real.

○

As of the end of July 2025:

	●	Over 3,600 Real agents are utilizing Real Wallet business checking accounts, with approximately 850 utilizing Real Wallet Tax Planning business checking accounts.
	●	The average deposit balance held in all Real Wallet business checking and tax planning accounts was in excess of $14M.

RealWallet represents a significant step in Real’s strategy to integrate fintech solutions into its platform, providing agents withgreater financial flexibility.

●

Revenue Share Model Enhancements. Real announced several key changes to its Revenue Share program designed to reward agent productivity and strengthen long-term alignment. Beginning in August 2025:

	○	Agents who reach their annual commission cap will automatically unlock up to Tier 3 in the Revenue Share program through their next anniversary year.
	○	Elite Agents will unlock up to Tier 5 through their next anniversary year.
	○	New network-size thresholds will also allow agents to unlock Revenue Share tiers based on the number of agents in their organization:

	■	Tier 3 unlocks at 750 agents
	■	Tier 4 unlocks at 1,000 agents
	■	Tier 5 unlocks at 1,500 agents

Thesechanges aim to incentivize both production and attraction, further supporting Real’s mission to help agents grow income and buildlong-term wealth through its platform.

●

Acquisition of Flyhomes Consumer Home Search Portal. On July 1, 2025, Real announced its acquisition of Flyhomes’ AI-powered consumer home search portal and related technology assets, representing a major step toward delivering an end-to-end, AI-driven home buying experience. In connection with the transaction:

	○	The Flyhomes platform, featuring deep MLS integrations, real-time market insights, and a user-friendly interface, will be integrated into Real’s anticipated consumer-facing product, Leo for Clients. The acquisition also brings a team of experienced engineers with deep real estate and AI expertise to Real’s R&D organization.
	○	One Real Mortgage, the mortgage broker subsidiary of Real, will offer Flyhomes’ “Buy Before You Sell” financing solution.
	○	Real made a minority equity investment in Flyhomes to support its strategic shift toward becoming a wholesale mortgage lender.
	○	The transaction was funded with existing cash on hand and is not expected to have a material impact on Real’s financial results.

TheCompany will discuss the second quarter results on a conference call and live webcast today at 8:00 a.m. ET.

ConferenceCall Details:

Date:		Thursday, August 7, 2025

Time:		8:00 am ET

Dial-in Number:		NorthAmerican Toll Free: 888-506-0062 International: 973-528-0011

Access Code:		969780

Webcast:		https://www.webcaster4.com/Webcast/Page/2699/52691

Replay Information:

Replay Number:		NorthAmerican Toll Free: 877-481-4010 International: 919-882-2331

Access Code:		52691

Replay Link:		https://www.webcaster4.com/Webcast/Page/2699/52691

Non-GAAPMeasures

Thisnews release includes references to “Adjusted EBITDA”, and “Adjusted Operating Expense”, which are non-U.S. generallyaccepted accounting principles (“GAAP”) financial measures. Non-GAAP measures are not recognized measures under GAAP, donot have a standardized meaning prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by othercompanies.

AdjustedEBITDA is used as an alternative to net income by removing major non-cash items, such as depreciation, amortization, interest, stock-basedcompensation, current and deferred income tax expenses and other items management considers unique and/or non-operating in nature.

AdjustedOperating Expense is used as an alternative to operating expenses by removing major non-cash items such as stock-based compensation,depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expensesassociated with revenue share.

AdjustedEBITDA and Adjusted Operating Expense have no direct comparable GAAP financial measures. The Company has used or included these non-GAAPmeasures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-GAAPmeasures may not be appropriate for any other purpose. Non-GAAP measures should not be considered in isolation or as a substitute formeasures of performance prepared in accordance with GAAP. Our Adjusted EBITDA is reconciled to the most comparable GAAP measure for thethree and six months ended June 30, 2025 and 2024 and is presented in the table below labeled Reconciliation of Net Loss to AdjustedEBITDA. Our Adjusted Operating Expense reconciled to the most comparable GAAP measure is presented for the three and six months endedJune 30, 2025 and on a quarterly basis for the prior two fiscal years in the table below labeled Reconciliation of Operating Expenseto Adjusted Operating Expense.

THEREAL BROKERAGE INC.

INTERIMCONDENSED CONSOLIDATED BALANCE SHEETS

(Expressedin thousands of U.S. dollars)

Unaudited

	As of
	June 30, 2025			December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	49,614		$	23,376
Restricted cash		46,302			24,089
Investments in financial assets		5,158			9,449
Trade receivables		26,821			14,235
Other receivables		51			117
Short-term financing receivables, net		72			-
Prepaid expenses and deposits		1,572			1,645
TOTAL CURRENT ASSETS	$	129,590		$	72,911
NON-CURRENT ASSETS
Intangible assets, net		2,130			2,575
Goodwill		8,993			8,993
Property and equipment, net		2,324			2,116
Investment in equity securities		2,250			-
Long-term financing receivables, net		4,146			-
TOTAL NON-CURRENT ASSETS	$	19,843		$	13,684
TOTAL ASSETS	$	149,433		$	86,595

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable		1,251			1,374
Accrued liabilities		48,068			25,939
Customer deposits		46,302			24,089
Other payables		4,843			3,050
TOTAL CURRENT LIABILITIES	$	100,464		$	54,452
TOTAL LIABILITIES	$	100,464		$	54,452

EQUITY
EQUITY ATTRIBUTABLE TO OWNERS
Common Shares, no par value, unlimited Common Shares authorized, 208,613 Shares issued and 208,121 outstanding at June 30, 2025; and 202,941 Shares issued and 202,499 outstanding at December 31, 2024		-			-
Additional paid-in capital		158,827			138,639
Accumulated deficit		(108,201	)		(104,746	)
Accumulated other comprehensive income		582			708
Treasury shares, at cost, 492 and 442 Common Shares at June 30, 2025 and December 31, 2024, respectively		(2,021	)		(2,455	)
EQUITY ATTRIBUTABLE TO OWNERS	$	49,187		$	32,146
Non-controlling interests		(218	)		(3	)
TOTAL EQUITY	$	48,969		$	32,143
TOTAL LIABILITIES AND EQUITY	$	149,433		$	86,595

THEREAL BROKERAGE INC.

INTERIMCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Expressedin thousands of U.S. dollars, except for per share amounts)

Unaudited

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues	$	540,747		$	340,778		$	894,728		$	541,521
Cost of Sales		492,886			308,910			812,931			488,894
Gross Profit	$	47,861		$	31,868			81,797			52,627

General and administrative expenses		18,900			14,015			36,416			26,151
Marketing expenses		23,284			15,889			40,981			28,518
Research and development expenses		3,993			2,608			7,925			5,070
Settlement of litigation		—			—			—			9,250
Operating Expenses	$	46,177		$	32,512			85,322			68,989
Operating Income (Loss)	$	1,684		$	(644	)		(3,525	)		(16,362	)

Other income, net		166			57			288			230
Finance expenses, net		(300	)		(523	)		(334	)		(1,075	)
Net Income (Loss)	$	1,550		$	(1,110	)		(3,571	)		(17,207	)
Net income (loss) attributable to non-controlling interests		38			105			(116	)		105
Net Income (Loss) Attributable to the Owners of the Company	$	1,512		$	(1,215	)		(3,455	)		(17,312	)
Othercomprehensive income/(loss), Items that will be reclassified subsequently to profit or loss:
Unrealized gain (loss) on investments in financial assets		(9	)		51			3			94
Foreign currency translation adjustment		(8	)		376			(129	)		495
Total Comprehensive Income (Loss) Attributable to Owners of the Company	$	1,495		$	(788	)		(3,581	)		(16,723	)
Total Comprehensive Income (Loss) Attributable to Non-Controlling Interest		38			105			(116	)		105
Total Comprehensive Income (Loss)	$	1,533		$	(683	)		(3,697	)		(16,618	)
Earnings (Loss) per share
Basic earnings (loss) per share	$	0.01		$	(0.01	)		(0.02	)		(0.09	)
Diluted earnings (loss) per share	$	0.01		$	(0.01	)	$	(0.02	)	$	(0.09	)
Weighted-average shares, basic		214,787			189,046			213,738			186,568
Weighted-average shares, diluted		233,366			189,046			213,738			186,568

THEREAL BROKERAGE INC.

INTERIMCONSOLIDATED STATEMENT OF CASH FLOWS

(U.S.dollar in thousands)

Unaudited

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
OPERATING ACTIVITIES
Net Income (Loss)	$	1,550		$	(1,110	)	$	(3,571	)	$	(17,207	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		398			340			777			666
Equity-settled stock-based payment		17,795			13,536			30,502			22,380
Finance costs		62			71			(87	)		200
Change in fair value of warrants liability		-			200			-			471
Changes in operating assets and liabilities:
Funds held in restricted escrow account		-			(9,250	)		-			(9,250	)
Trade receivables		(10,031	)		(9,096	)		(12,586	)		(12,190	)
Other receivables		3			34			66			7
Short-term and long-term financing receivables, net		(1,249	)		-			(4,218	)		-
Prepaid expenses and deposits		(39	)		(319	)		73			591
Accounts payable		324			103			(123	)		625
Accrued liabilities		14,496			12,415			22,129			20,255
Customer deposits		16,043			8,684			22,213			20,176
Other payables		1,666			362			1,793			10,726
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	41,018		$	15,970		$	56,968		$	37,450

INVESTING ACTIVITIES
Purchase of property and equipment		(255	)		(501	)		(540	)		(597	)
Purchase of investment in equity securities		(2,250	)		-			(2,250	)		-
Purchase of financial assets		(109	)		(1,542	)		(1,459	)		(1,713	)
Proceeds from sale of financial assets		5,496			5,730			5,753			5,752
NET CASH PROVIDED BY INVESTING ACTIVITIES	$	2,882		$	3,687		$	1,504		$	3,442
FINANCING ACTIVITIES
Purchase of common shares for Restricted Share Unit (RSU) Plan		(2,708	)		(10,603	)		(8,830	)		(15,226	)
Payment of employee taxes on certain share-based arrangements		(498	)		(420	)		(1,711	)		(741	)
Proceeds from exercise of stock options		351			3,010			661			3,623
Distributions to non-controlling interest		(23	)		(14	)		(99	)		(52	)
NET CASH USED IN FINANCING ACTIVITIES	$	(2,878	)	$	(8,027	)	$	(9,979	)	$	(12,396	)

Net change in cash, cash equivalents and restricted cash		41,022			11,630			48,493			28,496
Cash, cash equivalents and restricted cash, beginning of period		54,965			44,512			47,465			27,655
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash		(71	)		298			(42	)		289
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE	$	95,916		$	56,440		$	95,916		$	56,440

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Warrants exercised		-			377			-			377

THEREAL BROKERAGE INC.

RECONCILIATIONOF NET LOSS TO ADJUSTED EBITDA

(Expressedin thousands of U.S. dollars)

Unaudited

	For the Three Months Ended					For the Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025			June 30, 2024
Net Income (Loss)	$	1,550	$	(1,110	)	$	(3,571	)	$	(17,207	)
Add/(Deduct):
Finance expenses, net		300		899			334			1,570
Depreciation and Amortization		398		340			777			666
Stock-Based Compensation		17,795		13,536			30,502			22,380
Restructuring Expenses		-		-			250			-
Expenses related to Anti-Trust Litigation Settlement		-		369			27			10,226
Adjusted EBITDA	$	20,043	$	14,034		$	28,319		$	17,635

THEREAL BROKERAGE INC.

BREAKOUTOF REVENUE BY SEGMENT

(Expressedin thousands of U.S. dollars)

Unaudited

	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Main revenue streams
Commissions		537,445		338,574		889,194		537,826
Title		1,346		1,255		2,376		2,050
Mortgage Income		1,709		949		2,785		1,645
Wallet		247		—		373		—
Total Revenue	$	540,747	$	340,778		894,728		541,521

THEREAL BROKERAGE INC.

RECONCILIATIONOF OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE BY QUARTER

(Expressedin thousands of U.S. dollars)

Unaudited

	2023									2024												2025
	Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2
Operating Expense		21,499			22,742			26,796			36,477			32,512			34,607			36,371			39,145			46,177
Less: Revenue Share Expense		7,684			7,946			6,840			9,064			12,475			11,651			9,537			12,504			17,644
Revenue Share Expense (% of revenue)		4.1	%		3.7	%		3.8	%		4.5	%		3.7	%		3.3	%		2.7	%		3.5	%		3.3	%
Less:
Stock-Based Compensation - Employees		1,214			285			6,543			1,493			2,265			3,139			3,405			1,651			2,056
Stock-Based Compensation - Agent		1,640			2,769			1,830			2,137			2,335			2,665			2,940			3,115			3,478
Depreciation and Amortization Expense		284			277			298			326			340			358			372			379			398
Restructuring Expense		44			80			58			—			—			—			—			250			—
Expenses Related to Anti-Trust Litigation Settlement		—			—			—			9,857			369			33			118			27			—
Subtotal		3,182			3,411			8,729			13,813			5,309			6,195			6,835			5,422			5,932
Adjusted Operating Expense¹		10,633			11,385			11,227			13,600			14,728			16,761			19,998			21,219			22,601
Adjusted Operating Expense (% of revenue)		5.7	%		5.3	%		6.2	%		6.8	%		4.3	%		4.5	%		5.7	%		6.0	%		4.2	%

¹Adjustedoperating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.

THEREAL BROKERAGE INC.

KEYPERFORMANCE METRICS BY QUARTER

(Dollaramounts expressed in U.S. dollars)

Unaudited

	2023						2024								2025
	Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2
Transaction Data
Closed Transaction Sides		17,537		20,397		17,749		19,032		30,367		35,832		35,370		33,617		49,282
Total Value of Home Side Transactions ($, billions)		7.0		8.1		6.8		7.5		12.6		14.4		14.6		13.5		20.1
Median Home Sales Price ($, thousands)	$	369	$	370	$	355	$	372	$	384	$	383	$	380	$	380	$	387
Agent Metrics
Total Agents		11,500		12,175		13,650		16,680		19,540		21,770		24,140		26,870		28,034
Agent Churn Rate (%)		6.5		10.8		6.2		7.9		7.5		7.3		6.8		8.7		9.4
Revenue Churn Rate (%)		3.8		4.5		4.9		1.9		1.6		2.0		1.8		2.5		1.9
Headcount and Efficiency Metrics
Full-Time Employees		145		162		159		151		231		240		264		410		429
Full-Time Employees, Excluding One Real Title and One Real Mortgage		102		120		118		117		142		155		178		307		324
Headcount Efficiency Ratio¹		1:113		1:101		1:116		1:143		1:138		1:140		1:136		1:88		1:87
Revenue Per Full Time Employee ($, thousands)²	$	1,817	$	1,789	$	1,537	$	1,716	$	2,400	$	2,403	$	1,970	$	1,153	$	1,669
Operating Expense Excluding Revenue Share ($, thousands)³	$	13,815	$	14,796	$	19,956	$	27,413	$	20,037	$	22,956	$	26,835	$	26,641	$	28,533
Operating Expense Per Transaction Excluding Revenue Share ($)⁴	$	788	$	725	$	1,124	$	1,440	$	660	$	641	$	759	$	792	$	579
Adjusted Operating Expense ($, thousands)⁵	$	10,633	$	11,385	$	11,226	$	13,600	$	14,728	$	16,761	$	19,998	$	21,219	$	22,601
Adjusted Operating Expense Per Transaction ($)	$	606	$	558	$	632	$	715	$	485	$	468	$	565	$	631	$	459

¹Definedas the ratio of full-time brokerage employees (excluding One Real Title and One Real Mortgage employees) to the number of agents on ourplatform

²Reflectstotal company revenue divided by full-time brokerage employees (excludes One Real Title and One Real Mortgage employees)

³Definedas total operating expenses per the Company’s statement of comprehensive loss, less revenue share disclosed in the Company’sexpense by nature footnote disclosure in the Financial Statements

⁴Definedas operating expense excluding revenue share, divided by closed transaction sides

⁵Adjustedoperating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.

Forward-LookingInformation

Thispress release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Forward-lookinginformation is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”,“plan”, “estimate”, “expect”, “likely” and “intend” and statements that anevent or result “may”, “will”, “should”, “could” or “might” occur or be achievedand other similar expressions. These statements reflect management’s current beliefs and are based on information currently availableto management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, informationrelating to Real’s expectation regarding increasing the number of agents, revenue growth and profitability and the business, strategicplans of Real and expectations regarding Real Wallet and Leo for Clients, including their anticipated features.

Forward-lookinginformation is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expectedgrowth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptionsto be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties andother factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in theforward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estatemarkets, economic and industry downturns, Real’s ability to attract new agents and retain current agents, Real’s inabilityto successfully launch new products and features, including Real Wallet and Leo for Clients and those risk factors discussed under theheading “Risk Factors” in the Company’s Annual Information Form dated March 6, 2025, and “Risks and Uncertainties”in the Company’s Quarterly Management’s Discussion and Analysis for the period ended June 30, 2025, copies of which are availableunder the Company’s SEDAR+ profile at www.sedarplus.ca.

Thesefactors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-lookingstatements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readersthat actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the dateof this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as requiredby law.

AboutReal

Real(NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing companycombines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumerexperience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 29,000 agentswho use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additionalinformation can be found on its website at www.onereal.com.

TheReal Brokerage is a real estate technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. TheReal Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhereVisa cards are accepted.

ContactInformation

Foradditional information, please contact:

LorenIrwin

Director,Investor Relations and Financial Reporting

investors@therealbrokerage.com

908.280.2515

Formedia inquiries, please contact:

ElisabethWarrick

SeniorDirector, Marketing, Communications & Brand

elisabeth@therealbrokerage.com

201.564.4221