EXPENSES BY NATURE

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

EXPENSES BY NATURE

4.	EXPENSES BY NATURE

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


		Three Months Ended March 31,
		2026				2025
Cost of Sales		$	423,396			$	320,045

Operating Expenses
General and Administrative Expenses			19,004				17,516
Salaries and Benefits			10,024				9,702
Stock-Based Compensation for Employees			2,720				1,305
Administrative Expenses			737				892
Professional Fees			3,808				4,193
Depreciation and Amortization Expense			575				379
Other			1,140				1,045
Marketing Expenses			21,132				17,697
Salaries and Benefits			469				390
Stock-Based Compensation for Employees			14				40
Stock-Based Compensation for Agents			4,371				3,115
Revenue Share			15,688				12,504
Other			590				1,648
Research and Development Expenses			5,147				3,932
Salaries and Benefits			2,927				2,394
Stock-Based Compensation for Employees			293				305
Software, Cloud, & Tools			1,902				1,107
Other			25				126
Acquisition Costs			312				-
Total Operating Expenses		$	45,595			$	39,145
Total Cost of Sales and Operating Expenses		$	468,991			$	359,190

THE REAL BROKERAGE INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

UNAUDITED