Here are 1-3 brief analogies to describe AGNT:

• AGNT is like a digital-first Keller Williams or Re/Max, operating as a virtual, cloud-based real estate brokerage without traditional physical offices.
• Think of AGNT as the "Zoom for real estate agents," building a global brokerage where professionals connect, work, and train entirely within a proprietary 3D virtual world.

• Cloud-based Real Estate Brokerage Services: Facilitates residential property transactions through its online platforms and network of agents and brokers.
• 3D Virtual World Development: Builds and operates immersive virtual worlds designed for work, education, and events.
• Real Estate Technology Solutions: Develops technology for agent websites and consumer real estate portals.
• SUCCESS Media and Training: Operates the SUCCESS print magazine, SUCCESS.com portal, newsletters, podcasts, and digital training courses.
• Broker and Agent Support Services: Provides marketing, training, and technology-enabled support to its real estate brokers and agents.

AGNT (eXp World Holdings, Inc.) sells primarily to individuals. Its major customer categories are:

1. Residential Homeowners: Individuals who list and sell their properties through eXp's real estate brokerage services.
2. Homebuyers: Individuals who search for and purchase residential properties facilitated by eXp's network of agents and platforms.
3. Real Estate Agents and Brokers: Independent professionals who utilize eXp's cloud-based platform, technology, marketing, training, and support services to conduct their real estate business.

Glenn Sanford, Founder, Chairman, and CEO

Glenn Sanford is the Founder, Chairman, and CEO of AGNT, Inc., formerly eXp World Holdings, Inc.. He also serves as the CEO of eXp Realty and the Publisher and Managing Director of SUCCESS® Enterprises. Sanford founded eXp Realty in October 2009, establishing it as the first cloud-based national real estate brokerage without physical offices. Prior to his venture into real estate in 2002, he held executive roles in several technology companies, including founding eShippers.com, an e-commerce and logistics company, in 1998. His strategic vision has also led to key acquisitions for the company.

Jesse Hill, Chief Financial Officer

Jesse Hill was appointed Chief Financial Officer of AGNT, Inc. (formerly eXp World Holdings, Inc.) effective July 2, 2025. He previously served as the Interim CFO and principal financial officer since April 2025. Hill joined eXp in 2019, where he held several strategic finance leadership roles, including Vice President of International Finance & Corporate FP&A. Before joining eXp, he held financial positions at major corporations such as The Walt Disney Company, Nissan Motor Corporation, and General Motors. Hill was recognized as a 2025 Finance Leader by HousingWire for his impact on the real estate and mortgage sectors. He has been instrumental in eXp's international expansion efforts.

Leo Pareja, Chief Executive Officer, eXp Realty

Leo Pareja is the Chief Executive Officer for eXp Realty, the core subsidiary of AGNT, Inc.. He began his career in real estate at 19, and by the age of 28, he was recognized as the #1 Keller Williams Agent worldwide. During his 15 years in active real estate sales, Pareja sold approximately 4,000 homes, representing about $750 million in transactional volume. In 2012, he co-founded Washington Capital Partners, a private lending company on the East Coast that has originated over a billion dollars in loans. He also co-founded and scaled Remine in 2016, an MLS technology vendor that grew to serve over 1.1 million agents across 65 MLS & Association customers. Pareja exited both Washington Capital Partners and Remine before joining eXp Realty. He has also been significantly involved with the National Association of Hispanic Real Estate Professionals (NAHREP), serving as founding President of its Metro D.C. chapter and later as national president. In 2020, he co-founded the Pareja Family Foundation.

Wendy Forsythe, Chief Operating Officer, eXp Realty

Wendy Forsythe was promoted to Chief Operating Officer of eXp Realty, effective June 8, 2026. She previously served as the Chief Marketing Officer of eXp Realty for two years. Prior to joining eXp, Forsythe held several leadership positions in the real estate industry, including Chief Operating Officer at HomeSmart International, President for the California and Hawaii Region at Compass, and Chief Strategy Officer at Fathom Holdings.

Carrie Lysenko, Chief Technology Officer, eXp Realty

Carrie Lysenko was promoted to Chief Technology Officer of eXp Realty in December 2025. Before this role, she served as the Chief Executive Officer of Zoocasa.

Key Risks to AGNT

1. Dependence on Real Estate Market Conditions: eXp World Holdings, Inc.'s business results are materially influenced by the strength of the U.S. residential real estate sector and overall economic conditions. Higher interest rates and lower consumer confidence can lead to decreased demand for real estate services, directly impacting the company's revenue and growth prospects. A material decrease in brokerage commission rates, influenced by general economic and market factors, as well as the price and volume of homes sold, could also have a significant adverse effect on the company's profitability.
2. Agent Attraction, Retention, and Productivity Challenges: The company's unique cloud-based brokerage model presents several risks related to its agents. Many agents may find the lack of corporate-provided physical office space challenging, preferring traditional brick-and-mortar offices for in-person interaction and local networking opportunities. This virtual environment can make it difficult for some agents, particularly new ones, to adjust and may lead to a desire for a more structured business setting. Furthermore, an aggressive recruitment culture by some eXp agents can create a negative perception, with some viewing it as a "recruiting scheme" rather than a true real estate brokerage. Agents may also experience variable support quality, overwhelming training resources without sufficient guidance, and find the commission split (80/20) and various fees unappealing compared to flat-fee brokerages. These factors collectively contribute to risks in agent attraction, retention, and overall productivity, which are crucial for the company's growth.
3. Legal, Regulatory, and Compliance Scrutiny: The real estate industry is highly regulated, and eXp World Holdings, Inc. faces ongoing legal and regulatory scrutiny across various jurisdictions where it operates. Ensuring compliance with diverse regulations can lead to increased operational costs and potential legal contingencies. Past instances of an SEC subpoena requesting documentation related to commission and agent compensation practices indicate a history of regulatory oversight. The introduction and integration of emerging technologies, including artificial intelligence, also present various operational, compliance, and reputational risks.

AGNT faces clear emerging threats from evolving business models and technological advancements that aim to disintermediate the traditional role of real estate agents, which is central to AGNT's cloud-based brokerage services.

• Emerging direct-to-consumer models (e.g., iBuyers and advanced online marketplaces): These models increasingly aim to bypass or significantly minimize the role of traditional real estate agents by connecting buyers and sellers more directly, or by companies purchasing properties outright for resale. This threatens AGNT's core business, which is built around supporting a network of agents and brokers.
• Advanced Artificial Intelligence (AI) and automation technologies: These technologies are increasingly capable of performing a significant portion of tasks traditionally handled by real estate agents, such as property valuation, lead generation, personalized recommendations, virtual showings, and even contract generation and negotiation. As AI becomes more sophisticated and integrated, it could reduce the necessity for human intervention in various stages of the real estate transaction, potentially diminishing the demand for and value of the real estate agents that AGNT supports.

Expected Drivers of Future Revenue Growth for AGNT (eXp World Holdings, Inc.)

• Agent Growth and Retention: eXp World Holdings expects continued revenue growth through the consistent expansion of its agent count and improvements in agent retention. The company has shown a steady growth trajectory in agent recruitment, with approximately a 1% quarter-over-quarter increase. Maintaining momentum in agent growth, productivity, and retention is anticipated to drive higher revenue and overall performance.
• International Expansion: The international segment is a significant growth driver, identified as the fastest-growing segment in Q1, increasing by 27%. eXp World Holdings continues to invest in and expand its global presence, with plans to enter new countries and targets for increasing its agent base outside the United States.
• Investments in Technology and AI-Enabled Platform: The company emphasizes strategic investments in technology and agent training, including innovations in its AI-enabled platform. Integrating AI into its business, such as with the LYVVE™ international search engine and SUCCESS+™ coaching platform, aims to equip agents with advanced tools, thereby enhancing productivity and driving future revenue.
• Strategic Acquisitions and Multi-Model Platform Expansion: The acquisition of NextHome signifies a strategic move to expand into a multi-model real estate platform. While the near-term financial contribution from NextHome is expected to be modest, this acquisition broadens the company's platform and is anticipated to contribute to recurring revenue and long-term growth.
• Increased Agent Productivity: Efforts to enhance agent productivity are expected to contribute to revenue growth. Improved agent productivity has led to more agents reaching their cap, resulting in higher gross profit. This focus on enabling agents to be more productive directly translates into increased transaction volume and, consequently, higher revenue for the company.

Share Repurchases

• eXp World Holdings repurchased $56.2 million of common stock in fiscal year 2025.
• The company amended its share repurchase plan on March 12, 2025, extending the terms of the plan through December 31, 2025.
• The existing Issuer Repurchase Plan was originally approved on January 10, 2022.

Outbound Investments

• eXp World Holdings made cash acquisitions of $6.15 million in fiscal year 2024, $9.91 million in fiscal year 2022, and $2.5 million in fiscal year 2021.
• Investments in securities by the company amounted to $13.25 million in fiscal year 2025, $5.45 million in fiscal year 2024, and $5.88 million in fiscal year 2023.
• For the trailing twelve months ending March 2026, investments in securities were $1.94 million.

Capital Expenditures

• Capital expenditures were $9.57 million in fiscal year 2025, $6.48 million in fiscal year 2024, and $5.36 million in fiscal year 2023.
• In the trailing twelve months ending March 2026, capital expenditures totaled $9.53 million.
• For fiscal year 2022, capital expenditures were $12.05 million, and $13.42 million in fiscal year 2021.