1. Fathom is like eXp Realty (EXPI) for real estate agents, providing a cloud-based brokerage with integrated mortgage, title, and insurance services.

2. Fathom is like a Fidelity Investments or Charles Schwab for real estate, offering a digital platform that integrates all services like brokerage, mortgage, title, and insurance for a seamless transaction.

• Real Estate Brokerage Services: Facilitates the buying, selling, and leasing of residential properties.
• Mortgage Services: Provides residential loan origination and underwriting.
• Technology Platform (intelliAgent): Offers a Software as a Service (SaaS) platform with tools, CRM, and marketing for real estate agents and third parties.
• Title Services: Delivers title and closing services for real estate transactions.
• Insurance Services: Provides various insurance products, often integrated with real estate transactions.

Fathom Holdings Inc. (FTHM) primarily sells its services to individuals rather than other companies. The company's major customer categories include:

• Buyers of Residential Properties: Individuals seeking to purchase homes or other residential real estate through Fathom's brokerage services.
• Sellers of Residential Properties: Individuals looking to sell their homes or other residential real estate, utilizing Fathom's agent network and platform.
• Individuals Seeking Residential Mortgages: Customers who require loan origination and underwriting services for residential property purchases, offered through Fathom's Mortgage segment.

Marco Fregenal, Chief Executive Officer, Director

Marco Fregenal has been the CEO of Fathom Holdings, Inc. since 2023, bringing over a decade of leadership experience to the role. Prior to his appointment as CEO, he held several key positions within Fathom, including CFO (2012-2024), President (2018-2023), and COO (2012-2017). He joined Fathom's Board of Directors in 2019. Fregenal was instrumental in leading Fathom's IPO on NASDAQ in 2020, expanding the company's market presence, developing sustainable technologies, and overseeing acquisitions that helped Fathom become one of the top 10 largest real estate brokerages in the U.S. by transaction sides. Before joining Fathom, Fregenal served as the Chief Operating Officer and Chief Financial Officer of EvoApp Inc., a social media business intelligence provider. He also held the roles of CEO and CFO at Carpio Solutions, an information technology solutions company. He holds a Bachelor's in Economics from Rutgers University and an MBA in Operations Management from Monmouth University.

Joanne Zach, Chief Financial Officer

Joanne Zach was promoted to Chief Financial Officer of Fathom Holdings Inc. in November 2024. She previously served as Fathom's Senior Vice President of Finance since February 2021. Zach possesses over 25 years of accounting experience in both the public and private sectors. Her career began in public accounting as an auditor at Arthur Andersen, and she has since held senior leadership roles as an employee or consultant with various businesses, primarily in the life science and manufacturing industries. She holds a CPA license and a bachelor's degree in accounting from Fairfield University.

Joshua Harley, Founder and Chief Evangelist

Joshua Harley founded Fathom Realty in 2009 with the goal of transforming the real estate brokerage industry by empowering agents through a cloud-based platform and flat-fee commission structure. He initially served as CEO and later became Chairman of Fathom Holdings Inc., leading the company to go public in a 2020 initial public offering. In November 2023, Harley transitioned to the role of Founder and Chief Evangelist, focusing on agent growth, industry representation, and improving agent retention, referrals, and attach rates for Fathom's ancillary businesses. Prior to Fathom, Harley served in the U.S. Marine Corps from 1995 to 2003 as an Infantry Sergeant and a hand-to-hand combat instructor. He is a self-described serial entrepreneur who founded and led Home Central, an internet lead generation service in real estate (2007-2009), and Everdrive Solutions (2003-2005), which assisted automotive dealerships with internet sales strategies.

Lori Muller, President

Lori Muller brings more than two decades of leadership experience in residential real estate to her role as President of Fathom Holdings, Inc. Most recently, she served as President of the U.S. Organization at EXIT Realty Corp. International, where she was responsible for overseeing brokerage operations, agent growth, and strategic initiatives nationwide, managing over 25,000 agents. Throughout her career, Muller has been recognized for driving agent success, fostering strong company culture, and leading large-scale operational growth.

Jon Gwin, Chief Revenue Officer

Jon Gwin serves as the Chief Revenue Officer of Fathom Holdings, Inc. He has over 20 years of leadership experience across various sectors including securities, insurance, mortgage, and real estate industries. Gwin has held executive roles at notable companies such as American Financial Network, Wachovia Bank, Wells Fargo Bank, and Accredited Home Lenders. His leadership at American Financial Network resulted in over $13 billion in annual mortgage production. Gwin is also an experienced real estate broker and compliance expert, and he has developed industry-leading technology and training programs. He holds a degree in Business Administration from the University of San Diego and a Juris Doctorate from Concord Law School of Purdue Global.

The key risks to Fathom Holdings Inc. (FTHM) are primarily centered around the inherent volatility of the real estate market, intense competition for real estate agents, and reliance on its technology platform.

1. Sensitivity to Real Estate Market Conditions: Fathom's core business in real estate brokerage and mortgage services is highly dependent on the overall health and activity of the real estate market. Fluctuations in interest rates, housing inventory, home prices, and broader economic conditions directly impact transaction volumes and consumer demand. A downturn in the real estate market, such as reduced home sales or declining property values, would significantly and negatively affect Fathom's revenue and profitability across all its segments.

2. Intense Competition and Agent Retention: The real estate brokerage industry is highly competitive, with numerous traditional and technology-driven firms vying for both market share and real estate agents. Fathom's model relies heavily on attracting and retaining real estate agents to its platform. If Fathom is unable to offer a sufficiently compelling value proposition, competitive commission structures, or advanced technology and support, it could struggle to recruit new agents or retain existing ones, leading to a decrease in agent count and transaction volume.

3. Reliance on Technology Platform: Fathom's "cloud-based" model and its proprietary intelliAgent platform are central to its operations and competitive differentiation. The company's ability to maintain, enhance, and secure this technology is critical. Risks include potential system outages, cybersecurity breaches, the inability to keep pace with technological advancements, or a failure to effectively integrate new features or services. Any significant disruption or loss of confidence in the intelliAgent platform could adversely impact agent productivity, data integrity, and Fathom's overall reputation and business operations.

Fathom Holdings Inc. operates in several substantial addressable markets within the United States.

• Real Estate Brokerage: The U.S. real estate sales and brokerage market was estimated at $238.5 billion in 2024 and is projected to reach $240.0 billion in 2025.
• Mortgage Origination: The total single-family mortgage origination volume in the U.S. is expected to be $2.0 trillion in 2025 and is forecast to increase to $2.2 trillion in 2026.
• Technology (SaaS solutions and intelliAgent platform): The United States Real Estate PropTech Market is valued at approximately USD 25 billion. Another estimate places the U.S. Proptech market at USD 17.59 billion, growing at a compound annual growth rate (CAGR) of 13.6%.
• Title Services: The U.S. title insurance industry's revenue is estimated to be $17.1 billion in 2025.
• Insurance Services (Homeowners'): The U.S. homeowners insurance market size is projected to increase from USD 175.60 billion in 2025 to USD 184.59 billion in 2026. Another source indicates the market size of Homeowners' Insurance in the US is $175.1 billion in 2025.

Share Repurchases

• Fathom Holdings Inc. executed approximately $6.0 million in stock repurchases during 2022.
• As of September 30, 2023, the company had an authorization for approximately $4.0 million remaining for future share repurchases.

Share Issuance

• In September 2025, Fathom Holdings Inc. completed an underwritten public offering of 3.45 million shares of common stock at $2.00 per share, resulting in net proceeds of approximately $6.5 million.
• The company entered into a Sales Agreement on January 23, 2025, to potentially sell up to $10 million in common stock; however, this agreement was terminated on October 3, 2025, without any shares being sold under its terms.
• During the first nine months of 2022, Fathom issued common stock as part of the consideration for the acquisitions of iPro and Cornerstone.

Outbound Investments

• On November 4, 2024, Fathom Holdings acquired My Home Group, an Arizona-based brokerage, which is projected to contribute over $110 million in revenue for the full year 2025.
• In October 2025, the company acquired START Real Estate, a residential brokerage specializing in first-time homebuyers, anticipating approximately 400 transactions in 2025 from its 70 agents.
• In 2022, Fathom's subsidiary, Encompass Lending Group, acquired Cornerstone First Financial, and Fathom Realty acquired Utah-based iPro Realty Network.

Capital Expenditures

• In 2022, Fathom Holdings made approximately $4.1 million in investments directed towards technology and its businesses.