Secondarily, it gives us an opportunity to potentially monetize the significant amount of GMV and pass-through revenue that flows through our ecosystem and our income statement, for which we don’t really receive any economic benefit. For example, this quarter, our agents sold $8.1 billion worth of homes. And yet, as a company, we generated only $3.5 million of adjusted EBITDA. It’s easy to see how capturing even a few basis points of such an enormous sum could really impact our bottom line in a way that’s beneficial for agents and shareholders. So it’s a little bit too early to say, but we do think that this can have a very profound impact on our financial statements in the future.
Ravi Jani: Great. And last question, we’ll take from the Say portal. What is Real doing to attract outside investment from institutional and retail investors that will want to see the stock price grow in the coming years?
Tamir Poleg: It’s a great question, and I wish people knew how much time and effort we’re actually investing in that product that’s called the stock price. But obviously, we are fully committed to maintaining an active dialogue with our shareholders, and we recognize that your engagement is vital to our success. To that end, we’ve harnessed innovative platforms like the very portal that we’re using right now to receive this question to foster open communication and transparency with our investor community. In parallel, we’re diligently broadening our outreach by participating in more investor conferences and road shows and cultivating relationships with new investors and research analysts. These initiatives are designed to improve the market’s understanding of our business and our strategic vision.
With that being said, we know that ultimately, a stock price reflects two things: an earnings number and a multiple. We don’t control the multiple. That’s impacted by things like interest rates, market expectations and, on any given day, could be the result of host of other factors. Instead, we focus on what we actually can control, and that’s steering our business effectively and investing prudently and driving profitable growth that can enhance our earnings and cash flows. And our goal is pretty clear: we want to build a resilient company that delivers sustained long-term value for our shareholders. We are steadfast in our commitment to this objective. And believe our strategic efforts and execution will be reflected in our stock performance over time.
Ravi Jani: Great. A great way to end. If you have any additional questions on today’s earnings release, please feel free to contact me directly. Matthew, would you please give the conference call replay instructions once again? Thank you.
Operator: Absolutely. In order to access the replay, you need to call (877) 481-4010 with a confirmation code of 49221. Once again, the phone number is (877) 481-4010 and the confirmation code 49221. The replay will be available at 2:00 p.m. Eastern today. Ladies and gentlemen, this does conclude the conference call. You may disconnect your phone lines at this time. And have a wonderful day. Thank you for your participation.
