Summary of Real Matters 2026 Extraordinary General Meeting Company Overview - **Company**: Real Matters (OTCPK:RLLM.F) - **Meeting Date**: February 05, 2026 - **Key Participants**: Gary Foster (Board Chair), Brian Lang (CEO), Rodrigo Pinto (CFO), Lynn Beauregard (VP, Investor Relations), Jay Greenspoon (General Counsel) Core Points and Arguments Financial Performance - **Consolidated Revenues**: Reported at $169.7 million for fiscal 2025 [17] - **Net Revenue**: Decreased to $44.7 million from $46.4 million in fiscal 2024 [18] - **Adjusted EBITDA**: Loss of $3.2 million compared to a positive $1.9 million in the prior year, attributed to strategic investments in technology and sales [18] - **Cash Position**: Exceeded $40 million with no outstanding debt, indicating strong financial discipline [18] Market Dynamics - **US Mortgage Market**: Currently, 13 million mortgages have interest rates above 6%, indicating a shift towards normalized market conditions [19] - **Refinance Candidates**: A substantial pool exists, which could drive volume growth in the coming years [20] - **Market Share Expansion**: Launched 29 new clients in US Appraisal and US Title segments since the peak of the mortgage market in 2022 [21] Strategic Roadmap - **Target Operating Model**: Aims for $50-$65 million in Adjusted EBITDA from the U.S. appraisal segment and $30-$45 million from the U.S. title business [22] - **Focus Areas**: Client acquisition, market share growth, and performance improvement are prioritized to achieve financial objectives [22] Long-term Vision - **Data Monetization**: Plans to monetize data in new verticals to expand addressable markets and mitigate cyclicality [20] - **Competitive Position**: Confidence in maintaining a competitive edge through performance equity and client relationships [19] Important but Overlooked Content - **Voting Procedures**: Each shareholder entitled to one vote per common share; 996 holders represented 50,301,271 shares, constituting 67.75% of issued shares [4] - **External Auditor**: Deloitte LLP appointed as external auditor, having served since 2012 [10] - **Equity Incentive Plan Amendment**: Transition from a fixed share reserve to an evergreen reserve equal to 7% of issued shares approved [11][15] Conclusion - The meeting concluded with no questions from shareholders, and the management expressed gratitude for the support from clients and shareholders [25]