Core Insights - Polen Capital's "Polen U.S. SMID Cap Growth Strategy" achieved a return of 14.8% gross and 14.4% net of fees in Q3 2025, outperforming the Russell 2500 Growth Index which returned 10.7% [1] Company Performance - SoFi Technologies, Inc. (NASDAQ:SOFI) reported a record adjusted net revenue of $950 million in Q3 2025, reflecting a 38% year-over-year increase [4] - The stock of SoFi Technologies, Inc. experienced a one-month decline of 16.03%, but saw a significant 60.45% increase in value over the past 52 weeks, closing at $25.19 per share on November 21, 2025, with a market capitalization of $30.377 billion [2][4] Portfolio Contributions - In the third quarter, the top contributors to the portfolio's relative performance included Bloom Energy, SoFi Technologies, Inc., and Talen Energy [3]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 decreased by 8% to $8.1 million due to shedding unprofitable project work and softness in government and retail accounts [4] - Managed service revenue excluding Hoozu increased by 5% [4] - Total operating expenses decreased by 67% [4] - Net income totaled $0.1 million compared to a net loss of $8.8 million during Q3 2024 [4] - Cash increased by $0.8 million to $51.4 million [4] - Year-to-date managed services revenue is up 14% with net income totaling $1.2 million [4][12] Business Line Data and Key Metrics Changes - Managed services bookings, excluding Hoozu, declined by 26% to $18.2 million for the nine months ended September 30, 2025 [10] - Revenue from managed services, excluding Hoozu, increased by 14% for the nine months ended September 30, 2025 [11] - Cost of revenue totaled $4.2 million, or 51% of revenue in Q3 2025, compared to $5.2 million, or 59% of revenue in the same quarter of the prior year [11] Market Data and Key Metrics Changes - Enterprise accounts are growing at double-digit rates, with some at triple-digit rates [5] - The pipeline reached a new high for the year, with invitations to larger pitches growing [6] Company Strategy and Development Direction - The company is focusing on fortifying, simplifying, and concentrating on managed services [5] - A new account management model was implemented to focus on larger, more profitable recurring accounts [9] - The company is investing in its technology platform, infusing it with AI-powered features [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future and the ability to deliver additional value to stakeholders [8] - The strategic focus on higher quality recurring accounts is expected to improve profitability and support sustainable growth [10] Other Important Information - The company achieved profitability for the third quarter, marking only the second quarter in its history to do so through operating performance [12] - Cumulative stock repurchases totaled 561,950 shares for an aggregate investment of $1.4 million [14] Q&A Session Summary - There were no questions in the queue during the Q&A session [16]

Core Insights - SoFi Technologies (SOFI) stock has increased by over 181% in the past year, driven by strong operating performance and expansion of its member base and product offerings [1][2] - The company's shift towards capital-light revenue streams enhances profitability and reduces reliance on interest income, contributing to positive investor sentiment [2] - Concerns about valuation arise as SoFi trades above the analysts' average price target of $25.87, indicating that future growth is already priced in [3] Membership and Product Growth - In the latest quarter, SoFi added a record 905,000 new members, bringing total membership to 12.6 million, a 35% year-over-year increase [4] - Product growth was robust, with 1.4 million new products added, representing a 36% year-over-year increase to a total of 18.6 million [4] - Approximately 40% of new products were opened by existing users, marking the highest cross-buy rate since 2022, which has increased for four consecutive quarters [4] Financial Performance - SoFi's adjusted net revenue rose by 38% year-over-year to a record $950 million in the third quarter [5] - The Financial Services and Technology Platform segments generated $534 million, up 57% from the previous year, with these higher-margin segments exceeding half a billion dollars in quarterly revenue [5] - The shift towards fee-based and technology-driven income is expected to enhance SoFi's long-term profitability [5]

Summary of Fathom Holdings Conference Call Company Overview - **Company**: Fathom Holdings (FTHM) - **Industry**: Real Estate Services - **Business Model**: Technology-driven end-to-end real estate services platform integrating residential, mortgage, title, and SaaS offerings for brokers and agents [1] Key Financial Highlights - **Q2 Revenue Growth**: 36% year-over-year [2] - **Transaction Growth**: 25% year-over-year [2] - **Agent Growth**: 23% year-over-year [2] - **Technology Investment**: Approximately $20 million [2] - **Projected Growth**: Anticipated 50% growth year-over-year when market conditions improve [6] Market Conditions and Trends - **Current Market Challenges**: The real estate industry has faced difficulties due to rising interest rates and home prices [2][4] - **Home Price Trends**: Average home price increased from $330,000 to $440,000 over the past four years; expected to decrease by 10% to around $400,000 [4][6] - **Interest Rate Outlook**: Anticipated decrease to 6.25%, improving affordability [6] - **Regional Trends**: Home prices in California have decreased by 3% year-over-year, indicating a potential nationwide trend [5][6] Unique Business Model - **Technology Focus**: Fathom positions itself as a technology company rather than a traditional real estate company, with a comprehensive ERP-like system for agents [3][7] - **Flat Fee Structure**: Charges a flat fee for agent commissions, contrasting with traditional percentage-based models [10][13] - **Concierge Service**: Introduced "Elevate," a concierge service to assist agents with non-sales tasks, enhancing agent productivity [10][14] Growth Strategy - **Acquisition Strategy**: Recent acquisition of My Home Group, adding 2,200 agents; plans for further acquisitions to expand market share [4][27] - **Licensing Technology**: Plans to license technology to small brokerages, creating a new revenue stream [23][24] - **Ancillary Services Growth**: Significant growth in mortgage (65%) and title (89%) businesses from January to June [25] Operational Efficiency - **Cost per Transaction**: Fathom's cost to close a transaction is less than $270, significantly lower than competitors [22] - **Agent Turnover**: Fathom has a turnover rate of less than 1.5% per month, compared to the industry average of 3% [13][31] - **Agent Satisfaction**: Recognized as a top company for agent satisfaction based on independent reviews [32] Management and Leadership - **Experienced Management Team**: The management team has extensive experience in navigating both good and bad market conditions [33] - **Board Composition**: Includes industry veterans with significant M&A experience and leadership in public companies [33] Future Outlook - **Market Recovery**: Anticipated increase in transactions to approximately 4.5 million next year, with a long-term projection of close to 5 million by 2027 [29][30] - **Expansion Plans**: Fathom operates in 43 states and aims to continue expanding its footprint [30][31] This summary encapsulates the key points discussed during the Fathom Holdings conference call, highlighting the company's performance, market conditions, unique business model, growth strategies, operational efficiencies, and future outlook.