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Good day, and welcome to the Beeline fourth quarter 2025 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Tiffany Milton, Chief Accounting Officer. Please go ahead, ma'am.

Thank you. Good evening, everyone, and thank you for joining us today to discuss Beeline's financial results for the fourth quarter of 2025. I'm Tiffany Milton, Beeline's Chief Accounting Officer. Joining us on today's call to discuss these results is Nick Liuzza, our Chief Executive Officer, Jess Kennedy, Chief Operating Officer, and Chris Moe, our Chief Financial Officer. Following our remarks, we will open the call to your questions. Now, before we begin with prepared remarks, we submit for the record the following statement. This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Beeline Holdings' expected future growth of its core business, increased revenue, growth of fee-based revenue streams including BeelineEquity and expansion of our SaaS and AI capabilities and expansion of our warehouse lines.

Forward-looking statements are typically identified by words such as believe, expect, anticipate, plan, intend, seek, estimate, will, would, could, may, continue, forecast, target, potential, project, undertake and similar expressions. These statements are based on management's current assumptions, beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those described in forward-looking statements due to various risks and uncertainties. These include, without limitation, the risk factors we provided in our 2025 Form 10-K we are filing tomorrow and prospectus supplements we have filed with the SEC. We caution investors not to place undue reliance on any forward-looking statements made during this call. All forward-looking statements speak only as of the date of this presentation and are based on information available to Beeline as of today.

We undertake no obligation to publicly update or revise these statements to reflect events or circumstances occurring after today's date, except as required by law. Now, with that being said, I'll turn the call over to Nick Liuzza. Nick, please proceed.

Good afternoon, everyone, and thank you for joining us today. 2025 was a transformational year for Beeline. We simplified our balance sheet, grew the core mortgage business and began to demonstrate operating leverage in the model. We also introduced new capabilities across the platform, including version one of our self-service mortgage experience, designed to streamline and simplify the borrower journey. As we enter 2026, our focus is on building on that progress, disciplined execution, continued growth in the core business and the expansion of new revenue streams, positioning Beeline to accelerate its revenue growth with stronger loan-level economics. Some of the 2025 highlights include. We became a public company, strengthening the balance sheet through equity capital raises and the elimination of debt. We increased year-over-year revenues by 127%.

We delivered strong growth in our core mortgage business with improvements across originations, revenue per loan and conversion efficiency. We began to see operating leverage in the model as revenue growth outpaced growth in fixed costs. We laid the groundwork for additional capital-light, fee-based revenue opportunities. We executed through challenging market conditions while navigating increased expenses as a new public company. Today, we've established Beeline as a digital-first real estate finance platform with a diversified mix of mortgage products and an increasing mix of fee-based revenue streams. Let me frame how we think about the business going forward. Our core focus remains on serving borrowers that are often underserved by traditional lenders, including self-employed individuals, younger borrowers and real estate investors. This is a large and persistent segment of the market, and we've built our platform specifically around their unique needs with a fully digital experience and integrated title capabilities.

At the same time, we're beginning to expand beyond traditional mortgage lending, adding a more capital-light transaction-based revenue stream to our existing suite of mortgage products. An exciting development this year in that regard is the encouraging early progress of our BeelineEquity platform and our partnership with TYTL Holdings. We appear to be ahead of the market with a unique equity product that is not tied to interest rates, infusing much-needed liquidity into the market with little to no direct competition. BeelineEquity is not just a new product. It's a new transaction layer for residential real estate. BeelineEquity allows homeowners to access a portion of their home equity without refinancing or taking on additional debt while creating a new investable asset class. For Beeline, this is a fee-based model where we provide the infrastructure around the transaction.

BeelineEquity is a pure equity play unlike many of the HEI products on the market. Importantly, our model is capital light and fee driven. Beeline primarily provides the infrastructure, customer acquisition, property analysis, the operational platform, title, settlement and compliance. We earn 3.5% per transaction without assuming any principal risk. We also earn title revenue. We began closing initial transactions with TYTL as our partner in the fourth quarter and are building a growing pipeline heading into 2026. We monetize transactions, not interest rate spreads, which fundamentally changes the economics of our business. Our model scales with transaction volume, not balance sheet capital. Our focus is on measured scaling and validating the unit economics as the product develops. We believe this is a structurally different and more scalable business model than traditional mortgage lending.

To frame the opportunity, there's nearly $40 trillion of home equity in the U.S. that is effectively illiquid. BeelineEquity is designed to unlock that liquidity in select ZIP Codes, and we see significant opportunity over time, particularly given the limited number of solutions available to access it without recording a debt instrument. As the market develops, we believe Beeline is uniquely positioned as a first mover with a fully integrated platform. The expected initial use case for BeelineEquity is to enable homeowners, including many older borrowers who have built meaningful equity in their homes, to access liquidity without taking on additional debt or selling their asset. More broadly, we are building a product set that addresses different borrower needs over time, from acquisition and investment financing to home equity access.

In general, the primary use case for the BeelineEquity product is retirees who are asset rich but cash poor and are reluctant to sell their properties. Beeline now has products across the demographic spectrum, a wider variety of loans for younger borrowers, equity products for older homeowners who need or want to tap into some of that accumulated wealth. At the same time, our core business continues to improve. I'd like to turn the call over to Jess Kennedy, our COO and Co-Founder, to discuss our core business and the significant improvements we've driven in our KPIs over the last few months. Jess.

Thanks, Nick. I'm pleased to join today's call. As Nick mentioned, we're excited about the opportunities ahead with BeelineEquity. At the same time, we remain focused on methodically strengthening our core mortgage business. Let me highlight a few key metrics that underscore our progress. We delivered strong growth across our core operating metrics. Mortgage originations increased to $84.7 million, up 44% from $59 million in the fourth quarter of last year. The average revenue per loan increased 31% and the average cost per loan decreased 18% quarter-over-quarter. This trend continued into January 2026, and we expect continued improvements in loan level economics as we move through the year. In addition to the top line momentum, there are meaningful improvements in our operational efficiency across the platform.

Lead to application time was cut by more than half from 1.1 days in 2024 to half a day. We are reaching our customers more quickly through better workflows and Bob, our proprietary AI agent. Cycle time from processing to clear to close also improved from an average of 22 days in 2024 to 18 days in 2025 on larger unit volume. Lock to close conversions increased from 46%-55.1%, a 20% improvement from 2024 to 2025. These operational gains reflect the strength of our digital-first AI-driven platform, which continues to streamline the customer experience while driving faster cycle times and higher conversion. Importantly, we are increasing both volume and revenue per loan with modest increase in headcount, which is translating into operational leverage. Looking ahead to 2026, our priorities are clear.

Continue growing our core mortgage business with a strong focus on efficiency and revenue per loan. Scale BeelineEquity in a disciplined manner while maintaining a prudent risk posture. Expand our SaaS and AI capabilities. Drive revenue growth across both volume and margin. Progress towards positive operating cash flow. Our objective is straightforward: to strengthen Beeline's financial profile while building a scalable platform capable of delivering sustainable, long-term, high-margin growth and providing an exceptional customer experience. With that, I'll turn it over to Chris Moe, our CFO, to walk through the financials.

Thanks, Jess. Starting with the fourth quarter, total net revenues were $2.5 million, an increase of 127% compared to $1.1 million in the fourth quarter of 2024. Sequentially, the fourth quarter increased by 8.3%. Gains on loan sales and loan origination fees increased both sequentially and year-over-year as we continue to scale the platform. Title fees were up 91% year-over-year and effectively flat sequentially as this business continues to generate stable and predictable revenue streams. We invested considerable resources to support our growth. Compensation, commissions, and benefits increased by $5.2 million. The majority of the compensation expenses were non-cash, stock-based compensation expense of $2.9 million.

General and administrative expenses were up $2.4 million, primarily related to non-cash stock-based compensation expense of $1.4 million. As a result, our loss from operations was $8 million, compared to $4.1 million in the fourth quarter last year and $2.9 million in the third quarter of 2025.

Fully half of the loss from operations was non-cash stock-based compensation, and total non-cash items comprised approximately $5 million of the $8 million operating loss. Adjusted EBITDA was a -$3.4 million in the quarter compared to a -$3.2 million in the fourth quarter last year and -$2 million in the third quarter of 2025. Let me now shift to the full year results. Since 2024 reflects the sub-period October 8 to December 31, 2024, I will only address full year 2025. Total revenue is $7.8 million, comprised of gains on loan sales of $5.4 million, loan origination fees of $1 million, and title fees of $1.4 million. These results reflect strong growth across our core businesses and continued momentum exiting the year.

Total operating expenses were $27.3 million, with almost 30% related to non-cash expenses. Net loss was $31.5 million and full-year adjusted EBITDA was -$11.8 million. From a cost perspective, we maintain discipline while continuing to invest in growth. Importantly, we are beginning to see operating leverage as revenue scales faster than fixed costs. Turning to the balance sheet and comparing December 31, 2025 with December 31, 2024, we ended the year with cash balances higher by more than $2 million compared to 2024, supported by equity raises and improved capital structure. We significantly reduced debt during the year and today the company is debt-free outside of our warehouse lines which are directly tied to loan production. Speaking of warehouse lines, we quintupled our warehouse capacity over the course of 2025.

Based on our current growth rates, we expect to increase our warehouse lines this summer to support continued origination growth. Accounts payable and working capital metrics improved meaningfully, reflecting tighter operational execution. AP was reduced by over $1 million and working capital improved by $9.2 million. Total equity increased by $4.6 million year-over-year, driven by capital raises and restructuring. Turning to cash flow. For the full year, cash used in operations was $21.4 million, as expected for a company in a scaling phase. Shifting to 2026, the heavy lifting on our platform is now complete. We are focused on variable spending to support growth. As a result, we expect our cash burn to decrease in the first quarter of 2026. We continue to prudently utilize our ATM facility and believe we have sufficient resources to fund our near-term growth plans.

Investing cash flow of $1.1 million reflects continued investment in technology and platform development. Financing cash flow was $24.9 million, supporting both growth and balance sheet strengthening. To summarize, we delivered strong revenue growth. We improved operating efficiency. We materially strengthened the balance sheet and we're entering 2026 with improving cash flow dynamics. As we scale revenue, particularly from higher margin capital-light initiatives like BeelineEquity, we expect continued improvement in both profitability and cash flow. With that, I'll turn it back to Nick.

Before we begin the Q&A session, I'd like to make three points. First, we've built a platform that combines mortgage origination, title, AI, and fractional equity that allows us to serve a segment of the market that is underserved by traditional mortgage lenders. Second, we are adding a more capital-light fee-based revenue stream, which we believe can improve both scalability and returns over time. Third, we are increasingly focused on parts of the market where we believe we can build a more unique and durable position supported by our integrated platform and capital-light model.

Our priorities are clear. Grow the business, scale new revenue streams in a disciplined way, and continue improving cash flow. If we continue to execute on these priorities, we believe the financial profile of the company will continue to strengthen. Thank you for your time and your continued interest in Beeline. I'd now like to turn the call back over to the operator for Q&A.

Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. At this time, we will pause momentarily to assemble the roster. The first question will come from Michael Legg with Ladenburg. Please go ahead.

Thanks. Good afternoon. Congrats on the quarter. Wanted to kind of talk about, you mentioned a $100 million run rate over the next couple of years. Can you talk about whether that's with the current, you know, three business lines of digital mortgage origination, AI, and the equity ownership pieces, or do you foresee adding any more legs to the stool? Thanks.

Hey, Michael, it's Nick. Thank you for that. Yes, I see us focusing on the transactions that we discussed on the mortgage origination side and on the BeelineEquity side. There's tremendous opportunity. There's tremendous TAM. We are an early adopter of the blockchain in the BeelineEquity piece. I see that revenue coming from the two channels of Beeline origination primarily and BeelineEquity.

Great. Okay. Then, you know, you mentioned obviously fee-based, volume-based business, but interest rate, you know, obviously is correlated with the real estate market if rates come down. Could you just kinda talk about what type of environment you might see for your products?

Chris, you wanna take that?

Yeah. I think the question is how exposed are we to interest rates? Is that fair to say, Michael?

Yeah. How, you know, industry fee-based, volume, etc.

Yeah. Obviously our core mortgage business is still influenced by rates which have, by the way, ticked up in the last 30 days or so ever since the war started. But two things I think are worth stressing that are changing with Beeline. First, we're improving our efficiency, particularly in the sales funnel. Like each step of the sales funnel, if you tighten it up like 2%, 3%, 4%, 5%, by the time you get to the bottom of it could be like 20% better. The ratio of our ad spend to our revenue is one of the things we look at heavily. And then also revenue per loan, which as Jess said earlier, has been growing.

It used to be sort of in the low twos, meaning 220,000, and then now it's sort of averaging around 300,000, and that helps offset volume variability. Second, as Nick alluded to earlier, and more importantly, we've expanded into transaction-based fee-driven revenue streams, which are less dependent on rates or are frankly, I think in the case of BeelineEquity, independent of rates. Overall, over time, that should reduce our sensitivity to interest rate increases.

Yeah. Let me add something too as well, if you don't mind. Look, when you think about the $100 million run rate, it's about 700 transactions per month, give or take, along with our title business. When you think about that and you think about how big the addressable market is for BeelineEquity, a $39 trillion market opportunity with not much competition and creating liquidity for a class of people that need liquidity, you can start to visualize the opportunity. Then secondly, you know, our loan economics have not been positive. As a result of that, our appetite to spend on marketing hasn't been as high as it's going to be a little later this year, right?

As a result of that, we see our origination business growing on higher volumes as we continue to put the pedal to the metal in terms of spending more to create more origination volume, and then combining that with our BeelineEquity product, getting to 700 transactions to create the $100 million run rate seems like a very obtainable task.

Great. Just last question. You know, we basically have one day left in the quarter. You mentioned the fourth quarter was sequentially up, I think 8.3%, you said. Are the same trends showing up in the first quarter? Can you comment at all on the direction we're seeing?

Yeah, let me take that, Nick. Obviously I gotta be careful about giving any guidance, but I think I'm not gonna lecture you. I think, Mike, you recognize that this is a somewhat seasonal business. Beeline, I would say, is less seasonal than the average mortgage banker. The fourth quarter tends to be soft just because on the purchase side, people aren't usually closing on houses in November. We have basically a 12-week quarter that three or four weeks are zipped out of it because of the holidays. Typically, if you know, for someone that's running more or less level, the fourth quarter will be down. The fourth quarter was up eight point something percent. First quarter will be up yet again, but I'm not gonna say the amount. It's not 8.7%.

Great. Thank you. Appreciate it.

You're welcome.

Again, if you have a question, please press star and then one. The next question will come from Jacob Frank, Private Investor. Please go ahead.

Hey, Nick. Hey, Chris. Great results. Just wanted to check, are we on track to be cash flow positive as a group, not just the lending entity? Because the last update was in October 2025. I just wanted to ask about the Series A redemption. It looked like a very friendly deal for the company. I don't know, like, what's the color, what's the background, what motivated the investors to offer these terms? Thank you.

Yeah, I'll take the first part and then I'll let Chris. Go ahead. Go ahead, Chris.

Well, I was gonna say, I'll take the first question and you can take the second one, but we can play around as needed. So yeah, thanks for your question. Yeah. Yes, we're very much on trend. You know, our results for last year, you know, were clouded both from the investor perspective and also internally just because so much was going on in our birthing process of becoming a public company. Almost all that static is behind us. We're very focused on operations and I'm confident that the lines will cross in a positive way in the near future. More than that, I can't say for obvious reasons, but to answer your question, we're very much on track, if not, you know, above the expected trajectory.

Nick, you wanna comment on the Series A?

Yeah. What was the question on the Series A? I'm sorry.

Yes. The question is, what's the background and what motivated the investors to offer the terms? Because the issue price actually went up, so I believe we saved on issuance of shares.

The Series A has now been retired. Basically, the way that series worked was we had the holders had the right to convert at $1.75, and we had the right to buy the shares back at $2. As the war broke out, right, we were uncertain of how we wanted to handle that with a, you know, a pending date of the end of May for the holder to convert. We went to the holder and we negotiated a $2.25 conversion. We issued the shares and put that to bed. We've got very limited preferred overhang that's currently in the cap table with the Series A currently completely retired.

Got it. That's amazing. I do have one last question. I know that we have the at-the-market program, and I understand the potential uses could be blockchain investments, acquisitions and other things, right? How is the management thinking about the overall capital allocation strategy and how is the money-

Yeah.

being spent? Because I also note that the Series B is still costing us 6% annually, so any thoughts around it?

Yeah. I think the question is how do we see potential acquisitions going forward? Is that the root of the question?

No. It's like, how do we decide on how we spend the money? Because I believe we have so many areas we can spend on hiring, blockchain investments, could even potentially retiring the, I believe, the last remaining preferred Series B.

Yeah. Got it. Look, our primary focus is spending our money to grow our revenue as profitably as we possibly can. As mentioned on this call, right, we're in a position now where that spend is not as great as it once was in developing and building the platform and then leveraging the AI to be even more productive. On a going forward basis, you know, that's where we're gonna put our dollars. It's a lot fewer dollars than what we've had to put toward in the past. You know, as it relates to, I think you mentioned acquisitions, you know, I mean, look, we're gonna look at potential acquisitions at some point next year.

There's a lot of opportunity to potentially, A, consolidate or, B, pick up a company that can drive business to our platform. As of right now, the dollars we're gonna spend are gonna be driving transactions, and that would include, you know, forming partnerships potentially, with entities that can drive business at the end of the day. There may be some dollars spent in that direction as well.

Okay. Thank you. Wishing all of you all the best.

Thank you very much. We appreciate that. Thank you.

This concludes our question and answer session. I would like to turn the conference back over to Nick Liuzza for any closing remarks.

I wanna thank everyone for their support. You know, we're now in our first year as a public company. The management team, I wanna let everyone know, is completely committed. We are, you know, we sit side by side with our shareholders as every member on this phone is an investor in Beeline with their own hard personal cash, and it goes way beyond the three of us. As we move forward, understand that the decisions we're making are not only for the best of Beeline, but for the shareholders, and we're shareholders as well. We've got our next earnings call in the next 45 days, since this one's a little late in the quarter. We look forward to seeing everyone on that call and sharing our Q1 results. Thank you, everyone.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Thank you for standing by. This is the conference operator. Welcome to the Beeline Holdings third quarter 2025 earnings conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I’ll now like to turn the conference over to Tiffany Milton, Chief Accounting Officer. Please go ahead. Tiffany Milton, Chief Accounting Officer, Beeline Holdings: Thank you. Good evening, everyone, and thank you for joining us today to discuss Beeline Holdings’ financial results for the third quarter of 2025. I’m Tiffany Milton, Beeline Holdings’ Chief Accounting Officer, and joining us on today’s call to discuss these results is Nick Liuzza, our Chief Executive Officer, and Chris Moe, our Chief Financial Officer. Following our remarks, we will open the call to your questions. Now, before we begin with prepared remarks, we submit for the record the following statement: this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding Beeline Holdings’ expected future growth, expected future operating results, and financial condition, including projections concerning our ability to be cash flow positive and profitable and achieve other milestones within specified time frames, expected reductions to interest rates and the impact on our business, the anticipated Beeline Equity closings, the future development and potential of our technology offerings, and the introduction of new products and features. Forward-looking statements are typically identified by words such as believe, expect, anticipate, plan, intend, seek, estimate, will, would, could, may, continue, forecast, target, potential, project, undertake, and similar expressions. These statements are based on management’s current assumptions, beliefs, and expectations and are not guarantees of future performance. Actual results may differ materially from those described in forward-looking statements due to various risks and uncertainties. These include, without limitation, the risk factors we provided in our 2024 Form 10-K and prospective supplements. In addition, there is a risk that our new technologies we are developing may not work as expected. We caution investors not to place undue reliance on any forward-looking statements made during this call. All forward-looking statements speak only as of the date of this presentation and are based on information available to Beeline Holdings as of today. We undertake no obligation to publicly update or revise these statements to reflect events or circumstances occurring after today’s date, except as required by law. Now, with that said, I’d like to turn the call over to Nick Liuzza. Nick, please proceed.

Good afternoon, everyone, and thanks for joining us today. I’m Nick Liuzza, co-founder and CEO of Beeline Holdings. With me is our Chief Financial Officer, Chris Moe. We appreciate you spending time with us on our third quarter 2025 earnings call. Before we jump into our Q3 performance, I would like to start with a key subsequent event. Beeline Loans Incorporated, our lending subsidiary, achieved its first positive cash flow month in October of 2025. Beeline Loans increased monthly closed loan units by 91% since January of 2025, while keeping our production payroll virtually unchanged, underscoring the scalability and efficiency of our digital mortgage platform. This is certainly a key development. When we started 2025, we identified two critical goals related to our financials, with targeted completion by Q1 2026. The first goal was to be debt-free, which we accomplished in September. Our second goal was for the company to be cash flow positive by Q1 2026. Now that Beeline Loans is cash flow positive, we’re very confident about achieving this goal, which will eliminate our need to raise capital in 2026 to support operations. Now, let me turn to some macro points related to interest rates. As of the Federal Reserve’s announcement on October 29, the effective Fed funds rate is now 3.9% versus its peak of 5.3% in September 2024. The market yield on the 10-year Treasury securities hit nearly 5% as of October 19, 2024, and is now eased to 4.1%. Also relevant, the spread between the 30-year fixed mortgage and 10-year Treasuries has tightened from 152 basis points to 127 basis points. All of these are beneficial to the demand for mortgages, as well as the margin Beeline makes on them. The market is expecting the Fed to make further cuts this December or January, and then again probably in Q2 of next year. For Q3 2025, Beeline Loans saw demand for mortgage loans increase substantially. That demand was driven by targeted marketing campaigns implemented by Beeline and declining rates. To illustrate, lending originations expanded from $51.9 million in Q2 to $69.8 million in Q3, reflecting quarterly growth of more than 35%. We closed 242 units in Q3, up more than 29% over Q2 loan closings of 187. We could not have accomplished this growth in mortgage originations without strong support from our warehouse banks. We expanded our warehouse line capacity from one bank with a $5 million limit to three banks with a total of $25 million of capacity. Given that we sell our loans on average in seven business days, that gives Beeline a monthly origination capacity of approximately $75 million. We will certainly continue to increase our warehouse capacity to support future expansion. To restate an earlier point, we kept operational headcount flat during this growth. This is a reflection of the scale that is possible from the technology investments we made at all stages of the customer journey. What is even more exciting is that we can double our October production, which is already up 40% from September, with minimal cost to operational payroll. We are ready for much higher volumes, which is a testament to our strategic commitment in the down years to build scale and diversification. In short, we kept our foot on the gas pedal during the difficult times to ensure we would be ready when the market normalized. I’m proud to say we are ready. During the down years, from late 2021 through 2024, some lenders chose to drive volume by spending heavily on marketing, even with industry unit economics running at a negative during much of that time. Even though we’ve seen 91% growth in volume since January, we were doing so with a measured spend on marketing, which curtailed stronger top-line growth. It did not make sense to further drive our top-line at a loss. Now that unit economics are positive, our appetite to increase our marketing spend is high, which we believe will lead to much faster quarterly growth. Our lending revenue per closed file has grown from a feeble $6,400 per file, driven heavily by market conditions and product mix in January, to a more robust $8,828 per file in October. We expect to see the revenue per file continue to increase and to normalize between $10,000 and $11,000 per file. This will lead to higher marketing spends and additional growth starting in Q4. Our technology edge remains one of the central drivers for our momentum. Our AI sales agent, Bob, continues to deliver outstanding results. As we mentioned on our last call, we’re seeing six times increase in lead conversion and eight times increase in full mortgage applications, all while operating 24/7, 365 at net zero incremental cost with this portion of the business. The lift from Bob will increase as Bob becomes more integrated throughout the entire sales funnel and moves into the early stages of the mortgage production process. We also continue to see strong performance from Hive, our workflow engine, which enables us to close loans in as little as 14-21 days, about twice as fast as traditional lenders. This efficiency allows us to handle growing volume without adding proportional cost, giving us a real structural advantage. This continued growth in innovation and performance is a testament to our Australian product development and digital marketing teams. Turning to our title business, we leveled out for the quarter. Q3 units were 280 versus Q2 units of 294. With that said, October was our strongest month since inception, and we did not spend any marketing dollars driving the title business. In other words, zero CAC. That is going to change. Recently, Beeline Title hired an experienced title sales executive to do third-party marketing, which should grow units substantially. After 20 years in title and a highly successful exit, we’re excited and confident in our ability to grow this vertical in a normalizing mortgage market. In my view, based on our team’s significant experience, title has been a sleeping giant for Beeline that is now just awakening. All the KPIs we monitor indicate that Q4 will comfortably exceed Q3 for both Beeline Loans and Beeline Title. Finally, we have successfully launched our fractional equity sale business and are closing transactions leveraging the blockchain in unison with our partner. Our product is provisionally branded as Beeline Equity. We expect to close approximately 30 of these transactions by year-end and are taking applications on our website for 2026. The average size of a sale of equity transaction is approximately $250,000, and we earn a 3.5% fee plus title fees. Since we are not underwriting the homeowner, the process is seamless with margins at 80% or better. There’s high demand for this product. We are positioned to scale quickly by mid-Q1 as we work through anticipated regulatory considerations and perfect the consumer experience. Beeline may very well be the only mortgage lender with this product, which is not tied to interest rates, providing strong revenue opportunity for Beeline regardless of market conditions. We are a technology-driven mortgage and title provider focused on using AI and automation to reshape the home financing experience from slow and painful to fast and fun for a new generation of homeowners and investors. We’re launching a business to provide near-instant liquidity for homeowners who have significant locked-up equity in their homes but either cannot qualify for a mortgage or are disappointed with the amount. In the coming quarters, we will begin to share key metrics such as ROAS and NPS and other indicators to help you evaluate how our technology is driving Beeline’s brand value, customer retention, and earned media. We expect to show continued improvement in both revenue and our expense structure. My goal as CEO is to continue to lead Beeline towards substantial growth and profitability. The future is bright for Beeline. With that, I’ll turn it over to Chris.

Thanks, Nick. As a reminder, due to pro forma accounting adjustments and GAAP purchase accounting rules, our income statement and balance sheet reflect the impact of the recent Ford merger transaction, which had its final closing on March 7, 2025, and as such, certain comparative periods are not directly comparable. Additionally, Magic Blocks, our AI product technology company in which we hold a significant minority stake, is not consolidated in our income statement under GAAP. Lastly, our legacy spirits business, Bridgetown Spirits Corporation, was reclassified during Q2 as discontinued operations and was subsequently sold in Q3, resulting in a $718,000 loss on the extinguishment of debt. Let me now walk you through the Q3 2025 financial highlights. Total net revenues were approximately $2.3 million for Q3 and $5.4 million for nine months year-to-date, driven primarily by Beeline’s mortgage activities, which accounted for over 78% of revenue year-to-date, with the remainder from the Beeline Title business and a small amount from other revenues. Our total net revenue growth rate was 27% for Q1 to Q2 and 37% Q2 to Q3. Preliminary results from October and now early November suggest an even stronger growth rate for Q4, spurred in part by declining interest rates. In terms of unit growth of our mortgage business, in January, we closed 43 loans. In September, we closed 82 loans, up 91%. In October, we closed 98 loans, generating just under $863,000 in revenue, representing 44% of our total lending revenue for Q3. In terms of unit growth for our title business, in January, we closed 45 titles. In September, we closed 85 titles, up 89%. October was a record revenue month for title, coming in at $175,000 in revenue, representing 45% of our title Q3 revenue, with 106 title closings. Turning to the expense side of the P&L, operating expenses totaled approximately $5.2 million for Q3 and $16.9 million for nine months year-to-date. For Q3, we incurred $2 million in compensation, commission, and benefits, $871,000 in general and administrative expenses, $831,000 in depreciation and amortization, $682,000 in marketing and advertising, and lastly, $804,000 in other operating expenses. This resulted in a loss from operations of $2.8 million for Q3, a noted improvement over the Q2 loss from operations of nearly $4 million, and much improved from the Q1 loss from operations of $4.7 million. Total other income and expense net was $746,000 for Q3 and $2.8 million year-to-date, which includes the spirits loss of $718,000. We reported a net loss of $4 million for the quarter and $15 million year-to-date. While this loss is significant, it represents an improvement over our Q1 loss of $6.7 million and reflects deliberate investments and one-time capital structure effects. Our core mortgage operations are scaling well, and we are confident these investments will position us for a step change in performance in the quarters ahead. We are also aware of rapid customer and revenue growth from our AI sales agent spinout, Magic Blocks, whose operating results are not reflected in these figures. Turning to the balance sheet, we ended the third quarter with $1.3 million in cash plus restricted cash, up from $872,000 in cash on December 31, 2024. From December 31, 2024 to September 30, 2025, we made debt repayments of $6.5 million. Now, with the exception of our office leases and our warehouse lines of credit, I am pleased to confirm that Beeline is debt-free. We have also reduced our accounts payable over 48% from $1.7 million to $864,000, and with aging and terms notably improved. Total equity at period end was $51.7 million, up 6% from $49 million as of 12/31/2024. Regarding cash flow for the nine-month period, net cash used in operating activities was nearly $11.5 million. Net cash used in investing activities was just over $1 million. Net cash provided by financing activities was nearly $13 million for a net increase in cash of $481,000 for the nine-month period. To summarize the year-to-date financial picture, we have rapidly grown our revenue, while trimming expenses and completely deleveraged the balance sheet. While I can’t provide firm Q4 guidance due largely to the rapid pace of transformation in this business, I am aligned with Nick that Beeline can expect to see continued robust growth from introducing new and unique products, growing existing loan and title revenues, and controlling expenses with the goal of achieving operating profitability and positive operating cash flow by early in Q1 2026. With that, I’ll turn it over to the operator for questions.

We will begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you’re using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star one again. We will pause for a moment for callers to join the queue. Your first question comes from a line of Glenn Matson of Leidenberg. Your line is open.

Hi. Yeah. Thanks for taking my questions. Might I ask, the last call you had was before the Fed started cutting rates? Curious if the market response has matched, exceeded, or fell below your expectations of what demand profile would look like in a rate-cutting environment, number one. Two, now that you’ve added this capacity to the warehouse line, is that enough to meet that demand or just kind of some color on your ability to meet that inflow?

I’m sorry, what was that in a second? Yeah, okay. Hey, Glenn, good to hear from you. I’ll take the first question, and then Chris Moe will take the second question. In regards to our expectations, I would say that we did expect to see that rate cut in September and then the second one that we just received. I would say that the volume kind of was where we thought it would be. We knew that we felt pretty strongly that the rate cuts were coming. As a result of that, we started negotiating with our warehouse lines to make sure that we had the capacity to close the loans we needed to close. You want to go ahead.

Yeah, I’ll just add to that. I mean, I think if we’re "suffering success," our existing warehouse lenders, as well as three or four others who are clamoring for our business, will be more than happy to step in and give us the ammunition, so to speak, to fight the war. Not concerned about it.

Yeah. I mean, the ability for us to raise our lines will not be difficult. But the $75 million capacity that we currently have is probably a little more than what we need until.

We’ll grow into it.

Yeah, but we’ll grow into it very quickly, and we have the ability to increase it very quickly as well.

Okay. Great. Thanks for that. On the cash-out equity business, can you just give a sense, Nick, as we get closer to a full launch or whenever that may be, what you’re learning about the market in terms of the demand and the willingness for end customer to go after this product, which is kind of unique in the market? Yeah.

Yeah. Listen, I mean, the demand is significant, right? I mean, we’re targeting initially baby boomers that maybe are outgrowing their retirement. In the areas that we’re targeting, there’s about $10 trillion of available equity. We have a product that meets their needs with virtually very little competition. The demand is quite significant. This is leveraging the blockchain and essentially connecting the blockchain with the real estate chain and, in this particular case, the public record. We need to be a bit careful in our first, call it, 50 transactions to make sure they go off correctly. We’re trying to anticipate regulatory matters as well because there’s not a blueprint for what we’re doing. We’re kind of out ahead of this, I think. I mean, I don’t see anyone else doing this except us, honestly. What we want to make sure is that we’re being transparent, we’re being quality-focused, we’re meeting the KPIs and the timelines that we set for the market. I think after we get about 50 transactions under our belt, you’ll see a wider launch, which means more marketing dollars behind it, more product awareness, more scale, and then we’re off to the races. I think I said in my call earlier today, we’ll close about 30 transactions this year and then probably another 20-25 in January, and then we’re off to the races. I’ll just add that it’s very, very important that we do this right. I know I’m saying that again, but not understanding the regulatory blueprint and what that means to our business, we just want to proceed carefully before we launch.

Right. I guess I’ll just follow up with that. You mentioned you don’t think anyone else is doing this. You’ll have a lead and perhaps be able to build some sort of momentum before you see competition. Is that fair to say?

Yeah. Let me answer that. I think if by, let’s say, third quarter next year, if we didn’t have any competition, that means we really overestimated the opportunity. We expect to have vigorous competition. I mean, the market is so huge, that’s actually good for everybody.

Yeah. The opportunity is tremendous. It’s a huge market. Remember, the reason why I say we don’t have a lot of competition is, remember, it’s a true fractional sale of equity, and we are recording a deed, not a deed of trust. A deed of trust is a mortgage or a lien. When you look around the other equity products out there, for the most part, they turn into P&I instruments, and they’re recording a deed of trust. Our product is a pure fractional sale of equity. It’s an equity product. Again, I’m not aware of many people that are doing this, certainly not any of the lenders. There are some other fractional equity sale of equity companies out there, but it’s my understanding that they’re recording a deed of trust and not a deed. Big difference.

Okay. Yeah. Sure. Thanks for all that, Tyler. I’ll jump back in with you. Thank you.

Thank you. Thank you, Glenn.

Thanks.

Once again, if you have a question, please press star one. With no further questions, this concludes the question and answer session. I would like to turn the conference back over to Nick Liuzza for closing remarks.

Thanks, operator. To wrap up, Q3 2025 marks yet another inflection point for Beeline. We have fully transitioned into a fintech mortgage company, one carefully designed to scale and compete with the largest lenders in the country. We have aimed Beeline to pursue a $2.3 trillion US mortgage market with a different technology-driven strategy focused on younger digitally native borrowers and real estate investors, and now offering a fractional equity product that will provide quick cash to asset-rich homeowners who may not qualify for a traditional mortgage or HELOC. Looking ahead, we have exciting initiatives in the pipeline, including new AI-driven solutions, potential SaaS products, and expanded strategic partnerships. These initiatives reflect our firm desire to reshape borrower behavior across the industry. I want to close by thanking our executive team, our employees, our customers, the investors who buy our loans, our tech partners, and our shareholders. We are grateful for the progress we’ve made and highly motivated by the long-term value we’re building. Thanks to everyone for joining the call.

This brings to a close today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.