SCHEDULE: Insight Holdings Group's Stake in Real Brokerage

Insight Holdings Group and its affiliates disclose significant beneficial ownership in Real Brokerage Inc., totaling 13.8% of common shares.

Summary

• Insight Holdings Group, LLC and its affiliated entities collectively report beneficial ownership of 28,698,997 common shares of Real Brokerage Inc.
• This represents 13.8% of Real Brokerage Inc.'s outstanding common shares, based on approximately 208,121,000 shares as of June 30, 2025, as reported on Form 6-K.
• The filing is an Amendment No. 3 to a Schedule 13G, updating previously reported ownership information.
• The reporting entities include various Insight Partners funds and management entities, with Insight Holdings Group, LLC having shared voting and dispositive power over the reported shares.
• Insight Venture Management, LLC's reported shares include 123,696 shares, which settled from restricted share units on January 25, 2023 (32,751 shares), March 17, 2024 (60,000 shares), and May 31, 2025 (30,945 shares).
• An additional 34,965 common shares from restricted share units vesting on May 30, 2026, are excluded from Insight Venture Management, LLC's current beneficial ownership.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of beneficial ownership. The presence of a significant institutional investor like Insight Holdings Group can be viewed positively as a vote of confidence, but the filing itself does not contain performance data or new strategic initiatives to warrant a higher score. It's a neutral-to-slightly-positive signal.

Positives

• Significant institutional investment from Insight Holdings Group, a prominent technology and software investor, signals confidence in Real Brokerage Inc.'s business model and future prospects.
• The substantial stake of 13.8% indicates a long-term strategic interest rather than short-term trading by a major investment firm.

Risks

• The reporting persons are filing jointly as they may be deemed to constitute a 'group' but explicitly disclaim membership in a group, which could imply potential for independent actions by individual entities within the Insight network.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Real Brokerage Inc.'s future performance or strategic direction.

Industry Context

Insight Partners is a leading global private equity and venture capital firm focused on investing in high-growth technology and software companies. Their significant stake in Real Brokerage Inc. suggests a strong belief in the company's technology-driven real estate brokerage model and its potential to disrupt or gain market share within the broader real estate industry, which is increasingly adopting digital solutions.

Comparison to Industry Standards

• Insight Partners' investment strategy typically targets companies with strong growth potential and innovative technology. While specific comparable companies or projects are not detailed in this ownership disclosure, Insight's portfolio includes numerous successful software and technology firms, indicating their confidence in Real Brokerage Inc.'s position within the evolving real estate technology landscape.
• This type of substantial institutional investment is common for high-growth companies seeking to scale and can be viewed as a validation of the company's strategy and market opportunity.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding a substantial stake may instill confidence and potentially attract other institutional investors, potentially stabilizing or increasing share value.
• Employees: No direct impact mentioned, but strong institutional backing could imply stability and growth opportunities.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Key Dates

Keywords

Real Brokerage Inc, Insight Holdings Group, SEC filing, Schedule 13G, beneficial ownership, common shares, institutional investment, real estate technology, brokerage