Portolan Capital Management, LLC and its manager George McCabe report beneficial ownership of 11,296,427 common shares of Real Brokerage Inc, representing 5.36% of the outstanding common shares as of 12/31/2025. The shares are held directly by Portolan Capital Management, LLC as investment manager for various clients, with McCabe reporting indirect beneficial ownership through his role as manager of the firm.
The reporting persons state they have sole voting and sole dispositive power over these 11,296,427 shares and no shared voting or dispositive power. They also certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Real Brokerage Inc., but instead are held in a passive investment capacity. Various underlying clients have economic interests in the shares, and no single client holds more than five percent of the company’s outstanding common stock.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Real Brokerage Inc
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
75585H206
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
75585H206
1
Names of Reporting Persons
Portolan Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,296,427.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,296,427.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,296,427.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.36 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
75585H206
1
Names of Reporting Persons
George McCabe
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,296,427.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,296,427.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,296,427.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.36 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Real Brokerage Inc
(b)
Address of issuer's principal executive offices:
701 Brickell Avenue, 17th Floor Miami, FL, 33131
Item 2.
(a)
Name of person filing:
This statement is being filed with respect to the shares Common Stock of the Issuer beneficially owned (1) directly by Portolan Capital Management, LLC, a registered investment adviser, in its capacity as investment manager for various clients, and (2) indirectly by George McCabe, the Manager of Portolan Capital Management, LLC. Portolan Capital Management, LLC and Mr. McCabe are sometimes individually referred to herein as a "Reporting Person" and collectively as the "Reporting Persons."
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 2 International Place, FL 26, Boston, MA 02110
(c)
Citizenship:
Portolan Capital Management, LLC - DE
Mr. McCabe - USA
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
75585H206
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated by reference herein.
(b)
Percent of class:
The information required by Item 4(b) is set forth in Row 11 of the cover page for each of the Reporting Persons and is incorporated by reference herein.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated by reference herein.
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated by reference herein.
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock of Real Brokerage Inc. No one person's interest in the Common Stock of Real Brokerage Inc. is more than five percent of the total outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
How many Real Brokerage Inc (REAX) shares does Portolan Capital report owning?
Portolan Capital Management, LLC and George McCabe report beneficial ownership of 11,296,427 common shares of Real Brokerage Inc.
What percentage of Real Brokerage Inc (REAX) does Portolan Capital hold?
The filing shows that the reporting persons beneficially own 5.36% of the outstanding common shares of Real Brokerage Inc.
Who are the reporting persons in this Real Brokerage Inc (REAX) Schedule 13G?
The reporting persons are Portolan Capital Management, LLC, a Delaware investment adviser, and George McCabe, its Manager.
Does Portolan Capital intend to influence control of Real Brokerage Inc (REAX)?
The certification states the securities were not acquired and are not held for the purpose or effect of changing or influencing the control of Real Brokerage Inc.
How are the Real Brokerage Inc (REAX) shares held by Portolan Capital structured?
The common shares are held directly by Portolan Capital Management, LLC as investment manager for various clients, and indirectly by George McCabe through his role as manager.
Do others have economic interests in the Real Brokerage Inc (REAX) shares reported by Portolan?
The filing notes that various persons have the right to receive dividends or sale proceeds, and that no one person’s interest exceeds five percent of Real Brokerage Inc’s total outstanding common stock.
