Latest / WTR Small-Cap Spotlight / reAlpha Tech Corp. (AIRE): Building a Unified, AI-Powered Homebuying Platform

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reAlpha Tech Corp. (AIRE): Building a Unified, AI-Powered Homebuying Platform · WTR Small-Cap Spotlight

• 0:01
  SPEAKER_01: Welcome to the WTR Small Cap Spotlight Podcast.
• 0:04
  SPEAKER_01: I'm your host, Tim Gerdeman, Vice Chair and Co-Founder and Chief Marketing Officer of Watertower Research.
• 0:10
  SPEAKER_01: Today I'm joined by Mike Ligazzo, CEO and Tom Cutzman, CFO of Realpha Tech Corp, NASDAQ Ticker Symbol AIRE.
• 0:18
  SPEAKER_01: Realpha is a real estate technology company developing an AI-powered home buying platform intended to coordinate real estate brokerage, mortgage, and title services where available.
• 0:29
  SPEAKER_01: The platform is anchored by Claire, Realpha's proprietary AI buying concierge, and a rebate at closing model designed to reward home buyers who use multiple Realpha services.
• 0:41
  SPEAKER_01: Mike was appointed CEO in 2025 and brings a background in financial services and operations, including 18 years at BMW Financial Services and innovation leadership at L Marx.
• 0:53
  SPEAKER_01: Tom serves as CFO and brings more than a decade of capital markets experience along with strong operating experience.
• 1:00
  SPEAKER_01: He most recently co-founded digital home buying company Preview, and uh he served there as CEO prior to joining Realpha.
• 1:08
  SPEAKER_01: Also joining is my WTR equity research colleague, James Kisner.
• 1:12
  SPEAKER_01: Good morning, gentlemen, and thank you for joining me.
• 1:14
  SPEAKER_03: Thank you very much.
• 1:15
  SPEAKER_03: Happy to be here.
• 1:16
  SPEAKER_01: And thanks for having us.
• 1:18
  SPEAKER_01: Mike, for listeners new to Realpha, can you give us the quick elevator pitch to include what the company is developing and what makes the platform different from traditional, what I would actually arguably say are highly inefficient, frustrating homebuying experiences for consumers previous to your platform?
• 1:35
  SPEAKER_03: Sure, happy to.
• 1:37
  SPEAKER_03: I start by saying most companies in the home buying space, they specialize in one thing.
• 1:41
  SPEAKER_03: For example, they're a realtor, a mortgage broker, a title company.
• 1:45
  SPEAKER_03: Um Realpha does all of these on a single platform that's powered by AI.
• 1:50
  SPEAKER_03: And we believe that gives us four advantages.
• 1:53
  SPEAKER_03: Um, first, we capture revenue across the entire transaction.
• 1:57
  SPEAKER_03: Second, our tech is purpose built for home buyers, it's not bolted on or stitched together.
• 2:02
  SPEAKER_03: Um, third, our commission rebate gives cash back to customers, and then it also drives multi-product adoption through cross-selling.
• 2:09
  SPEAKER_03: And fourth, um, our integration, it reduces the inefficiency that frustrates the home buyer in America, including yourself.
• 2:16
  SPEAKER_03: Um, so that's realpha in a nutshell.
• 2:18
  SPEAKER_01: Great.
• 2:18
  SPEAKER_01: Well, thank you for that initial overview, and I'll turn it over to James to ask a few questions.
• 2:22
  SPEAKER_01: Great.
• 2:23
  SPEAKER_02: Thanks, Tim, and welcome everybody again.
• 2:25
  SPEAKER_02: So um I'm gonna double-click on something you touched on there.
• 2:29
  SPEAKER_02: So uh the one Realpha model.
• 2:31
  SPEAKER_02: So bringing growth rage, mortgage title, and you know, AI together in a single coordinated workflow, it tends to sit at the heart of your strategy.
• 2:39
  SPEAKER_02: Can you just talk more about the vision behind that?
• 2:41
  SPEAKER_02: And we're really starting to see that um integrated approach pay off for the home buyer today.
• 2:47
  SPEAKER_03: Sure, James.
• 2:48
  SPEAKER_03: Um, when you look at the customer experience today, right it's costly, complex, fragmented.
• 2:52
  SPEAKER_03: Um, you know, the average home buyer juggles like a real estate agent, then goes through a mortgage broker, then a lender, then a title company.
• 2:59
  SPEAKER_03: Um, each of those they have their own processes that a customer must navigate.
• 3:03
  SPEAKER_03: And they rarely communicate with each other, uh, let alone talk.
• 3:07
  SPEAKER_03: Um, in addition, you know, we we've learned that the industry is basically starved of automation.
• 3:12
  SPEAKER_03: A lot of the incumbents are too constrained by legacy models to really fix it.
• 3:17
  SPEAKER_03: And it just works.
• 3:18
  SPEAKER_03: So they it just stays the same.
• 3:20
  SPEAKER_03: And we believe that gaps are opportunity at Realpha.
• 3:23
  SPEAKER_03: Um, we have one unified platform where we put the home buyer in the center of it and then we build the processes around them.
• 3:30
  SPEAKER_03: Um, as we mentioned, it's powered by AI, but it's also backed by human experience and expertise.
• 3:36
  SPEAKER_03: And we'll we'll talk about that as we go through the process here.
• 3:39
  SPEAKER_03: Uh we have four key features.
• 3:41
  SPEAKER_03: Uh, we have this consumer aligned pricing model.
• 3:43
  SPEAKER_03: It's a commissioned rebate at closing.
• 3:46
  SPEAKER_03: It rewards buyers for bundling our services.
• 3:48
  SPEAKER_03: Uh, we have Claire, which is a proprietary AI assistant that provides 24-7 search, education, transaction support uh throughout the process.
• 3:58
  SPEAKER_03: Uh third, we have true vertical integration.
• 4:01
  SPEAKER_03: Because we own real estate, mortgage, and title, the handoffs disappear.
• 4:05
  SPEAKER_03: And fourth, uh, we have a scalable tech-enabled operation.
• 4:08
  SPEAKER_03: So because we use AI and distributed teams, you know, our margins expand as our volume grows.
• 4:15
  SPEAKER_03: So a unified platform it allows for greater transparency to the customer, as well as those servicing the customer, because we could see them through every step in the process.
• 4:24
  SPEAKER_02: That sounds very compelling.
• 4:26
  SPEAKER_02: Wish you guys have been around for my last home purchase.
• 4:28
  SPEAKER_02: Um, so uh preview closed in November of 2025.
• 4:32
  SPEAKER_02: So maybe you can update us on that, like how the integration is coming along and what role that uh is playing the platform.
• 4:40
  SPEAKER_03: So the integration is coming along uh very, very well.
• 4:43
  SPEAKER_03: Um, better, better than I had even hoped.
• 4:45
  SPEAKER_03: And uh Tom is living proof of that.
• 4:47
  SPEAKER_03: Tom is now a CFO of Realpha.
• 4:49
  SPEAKER_03: He was the CEO of Preview.
• 4:51
  SPEAKER_03: So, you know, he came in and took a leadership role, uh, an executive leadership role, you know, with the company.
• 4:57
  SPEAKER_03: Uh, we also elevated several people by bringing in the talent.
• 5:00
  SPEAKER_03: So uh Todd Hovinak is is now the uh head of Realty, and then we created three regional heads uh as well, and two of which are preview uh folks.
• 5:10
  SPEAKER_03: So, you know, the talent in and of itself has been great.
• 5:14
  SPEAKER_03: Uh, we've been synchronizing the pricing models uh between realpha and preview.
• 5:18
  SPEAKER_03: There was there was one commonality there uh with the way that they also used rebates, and we knew that culturally we were very aligned there.
• 5:26
  SPEAKER_03: So we just had to synchronize the pricing models and things are going very well there.
• 5:30
  SPEAKER_03: Um, we're realizing synergies, right?
• 5:32
  SPEAKER_03: Back office synergies with accounting and finance fully integrated, as well as marketing.
• 5:37
  SPEAKER_03: Um, we're serving more markets across Realty when when we acquired preview.
• 5:41
  SPEAKER_03: I think we were in two markets and now we're in 12 plus DC and continually uh looking to grow there.
• 5:48
  SPEAKER_03: And then uh the cross-selling, it's organically happening between Realty and Mortgage in both directions.
• 5:53
  SPEAKER_03: So, you know, some people like to come in through mortgage first.
• 5:56
  SPEAKER_03: They want to see if they're pre-approved and for how much.
• 5:58
  SPEAKER_03: We ask them, are they represented by a realtor?
• 6:00
  SPEAKER_03: And if not, we cross-sell and vice versa.
• 6:03
  SPEAKER_03: If they come in shopping for a home, we ask if they've been pre-approved and we do the cross-selling that way.
• 6:08
  SPEAKER_03: And uh, you know, we're we're constantly working through the technology integrations, but that the core platform is in place right now.
• 6:14
  SPEAKER_02: Oh, that's a great idea.
• 6:15
  SPEAKER_02: It sounds like a great fit.
• 6:17
  SPEAKER_02: Um, so you guys are something unique in that AI is woven throughout the entire platform.
• 6:21
  SPEAKER_02: So you've got Clare on the customer facing conciers, you've got the loan officer assistant on the back end, the kind of home buying hub bringing it all together.
• 6:30
  SPEAKER_02: So um, how is that AI changing the home buying experience for the customer?
• 6:34
  SPEAKER_02: And perhaps as importantly, how is it changing the operating model uh on your side of the business?
• 6:40
  SPEAKER_03: So uh AI is helping us in in multiple facets.
• 6:44
  SPEAKER_03: Um, you know, on the customer facing, you know, Claire is viewed as that concierge.
• 6:48
  SPEAKER_03: Uh it has memory, you know, having knowledge of the whole transaction and where everything is in one place, that's it's hugely valuable for us, as well as making it more seamless for the customer.
• 6:59
  SPEAKER_03: Um, on the back end, we've used AI to help our our experts become even better.
• 7:05
  SPEAKER_03: So, like, for example, we created a loan officer assistant that handles the back end data processing.
• 7:09
  SPEAKER_03: So, loan officers they have like a more streamlined focus on their most important work, which is like interacting with customers and closing deals.
• 7:16
  SPEAKER_03: So it's been very helpful that way and obviously made them more efficient.
• 7:21
  SPEAKER_03: And then even internally, like in our headquarters and our corporate functions, you know, we're embracing our AI tools and we're seeing massive productivity gains.
• 7:28
  SPEAKER_03: And I think uh Tom will probably touch upon that later when we get into some of the finance topics.
• 7:33
  SPEAKER_03: But uh, you know, we're seeing it again on the front end with the customer, on the back end with our service providers, and also internally.
• 7:41
  SPEAKER_02: That's great.
• 7:41
  SPEAKER_02: All cylinders.
• 7:42
  SPEAKER_02: So um let's talk about uh the proposed insta mortgage acquisition.
• 7:46
  SPEAKER_02: So uh without getting into the specific status of the deal, um, can you just frame for us why the transaction matters strategically?
• 7:54
  SPEAKER_02: Like once the deal closes, you know, what would direct mortgage lending add to the platform and to your economics on each mortgage transaction?
• 8:00
  SPEAKER_02: And maybe at a high level, what investors should understand about the state-by-state regulatory work involved here?
• 8:08
  SPEAKER_03: Sure.
• 8:08
  SPEAKER_03: Um I'll give you a little bit of background on Insta Mortgage.
• 8:10
  SPEAKER_03: Um, InstaMortgage is a mortgage lender.
• 8:13
  SPEAKER_03: So uh if uh you recall earlier, I had mentioned that we have uh realty services, mortgage brokerage services, and title services.
• 8:21
  SPEAKER_03: So this gives us the added uh capability to not only be a mortgage broker, but also a lender that could lend directly to consumers, uh, which can have a higher margin than brokering itself and offer uh more a better variety of lending products for our unique customer segments.
• 8:39
  SPEAKER_03: So we're really excited about that.
• 8:41
  SPEAKER_03: From a footprint standpoint, uh we're currently in 32 states with Realpha Mortgage with the overlay of uh Insta mortgage, instant mortgage is in 31 states, but with the overlay, I think it gets us to like 40 or 41 states total then with mortgage capabilities, which is which is great.
• 8:59
  SPEAKER_03: And um, you know, we're currently going through the uh approval processes uh or change of control processes uh from the definitive agreement to acquire them back in uh the end of December.
• 9:10
  SPEAKER_03: And I think it's really important for people to understand that it's not just a federal approval, each licensed state requires regulate regulatory approval to close.
• 9:19
  SPEAKER_03: And, you know, the the fact of the matter is is every state has their own process and their own authority matrices.
• 9:26
  SPEAKER_03: And uh, you know, Tom and I, we we joked, I don't think we we've ever been fingerprinted more in our lives, you know, with the different states, but you know, you have to honor the process and respect the process.
• 9:36
  SPEAKER_03: And uh we we are highly optimistic uh for closing.
• 9:40
  SPEAKER_03: We know we're really close.
• 9:42
  SPEAKER_03: We we can't disclose too much, but we're really excited to get this thing across the finish line here, uh, hopefully very shortly.
• 9:49
  SPEAKER_02: I'm sure the red table will be worth it.
• 9:51
  SPEAKER_02: Um let's turn to Tom.
• 9:54
  SPEAKER_02: Um so you framed growth and profitability as linked and not a trade-off.
• 9:58
  SPEAKER_02: So you know with the recent cost initiatives in mind, how are you thinking about the path to profitability from here?
• 10:05
  SPEAKER_00: Yeah, so I think we want to just be able to control our own destiny and really optimize our cost structure to make sure that every dollar we spend is driving a return.
• 10:15
  SPEAKER_00: So that's where this return-driven spending initiative uh that we recently announced uh you know came to be.
• 10:21
  SPEAKER_00: You know, I took my seat in February, late February, uh, and one of the first things you know I was tasked with was you know bringing my operational lens from my prior company uh to the Realpha platform and understanding that we're we're driving the maximum impact with every dollar we're spending.
• 10:37
  SPEAKER_00: Uh so we we did go through a slight restructuring of our cost structure.
• 10:41
  SPEAKER_00: We've realigned our headcount.
• 10:43
  SPEAKER_00: Uh, we have been seeing some benefits uh from the productivity gains from AI, uh, which we're we're leveraging.
• 10:50
  SPEAKER_00: Uh we are going through optimization of our vendor contracts, some of our different consulting and uh you know vendor relationships.
• 10:57
  SPEAKER_00: Um so going through that process, we've identified at least$2 million of annualized cost savings.
• 11:03
  SPEAKER_00: Uh and what does that do for us?
• 11:04
  SPEAKER_00: It sets us up for you know a better, you know, a smaller burn.
• 11:08
  SPEAKER_00: You know, we are a small cap company.
• 11:10
  SPEAKER_00: Uh we are still focused on growth, but we can control our burn.
• 11:15
  SPEAKER_00: Um and so that sets us up for a much uh better cost structure going forward to focus on growth in the right way.
• 11:23
  SPEAKER_00: Um and when you look at you know some of the other costs from you know 2025, you know, we previously had a media for equity deal, which was a non-cash expense.
• 11:32
  SPEAKER_00: Obviously, some people look at it um in a different way in terms of the size of our net losses last year.
• 11:38
  SPEAKER_00: However, that's something we're not renewing this year, uh, and that will show additional benefits on a net loss side uh separate from the annualized cost savings, uh, just that we didn't renew that relationship.
• 11:48
  SPEAKER_00: So uh so we're focused on narrowing those losses.
• 11:51
  SPEAKER_00: Uh, but then pairing that with uh you know other future opportunities.
• 11:55
  SPEAKER_00: You know, we have been an acquisitive company to date.
• 11:57
  SPEAKER_00: Uh so pairing future, you know, once once we get past the closing of an insta-mortgage type transaction, uh, we have other opportunities in the pipeline that are profitable uh transactions that could further accelerate that path to profitability aligned with that uh that cost structure that we've reset.
• 12:14
  SPEAKER_02: Great.
• 12:15
  SPEAKER_02: That's helpful perspective.
• 12:16
  SPEAKER_02: Um, so this the spring home buying season is arriving against a pretty complicated macro backdrop.
• 12:22
  SPEAKER_02: So you've got mortgage rates that have been uh somewhat stubbornly elevated, uh, inventory is looking strained in many markets, you know, affordability is a headline issue.
• 12:31
  SPEAKER_02: Just how does that environment affect Rialpha's near-term demand picture?
• 12:35
  SPEAKER_02: You know, is there an argument that the friction in today's market actually accelerates the case for what you're building?
• 12:41
  SPEAKER_00: Yeah, so I mean, home buying season, obviously, the when you look at our industry, typically Q2, Q3 are seasonally busier periods.
• 12:48
  SPEAKER_00: Uh, I'd like to say that you know, home buying season probably arrived a little bit late this year.
• 12:52
  SPEAKER_00: You know, a geopolitical backdrop with a war in Iran, um, you know, Q1, I think, you know, created pause for some home buyers.
• 12:59
  SPEAKER_00: But what we're seeing now is we accelerate into uh you know the core part of the season, you know, life active uh life activities, life events occur.
• 13:06
  SPEAKER_00: People still are gonna buy home, they want to move before that next school year.
• 13:10
  SPEAKER_00: Uh so we are seeing activity you know seasonally go through that normal cycle of pickup.
• 13:15
  SPEAKER_00: So uh we're very encouraged by that.
• 13:17
  SPEAKER_00: Um and then you you hit the nail on the head in terms of you know, mortgage rates are elevated given with the interest rate picture right now, uh, and home prices haven't really fallen um you know since the the post-COVID world uh as we came out of that.
• 13:30
  SPEAKER_00: So uh affordability is still an ongoing issue for the majority of home buyers uh in America.
• 13:36
  SPEAKER_00: And our rebate model really stands out when you're faced with both high home prices and high mortgage rates.
• 13:41
  SPEAKER_00: So uh I think we're in the you know right place in the right time.
• 13:44
  SPEAKER_02: Yeah, that makes a ton of sense.
• 13:46
  SPEAKER_02: Um just stepping back a little, given everything that you're building, you know, how are you thinking about funding the business over the long term and making sure you have the kind of uh cash runway and flexibility to execute on the plan?
• 13:57
  SPEAKER_00: Yeah, so uh you know, we are an emerging small cap company.
• 14:00
  SPEAKER_00: You know, so until we reach profitability, you know, we will need to continue to raise capital over time to fuel that growth, uh, like other many great companies that you know blaze the trail before us.
• 14:10
  SPEAKER_00: Um but we're always looking at efficient sources of capital.
• 14:13
  SPEAKER_00: Uh and when you pair with uh our story, uh the acquisitions we've made, the progress we've made over the past few years, uh, and some of the opportunities on the acquisition side up ahead, um, you know, there's a lot of uh demand and interest in potentially being a part of the financing around those types of acquisition and that future growth.
• 14:30
  SPEAKER_00: So uh so we're very uh very happy and encouraged by uh you know the relationships we're building on that front.
• 14:36
  SPEAKER_00: Um, and as uh you know we noted in our 10 Q, um, you know, we haven't you know used our ATM since January.
• 14:44
  SPEAKER_00: We did some small proceeds uh in January as noted in the queue.
• 14:47
  SPEAKER_00: Um so that's just not an active part of our strategy at the moment.
• 14:50
  SPEAKER_00: We do get a lot of questions about that.
• 14:52
  SPEAKER_00: Um and uh you know, just going back to the point I made earlier, you know, of controlling your own destiny, um, you know, controlling your cost structure and making sure you're maximizing every dollar spent only sets you up for future success, you know, with future capital raises and your future growth.
• 15:08
  SPEAKER_00: So uh we're really happy with how we are aligning for you know 26 and the and the years ahead.
• 15:14
  SPEAKER_02: Helpful.
• 15:14
  SPEAKER_02: So um one more for you before I go back to Mike.
• 15:17
  SPEAKER_02: Just um could you touch on the uh one for 25 reverse stock split?
• 15:21
  SPEAKER_02: I think that was effective at the uh end of April.
• 15:24
  SPEAKER_02: Um just any kind of quick perspective you'd like to give investors um as uh you put that uh step behind you and look ahead.
• 15:31
  SPEAKER_02: Sure.
• 15:31
  SPEAKER_00: Yeah, the the reverse splits uh was a necessary action uh you know for NASDAQ compliance.
• 15:37
  SPEAKER_00: Uh we we did complete our 10-day trading period uh back above a dollar.
• 15:41
  SPEAKER_00: So uh we did regain full compliance with NASDAQ uh for that dollar minimum bid uh process.
• 15:46
  SPEAKER_00: So again, just uh you know, sort of a compliance thing that we had to do.
• 15:51
  SPEAKER_00: Um and when most investors that have been around, obviously, James, you've you've been an analyst uh you know for a long time.
• 15:57
  SPEAKER_00: Um, you know, there's volatility that comes after a reverse stock split.
• 16:00
  SPEAKER_00: Uh it's normal, it's expected.
• 16:02
  SPEAKER_00: Um, but you know, we are seeing that stock stabilize after that.
• 16:06
  SPEAKER_00: Um, and I think people are coming back to the story and and how we're executing that.
• 16:10
  SPEAKER_00: Uh, this was a compliance nature and not a distress uh signal.
• 16:14
  SPEAKER_02: Good to know.
• 16:15
  SPEAKER_02: So um thanks for thanks for that, uh Tom.
• 16:18
  SPEAKER_02: I'm gonna go back to Mike here for one kind of final question um to wrap up.
• 16:22
  SPEAKER_02: So, as we talked about, home buying season's underway, um, platforms still uh coming, continuing to come together.
• 16:28
  SPEAKER_02: Just what are your key priorities for the rest of 26 and you know what should investors be watching for over the over the next few quarters that would tell you, uh tell them that you're executing on the plan?
• 16:39
  SPEAKER_03: Uh so first and foremost, uh, we'll continue to work towards the instant mortgage closing.
• 16:44
  SPEAKER_03: Um, we're we're pretty darn close, just got to get across the finish line and you know, need to be responsive if there's any last-minute questions or requests to come in.
• 16:52
  SPEAKER_03: But uh, you know, like I said, that that is a huge priority for us, and we're you know, we're dedicated to getting that across the finish line.
• 16:58
  SPEAKER_03: Um, as Tom mentioned, you know, it's a spring and summer season, you know, uh an immediate priority for us is conversion.
• 17:04
  SPEAKER_03: So, you know, taking platform traffic and turning those into transactions.
• 17:08
  SPEAKER_03: So working, you know, working with the team diligently there to make sure that we're we're uh understanding where customers may be dropping throughout the funnel, making fixes and continuing to increase conversion there.
• 17:19
  SPEAKER_03: Um by doing so, we're optimizing and improving our technologies along the way.
• 17:23
  SPEAKER_03: And uh, you know, the other the other thing we need to do is uh we need to reduce the state service disparity uh between brokerage and mortgage and title.
• 17:32
  SPEAKER_03: Uh, once Insta mortgage comes on, I I had mentioned earlier that I think we'll be in 41 states, but in title, we're currently in three.
• 17:39
  SPEAKER_03: So the next logical step would be to bring a large title company to come in and address the disparity there.
• 17:45
  SPEAKER_03: Um, I would deem that the platform to be pretty solid and complete and scaling uh across the US at that point.
• 17:52
  SPEAKER_03: And then we'll continue to expand our uh Realty licensing.
• 17:56
  SPEAKER_03: Uh, we're we're already doing that, but we'll continue to do so.
• 17:58
  SPEAKER_03: I mentioned that we're in 12 states plus DC.
• 18:01
  SPEAKER_03: So uh it's easier to grow Realty organically into these other states, and and that's what we're planning on doing and actually doing uh as I speak.
• 18:10
  SPEAKER_02: Thanks.
• 18:10
  SPEAKER_02: I really love seeing AI transform in another industry that really needs a lot of help.
• 18:14
  SPEAKER_02: So, you know, thank you very much.
• 18:15
  SPEAKER_02: And uh I'm gonna pass it back to Tim for closing comments.
• 18:19
  SPEAKER_01: Thanks, James.
• 18:19
  SPEAKER_01: Uh Mike and Tom, thanks for joining us today to uh discuss Realpha Tech, uh, very intriguing model that I think uh was badly needed in the marketplace.
• 18:27
  SPEAKER_01: So uh best wishes going forward and thanks for your time.
• 18:32
  SPEAKER_03: Thank you very much.
• 18:32
  SPEAKER_03: We appreciate your time as well.
• 18:34
  SPEAKER_03: And thanks for the conversation.
• 18:36
  SPEAKER_01: Thank you for listening, and don't forget to subscribe, as well as visiting www.watertowerresearch.com to stay up to speed on the company's small cap written research reports, podcasts, fireside chats, industry specific symposiums, and conference schedules.
• 18:52
  SPEAKER_01: We will see you next time for another edition of the WTR Small Cap Spotlight Podcast.
• 18:57
  SPEAKER_01: Finally, a special thanks to the producer and editor of the podcast, Krista Fitzpatrick.