eXp World Holdings operates eXp Realty, a cloud-based residential real estate brokerage with over 83,000 agents across the U.S., Canada, and 27 international markets. Rather than maintaining physical offices, eXp runs entirely virtually through a proprietary 3D platform used for agent collaboration, training, and community. eXp acts as the licensed broker of record, earning a portion of the commission on each home sold, then paying out the majority to its agents. North American operations make up roughly 97% of revenue, with international contributing the remainder. eXp's core value proposition targets agents rather than consumers directly — agents choose their brokerage, and eXp competes on favorable economics: a commission split structure with an annual cap (after which agents keep 100%), a revenue share program that pays agents for recruiting, and equity participation via stock awards. This agent-first model is structurally lower-cost than traditional brokerages since eXp avoids physical office overhead, allowing it to offer better agent economics while still generating positive adjusted EBITDA. Revenue scales with home transaction volume and prices, making the business sensitive to mortgage rates and housing inventory. Internationally, eXp is investing in new country launches — targeting 50,000 agents across 50 countries by 2030 — though the segment currently operates at a loss. eXp also owns SUCCESS magazine, a personal development media brand, though this is a small ancillary operation rather than a core business driver.