June 2021 – REI INK

RealPage Appoints Dana Jones as Chief Executive Officer

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RealPage, Inc., a leading global provider of software and data analytics to the real estate industry, announced that Dana Jones has been named Chief Executive Officer. Jones, who was a member of RealPage’s Board of Directors since 2019 and has over two decades of experience leading and growing global enterprise software businesses, will succeed long-time CEO and founder Steve Winn, effective August 2, 2021. She will also serve as President and as a member of RealPage’s Board of Directors. Most recently, Jones served as CEO of Sparta Systems, an enterprise quality management software provider, where she led the company’s transition to the cloud, accelerated growth, reinvigorated product innovation, and drove a renewed focus on customer success. Prior to Sparta Systems, Jones was CEO of Active Network, and she previously held multiple leadership positions at Sabre Airline Solutions. Jones currently serves on the Board of Directors of Agilysys and Zapata Computing. “We’re excited to have Dana join us in our mission to drive digital transformation in the residential rental real estate industry,” said Charles Goodman, Chairman of RealPage and Operating Partner at Thoma Bravo. “As a seasoned executive with a successful track record of transforming enterprise software companies into innovative market leaders, plus her deep understanding of RealPage from her work as a Board member, Dana is the perfect choice to lead RealPage through its next phase of growth. We thank Steve Winn for his vision, leadership and dedication to the company. She is uniquely positioned to take the baton from Steve and build on RealPage’s considerable success as a trusted partner for real estate owners, managers and investors.” Steve Winn, the Company’s current CEO, said, “The next generation of RealPage will benefit from Dana’s experience as a board member at Agilysys, an enterprise software provider for the hospitality industry, and her leadership as Chief Marketing Officer for Sabre Airline Solutions. At Sabre, Dana partnered with airlines to redefine the passenger journey, leveraging a modern suite of integrated solutions. RealPage has had a similar mission with property owners and residents, and there is more opportunity now than ever before. Our customers are looking for outstanding experiences that are enabled by the suite of solutions that RealPage offers. As a Board member, Dana already understands our business and it was also imperative that we found someone with a successful track record in the private equity world. Dana brings a superior level of proven results across all these disciplines.” “I am thrilled to take on this new role at RealPage and could not be more excited to lead RealPage in its next chapter,” said Dana Jones. “Under the visionary leadership of Steve Winn, RealPage has cultivated a suite of world-class solutions and a team of inspired software pioneers. RealPage serves a dynamic sector, where our customers are still undergoing significant transformation and need an innovative partner like RealPage to help them achieve their goals. With RealPage’s industry leading solutions, a strong commitment to the needs of our customers, and the operational expertise of Thoma Bravo, we will continue to create value for our customers, partners and employees.” About RealPage RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency in asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 19 million units worldwide from offices in North America, Europe and Asia. For more information, visit RealPage.com.

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Nearly half of future Gen Z homebuyers see themselves living in the suburbs Nearly three-quarters of Gen Z prefers home buying over renting long-term, with a significant number of these aspiring homeowners planning to enter the housing market within the next five years. However, as many Gen Zers are either in their college years or just starting their careers in the face of the pandemic’s economic uncertainties, job stability is their No. 1 barrier to buying, according to a new Realtor.com® survey. Between the ages of 18 and 25, the oldest members of Gen Z are in the phase of life where they are beginning to plan for the future and homeownership is a top priority, according to a Realtor.com®‘s survey of more than 700 members of Generation Z who have never purchased a home, via HarrisX. Nearly two-thirds (64%) of Gen Zers said their COVID experience has not impacted their homeownership plans. More than one-quarter of those surveyed feel even more strongly about buying a home as a result of the pandemic. “Gen Z values homeownership. However, the oldest members of this generation are just entering the professional stage of life and not yet in a financial position to make a big play as first-time buyers – especially in the current housing market, which is challenging even older generations who have had many more years to save for a down payment,” said George Ratiu, Senior Economist, Realtor.com®. “With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them.” What Gen Z desires from homeownershipAmong surveyed Gen Zers who prefer buying versus renting long-term, half say owning a home is important to ensuring their family has room to grow into. However, with the vast majority not yet in an established relationship, 40% said now is not the right time to buy because they do not know exactly what their future housing needs will be. In terms of when aspiring Gen Z homeowners think they will be ready to buy, 43% say within the next five years. Roughly the same amount (44%) expect to enter the housing market within the next five to 10 years. Long-term, nearly half (49%) of future Gen Z homebuyers see themselves living in the suburbs and 19% plan to live in a rural area, both of which typically offer more spacious abodes. The remaining one-in-three surveyed prefer urban city life. Gen Z is currently career- and finances-focusedGiven more than one-third of Gen Z is still in their college years, Realtor.com®‘s survey shows their current priorities are building their careers and the financial foundation needed to purchase a home. When asked what is preventing Gen Z from buying now, half of future homeowners said the No. 1 barrier is job stability. Among those who prefer buying over renting long-term, just under two-thirds said they would be searching for a home right now if they had enough money for a down payment. Aspiring Gen Z homeowners are taking action to address these barriers. While only 43% are currently employed, nearly half (45%) of those surveyed are already saving toward buying a home. At the same time, the vast majority (75%) of Gen Z did not move home during the pandemic to save on rent. Among those who did move home, just 17% saved money to put toward a down payment. “When it comes to where Gen Z homebuyers are deciding to live now and in the future, affordability is key,” said Rachel Stults, deputy editor of Realtor.com®. “From exploring metros that offer both jobs and more affordable housing, to saving for a down payment, Gen Z homebuyers know how crucial it is to have a financial leg up when it comes time to buy. If they can learn anything from the experience of the millennial generation before them, it is the importance of laying the groundwork so that they can act quickly on a home in their budget. Prospective buyers should also plan for what they will do if mortgage rates increase or other housing market conditions change quickly, particularly coming out of the pandemic. In short, whether they plan to buy in two years or 10 years, prospective Gen Z homeowners should be thinking several steps ahead.” Future homebuyers can get a head start by using Realtor.com® resources like its News & Insights site and Home Made blog. The Realtor.com® Mortgage Calculator can also help home shoppers stay on top of financial factors like mortgage rates and associated costs of buying a home. About Realtor.com®Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.

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New Units Deployed in the first quarter were 32,483, up 81% year-over-year Total Committed Units of over 600,000 as of end of March 2021 Total first quarter revenue of $19.2 million, up 16% year-over-year Deferred revenue of $64.0 million as of March 31, 2021, up 134% year-over-year Launched an exclusive integration with map visualization technology leader Engrain, as well as new product features including Guest Parking, Hubless Credentials and Salto Locks Business combination with Fifth Wall Acquisition Corp. I expected to close in the third quarter of 2021 SmartRent.com, Inc. (“SmartRent” or “the Company”), a leading provider of smart home and smart building automation for property owners, managers, developers, homebuilders and residents, which recently announced it will go public through a merger with special purpose acquisition company (“SPAC”) Fifth Wall Acquisition Corp. I (NASDAQ: FWAA) (“FWAA”), reported financial results for the first quarter ended March 31, 2021. Lucas Haldeman, Founder and CEO of SmartRent, commented, “We had an excellent quarter growing at a rapid pace while staying focused on providing the ultimate smart home experience for our clients and their residents. We remain well positioned for future success as evidenced by the substantial increase in our deferred revenue base, up 134% year-over-year, which we expect will provide a consistent revenue stream moving forward. We deployed more than 32,000 new units, a quarterly record, in the first quarter and are excited to see continued demand momentum in the second quarter.” Mr. Haldeman, continued, “Excitingly, we announced our business combination with Fifth Wall Acquisition Corp. I, sponsored by Fifth Wall, the world’s largest proptech investor, that will allow us to go public and accelerate the growth of our category-leading smart home technology. Looking ahead, we will continue to capitalize on our enhanced product offerings and industry-leading zero customer churn to further expand our growing base of recurring revenue.” First Quarter Results Total revenue increased by $2.6 million, or 16%, to $19.2 million in the first quarter of 2021, from $16.6 million in the first quarter of 2020. The year-over-year increase in revenue resulted primarily from an increased number of active subscriptions for the Company’s software service applications and an increase in the volume of installations of the Company’s smart home hardware devices. Operating expenses increased by $1.4 million to $8.8 million in the first quarter of 2021 from $7.4 million in the first quarter of 2020, primarily resulting from an increase in research and development expenses related to product portfolio enhancements and sales and marketing expenses resulting primarily from increased personnel-related costs in order to support the growth of the Company’s operations. The Company continues to invest for growth and has increased its total headcount by approximately 100% since the end of March 2020. Adjusted EBITDA was $(7.9) million in the first quarter of 2021. Net loss was $(9.3) million in the first quarter of 2021. Total deferred revenue was $64.0 million as of March 31, 2021, up from $53.5 million as of December 31, 2020 and up from $27.4 million as of March 31, 2020. Key Operating Metrics New Units Deployed in the first quarter of 2021 were 32,483, up 81% compared to 17,940 in the prior year period. As of March 31, 2021, SmartRent had a total of 187,588 Units Deployed, up 109% year-over-year. Units Booked in the first quarter of 2021 were 45,536, up 101% compared to 22,700 in the prior year period. SmartRent’s customers owned an aggregate of 2.9 million rental units and included 15 of the top 20 multifamily residential owners in the United States as of March 31, 2021. To date, the Company has not experienced any customer churn and had 604,478 Committed Units in its near-term pipeline as of March 31, 2021. ARR in the first quarter of 2021 was $5.3 million, up 101% compared to $2.7 million in the prior year period. Recent Business Highlights In May, SmartRent announced the launch of an exclusive integration with map visualization technology leader Engrain, to optimize its new parking management solution, Alloy Parking, which uses parking sensors to track vehicles on-site and provide real-time occupancy data, violation alerts and trend reporting. Earlier this year, SmartRent announced a number of new features including the addition of Guest Parking to Alloy Parking and the addition of Hubless Credentials to Alloy Access. The Company also announced the SmartRent platform supports electronic locks from Salto Locks, which provides wire-free bluetooth, low energy solutions that does not require a WiFi connection. SmartRent was named a winner in the HousingWire Tech100 Real Estate awards, recognizing the most innovative technology companies serving the mortgage and real estate industries. SmartRent was also named #1 in Growjo’s “100 Fastest Growing Companies in Arizona” Awards for 2021 and the SmartRent Support Team was recognized as a Silver Stevie Winner for Contact Center of the Year within the technology sector. Transaction with Fifth Wall On April 22, 2021, SmartRent announced that it will go public in a merger with Fifth Wall Acquisition Corp. I, a special purpose acquisition company, to accelerate the growth of its category-leading smart home technology for the global real estate industry. Following the completion of the transaction, SmartRent expects up to approximately $513 million in cash, including proceeds from an oversubscribed $155 million PIPE anchored by leading real estate companies, SmartRent customers, and institutional investors including Starwood Capital Group, Lennar, Invitation Homes, Koch Real Estate Investments, Baron Capital Group, D1 Capital Partners L.P., Long Pond Capital, LP, and Conversant Capital LLC. The equity value of the combined company is $2.2 billion at the $10.00 per share PIPE subscription price and assuming no redemptions by FWAA’s public shareholders. The transaction is expected to close during the third quarter of 2021, subject to the satisfaction of customary closing conditions, including the approval of shareholders of both parties. Upon closing of the business combination, SmartRent’s current shareholders are expected to own approximately 73% of the pro forma company, which is expected to be listed under the symbol “SMRT”. About SmartRent Founded in 2017, SmartRent is an enterprise smart home and smart building technology platform for property owners, managers and residents. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering cost savings and additional revenue opportunities through all-in-one home control offerings for residents. For more

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Mid-Year 2021 Market Sentiment Increased 57.5 Points Leading real estate consulting firm RCLCO released the results of their Real Estate Market Sentiment Survey for Mid-Year 2021, which has tracked confidence in U.S. real estate market conditions for the past 10 years. The results reflect strong optimism as the nation reopens: RCLCO’s Real Estate Market Sentiment Index (RMI), which measures sentiment on a 100-point scale, has increased 57.5 points over the past six months, from 31.6 at YE 2020 to 89.1 at Mid-2021. Says co-author Kelly Mangold, “The degree of rebound in sentiment is impressive, to levels not seen since 2015.” Respondents predict that real estate market conditions will remain largely consistent in the near future, with the RMI anticipated to drop only 7.8 points to 81.3 over the next 12 months. This is still well above the long-term (since 2011) average of 68.8. 75% of survey respondents believe real estate conditions will be moderately or significantly better in the next 12 months. 7 out of 10 respondents indicate that rising construction costs are having a significant impact on the market. Going forward, higher costs are likely to temper somewhat, though still remain a factor in 12 months. Respondents indicate that most product types have moved from contractionary phases to expansionary phases in the real estate cycle since the YE 2020 survey. Retail and office remain at the bottom of the cycle, and hospitality has reached early expansion. However, all three sectors are expected to return to Early Recovery within the next 12 months. Looking ahead, a majority of respondents expect interest rates to rise, capital flows to increase to real estate, and homeownership rates to rise. However, there was less consensus over the expected performance of cap rates over the next 12 months. Read the full report: https://bit.ly/3d6V88v About RCLCO Real Estate ConsultingSince 1967, RCLCO has been the “first call” for real estate developers, investors, public institutions and non-real estate companies seeking strategic and tactical advice regarding property investment, planning, and development. RCLCO leverages quantitative analytics platforms and a strategic planning framework to provide end-to-end business planning and implementation solutions at an entity, portfolio, or project level. RCLCO is headquartered in Bethesda, MD, and has offices in Los Angeles, CA, Orlando, FL, and Austin, TX. Learn more at www.rclco.com

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The ServiceLink State of Homebuying Report demonstrates the role of technology in homebuying and refinancing processes COVID-19 dramatically shifted the way people bought and sold homes over the last year. Like many industries, the real estate industry was forced to quickly pivot to adapt to social distancing, mask requirements and shutdowns. A new survey report, released from ServiceLink, part of the FNF family of companies and the nation’s premier provider of tech-enabled mortgage services, examines consumers’ attitudes and experiences when it comes to homebuying and refinancing, particularly over the last year, as well as the role technology plays throughout the homebuying process. The 2021 ServiceLink State of Homebuying Report features insights from 1,000 homeowners and provides a better understanding of: how high home prices and low inventory impacted their decision to move or not; if they took advantage of historic low interest rates or why they didn’t; and how the pandemic has influenced their experience with technology. Key findings of the report include: Homebuying: Many respondents considered buying a home during the COVID-19 pandemic, but only a few ultimately proceeded. Another third are optimistic about buying in 2021. 11% purchased a home in the last 12 months. Of those that did buy, 36% did so to upsize from their current home, 32% bought as an investment and 23% needed more space to work remotely. One-third (33%) considered but ultimately decided against purchasing a home in the past year. Of those that didn’t buy, 34% decided to upgrade instead, 31% said housing options were too expensive and 24% indicated their financial situation changed. Nearly one-third (32%) believe they are likely to purchase a new home in 2021. Budgeting for a home: More respondents financed their homes (43%) with cash/savings than with a traditional bank lender (42%). This gap jumps to 50% cash and 32% lender for those who bought in the last year. 28% received money from family and friends, either being gifted/inheriting funds (14%) or borrowed (14%) from those closest to them. 11% borrowed from their 401ks to finance their home. Nearly 1 in 5 (17%) of Gen Z/millennials borrowed from their 401k. Refinancing: The youngest generation of homebuyers led the surge in refinances in 2020, but many are still waiting in the wings. 30% of survey respondents refinanced last year, primarily driven by Gen Z/millennial respondents at 45%, whereas 30% of Gen X and only 6% of baby boomer respondents refinanced. Those who did not refinance last year mainly said they had a rate they were comfortable with (40%) or were waiting for rates to drop even further (27%). Additionally, 50% of respondents said they were unlikely to refinance in 2021. Technology: Technology is greatly improving and accelerating much of the homebuying process, improving consumer sentiment as well. Of those respondents leveraging tech, they primarily used it to research property listings online (74%) or take a virtual tour of properties (47%). 18% even said that moving forward they would consider buying a home without seeing it in person first. “The COVID-19 pandemic and market conditions forced the real estate industry to reassess how it serves today’s homebuyer. With the evolution of technology to help streamline the process, it’s not surprising that our data found consumers are turning to tech-enabled providers who can meet their needs through any phase of the process,” said Dave Steinmetz, president of origination services, ServiceLink. “With interest rates at historic lows, I am encouraged by the number of younger respondents who have recently refinanced. However, for those unlikely to refinance this year, many could be leaving significant money on the table if they are waiting for rates to drop even further, as our study suggests. This demonstrates an opportunity for lenders to increase awareness and education around the benefits of refinancing in today’s market.” Read the full report here. Methodology The 2021 ServiceLink State of Homebuying Report was completed online among 1,000 homeowners, ages 18+ in the U.S. Interviewing was conducted by Market Cube, a research panel company, between April 14-19, 2021. About ServiceLink ServiceLink is part of the FNF family of companies and the nation’s premier provider of digital mortgage services to the mortgage and finance industries. ServiceLink leads the way by delivering best-in-class technologies, a full product suite of services and proven experience, built on a foundation of quality, compliance and service excellence. ServiceLink provides valuation, title and closing, and flood services to mortgage originators; and default valuation, integrated default title services, vendor invoicing and claims audit services, as well as field services and auction services to mortgage servicers. ServiceLink helps clients in the lending industry and beyond achieve their strategic goals, realize greater efficiencies, and better serve their customers. For more information about ServiceLink, please visit svclnk.com.

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Long Holiday Weekend Drives Up May’s Overall Delinquency Rate – The national delinquency rate rose to 4.73% from 4.66% in April, driven largely by the three-day Memorial Day weekend foreshortening available payment windows – Similar occurrences are rare; the last time was in May 2004, at which time mortgage delinquencies jumped by more than 15% in a single month; this month saw a 1.5% increase – Early-stage delinquencies (those 30 or 60 days past due) rose by 110,200 in May, while serious delinquencies (90 or more days but not yet in foreclosure) improved for the ninth consecutive month – Despite this improvement, nearly 1.7 million first-lien mortgages remain seriously delinquent, 1.26 million more than there were prior to the pandemic – Foreclosure inventory hit yet another new record low as both moratoriums and borrower forbearance plan participation continue to limit activity, keeping foreclosure starts near record lows as well – Mortgage prepayments fell to their lowest level in more than a year, driven by falling refinance activity as well as purchase-related headwinds Black Knight, Inc. reports the following “first look” at May 2021 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.73%Month-over-month change: 1.51%Year-over-year change: -39.05% Total U.S. foreclosure pre-sale inventory rate: 0.28%Month-over-month change: -2.46%Year-over-year change: -26.14% Total U.S. foreclosure starts: 3,800 Month-over-month change: 2.70%Year-over-year change: -25.49% Monthly prepayment rate (SMM): 2.15%Month-over-month change: -16.88%Year-over-year change: -6.26% Foreclosure sales as % of 90+: 0.12%Month-over-month change: -12.01%Year-over-year change: 38.92% Number of properties that are 30 or more days past due, but not in foreclosure: 2,511,000Month-over-month change: 11,000Year-over-year change: -1,612,000 Number of properties that are 90 or more days past due, but not in foreclosure: 1,669,000Month-over-month change: -99,000Year-over-year change: 1,038,000 Number of properties in foreclosure pre-sale inventory: 148,000Month-over-month change: -5,000Year-over-year change: -52,000 Number of properties that are 30 or more days past due or in foreclosure: 2,659,000Month-over-month change: 6,000Year-over-year change: -1,665,000 Top 5 States by Non-Current* Percentage Mississippi: 8.56% Louisiana: 8.07% Hawaii: 7.08% Oklahoma: 6.76% Maryland: 6.64% Bottom 5 States by Non-Current* Percentage Montana: 3.20% Utah: 3.05% Washington: 3.02% Colorado: 2.98% Idaho: 2.52% Top 5 States by 90+ Days Delinquent Percentage Mississippi: 5.21% Louisiana: 5.00% Hawaii: 4.57% Nevada: 4.53% Maryland: 4.39% Top 5 States by 6-Month Improvement in Non-Current* Percentage Utah: -30.89% Colorado: -28.83% Florida: -28.38% New Jersey: -27.97% Arizona: -27.68% Top 5 States by 6-Month Deterioration in Non-Current* Percentage District of Columbia: -14.32% Maryland: -18.92% Oklahoma: -19.07% Minnesota: -19.99% Vermont: -20.11% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes:1) Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by July 7, 2021. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com. About Black Knight Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively. Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.