RE/MAX Holdings Reports Q2 Loss Amid Pending Merger with The Real Brokerage

Revenue for the quarter fell 5.8% to $68.5 million, a decline attributed to shifting agent fee models, a decrease in U.S. agent counts, and reduced mortgage segment performance. Operating expenses rose 14.1% to $67 million, driven primarily by costs associated with the pending merger. Despite these headwinds, the company saw a modest 1.5% increase in total agent count to 149,267, though the U.S. and Canadian markets experienced a 2.2% drop in agent numbers.

Under the terms of the merger agreement, shareholders will receive either 5.15 shares of the newly formed Real REMAX Group Inc. or $13.80 in cash for each RE/MAX share held. The aggregate cash consideration is capped between $60 million and $80 million. The deal, which aims to establish a technology-enabled global real estate platform, is expected to close in the second half of 2026, pending shareholder approval at meetings scheduled for August 14, 2026.