Two sets of results, one deal

The Real Brokerage and RE/MAX Holdings both reported second-quarter 2026 results on August 6, 2026, while their merger was pending.

Real reported revenue of $700.6 million, up 30 percent year over year, and a GAAP net loss of $8.0 million that included approximately $11.6 million of costs related to the RE/MAX acquisition. Its agent count rose 26 percent year over year to 35,348.

RE/MAX reported total revenue of $68.5 million, down 5.8 percent, and adjusted EBITDA of $22.9 million, down 12.6 percent. Its total agent count was 149,267, up 1.5 percent, but its combined United States and Canada agent count fell 2.2 percent to 72,968.

Why the revenue figures are not comparable

Real's revenue is more than ten times RE/MAX's while RE/MAX has more than four times as many agents. That is a difference of business model, not of size.

Real operates as a brokerage and books gross commission income, paying most of it back out to agents. RE/MAX is predominantly a franchisor and books franchise fees and dues — a much smaller top line against a much higher margin. Comparing the two revenue lines directly is meaningless; agent count and EBITDA are the comparable measures.

The transaction closed in stages

The merger agreement, dated April 26, 2026 and amended June 12, 2026, let RE/MAX shareholders elect 5.15 shares of the combined company or $13.80 in cash per RE/MAX share, with aggregate cash consideration capped between $60 million and $80 million; Real shareholders received one share of the combined company, Real REMAX Group, per Real share. The parties projected $30 million of cost synergies within three years of closing.

Securityholders of both companies approved the combination at special meetings held August 14, 2026: Real shareholders voted 99.01 percent in favor, and RE/MAX shareholders voted 78.8 percent in favor. The Supreme Court of British Columbia, which had jurisdiction because the transaction was structured as a plan of arrangement, granted the final order approving it on August 21, 2026 [6](https://www.prnewswire.com/news-releases/real-and-remax-holdings-announce-reals-receipt-of-court-approval-of-proposed-arrangement-in-connection-with-proposed-combination-302857519.html). The companies said they expected to close the transaction on August 24, 2026.

What the agent counts say

The operative numbers in this deal are the agent trends. Real added agents at 26 percent while RE/MAX lost 2.2 percent of its North American agents. A franchise network's value rests substantially on agent retention, because franchise fees are levied per agent, so an acquirer paying for a network with declining domestic headcount is buying brand, international footprint and distribution structure alongside — not solely — growth.

Chairman and chief executive Tamir Poleg said the companies were grateful for the strong support from securityholders of both companies and that the combination would give Real REMAX Group the scale to invest more and build faster for the more than 180,000 real estate professionals across its brands [7](https://investors.onereal.com/news/news-details/2026/Real-and-REMAX-Holdings-Securityholders-Approve-Proposed-Combination/default.aspx). RE/MAX Holdings chief executive Erik Carlson called the August 14 vote an important milestone for REMAX franchise owners.