1. McDonald's for real estate and mortgage brokerages.

2. The Marriott of real estate brokerages.

• Real Estate Brokerage Franchising: Offers franchising opportunities for real estate brokerage services under the RE/MAX brand.
• Mortgage Brokerage Services: Provides mortgage brokerage services to real estate professionals and investors under the Motto Mortgage brand.
• Mortgage Loan Processing Software and Services: Delivers mortgage loan processing software and services through its wemlo brand.
• Agent Productivity Tools (First mobile app): Offers a mobile app integrating digital products to help agents, brokers, and teams manage client relationships.
• Professional Development Platform (RE/MAX University): Provides a learning hub designed to enhance agents' professional expertise.
• Real Estate Technology Platform (Booj): Supplies a technology platform to support its real estate professionals.

RE/MAX (RMAX) primarily operates as a franchisor and service provider to businesses and professionals within the real estate and mortgage industries, rather than selling directly to individual consumers or a few large corporate clients. Its major customers fall into the following categories:

• Franchise Owners (Real Estate and Mortgage): These are independent entrepreneurs and businesses that purchase and operate RE/MAX real estate brokerage franchises and Motto Mortgage brokerage franchises. They are the primary customers for RE/MAX's core franchising services and brand licensing.
• Real Estate Agents and Brokers: Professionals who operate within the RE/MAX network or utilize its various platforms and services, such as the First mobile app, RE/MAX University, and Booj platform, to enhance their real estate operations and client relationships.
• Mortgage Professionals: Individuals and firms in the mortgage industry who utilize Motto Mortgage's brokerage services or wemlo's mortgage loan processing software and services. This category includes mortgage brokers and other professionals in the mortgage sector.

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Erik Carlson, Chief Executive Officer and Director

Erik Carlson was appointed Chief Executive Officer of RE/MAX Holdings, Inc. and a member of its Board of Directors in November 2023. Prior to joining RE/MAX, he served as President and CEO of DISH Network Corporation, a Fortune 200 connectivity company, where he managed over $15 billion in revenue. During his tenure at DISH, he was instrumental in successful acquisitions, including that of Boost Mobile. Carlson held various other leadership positions at DISH, including President and Chief Operating Officer, overseeing day-to-day operations, in-home services, and customer service centers. He joined DISH in 1995 and also served on the DISH Board.

Karri Callahan, Chief Financial Officer

Karri Callahan has served as Chief Financial Officer of RE/MAX Holdings, Inc. since March 2016. She oversees finance, investor relations, legal, risk management, and other functions for RE/MAX Holdings and its affiliated companies. Callahan joined RE/MAX in 2013 as a Senior Manager of SEC Reporting, where she played a role in assisting with the initial public offering (IPO) of RE/MAX stock. She came to RE/MAX from Ernst & Young, LLP, bringing over 12 years of accounting and auditing experience. Callahan has been crucial in major strategic initiatives, including leading RE/MAX through its successful IPO and building out the mergers and acquisition strategy that resulted in four procurements during her time as CFO. She specifically managed the structure and execution of the acquisition of booj, a web design and technology company, and handled Wall Street's reaction to the transaction. Her experience includes mergers and acquisitions, debt refinancing, and capital allocation decision-making.

Chris Lim, President and Chief Growth Officer of RE/MAX, LLC

Chris Lim was promoted to President of RE/MAX, in addition to his role as Chief Growth Officer, in February 2026. He joined RE/MAX as Chief Growth Officer in February 2025. In his current role, Lim is responsible for overseeing all aspects of the RE/MAX global network, driving international growth, enhancing services for Broker/Owners and agents, and shaping the brand's long-term strategic vision. He reports directly to RE/MAX CEO Erik Carlson.

Travis Saxton, Executive Vice President of Strategy

Travis Saxton joined RE/MAX Holdings, Inc. as Executive Vice President of Strategy in January 2025. He is a veteran in the residential real estate technology sector. Before joining RE/MAX, Saxton served as Executive Vice President of Enterprise Solutions at T3 Sixty, where he led all technology initiatives for the company. His career also includes executive positions with RealTrends and BombBomb, where he focused on elevating tech integration and content strategies to improve business outcomes. Saxton has worked extensively with real estate brokerages across the U.S. and Canada, helping them refine and leverage technology for growth and efficiency.

Susie L. Winders, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary

Susie L. Winders holds the titles of Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary at RE/MAX Holdings, Inc.

The key risks to RE/MAX Holdings, Inc. (RMAX) are:

1. Inability to Attract and Retain Agents, especially in the U.S. and Canada: RE/MAX operates on a franchise model where agent count is a crucial metric for revenue. The company has faced challenges in growing its agent base in the United States and Canada, which account for a significant portion of its revenue. A substantial or accelerating decline in agent count in these key markets could severely impact the company's financial performance. This risk is further intensified by the emergence of more flexible, technology-driven business models that attract agents away from traditional brokerages.
2. Adverse Real Estate Market and Economic Conditions: RE/MAX's business is highly sensitive to the overall health of the real estate market. Factors such as persistently high mortgage rates and decreasing home sales activity negatively affect both real estate transaction volumes and mortgage origination services offered under its Motto Mortgage brand. Downturns in the housing market can lead to reduced demand for the company's services and impact agent productivity.
3. Intensifying Market Disruption and Competition: The real estate industry is undergoing significant transformation, with new technology-driven models and increased competition challenging traditional brokerage firms like RE/MAX. This market disruption can lead to saturation and necessitate increased investment in product improvements or lower prices to attract and retain agents, potentially hindering profitability. Furthermore, there is a risk associated with potential regulatory changes concerning commissions, which could have significant implications for the traditional real estate brokerage business model.

Legal challenges to the traditional real estate commission model, particularly anti-trust lawsuits against the National Association of Realtors (NAR) in the U.S., represent a clear emerging threat. These lawsuits, if successful, could fundamentally alter how real estate agents are compensated, potentially leading to buyers directly paying their agents or a significant reduction in overall commission rates. Such changes would directly impact the profitability and viability of RE/MAX's franchisee brokers and agents, potentially reducing franchise fees and overall revenue for RE/MAX.

The rise of disruptive brokerage models and technology-driven disintermediation also poses a threat. This includes iBuyer companies (e.g., Opendoor, Offerpad) that purchase homes directly from sellers, bypassing traditional agents and their commissions. Additionally, alternative agent-centric and tech-forward brokerages (e.g., eXp Realty, Compass) offer different compensation structures (like revenue share or stock options) and advanced platforms designed to attract and retain agents, directly competing with RE/MAX for talent and market share.

RE/MAX Holdings, Inc. operates in various addressable markets related to its real estate and mortgage brokerage services.

Real Estate Brokerage Services (RE/MAX brand)

• The global real estate agency and brokerage market was valued at approximately $1.53 trillion in 2025 and is projected to reach $2.11 trillion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 6.7%.
• In the U.S., the real estate sales and brokerage market size is estimated at $240.0 billion in 2025. Another estimate places the U.S. real estate brokerage market at $206.45 billion in 2025, with a forecast to grow to $252.51 billion by 2030, at a CAGR of 4.11%.
• The North America real estate brokerage market is estimated to be $232.30 billion in 2025 and is expected to reach $260.28 billion by 2030, growing at a CAGR of 2.3% during the forecast period.

Mortgage Brokerage Services (Motto Mortgage brand)

• The global mortgage brokerage services market size is projected to increase from $112.58 billion in 2025 to $182.61 billion in 2030, with a CAGR of 10.1%.
• The United States mortgage/loan brokers market is anticipated to grow from $7.62 billion in 2025 to $9.88 billion by 2031, at a CAGR of 4.42%.

Mortgage Loan Processing Software and Services (wemlo brand)

• The global digital mortgage software market was valued at $3.7 billion in 2022 and is projected to reach $35.3 billion by 2032, expanding at a CAGR of 24.7% from 2024 to 2032.
• The global loan origination software market is expected to grow from $6.58 billion in 2025 to $11.48 billion in 2030, at a CAGR of 11.8%.
• North America was identified as the largest region in both the digital mortgage software market in 2022 and the loan origination software market in 2025.

Share Repurchases

• The company's Board of Directors authorized a common stock repurchase program of up to $100 million in January 2022.
• As of December 31, 2025, $62.5 million remained available under the share repurchase program.
• No shares were repurchased by the company during the three months ending December 31, 2025.

Share Issuance

• RE/MAX Holdings shares outstanding increased by 5.73% in one year, as of March 2026.
• The CEO received multiple stock grants totaling 357,711 and 62,124 shares in March 2026 as part of equity awards and bonus compensation for 2025.
• Shares were withheld by the company to cover tax obligations on the issuance of Class A common stock for a portion of the 2025 bonus paid in equity.

Outbound Investments

• In June 2021, RE/MAX, LLC acquired the North America regions of RE/MAX INTEGRA, a deal that brought nearly 19,000 agents and over 1,100 offices under the Company-Owned Region umbrella, funded by $235 million in additional debt financing.
• RE/MAX expanded in Hawaii in July 2025 with the conversion of Better Homes and Gardens Real Estate Advantage Realty, adding 6 offices and 170 agents to the network.
• January 2026 saw the largest brokerage conversion in RE/MAX history, with nearly 1,200 agents joining RE/MAX Canada in Ontario.

Capital Expenditures

• Capital expenditures for purchases of property and equipment and capitalization of developed software totaled $7.4 million in 2025, $6.6 million in 2024, and $6.4 million in 2023.
• These expenditures primarily focused on investments in technology and property and equipment.
• Total capital expenditures for 2026 are expected to be between $9.0 million and $11.0 million.