Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's Chief Operating Decision Maker ("CODM") is its Interim Chief Executive Officer (CEO), who is responsible for evaluating the performance of the Company's operating segments and allocating resources. The Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) that has available discrete financial information; and (iii) whose operating results are regularly reviewed by the CODM. The Company does not conduct business outside of the United States and no single customer accounts for more than 10% of total revenue in any reporting period.
Our CODM makes operating decisions and assesses performance based on the services of identified operating segments and has identified three operating and reportable segments: Real Estate Brokerage; Mortgage; and Title. Through its Real Estate Brokerage segment, the Company provides real estate brokerage services. Through its Mortgage segment, the Company provides residential loan origination and underwriting services. Through its Title segment, the Company provides title insurance, escrow, and settlement services to facilitate residential real estate transactions. Beginning in the fourth quarter of 2025, the Company determined that its Title operations meet the quantitative thresholds under ASC Topic
280, Segment Reporting, to be presented as a reportable segment. Following the sale of LiveBy in November 2025, the Company no longer presents its Technology operations as a reportable segment, as these activities no longer meet the quantitative thresholds or aggregation criteria for separate disclosure and are now managed and evaluated together with the Company’s other operating segments. Prior period segment information has been recast to conform to the current period presentation to reflect this change in reportable segments.
The CODM reviews revenue and Adjusted EBITDA to evaluate financial performance of the reportable segments and to allocate resources. Adjusted EBITDA represents the revenues of the operating segment less operating expenses directly attributable to the respective operating segment. Adjusted EBITDA is defined by us as net income (loss), excluding: (i) other income and expense, (ii) costs related to acquisitions, (iii) income taxes, (iv) depreciation and amortization, and (v) share-based compensation expense. In particular, the Company believes the exclusion of non-cash share-based compensation expense related to restricted stock awards and stock options and transaction-related costs provides a useful supplemental measure in evaluating the performance of our operations and provides better transparency into our results of operations. The Company’s presentation of Adjusted EBITDA might not be comparable to similar measures used by other companies.
The Company has determined that the main expenses regularly reviewed by the CODM in assessing segment performance are:
•Compensation Expense – Includes salaries and wages for personnel across the Real Estate Brokerage, Mortgage, Title, and Corporate and Other Services functions.
•Commission Expense – Includes commissions and related agent payments incurred in connection with revenue-generating transactions, across the Real Estate Brokerage, Mortgage, Title, and Corporate and Other Services functions.
These expenses are presented within the segment disclosures below as they represent the most significant cost drivers impacting the Company’s operating segments and are used by management in evaluating performance, allocating resources, and assessing operating efficiency.
The Company does not allocate assets to its operating segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The balance sheet is managed on a consolidated basis and is not used in the context of segment reporting.
Key operating data for the reportable segments for the three and six months ended June 30, 2026 and 2025 are set forth in the tables below (amounts in thousands):
Three Months Ended June 30, 2026
Real Estate Brokerage Mortgage Title Total
Revenue $ 106,970  $ 5,681  $ 1,950  $ 114,601 
Intersegment revenue —  —  32  32 
Total segment revenue 106,970  5,681  1,982  114,633 
Corporate and other services (a) 392 
Elimination of intersegment revenue (413)
Total revenue 114,612 
Less:
Commissions 101,711  1,538  278 
Compensation 1,343  1,550  956 
Other segment expenses 2,782  2,337  794 
Adjusted EBITDA by segment 1,134  256  (46) 1,344 
Corporate and other services (a) expenses (2,498)
Stock based compensation (425)
Litigation contingency (199)
Depreciation and amortization (2,562)
Other income (expense), net (1,840)
Loss before income tax $ (6,180)
Three Months Ended June 30, 2025
Real Estate Brokerage Mortgage Title Total
Revenue $ 115,979  $ 3,316  $ 1,492  $ 120,787 
Intersegment revenue —  —  32  32 
Total segment revenue 115,979  3,316  1,524  120,819 
Corporate and other services (a) 1,054 
Elimination of intersegment revenue (450)
Total revenue 121,423 
Less:
Commissions 111,334  984  217 
Compensation 1,537  1,042  958 
Other segment expenses 1,007  1,376  621 
Adjusted EBITDA by segment 2,101  (86) (272) 1,743 
Corporate and other services (a) expenses (1,713)
Stock based compensation (945)
Litigation contingency (6)
Depreciation and amortization (1,458)
Other expense (income), net (1,151)
Loss before income tax $ (3,530)
Six Months Ended June 30, 2026
Real Estate Brokerage Mortgage Title Total
Revenue $ 188,308  $ 9,164  $ 3,531  $ 201,003 
Intersegment revenue —  —  63  63 
Total segment revenue 188,308  9,164  3,594  201,066 
Corporate and other services (a) 773 
Elimination of intersegment revenue (825)
Total revenue 201,014 
Less:
Commissions 179,612  2,444  581 
Compensation 2,675  2,854  1,925 
Other segment expenses 7,945  3,933  1,436 
Adjusted EBITDA by segment (1,924) (67) (348) (2,339)
Corporate and other services (a) expenses (4,457)
Stock based compensation (1,013)
Litigation contingency (205)
Depreciation and amortization (3,930)
Other income (expense), net (2,450)
Loss before income tax $ (14,394)


Six Months Ended June 30, 2025
Real Estate Brokerage Mortgage Title Total
Revenue $ 204,854  $ 5,919  $ 2,505  $ 213,278 
Intersegment revenue —  —  65  65 
Total segment revenue 204,854  5,919  2,570  213,343 
Corporate and other services (a) 2,117 
Elimination of intersegment revenue (902)
Total revenue 214,558 
Less:
Commissions 195,744  1,687  335 
Compensation 2,850  2,096  1,810 
Other segment expenses 2,574  2,599  1,126 
Adjusted EBITDA by segment 3,686  (463) (701) 2,522 
Corporate and other services (a) expenses (3,969)
Stock based compensation (2,450)
Litigation contingency (10)
Depreciation and amortization (2,897)
Other expense (income), net (2,356)
Loss before income tax $ (9,160)

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(a)Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and other services line.