REAX Real Brokerage Inc
Price Chart
Executive Summary
Real Brokerage CEO Tamir Poleg presented at the William Blair 46th Annual Growth Conference, reiterating the strategic rationale and financial projections for the pending $880M acquisition of RE/MAX Holdings. The presentation included updated financial data (Q1 2026 revenue of $465.6M, net loss of $3.5M) and emphasized cost synergies of ~$30M, pro forma 2025 revenue of ~$2.3B, and Adjusted EBITDA of ~$157M. No changes to deal terms or timeline were disclosed; expected close remains 2H 2026.
Key Financial Metrics
Actionable Insight
This is a routine deal-progress update with no new material information. Monitor for regulatory approval announcements and shareholder vote timing. The stock has been volatile (historical T+20 alpha -24.96% on prior calls), suggesting the market is pricing in execution risk. Watch for any opposition from RE/MAX franchisees or antitrust hurdles.
Key Facts
- Real Brokerage reported Q1 2026 revenue of $465.6M, up from $353.98M in Q1 2025, and a net loss of $3.46M vs. $5.12M in Q1 2025.
- The $880M RE/MAX acquisition is valued at ~7x fully synergized 2025 Adjusted EBITDA.
- Pro forma 2025 revenue is estimated at ~$2.3B with Adjusted EBITDA of ~$157M.
- Identified ~$30M in annual run-rate cost synergies, majority expected by end of 2027.
- Expected close remains 2H 2026, subject to regulatory and shareholder approvals.
- Real had 33,510 agents as of Q1 2026, up from 26,870 in Q1 2025.
- LTM Adjusted EBITDA as of Q1 2026 was ~$70M on ~$2.1B LTM revenue.
Financial Impact
No new material financial disclosures beyond previously announced deal terms and Q1 2026 results. Revenue grew 31.5% YoY; net loss improved 32.4% YoY.
Risk Factors
- Integration risk: combining two different business models (owned brokerage vs. franchise) is complex and untested at this scale.
- Leverage: Real will take on ~$550M in pro forma debt (2.7x net debt/EBITDA), a new risk for a previously debt-free company.
- Housing market headwinds: CEO noted affordability issues persist and a recovery timeline is uncertain.
- RE/MAX franchisee adoption of Real's tech platform is not guaranteed and may take longer than expected.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001104659-26-070595 |
| Document: 0001104659-26-070595-index-headers.html | 0001104659-26-070595 |
| Document: 0001104659-26-070595-index.html | 0001104659-26-070595 |
| Document: 0001104659-26-070595.txt | 0001104659-26-070595 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
1d ago
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Institutional Cluster
| $1.63 awaiting T+5 | awaiting T+5 | — | $1.62 (−0.61%) |
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Jun 4, 2026
8d ago
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425
| $1.62 awaiting T+5 | awaiting T+5 | — | $1.62 (+0.00%) |
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May 29, 2026
14d ago
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6-K
| $1.82 $1.68 | ▼ −7.69% | ▼ −4.94% | $1.62 (−10.99%) |
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May 11, 2026
4w ago
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425
| $1.90 $1.76 | ▼ −7.37% | ▼ −7.28% | $1.62 (−14.74%) |
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May 7, 2026
5w ago
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425
| $2.04 $1.71 | ▼ −16.18% | ▼ −17.64% | $1.62 (−20.59%) |
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May 5, 2026
5w ago
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425
| $2.09 $1.86 | ▼ −11.00% | ▼ −12.14% | $1.62 (−22.49%) |
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Apr 28, 2026
6w ago
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425
| $2.15 $2.09 | ▼ −2.79% | ▼ −5.90% | $1.62 (−24.65%) |
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Apr 27, 2026
6w ago
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425
| $2.22 $2.07 | ▼ −6.76% | ▼ −8.45% | $1.62 (−27.03%) |
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Apr 27, 2026
6w ago
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425
| $2.22 $2.07 | ▼ −6.76% | ▼ −8.45% | $1.62 (−27.03%) |
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Apr 27, 2026
6w ago
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425
| $2.02 $2.07 | ▲ +2.48% | ▲ +2.08% | $1.62 (−19.80%) |
US Market Status
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