The Company applies the equity method of accounting for investments in ventures when it possesses significant influence over operational and financial decisions but lacks controlling interests. The Company records its proportionate share of net earnings or losses from these equity method investments under the Equity in income of unconsolidated entities line in the condensed consolidated statements of operations. Investments not subject to the equity method are valued at fair market value with adjustments recognized in net income. If the fair value is not readily determinable, these investments are measured at cost minus impairment (if any), plus or minus changes reflecting observable price changes in orderly transactions for an identical or similar investment.

In April 2026, the Company entered into a multi-party transaction with a company (the “Parent”) that owns certain franchisees operating under the Sotheby's International Realty and Century 21 brands to restructure financial obligations of the Parent's predecessor (the “Transaction”). As part of the Transaction, the Company became a 51% holder of Parent's

common equity and entered into a 30-month installment payment plan pursuant to which certain outstanding indebtedness owed to the Company will be satisfied.

Because certain substantive rights held by other shareholders party to the Transaction limit the Company's ability to direct Parent's most significant activities, the Company does not control Parent and accounts for its investment under the equity method. As of June 30, 2026, the carrying value of the equity method investment was $23 million.

Additionally, the Company and certain funds managed or advised by Angelo, Gordon & Co., L.P. or its affiliates (collectively, “TPG”) entered into an agreement (the “Put Agreement”) under which TPG has the right, but not the obligation (the “Put Right”), to require the Company to purchase 100% of Parent's senior preferred equity at a price determined by a formula set forth in the Put Agreement. The Company recorded the Put Right as a liability at fair value, which was $22 million as of June 30, 2026 (the “Put Right liability”). Refer to Note 6 — “Fair Value of Financial Assets and Liabilities,” for further information on determination of the Put Right's fair value.

As of June 30, 2026, the Company had various equity method investments totaling $217 million recorded on the Other non-current assets line on the accompanying condensed consolidated balance sheet. Although the Company holds certain governance rights in these unconsolidated entities, it lacks controlling financial interests in these investments.


	June 30, 2026	December 31, 2025
Mortgage joint ventures (1)		$	83	$	14
Title insurance underwriter joint venture (2)		68		—
Brokerage equity method investments (3)		57		—
Other equity method investments (4)		9		3
Total equity method investments		$	217	$	17

(1)Represents the Company's equity method investments in OriginPoint, LLC and Guaranteed Rate Affinity, each of which is a 49.9% minority-owned mortgage origination joint venture with Guaranteed Rate, Inc. The Guaranteed Rate Affinity investment was acquired in connection with the Anywhere Merger. Both investments are held within the Integrated Services segment and originate and market mortgage lending services to the Company's owned-brokerage as well as other real estate brokerage companies across the country.

(2)Represents the Company's 22% equity interest in the title insurance underwriter joint venture, acquired in connection with the Anywhere Merger, and held within the Integrated Services segment.

(3)Includes the Company's various other equity method investments held within the Brokerage segment. These investments include the Company's 50% owned interest in an unconsolidated joint venture with Sotheby's, as well as the Company's 51% common equity interest in a company that owns certain franchisees operating under the Sotheby's International Realty and Century 21 brands.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Mortgage joint ventures	$	9	$	—	$	13	$	1
Title insurance underwriter joint venture	(1)		—		(2)		—
Brokerage equity method investments	1		—		2		—
Other equity method investments	1		2		2		2
Equity in income of unconsolidated entities	$	10	$	2	$	15	$	3