In connection with the Anywhere Merger, the Company realigned its results to three reportable segments: Brokerage, Franchise, and Integrated Services. Refer to Note 17 — “Segment Information” for further information on the Company’s reportable segments. As a result of the change in segments, in accordance with ASC 350, Intangibles-Goodwill and Other, the Company reallocated goodwill of $479 million using a relative fair value approach on January 9, 2026 (the “Reorganization Date”).

Prior to the segment realignment, the Company performed a goodwill impairment assessment and determined that no impairment existed, as the fair value of the single reporting unit exceeded its carrying amount. In connection with the realignment, goodwill was reallocated to the newly identified reporting units using a relative fair value approach, which was determined by estimating fair value based on Segment Adjusted EBITDA multiples (see Note 17 — “Segment Information” for more information). Under this approach, the Company assigned goodwill based on the proportion of each reporting unit’s fair value relative to the total fair value of the original reporting unit immediately prior to the reorganization.

Following the reallocation, the Company assessed goodwill for impairment at each of the newly established reporting units using a qualitative approach. In performing this assessment, the Company considered, among other factors, its overall market capitalization relative to book value, the historical and projected operating performance of the underlying reporting units, and implied valuation multiples, including EBITDA multiples, derived from both market data and internal analyses. Based on this assessment, the Company determined that no impairment existed.

In connection with the Anywhere Merger, the Company also allocated the acquired goodwill to the reporting units. During the three months ended June 30, 2026, the Company continued to refine its purchase accounting for the Anywhere Merger, as permitted under the measurement period provided by ASC 805, Business Combinations. This included the refinement of how the acquired goodwill from the Anywhere Merger was allocated to the Company's reportable segments.


	Brokerage		Franchise		Integrated Services		Total
Reallocation of goodwill at the Reorganization Date	$	438	$	11	$	30	$	479
Goodwill acquired in Anywhere Merger	1,102		893		73		2,068
Measurement period adjustments	438		(385)		(42)		11
Balance at June 30, 2026	$	1,978	$	519	$	61	$	2,558

The following table summarizes the carrying amounts and accumulated amortization of intangible assets (in millions, except weighted-average remaining useful life):


	June 30, 2026
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Value		Weighted Average Remaining Useful Life (Years)
Finite-lived intangible assets:
Franchise agreements	6-7 years	$	1,152	$	(86)	$	1,066	6.5
Customer relationships	3-9 years	1,275		(275)		1,000		4.6
Acquired technology	2-5 years	230		(49)		181		4.1
Trademarks	2-9 years	39		(22)		17		3.1

Indefinite-lived intangible assets:
Trademarks		649		—		649
Title plants		59		—		59

Total		$	3,404	$	(432)	$	2,972


	December 31, 2025
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Value		Weighted Average Remaining Useful Life (Years)
Finite-lived intangible assets:
Franchise agreements	6 years	$	42	$	(7)	$	35	5.0
Customer relationships	3-9 years	285		(164)		121		4.7
Acquired technology	2-5 years	35		(19)		16		1.0
Trademarks	2-9 years	39		(18)		21		3.3



Total		$	401	$	(208)	$	193

Amortization expense for the three and six months ended June 30, 2026 and 2025 was $127 million and $256 million, respectively, and $18 million and $36 million, respectively.