Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2026

Intangible Assets and Goodwill

Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

The Company’s finite-lived intangible assets consist primarily of franchise agreements, customer relationships and acquired technology and capitalized software. Franchise agreements are amortized over 10 years, while customer relationships and acquired technology are amortized over five years. The Company also holds indefinite-lived trademarks and trade names, which are not amortized.

The following table provides the components and Carrying Amount of the Company’s intangible assets (in thousands):


		December 31,						December 31,							REMAX					September 30,
		2024			Additions			2025			Additions				Acquisition		Impairment			2026
Cost
Indefinite-lived trademarks		$	25		$	—		$	25		$	—		$	205,000		$	(11)		$	205,014
Franchise agreements			—			—			—			—			300,000			—			300,000
Acquired Technology			1,168			2,750			3,918			—			—			—			3,918
Computer software			2,234			563			2,797			361			—			—			3,158
Customer Relationship			2,839			—			2,839			—			—			—			2,839
Other			456			—			456			—			—			—			456
Total cost		$	6,722		$	3,313		$	10,035		$	361		$	505,000		$	(11)		$	515,385

Accumulated Amortization
Franchise agreements		$	—		$	—		$	—		$	2,500		$	—		$	—		$	2,500
Acquired Technology			632			509			1,141			503			—			—			1,644
Computer software			615			483			1,098			428			—			—			1,526
Customer Relationships			1,136			567			1,703			426			—			—			2,129
Other			145			92			237			68			—			—			305
Total accumulated amortization		$	2,528		$	1,651		$	4,179		$	3,925		$	—		$	—		$	8,104

Carrying amounts		$	4,194			1,662		$	5,856		$	(3,564)		$	505,000		$	(11)		$	507,281

The Company recorded amortization expense of $3.3 million and $0.4 million for the three months ended September 30, 2026, and 2025, respectively and $3.9 million and $0.8 million for the nine months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, the estimated future amortization expense related to finite-lived intangible assets, including the estimated amortization expense associated with intangible assets assumed with the Company’s acquisitions, is as follows (in thousands):


Remainder of 2026		$	7,977
2027			31,856
2028			31,039
2029			30,765
2030			30,375
Thereafter			170,008
		$	302,020

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination and is recorded in accordance with ASC 350, Intangibles – Goodwill and Other.

The Company evaluates goodwill for impairment at the reporting unit level annually during the fourth quarter, and more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company first evaluates qualitative factors to determine whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If the qualitative assessment indicates potential impairment, or if the Company elects to bypass the qualitative assessment, a quantitative impairment test is performed. The fair value of each reporting unit is determined primarily using the income approach, which incorporates discounted cash flow analyses, with the market approach used as a corroborative reference.

As of September 30, 2026, there were no events or circumstances indicating potential goodwill impairment and no impairment losses were recorded for the nine months ended September 30, 2026. The accumulated goodwill impairment loss of $723 thousand relates to charges recognized in prior periods.

The following table presents goodwill by reporting unit (in thousands):


		Brokerage			Franchise			Other			Total
Balance, January 1, 2026		$	602		$	—		$	8,391		$	8,993
REMAX Acquisition			—			327,915			—			327,915
Balance, September 30, 2026		$	602		$	327,915		$	8,391		$	336,908