8. Accrued Liabilities Accrued liabilities consist of the following (in thousands): | | | | | | | | | September 30, | | December 31, | | | 2026 | | 2025 | Marketing Funds (a) | | $ | 24,799 | | $ | — | Accrued payroll and related employee costs | | | 8,761 | | | 69 | Accrued brokerage commissions | | | 53,490 | | | 32,011 | Settlements payable (b) | | | 8,500 | | | — | Revenue share payable (c) | | | 6,118 | | | 4,973 | Accrued taxes | | | 1,500 | | | — | Other | | | 9,734 | | | 1,152 | | | $ | 112,902 | | $ | 38,205 |
| (a) | Consists primarily of liabilities recognized to reflect the contractual restriction that all funds collected in the Marketing Funds must be spent for designated purposes. See Note 2, Summary of Significant Accounting Policies, for additional information. |
| (b) | Represents the settlement payable as part of the settlements of certain industry class-action lawsuits and other legal settlements. See Note 14, Commitments and Contingencies, for additional information. |
| (c) | Revenue share payable represents amounts owed to agents under the Company's revenue share program. Under this program, eligible agents earn commissions based on the productive activities of agents within their referral network. |
The following table presents a roll forward of the severance and related costs liability related to a restructuring as a result of the Transaction, which is in “Accrued payroll and related employee costs” in the table above (in thousands): | | | | Balance January 1, 2026 | | $ | — | Severance and other related expenses | | | 23,708 | Cash payments and other | | | (21,419) | Balance September 30, 2026 | | $ | 2,289 | | | | |
|