RE/MAX Holdings Inc. reported total revenue of $73.3 million for the third quarter of 2025, a decrease of 6.7% compared to the same period in 2024. Revenue excluding the Marketing Funds declined by 5.6% to $55.1 million, reflecting a 5.4% negative organic revenue growth and a 0.2% adverse impact from foreign currency movements. Net income attributable to RE/MAX Holdings was $4.0 million, up from $1.0 million in the third quarter of 2024. Basic and diluted GAAP earnings per share for the quarter were $0.20 and $0.19, respectively, compared to $0.05 in both measures for the prior-year period. Adjusted EBITDA decreased by 5.6% to $25.8 million, with an adjusted EBITDA margin of 35.2% and adjusted earnings per diluted share of $0.37. The total agent count increased by 1.4% to 147,547 agents, while the combined U.S. and Canada agent count decreased 5.1% to 74,198 agents. The number of open Motto Mortgage franchises fell by 10.3% to 210 offices. For the fourth quarter of 2025, the company expects agent count growth of 0.0% to 1.5% over the fourth quarter of 2024, revenue between $69.5 million and $73.5 million (including $17.0 million to $19.0 million from the Marketing Funds), and adjusted EBITDA between $19.0 million and $23.0 million. For the full year 2025, anticipated agent count growth is 0.0% to 1.5%, with total revenue of $290.0 million to $294.0 million (including $72.0 million to $74.0 million from the Marketing Funds) and adjusted EBITDA between $90.0 million and $94.0 million.