Real Brokerage (REAX)
Runs a cloud brokerage platform with mortgage, title, wallet, and AI tools.
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Operates a digital residential brokerage across the U.S. and Canada, earning mainly from agent-led home transactions. The platform adds reZEN workflow software, Leo CoPilot, HeyLeo, One Real Title, One Real Mortgage, and Real Wallet around a brokerage model built for distributed agents.
Operates a fully digital residential brokerage model across the U.S. and Canada, without a traditional branch network except where local law requires it. Core revenue comes from commissions on residential transactions completed by affiliated agents.
Built around the agent platform, reZEN handles transaction management, commission processing, compliance workflow, and integrations. Leo CoPilot and HeyLeo add AI support for agents and consumers, while One Real Title, One Real Mortgage, and Real Wallet extend the service stack.
Execution depends on recruiting and retaining agents, residential transaction volume, mortgage financing conditions, and compliance across brokerage, mortgage, title, wallet, and antitrust-related rules. The pending RE/MAX transaction was not closed in the context sources, so RE/MAX is not treated as a current business line.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 9, 2026 | B.Riley Financial | Target | Target: — | Target: $65 |
| Aug 27, 2026 | BTIG | Reiterate | Rating: —Target: $4.25 | Target: $35 |
| Aug 7, 2026 | Zelman | Upgrade | Rating: — | |
| Apr 15, 2026 | BTIG | Reiterate | Rating: —Target: — | Target: $4.25 |
| Mar 5, 2026 | Zelman& Assoc | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $86.6M · Total debt $0 · Total assets $213.4M · Shareholders' equity $78.7M
- Revenue
- $700.6M
- Operating income
- $4.6M
- Net income
- −$8.0M
No dividends on record.
| Institutions | ≈ 49.62% | 10.81M ADS | |
|---|---|---|---|
| 181 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.54% | 554.0K ADS | |
| 1 holder · as of Sep 21, 2026 | |||
| Other | ≈ 47.84% | 10.43M ADS | |
| remainder | |||
21.79M ADS (1 ADS = 10 ordinary shares) as of Aug 26, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (2.10M in the company's Sep 22, 2026 report, 21.79M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Magma Venture Partners General Partner Ltd.Institution | 10.87% | 23.68M ADS | as of Jun 30, 2026 |
Portolan Capital Management, LLCInstitution | 5.07% | 11.04M ADS | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.03% | 10.97M ADS | as of Jun 30, 2026 |
Insight Holdings Group, LLCInstitution | 3.20% | 6.97M ADS | as of Jun 30, 2026 |
David L. LinigerInsider10 percent owner | 2.54% | 5.54M ordinary | filed Sep 21, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 17, 2026 | David L. Liniger | 10 percent owner | −52,876 | $19.12 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Real Brokerage | $16.86 | −2.03% | $375.1M | — | 218.0 | 0.2 | +29.6% |
| eXp World | $4.73 | +3.28% | $753.3M | — | 51.6 | 0.2 | +5.3% |
| Compass | $9.96 | −1.73% | $6.16B | 94.3 | 136.7 | 0.6 | +109.1% |
| Fathom | $0.5475 | −1.35% | $18.4M | — | — | 0.0 | −5.6% |
| Zillow Group Class A | $30.92 | −0.67% | $7.48B | 140.9 | 12.2 | 2.7 | +17.9% |
| Douglas Elliman | $1.59 | −0.63% | $145.4M | 9.4 | 3.4 | 0.1 | +4.5% |
| Rocket Companies | $12.73 | +2.95% | $34.90B | 84.7 | 17.8 | 3.6 | +113.7% |
| Opendoor Technologies | $2.75 | +2.43% | $2.59B | — | — | 0.8 | −43.7% |
| Median | 89.5 | 17.8 | 0.6 | +5.3% |