SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Summarized Information by Operating Segment

Summarized EBITDA and Adjusted EBITDA information by operating segment consists of the following (in millions):


	Three Months Ended March 31,
	2026						2025
	Commercial Real Estate		Residential Real Estate		Total		Commercial Real Estate		Residential Real Estate		Total
Revenue(1)	$	472	$	425	$	897	$	409	$	323	$	732
Less:
Personnel	232		178		410		190		152		342
Marketing	18		209		227		17		199		216
General and administrative(2)	95		84		179		99		76		175
EBITDA	$	127	$	(46)	$	81	$	103	$	(104)	$	(1)
Stock-based compensation expense	29		13		42		22		8		30
Acquisition and integration related costs	4		3		7		20		2		22
Restructuring and related costs	1		1		2		5		2		7
Settlements and impairments	—		—		—		1		7		8
Adjusted EBITDA	$	161	$	(29)	$	132	$	151	$	(85)	$	66
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(1) See Note 3 for details of revenue disaggregated by segment.
(2) Excludes personnel costs.

The following summarizes stock-based compensation, which is a significant non-cash item included in the personnel costs above, by segment (in millions):


	Three Months Ended March 31,
	2026		2025
Commercial Real Estate	$	29	$	22
Residential Real Estate	13		8
Total	$	42	$	30

Schedule of Reconciliation of Net (Loss) Income to EBITDA

The reconciliation of Adjusted EBITDA and EBITDA to income (loss) before income taxes consists of the following (in millions):


	Three Months Ended March 31,
	2026		2025
Adjusted EBITDA	$	132	$	66
Stock-based compensation expense	(42)		(30)
Acquisition and integration related costs	(7)		(22)
Restructuring and related costs	(2)		(7)
Settlements and impairments	—		(8)
EBITDA	$	81	$	(1)
Amortization of acquired intangible assets in cost of revenue	(27)		(11)
Amortization of acquired intangible assets in operating expenses	(37)		(17)
Depreciation and other amortization	(14)		(14)
Interest income, net	10		38
Other expense, net(1)	(1)		(2)
Income (loss) before income taxes	$	12	$	(7)
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(1) Includes $5 million of depreciation and amortization expense including above-market lease amortization associated with lessor activities for the three months ended March 31, 2026 and 2025.