Anywhere Real Estate Inc. (HOUS): Business Model Canvas [Dec-2025 Updated]

You're looking at the core engine of Anywhere Real Estate Inc. right now, especially with that definitive merger agreement with Compass announced in September 2025 hanging over the whole operation. Honestly, when you map out their nine building blocks, you see a dual strategy: leaning on the stable, high-margin franchise royalty stream from Anywhere Brands while managing the direct brokerage side, Anywhere Advisors, all while carrying about $2.5 billion in net corporate debt as of September 30, 2025. With Q3 revenue landing at $1.6 billion, up 6% year-over-year, the model is clearly still generating cash, but the real test is how this structure-built on iconic brands and over 300,000 agents-will adapt to the coming integration and their targeted $100 million in 2025 cost savings. Dive in below to see the precise math behind their value proposition and revenue streams.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Key Partnerships

The Key Partnerships for Anywhere Real Estate Inc. as of late 2025 are centered around a massive pending corporate combination, the structure of its ancillary services, and its extensive agent base.

Definitive Merger Agreement with Compass

The definitive merger agreement, announced on September 22, 2025, is an all-stock transaction combining Anywhere Real Estate Inc. and Compass, Inc. The expected enterprise value for the combined entity is approximately $10 billion, which includes the assumption of debt.

The exchange ratio dictates that each share of Anywhere common stock will be converted into 1.436 shares of Compass Class A common stock. This represented a value of $13.01 per Anywhere share based on the 30-day volume weighted average price as of September 19, 2025. Upon closing, anticipated in the second half of 2026, current Compass shareholders are projected to own approximately 78% of the combined company, with Anywhere shareholders holding roughly 22%. The transaction is expected to diversify Compass by adding over $1 billion in annual revenue from Anywhere's established franchise, title and escrow, and relocation operations. Furthermore, the combined company anticipates achieving $225+ million in non-GAAP OPEX synergies. Compass has secured a $750 million financing commitment from Morgan Stanley Senior Funding to support the transaction structure.

Minority-Owned Joint Ventures for Mortgage and Title Insurance

Anywhere Real Estate Inc. maintains integrated services through minority-owned joint ventures for mortgage and title insurance underwriter businesses. A strategic move in early 2025 involved divesting partial stakes in title operations. Specifically, the company sold a 10% preferred equity stake in Double Barrel Title LLC (operating Independence Title) for $7,359,800 and a 10% stake in Over Under Title LLC (parent of TitleOne) for $11,440,200. The purchase agreements grant the buyer the right to acquire the remaining 90% equity in these agencies within three years of the closing date.

Vast Network of Affiliated Agents Globally

The scale of Anywhere Real Estate Inc.'s partnership network is defined by its global agent count, which fuels its franchise and brokerage segments.

The agent network statistics as of late 2025 are:

Metric	Number	Date/Period
Global Affiliated Agents	301,000	Q3 2025 (September 30, 2025)
U.S. Independent Sales Agents	179,200	As of December 3, 2025
International Independent Sales Agents	132,700	As of December 3, 2025
Countries/Territories Served	118	As of December 3, 2025

This network is supported by the company's leading brands, including Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Corcoran, ERA, and Sotheby's International Realty.

Strategic Technology and Lead Generation Partners

Anywhere Real Estate Inc. engages with strategic technology and lead generation partners to enhance agent productivity and service offerings across its global operations.

• The company leverages its integrated services, which include relocation through Cartus, the market leader in global talent mobility.
• The Q3 2025 results indicated that the combined closed transaction volume growth of 7% year-over-year was a key driver, outperforming the market volume growth reported by the National Association of Realtors by over 2 percentage points in the quarter.

Charitable Partnerships like St. Jude Children's Research Hospital

Charitable alliances are a component of the partnership structure, often involving the affiliated agents. The Coldwell Banker brand, a subsidiary of Anywhere Real Estate Inc., has an ongoing partnership with St. Jude Children's Research Hospital. As of October 2024, the CB Supports St. Jude program had raised $1.97 million since its start in 2020. Separately, a St. Jude Dream Home Giveaway campaign in Toledo in August 2025 helped raise $2.25 million for St. Jude.

Finance: draft 13-week cash view by Friday

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Key Activities

You're looking at the core engine of Anywhere Real Estate Inc. as of late 2025, focusing on the actions they take to generate revenue and drive efficiency. It's a mix of managing a vast network and integrating new tech, defintely a complex operation.

Managing and growing the high-margin franchise network (Anywhere Brands) is central to their model, leveraging brands like CENTURY 21 and Sotheby's International Realty. This network is the primary source of high-margin royalty revenue. In the third quarter of 2025, the Franchise Group generated $273 million in revenue, which was a 2% increase year-over-year, driven by those higher royalty streams. The growth in the network itself saw them welcome 13 new US franchisees and one new international expansion just in Q3 2025. To give you a sense of scale, as of Q3 2025, the global affiliated agent count stood at 301,000. Back in Q1 2025, the franchise brands closed 137,089 transaction sides with an average home price of $516,999, marking a 10% increase in price.

The execution of brokerage transactions through owned offices, known as Anywhere Advisors, is the largest revenue segment. This activity is directly tied to the health of the housing market. The Owned Brokerage Group saw its revenue rise 7% to $1.34 billion in Q3 2025, directly reflecting higher transaction volume. For a more granular look at the owned side, Q2 2025 data showed closed homesale sides at 69,479, with an average homesale price hitting $800,807. Still, Q1 2025 showed the owned brokerage closed 49,461 sides, down 2% year-over-year, though the average price was up 13% to $799,750. Overall, combined closed transaction volume across all segments in Q3 2025 increased 7% year-over-year, with units up 2% and price up 5%.

Here's a quick look at the segment revenue performance for Q3 2025:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Revenue Change
Owned Brokerage Group (Anywhere Advisors)	$1,340	7% increase
Franchise Group	$273	2% increase
Title Group	$103	7% growth

Delivering integrated title, settlement, and relocation services supports the core transaction. This integrated approach is a key part of their value proposition. The Title Group, specifically, posted revenue of $103 million in Q3 2025, matching the 7% revenue growth seen in the Owned Brokerage Group for that quarter. Momentum in listing activity, which feeds into these services, was strong in the summer; open volume rose 9% through July 21, and Advisor listings grew 11% year-over-year as of that date.

Driving AI transformation initiatives is a critical activity aimed at future efficiency. The CEO emphasized advancing strategic initiatives like AI adoption early in 2025. This isn't just talk; in Q4 2024 pilots, their generative AI reduced document processing error rates to as low as one in 5,000 documents, showing tangible operational improvement. The goal is to empower agents and franchisees through this digital innovation.

The final, measurable activity is the aggressive pursuit of cost reduction. Anywhere Real Estate has already identified 100% of the targeted $100 million in cost savings for the full year 2025. This builds on a history of expense management, with approximately $830 million in cumulative cost savings implemented since 2019. The savings realized in the third quarter of 2025 alone were $28 million, keeping them on track for the full-year $100 million goal. This follows $25 million in savings in Q2 2025 and $14 million in Q1 2025. You should note that management expects these savings to be partially offset by inflationary pressures and strategic investments.

• Q3 2025 Realized Cost Savings: $28 million.
• Targeted Full-Year 2025 Cost Savings: $100 million.
• Cumulative Cost Savings Since 2019: Approximately $830 million.
• Net Corporate Debt as of September 30, 2025: $2.5 billion.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Key Resources

You're looking at the core assets Anywhere Real Estate Inc. (HOUS) relies on to run its business as of late 2025. These aren't just line items; they are the engines of their integrated model.

The foundation is definitely the portfolio of globally recognized real estate brands. These names carry instant recognition and trust, which is critical in high-value transactions. The company franchises these brands through its Anywhere Brands segment.

The scale of the agent network is another massive resource. This network is what drives transaction volume across the globe. To be fair, the exact number fluctuates, but the scale is clear.

The integrated services platform is the glue holding the network together, supporting agents from lead generation all the way through closing. This structure is designed to capture more revenue per transaction by offering services beyond just the sale.

Financially, the capital structure dictates flexibility. Here's a quick look at some of the hard numbers reported around the third quarter of 2025.

Metric	Value as of September 30, 2025 (Unless Noted)
Net Corporate Debt	$2.5 billion
Cash and Cash Equivalents	$139 million
Total Corporate Debt (Balance Sheet)	$3.11 Billion USD
Net Debt Leverage Ratio	6.7x
Senior Secured Leverage Ratio	0.85x
Q3 2025 Revenue	$1.6 billion
Q3 2025 Net Loss Attributable to Anywhere	$13 million

The physical and human capital supporting the operations is substantial, centered around the agent base and the office footprint.

• Global Affiliated Agents (as of Sept 2025) - More than 300,000
• U.S. Independent Sales Agents (Approximate) - 179,200
• International Independent Sales Agents (Approximate) - 132,700
• Total Employees (Non-Agent) (2025 Figure) - 7,890

The brand portfolio itself is a resource that includes these globally recognized names:

• Better Homes and Gardens® Real Estate
• CENTURY 21®
• Coldwell Banker®
• Coldwell Banker Commercial®
• Corcoran®
• ERA®
• Sotheby's International Realty®

The integrated services component is supported by distinct business units that provide end-to-end support:

• Anywhere Brands: Franchising the core brokerage names.
• Anywhere Advisors: Operating a full-service brokerage business in key U.S. metros.
• Anywhere Integrated Services: Providing full-service title, escrow, and settlement services.
• Relocation Services: Operating under the Cartus brand.

Finance: review the impact of the $425 million outstanding borrowings under the Revolving Credit Facility as of November 3, 2025, against the Q3 cash balance.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients and agents choose Anywhere Real Estate Inc. as of late 2025, based on their Q3 performance. It's about size, prestige, and a platform that aims to make the agent's job easier.

Unmatched scale and brand trust for home buyers and sellers.

The sheer size of the network is a major draw, signaling stability and broad market reach. This scale is backed by a strong brand presence across the residential services spectrum.

• Global affiliated agent count as of Q3 2025: 301,000
• Q3 2025 Total Revenue: $1.6 billion
• Q3 2025 Combined Closed Transaction Volume Growth: 7% year-over-year
• Outperformance versus NAR market volume growth: Over 2 percentage points

Luxury market leadership, with 12% volume growth in Q3 2025.

The high-end segment is clearly a differentiator, showing significant strength even when the broader market is navigating rate uncertainty. This prestige translates directly into high-value transactions.

Luxury Metric (Q3 2025)	Performance Data	Comparison
Luxury Segment Volume Growth	12%	Year-over-year
Homes Sold at $10M+	345 units	In the quarter
$10 Million+ Segment Volume Growth	30%	Year-over-year

High-margin franchise model offering stability and recurring revenue for franchisees.

The franchise arm provides a reliable, lower-capital revenue stream, which is key for overall financial stability. They continue to expand this network, too.

• Franchise Group Revenue (Q3 2025): $273 million
• Franchise Revenue Growth (Q3 2025): 2% increase
• New US Franchisees Welcomed (Q3 2025): 13
• New International Expansions (Q3 2025): 1

Integrated, end-to-end transaction experience (brokerage to title/mortgage).

Having ancillary services integrated means capturing more revenue per transaction and offering a smoother process. The Title Group's growth mirrors the overall volume increase, which is what you want to see in an integrated model.

Here's a look at the supporting segments from the Q3 2025 report:

Segment	Q3 2025 Revenue	Year-over-Year Growth
Owned Brokerage Group	$1.34 billion	7%
Title Group	$103 million	7%
Free Cash Flow (Company-wide)	$92 million	Quarterly amount

Agent-centric platform designed to help agents grow their business.

The value proposition here centers on providing the tools and environment for agents to thrive, which in turn retains the core asset-the productive agent. Retention rates are a strong indicator of platform value.

The platform's value is reflected in agent metrics:

• Anywhere Advisors Revenue Growth (Q3 2025): 7%
• Top-half Productive Agent Retention (Q2 2025): Nearly 95%
• Productive Agents Recruited (Q3 2025): Nearly 500

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Customer Relationships

The relationship Anywhere Real Estate Inc. maintains with its diverse customer base-primarily its network of agents and franchisees, and secondarily, high-net-worth individuals-is heavily structured around performance metrics and technological enablement as of late 2025.

For the franchise network, support is quantified by growth metrics. In the second quarter of 2025, Anywhere Real Estate Inc. welcomed 13 new US franchisees and 3 international expansions. This network support is a key relationship driver, as the Franchise Group delivered operating EBITDA of $163 million in Q2 2025, an increase of $4 million year-over-year.

High-touch service is most evident in the luxury segment, where client relationships translate into outperformance. In Q3 2025, this segment saw a 12% increase in transaction volume. This strength was also seen in Q2 2025, with 3.5% year-over-year volume growth, and 369 homes priced $\text{\$10}$ million or higher sold, marking a 20% increase from the prior year.

Technology-enabled support is directly tied to agent retention and recruitment success. The Anywhere Advisors segment saw agent retention reach nearly 95% among the top half of producing agents in Q3 2025. Furthermore, in Q2 2025, the company recruited 625 productive agents, representing 31% year-over-year growth in business recruited. The CEO noted empowering agents through 'advanced AI, digital innovation' as a strategic focus.

The stability of the agent relationship is underpinned by commission structure, which has remained consistently near the 80% mark, despite market shifts. The following table summarizes the agent commission split trends and key retention figures from recent quarters in 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Agent Commission Split	80.4%	80.9%	80.7%
Agent Retention (Top Half)	Not specified	Approximately 95%	Nearly 95%

Relocation services, managed through corporate contracts, are a recognized component of the integrated services offering, with the Cartus brand noted for its role in corporate relocation as of late 2025.

• Dedicated franchise business consultants support network growth.
• Luxury segment volume grew 12% year-over-year in Q3 2025.
• 625 productive agents were recruited in Q2 2025.
• Agent commission splits were 80.7% in Q3 2025.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Channels

You're looking at how Anywhere Real Estate Inc. gets its services in front of customers, which is a massive, multi-pronged effort across franchising, direct ownership, and integrated services. This structure is key to their scale.

Global network of franchised brokerage offices

The franchise network forms the backbone of Anywhere Real Estate Inc.'s global reach. This channel operates under well-recognized brands like CENTURY 21®, Better Homes and Gardens Real Estate®, and ERA®. As of late 2025, this network included approximately 301,000 affiliated agents globally, a slight increase from the more than 300,000 agents reported earlier in the year. As of December 31, 2024, the company reported approximately 17,800 offices across 119 countries. The Franchise Group, which collects royalty revenue from these offices, generated $273 million in revenue for the third quarter of 2025, marking a 2% year-over-year increase.

Company-owned brokerage offices (Anywhere Advisors segment)

The Anywhere Advisors segment represents the company's direct-to-consumer channel through wholly owned and operated brokerages. This segment includes nearly 600 owned and operated brokerage offices, primarily in the top 100 U.S. metropolitan areas. These offices are staffed by approximately 53,000 independent sales agents. As of December 31, 2024, the U.S. company-owned brokerage independent sales agents totaled approximately 52,900. For the third quarter of 2025, the Owned Brokerage Group, the largest segment, saw revenue rise by 7% to $1.34 billion, driven by higher transaction volume.

Digital platforms and websites for lead generation (e.g., brand sites, Realtor.com)

Digital presence is managed through various brand sites and dedicated organizations like Leads Group. Leads Group is tasked with optimizing lead generation marketing, technology, and outcomes across the entire family of brands. While specific revenue attributed solely to digital lead generation is typically bundled, the overall performance of the digital-facing agent base is evident in the transaction volume growth. The company's overall combined closed transaction volume increased by 7% year-over-year in Q3 2025.

Corporate relocation services channel for B2B clients

Corporate relocation services are delivered primarily through the Cartus brand, serving B2B clients with employee mobility needs. This channel is part of Anywhere Integrated Services (AIS). AIS operates more than 40 title and escrow companies in 43 states and D.C., providing closing services in all 50 states. Anywhere Integrated Services generated $103 million in revenue in Q3 2025, a 7% growth rate. AIS supports the closing of more than 120,000 title transactions annually.

Affiliated agents who are the defintely primary customer interface

The affiliated agents are the most direct interface with the consumer for buying and selling properties. Anywhere fuels the productivity of its vast network, which includes approximately 179,200 independent sales agents operating in the U.S. as of the end of 2024. The competitive environment for recruiting is highlighted by agent commission splits, which increased to 80.4% in Q1 2025, marking the twelfth consecutive quarter around that level. In Q2 2025, the agent commission splits were reported at 80.9%.

Here's a quick look at the scale of the primary distribution channels as of late 2025 data:

Channel Metric	Franchise Network (Brands)	Company-Owned (Advisors)	Integrated Services (AIS/Relo)
Office Count (Approximate)	18,000 (Global, as of late 2024)	Nearly 600 (U.S. Owned)	N/A (Focus on transaction support)
Affiliated Agent Count (Approximate)	Approx. 247,100 (Global less 53k owned)	Approx. 53,000 (U.S. Owned)	N/A (Agent count is for brokerage)
Q3 2025 Revenue (Millions USD)	$273	$1,340	$103
Q3 2025 Revenue Growth (YoY)	2%	7%	7%

The company is definitely focused on driving volume through its affiliated agents, as seen by the 7% increase in combined closed transaction volume in Q3 2025.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Customer Segments

You're looking at the core groups Anywhere Real Estate Inc. (HOUS) serves as of late 2025, based on their Q3 2025 performance. This company segments its market quite clearly across direct consumer services and business partnerships.

Residential home buyers and sellers (mass market) represent the largest volume driver, primarily through the Anywhere Brands and Anywhere Advisors segments. The combined closed transaction volume for Q3 2025 increased by 7% year-over-year, showing resilience even with market volatility. The total company revenue for Q3 2025 hit $1.6 billion.

For High-net-worth individuals in the luxury real estate segment, the performance is outpacing the general market. Brands like Coldwell Banker Global Luxury, Corcoran, and Sotheby's International Realty saw their closed transaction volume jump by 12% year-over-year in the third quarter of 2025. To give you a concrete example from the prior quarter (Q2 2025), they closed 369 homes priced at $10 million or higher, which was a 20% increase from Q2 2024.

The B2B relationship with Independent real estate franchisees is critical, managed largely through the Franchise Group. This group generated revenue of $273 million in Q3 2025, marking a 2% increase driven by higher royalty revenue. Management continues to expand this network; in Q3 2025 alone, they welcomed 13 new US franchisees and one new international expansion.

The segment of Affiliated and owned real estate agents is the engine of the entire operation. As of September 30, 2025, the global affiliated agent count stood at 301,000. This network is supported by the Owned Brokerage Group, which is the largest segment, posting revenue of $1.34 billion in Q3 2025. Agent commission splits averaged 80.4% in Q1 2025, indicating a competitive environment for talent.

Finally, Corporate clients requiring employee relocation services are served through the Anywhere Integrated Services segment, which includes the Cartus brand. While the Title Group posted revenue of $103 million in Q3 2025, the search results flag the continued reduction in spending on relocation services as a specific risk factor for this segment.

Here's a quick look at the scale of the agent and franchisee networks as of the latest reports:

Customer Segment Type	Metric	Latest Reported Number (2025)
Affiliated & Owned Agents	Global Affiliated Agent Count (Q3 2025)	301,000
Independent Franchisees (B2B)	New US Franchisees Added (Q3 2025)	13
Independent Franchisees (B2B)	New International Expansions (Q3 2025)	1
Luxury Segment	Homes Sold $10M+ (Q2 2025)	369

You can see the reliance on the agent network is clear, but the luxury tier is showing stronger growth momentum than the mass market overall. The company is defintely managing a complex mix of direct sales and franchise relationships.

• Residential volume growth: 7% in Q3 2025.
• Luxury volume growth: 12% in Q3 2025.
• Franchise Group Revenue: $273 million in Q3 2025.
• Total Corporate Debt (net of cash): $2.5 billion as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Anywhere Real Estate Inc.'s business as of late 2025. This structure is heavily weighted toward variable costs tied directly to transaction volume, but the company is aggressively managing fixed overhead through targeted savings programs.

Agent commission and compensation expenses (the largest cost) remain the dominant outflow. This is the cost of paying the agents who close the deals. For the full year 2024, the Commission and other agent-related costs totaled $3,718 million. The commission split rate itself is a key metric; for the first quarter of 2025, agent commission splits stood at 80.4%, which is consistent with the 80.3% seen for the full year 2024. This cost scales directly with Gross Commission Income generated from transactions.

The company is actively working to lower its fixed base. Anywhere Real Estate Inc. is on track to deliver a full-year cost savings target of $100 million in 2025. In the third quarter of 2025 alone, they realized $28 million in cost savings, plus an additional $6 million from temporary cost controls implemented that quarter. This builds on the 2024 achievement where they realized nearly $125 million in savings.

Here's a quick look at some of the major expense categories based on the latest available full-year and quarterly data:

Cost Component	Latest Reported Amount (USD Millions)	Period/Context
Agent Commission & Related Costs	$3,718	Full Year 2024
Total Operating, Marketing, & G&A Expenses	$1,710	Full Year 2024
Targeted Cost Savings for 2025	$100 million	Full Year 2025 Projection
Realized Cost Savings (YTD Q3 2025)	$28 million	Q3 2025
Net Interest Expense	$153 million	Full Year 2024

Operating expenses for the owned brokerage segment (Anywhere Advisors) are a significant component of overhead, separate from agent commissions. For the first quarter of 2025, the Operating expense line item was $277 million. Full-year 2024 Operating expenses were $1,125 million. These costs cover salaries, benefits, and physical/digital infrastructure for the company-owned offices.

Technology development and AI transformation investments are being funded, in part, by the ongoing cost reduction program. While the full investment spend isn't isolated as a single line item in the same way as commission, management noted that the 2025 cost savings target of $100 million is expected to be offset in part by these strategic investments aimed at advancing their technology strategy, including generative AI deployment.

Regarding financing costs, the structure relies on debt. As of September 30, 2025, Anywhere Real Estate Inc.'s Total corporate debt, net of cash and cash equivalents, totaled $2.5 billion. The cost of servicing this debt is reflected in the interest expense. For the full year 2024, the Net Interest Expense was $153 million. You should note that the company is actively managing this, having bought back $22 million of exchangeable notes and paid down the revolver by almost $200 million in Q3 2025.

General and administrative costs are being actively managed downward. The company is on track to achieve its goal of $100 million in savings for 2025. The full-year 2024 G&A expense was $392 million. The Q3 2025 realized savings of $28 million, plus the $6 million in temporary controls, show tangible progress toward that 2025 goal. Here are some details on the G&A reduction progress:

• Targeted full-year 2025 G&A reduction: $100 million.
• Realized G&A savings in Q3 2025: $28 million.
• Additional temporary cost controls in Q3 2025: $6 million.
• G&A expense in Full Year 2024: $392 million.

Finance: draft 13-week cash view by Friday.

Anywhere Real Estate Inc. (HOUS) - Canvas Business Model: Revenue Streams

You're looking at the core drivers of top-line performance for Anywhere Real Estate Inc. as of late 2025. The business model relies on a diversified set of income sources, balancing high-margin recurring fees with transaction-based commissions.

For the third quarter of 2025, Anywhere Real Estate Inc. generated total revenue of $1.6 billion, which represented a 6% increase year-over-year. This top-line growth was supported by a 7% increase in combined closed transaction volume, which outperformed the market growth reported by the National Association of Realtors by over 2 percentage points.

The revenue streams are clearly segmented across the company's primary operating groups. Here is a breakdown of the Q3 2025 segment revenue performance, which directly maps to your required revenue stream categories:

Revenue Stream Category	Corresponding Segment	Q3 2025 Revenue Amount	Year-over-Year Growth
Franchise royalty and fee revenue	Anywhere Brands	$273 million	2%
Brokerage commission revenue from owned operations	Owned Brokerage Group (Anywhere Advisors)	$1.34 billion	7%
Fees from integrated services (title, settlement, and mortgage JVs)	Title Group	$103 million	7%

The Franchise royalty and fee revenue, housed within the Anywhere Brands segment, is the clear margin leader. This stream provides high-margin, recurring revenue, which is crucial for stability. For Q3 2025, the Franchise Group showed an Operating EBITDA margin of 57%. This margin includes roughly $90 million in intercompany fees charged to the Advisors business for lead generation and other services.

The Brokerage commission revenue from owned operations, primarily from the Anywhere Advisors segment, forms the largest part of the total revenue base. This revenue is directly tied to transaction volume and price appreciation. The luxury segment, a key driver within this area, saw its transaction volume increase by 12% year-over-year, with sales of homes priced at $10 million or higher rising by 30%.

For integrated services, the Title Group revenue grew by 7% in Q3 2025. This group supports the transaction process through title and escrow services, including their mortgage joint venture. To give you a sense of the unit economics there, the company noted they generate approximately $3,500 per unit in title revenue.

The Relocation service fees from corporate clients are bundled within the Anywhere Brands segment, which also includes leads and franchise operations. This part of the business experienced negative currency effects in the quarter, but the overall segment still delivered strong results.

Here are some key performance indicators related to these revenue streams:

• Combined closed transaction volume increased by 7% year-over-year in Q3 2025.
• The luxury segment captured 22% of the market for homes valued at $5 million or more.
• The company welcomed 13 new U.S. franchisees in the quarter.
• The Franchise Group Operating EBITDA was $155 million, up $4 million versus the prior year.

The company is focused on maintaining the consistency of these diversified streams, especially the high-margin franchise royalties, even while navigating the pending merger with Compass. Finance: draft 13-week cash view by Friday.