Bridgemarq’s total economic equity value is roughly $48 million, including the Exchangeable Units.
That is the number that matters.
Bridgemarq has approximately 9.48 million publicly traded Restricted Voting Shares minus 315,000 held by Brookfield. And 6.25 million Exchangeable Units, for a total of approximately 15.73 million economic units.
At $3.04, the market values the entire equity base at about $47.8 million.
The question is whether that valuation makes sense given what the underlying business is actually producing.
Start With the Agent Numbers
Earlier this year, RE/MAX announced a conversion involving 17 former Royal LePage offices and more than 1,200 agents.
The subsequent quarterly filings from Bridgemarq and RE/MAX do not show a simple net transfer of 1,200 agents.
Royal LePage finished 2025 with 20,757 franchise REALTORS.
As of March 31, 2026, that number was 19,488, down 1,269.
RE/MAX Canada finished 2025 with 24,812 agents.
As of March 31, 2026, it reported 25,849, an increase of 1,037.
So RE/MAX Canada did not show a net increase of 1,200-plus.
Then came Q2.
Royal LePage’s franchise REALTOR count moved from 19,488 to 19,352, a decline of just 136.
At the same time, Royal LePage’s franchise agreements increased from 281 to 285.
RE/MAX Canada moved from 25,849 agents to 25,798, a sequential decline of 51 agents.
Remax U.S. network was also down approximately 5% YOY.
The sequence is straightforward.
Royal LePage had a large Q1 decline.
That decline did not continue at the same pace in Q2.
RE/MAX Canada did not continue growing sequentially.
And Royal LePage added franchise agreements.
Royal LePage Has Continued Adding Agents
The public recruiting record since then shows continued additions across the network.
As of August 8, the number of publicly identifiable additions totaled roughly 239 agents and real estate professionals.
That included:
47 agents from Coldwell Banker Select Realty joined Royal LePage Select Realty
27 agents from Coldwell Banker Rosling moved to Royal LePage Rosling Realty
4 agents from Century 21’s Anchor & Stone team into Royal LePage Meadowtowne
5 agents from Sandstone Realty to Royal LePage State
40-plus professionals through the Judy Marsales Real Estate Group are joining Royal LePage State
Approximately 40 high-performing professionals associated with RE/MAX Millennium and RE/MAX Hallmark are moving into Royal LePage Pinnacle
The HomeLife Woodbine acquisition by Royal LePage Certified
numerous individual additions across Royal LePage Atlantic, Benchmark, Noralta, Platinum, Terrequity, Solutions, Team Realty, Wolle Realty, and other offices
That count was only based on publicly identifiable recruiting through August 8.
It did not include every addition across the Royal LePage network.
And it did not include everything that happened after August 8.
The direction is clear: Royal LePage continued recruiting after the large Q1 network change.
The Pinnacle Move Matters
The Royal LePage Pinnacle addition is particularly important.
The brokerage was built around Faiz Tahir and a group previously associated with RE/MAX Millennium and RE/MAX Hallmark.
Royal LePage described the incoming group as approximately 40 high-performance real-estate professionals.
Tahir had already built a significant real-estate business, with public profiles citing more than $1 billion in career sales.
That is not simply an agent-count replacement.
It is a productive group moving from competing RE/MAX-affiliated operations into Royal LePage.
Pinnacle has continued recruiting since joining the network.
The Franchise Business Is Where the Economics Are
The most important part of Bridgemarq is the franchise operation.
Through the first half of 2026:
H1 2026BrokerageFranchiseRevenue$143.4M$26.0MEBITDA$0.8M$12.9MEBITDA margin~0.6%~49.6%
The brokerage side generates most of the reported revenue.
The franchise side generates almost all of the EBITDA.
In 2025, Bridgemarq’s franchise operation generated approximately:
$55.3 million of revenue
and
$26.0 million of EBITDA.
That is roughly a 47% EBITDA margin.
Through the first half of 2026, the franchise segment generated:
$26.0 million of revenue
and
$12.9 million of EBITDA.
That is roughly a 49.6% EBITDA margin.
In Q2 alone, franchise revenue was approximately $13.2 million, and franchise EBITDA was approximately $6.3 million.
The franchise business is still generating almost 50 cents of EBITDA per dollar of revenue.
That is the core asset.
The Franchise Business Alone Produced More EBITDA Than the Consolidated Company
This is one of the more important numbers in the entire story.
In 2025, the franchise segment produced approximately:
$26.0 million of EBITDA.
Bridgemarq’s total consolidated adjusted EBITDA for the year was approximately:
$25.4 million.
The franchise business alone produced slightly more EBITDA than the entire company, after accounting for brokerage contributions and corporate costs.
That matters when looking at RE/MAX.
The RE/MAX Transaction Gives Us a Real Comparable
Real Brokerage agreed to acquire RE/MAX for an enterprise value of approximately US$880 million.
The transaction was valued at approximately:
9.4x RE/MAX’s 2025 adjusted EBITDA before synergies
and
7.1x after approximately US$30 million of expected annual efficiencies.
That is an EBITDA transaction.
Not a revenue transaction.
So the correct comparison with Bridgemarq is also on an EBITDA basis.
Bridgemarq generated approximately $25.4 million of consolidated adjusted EBITDA in 2025.
Applying the same multiples:
At 7.1x EBITDA, Bridgemarq would have an implied enterprise value of approximately:
$180 million.
At 9.4x EBITDA, the implied enterprise value would be approximately:
$239 million.
Using approximately $79.25 million of bank debt, roughly $8 million of cash, and the deferred Brookfield obligation, the resulting equity values work out to approximately:
$6.40 per economic unit at 7.1x
and
$10.10 per economic unit at 9.4x.
The current share price is:
$3.04.
And those calculations use Bridgemarq’s consolidated EBITDA.
The franchise segment alone generated approximately $26 million of EBITDA in 2025, essentially the same earnings base.
RE/MAX Was Not Acquired During a Period of Strong Growth
RE/MAX was acquired while its own agent numbers were under pressure.
Its U.S. agent count was down approximately 5% YOY in Q2.
Its Canadian agent count declined sequentially from 25,849 to 25,798.
The combined U.S. and Canadian agent count was lower year over year.
A strategic buyer still paid approximately 9.4x pre-synergy EBITDA for the business.
Bridgemarq is smaller and more concentrated, so it does not have to receive the same multiple.
But the gap is large.
At $3.04, Bridgemarq is valued at roughly 5–6x EBITDA, depending on the earnings level used.
What Bridgemarq Owes the Banks
As of June 30, Bridgemarq had $95 million in bank facilities.
The structure was:
FacilityCapacityDrawnAvailableTerm facility$55.0M$55.0M—Acquisition facility$20.0M$17.1M$2.9MOperating facility$20.0M$7.15M$12.85MTotal$95.0M$79.25M$15.75M
Bridgemarq therefore had approximately $15.75 million of unused bank capacity.
It also had a separate $5 million Brookfield credit facility that remained undrawn.
Combined unused credit availability was approximately:
$20.75 million.
The principal bank facilities mature in December 2031.
The Exchangeable Units Are Part of the Equity
Brookfield owns approximately 6.25 million Exchangeable Units.
Those units are exchangeable one-for-one into Bridgemarq Restricted Voting Shares.
They are part of the economic ownership base.
So Bridgemarq’s total economic unit count is approximately:
15.73 million.
At $3.04, that produces approximately:
$47.8 million economic equity value.
The quoted share price is set by trading in the public shares, even though that same price determines the economic value of the Exchangeable Units.
That means a relatively small listed share base is setting the valuation for the entire company.
The Dividend Reset Changes the Cash Flow Structure
Before July, Bridgemarq paid $1.35 per Restricted Voting Share annually.
Across approximately 9.48 million public shares, that represented roughly:
$12.8 million annually.
Bridgemarq’s MD&A states that distributions to Exchangeable Unitholders are determined with reference to dividends paid on the Restricted Voting Shares.
Historically, when the public dividend was $1.35, the Exchangeable Units received approximately $1.74 per unit on a pre-tax basis.
That represented approximately:
$10.9 million annually.
Combined recurring distributions were therefore approximately:
$23.7 million per year.
The new public dividend is $0.05 annually.
That represents approximately:
$0.47 million across the public shares.
Applying the same established relationship to the Exchangeable Units produces approximately:
$0.4 million annually.
Combined recurring distributions fall to approximately:
$0.9 million per year.
Compared with the old structure, approximately:
$22.8 million less cash leaves Bridgemarq through recurring distributions each year.
That is a major change in the company’s capital allocation.
The Deferred Brookfield Amount Is Separate
The deferred distributions already accumulated under the previous structure remain an existing obligation.
Through the first half of 2026, approximately $5.45 million had been deferred from dividend payments agreed upon by Brookfield.
That amount has to be dealt with separately.
It does not change the new recurring distribution structure.
The ongoing annual payment burden has been reduced dramatically.
Put the Numbers Together
At $3.04:
Economic equity value: approximately $47.8M
Bank debt: approximately $79.25M
Unused credit availability: approximately $20.75M
2025 consolidated adjusted EBITDA: approximately $25.4M
2025 franchise EBITDA: approximately $26.0M
H1 2026 franchise EBITDA: approximately $12.9M
Q2 2026 franchise EBITDA: approximately $6.3M
Franchise EBITDA margin: approximately 48–50%
Old recurring annual distributions: approximately $23.7M
New recurring annual distributions: approximately $0.9M
Reduction in recurring distributions: approximately $22.8M
RE/MAX transaction multiple: 9.4x pre-synergy EBITDA / 7.1x post-synergy EBITDA
Current Bridgemarq valuation: roughly 5–6x EBITDA
Those are the numbers.
Where the Story Stands
Royal LePage had a major network change in Q1.
The following quarter, its REALTOR count declined by only another 136, while franchise agreements increased.
RE/MAX Canada did not show a 1,200-plus net gain from the announced conversion and subsequently lost agents sequentially in Q2.
Royal LePage continued recruiting throughout the year, with at least 239 publicly identifiable additions through August 8, including large brokerage conversions and high-performing teams coming from competing brands.
The franchise segment continued producing EBITDA margins near 50%.
The business generated almost $26 million of franchise EBITDA in 2025 and nearly $13 million in the first half of 2026.
The debt facilities run to 2031.
The company still has more than $20 million of unused credit availability.
And the new distribution structure reduces recurring annual cash outflows by roughly $22.8 million compared with the previous structure.
All of that sits against an economic equity valuation of approximately $48 million at $3.04 per share.
The market has already brutally repriced Bridgemarq in response to what happened earlier in the year.
Yield inverters are cleared out, and new investors are moving in.