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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Accelerating posture

Real Estate Services, PropTech & Infrastructure REITs

Higher Spend Concentration + Accelerating · $31.7B disclosed spend · led by Geographic Expansion plays · activity accelerating across 21 public buyers.

Repeat buyers tend to add property-level workflows, local service density, or infrastructure-like real estate exposure with recurring demand.

Geographic Expansion dominantSpend HHI 1,685Accelerating +61

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is accelerating.

Public buyers

21

11 core (10+)

Recorded buys

213

27 last 3 yrs

Disclosed spend

$31.7B

$15.5B recent

Matched issuers

272

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 26%
Bolt 26%
Platform 24%
Horiz 13%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

1% mix

Small additive deals folded directly into the existing business.

Bolt On

26% mix

Mid-sized acquisitions extending the existing product or service core.

Platform

24% mix

Foundational deals establishing a new platform or business line.

Geographic Expansion

26% mix

Buying density or new geographies to extend the footprint.

“We have grown our business through strategic acquisitions.”

Costar Group, Inc. (CSGP) · FY2025

Horizontal Consolidation

13% mix

Acquiring direct competitors to consolidate the market.

Vertical Integration

0% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

9% mix

Buying products, IP, or engineering depth for capability gain.

“We are actively seeking complementary bolt-on AI acquisitions that could generate near-term revenue to supplement our current operations”

Avalon Globocare Corp. (ALBT) · FY2025

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$100K$1M$10M$100M$1B$10Bmedian annual $62Mmedian total $270MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)DBRGDigitalBridge Group, Inc. (DBRG) Platform $8.2B total · $1.2B / active year 7 active years · 6 buys reportedLRHCLa Rosa Holdings Corp. (LRHC) Geographic Expansion $6.4B total · $3.2B / active year 2 active yearsCSGPCostar Group, Inc. (CSGP) Geographic Expansion $6.4B total · $334M / active year 19 active years · 24 buys reportedOMHOhmyhome Limited (OMH) Geographic Expansion $3B total · $1.5B / active year 2 active years · 2 buys reportedJLLJones Lang LaSalle Incorporated (JLL) Geographic Expansion $2.5B total · $149M / active year 17 active years · 105 buys reportedLODEComstock Inc. (LODE) Geographic Expansion $1.6B total · $315M / active year 5 active years · 3 buys reportedNMRKNewmark Group, Inc. (NMRK) Geographic Expansion $1.3B total · $148M / active year 9 active years · 4 buys reportedRMAXRE/MAX Holdings, Inc. (RMAX) Bolt On $435M total · $54M / active year 8 active years · 13 buys reportedASPSAltisource Portfolio Solutions S.a. (ASPS) Geographic Expansion $370M total · $62M / active year 6 active years · 11 buys reportedXHGXChange TEC.INC (XHG) Geographic Expansion $367M total · $122M / active year 3 active years · 3 buys reportedFTHMFathom Holdings Inc. (FTHM) Geographic Expansion $270M total · $54M / active year 5 active years · 10 buys reportedNENNew England Realty Associates Limited Partnership (NEN) Mixed strategy $240M total · $80M / active year 3 active years · 9 buys reportedUNITUniti Group Inc. (UNIT) Mixed strategy $230M total · $230M / active year 1 active yearsALBTAvalon Globocare Corp. (ALBT) Technology Acquisition $105M total · $17M / active year 6 active years · 4 buys reportedRMRRMR Group Inc. (RMR) Platform $84M total · $28M / active year 3 active years · 3 buys reportedBEKEKE Holdings Inc. (BEKE) Mixed strategy $56M total · $56M / active year 1 active years · 1 buys reportedMMIMarcus & Millichap, Inc. (MMI) Geographic Expansion $50M total · $10M / active year 5 active years · 9 buys reportedOPENOpendoor Technologies Inc. (OPEN) Mixed strategy $43M total · $22M / active year 2 active years · 1 buys reportedEXPIEXP World Holdings, Inc. (EXPI) Technology Acquisition $28M total · $7M / active year 4 active years · 4 buys reportedRFLRafael Holdings, Inc. (RFL) Mixed strategy $3M total · $3M / active year 1 active years · 1 buys reportedUKUcommune International Ltd (UK) Mixed strategy $200K total · $200K / active year 1 active years
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
DigitalBridge Group, Inc.DBRGPlatform
$8.2B
$1.2B6

New cycle

$691M recent

La Rosa Holdings Corp.LRHCGeographic Expansion
$6.4B
$3.2BN/A

New cycle

$6.4B recent

Costar Group, Inc.CSGPGeographic Expansion
$6.4B
$334M24

Accelerating

+335%

Ohmyhome LimitedOMHGeographic Expansion
$3B
$1.5B2

New cycle

$3B recent

Jones Lang LaSalle IncorporatedJLLGeographic Expansion
$2.5B
$149M105

Cooling

-84%

Comstock Inc.LODEGeographic Expansion
$1.6B
$315M3

New cycle

$1.6B recent

Newmark Group, Inc.NMRKGeographic Expansion
$1.3B
$148M4

Accelerating

+81%

RE/MAX Holdings, Inc.RMAXBolt On
$435M
$54M13

Paused

$191M prior

Altisource Portfolio Solutions S.a.ASPSGeographic Expansion
$370M
$62M11

Steady

+0% (count)

XChange TEC.INCXHGGeographic Expansion
$367M
$122M3

New cycle

$362M recent

Fathom Holdings Inc.FTHMGeographic Expansion
$270M
$54M10

Winding down

$269M → $1M

New England Realty Associates Limited PartnershipNENN/A
$240M
$80M9

New cycle

$175M recent

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“We have grown our business through strategic acquisitions.”

Costar Group, Inc.CSGPFY2025

“It is management’s intention to acquire additional franchisees in 2024.”

La Rosa Holdings Corp.LRHCFY2024

“seeking consolidation opportunities through acquiring high quality assets”

XChange TEC.INCXHGFY2020

“evaluate potential vendors, suppliers and other business partners for acquisition to accelerate growth”

Fathom Holdings Inc.FTHMFY2025

“We compete in real estate brokerage and financing within the commercial real estate industry on a national, regional, and local basis. Competition is based on a number of critical factors, including the quality and expertise of our investment sales and financing professionals, our execution skills, sales support, brand recognition, and our business reputation.”

Marcus & Millichap, Inc.MMIFY2025

“Failure to adapt to technological change, regulatory developments or customer consolidation may reduce demand or competitiveness.”

Altisource Portfolio Solutions S.a.ASPSFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Property Services & Brokerage

208

Real estate services, brokerage, property management, leasing, facilities, and transaction services.

Buyers

19

Core

10

Spend

$23.3B

2006–2025 · last year 12

Storage, Housing & Asset Platforms

6

Storage, residential, manufactured housing, hospitality, and real estate asset consolidation platforms.

Buyers

1

Core

1

Spend

$8.2B

2006–2025 · last year 0

Infrastructure & Specialty REITs

0

Data-center, tower, storage, healthcare, and specialty REIT platforms with infrastructure-like demand.

Buyers

1

Core

0

Spend

$230M

2006–2025 · last year 0

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

5

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

016312006: 4 buys · $194M spend · 1 buyers2007: 2 buys · $139M spend · 1 buyers2008: 18 buys · $5M spend · 3 buyers2009: 0 buys · $17M spend2010: 1 buys · $54M spend · 1 buyers2011: 14 buys · $261M spend · 5 buyers2012: 5 buys · $911M spend · 2 buyers2013: 11 buys · $368M spend · 4 buyers2014: 13 buys · $687M spend · 3 buyers2015: 24 buys · $420M spend · 3 buyers2016: 31 buys · $1.6B spend · 4 buyers2017: 13 buys · $1.1B spend · 6 buyers2018: 8 buys · $7.3B spend · 5 buyers2019: 10 buys · $1.7B spend · 6 buyers2020: 13 buys · $783M spend · 6 buyers2021: 13 buys · $547M spend · 4 buyers2022: 6 buys · $114M spend · 5 buyers2023: 6 buys · $514M spend · 6 buyers2024: 9 buys · $7.4B spend · 7 buyers2025: 12 buys · $7.6B spend · 7 buyers2006: 4 buys · $194M spend · 1 buyers2007: 2 buys · $139M spend · 1 buyers2008: 18 buys · $5M spend · 3 buyers2009: 0 buys · $17M spend2010: 1 buys · $54M spend · 1 buyers2011: 14 buys · $261M spend · 5 buyers2012: 5 buys · $911M spend · 2 buyers2013: 11 buys · $368M spend · 4 buyers2014: 13 buys · $687M spend · 3 buyers2015: 24 buys · $420M spend · 3 buyers2016: 31 buys · $1.6B spend · 4 buyers2017: 13 buys · $1.1B spend · 6 buyers2018: 8 buys · $7.3B spend · 5 buyers2019: 10 buys · $1.7B spend · 6 buyers2020: 13 buys · $783M spend · 6 buyers2021: 13 buys · $547M spend · 4 buyers2022: 6 buys · $114M spend · 5 buyers2023: 6 buys · $514M spend · 6 buyers2024: 9 buys · $7.4B spend · 7 buyers2025: 12 buys · $7.6B spend · 7 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)