---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-114764"
form_type: "8-K"
ticker: "RMAX"
cik: "0001581091"
company_name: "RE/MAX Holdings, Inc."
filed_at: "2023-11-06T23:59:59+00:00"
generated_at: "2026-06-08T20:49:55.353856+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# RE/MAX reports Total Leverage Ratio of 7.0:1 as of Sept 30, 2023, restricting dividends and buybacks

## Summary
- TLR of 7.0:1 based on consolidated EBITDA of $49.1M for trailing twelve months.
- Under credit agreement, TLR above 3.50:1 triggers restricted payments cap at greater of $50M or 50% of EBITDA ($24.6M).
- Fifty percent of consolidated EBITDA for prior four quarters is $24.6M, limiting shareholder distributions.

## SEC filing metadata
- accession: 0001104659-23-114764
- form_type: 8-K
- ticker: RMAX
- cik: 0001581091
- company_name: RE/MAX Holdings, Inc.
- filed_at: 2023-11-06T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581091/000110465923114764/0001104659-23-114764-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581091/000110465923114764/tm2329999d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-114764
- JSON: https://secwatch.observer/filing/0001104659-23-114764.json
- Plain text: https://secwatch.observer/filing/0001104659-23-114764.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.