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•	adverse developments or the absence of sustained improvement in general business, economic and political conditions or the U.S. residential real estate markets, either regionally or nationally, including but not limited to:

◦	a lack of improvement or a decline in the number of homesales;

◦	stagnant or declining home prices or a reduction in the affordability of housing;

◦	increasing mortgage rates and/or constraints on the availability of mortgage financing;

◦	insufficient or excessive home inventory levels by market and price point;

◦	a lack of improvement or deceleration in the building of new housing and/or irregular timing or volume of new development closings;

◦	the potential negative impact of certain provisions of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) (i) on home values over time in states with high property, sales and state and local income taxes and (ii) on homeownership rates; and/or

◦	a deterioration in other economic factors that particularly impact the residential real estate market and the business segments in which we operate whether broadly or by geography and price segments;

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•	increased competition in the industry and for independent sales agents whether through traditional competitors, competitors with alternative business models or other industry participants otherwise competing for a portion of gross commission income;

•	continuing pressure on the share of gross commission income paid by our company owned brokerages and our affiliated franchisees to their independent affiliated sales agents;

•	our geographic and high-end market concentration;

•	our inability to enter into franchise agreements with new franchisees or renew existing franchise agreements at current contractual royalty rates without increasing the amount and prevalence of sales incentives;

•	the lack of revenue growth or declining profitability of our franchisees and company owned brokerage operations;

•	changes in corporate relocation practices resulting in fewer employee relocations, reduced relocation benefits, increasing competition in corporate relocation or the loss of one or more significant affinity clients;

•	an increase in the experienced claims losses of our title underwriter;

•

our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing, including but not limited to (1) state or federal employment laws or regulations that would require reclassification of independent contractor sales agents to employee status, (2) privacy or data security laws and regulations and (3) RESPA or federal or state consumer protection or similar laws;

•	risks relating to our ability to return capital to stockholders pursuant to our stock repurchase program;

•	risks and growing costs related to cybersecurity threats to our data and customer, franchisee, employee and independent sales agent data; and

•	risks associated with our substantial indebtedness and interest obligations and restrictions contained in our debt agreements, including risks relating to having to dedicate a significant portion of our cash flows from operations to service our debt.

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1.	BASIS OF PRESENTATION

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(a)	The fair value of the Company's indebtedness is categorized as Level II.

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(a)	During the second quarter of 2018, the Company entered into four new forward starting interest rate swaps, two with a notional value of $125 million and two with a notional value of $150 million.

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2.	REVENUE RECOGNITION

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(a)	Beginning balances have been adjusted for the adoption of the accounting standard update on stranded tax effects related to the 2017 Tax Act which resulted in a debit to Accumulated other comprehensive loss and a credit to Accumulated deficit of $9 million. See Note 1, "Basis of Presentation" in the "Recently Adopted Accounting Pronouncements" section for additional information.

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(a)	Approximately 75% of the Company's total net revenues related to gross commission income at the Company Owned Brokerage Services segment, which is recognized at a point in time at the closing of a homesale transaction.

(b)

Approximately 15% of the Company's total net revenues related to service fees primarily consisting of title and escrow fees at the Title and Settlement Services segment, which are recognized at a point in time at the closing of a homesale transaction, and relocation fees at the Relocation Services segment, which are recognized as revenue when or as the related performance obligation is satisfied, which is dependent on the type of service performed. Relocation fees at the Relocation Services segment primarily include: (i) referral fees which are recognized at a point in time of the closing of a homesale transaction, (ii) outsourcing fees, which are management fees charged to clients frequently related to a bundle of relocation services performed and are recognized over the average time period to complete a move, and (iii) referral commissions from third party suppliers which are recognized at the time of the completion of the related service.

(c)	Approximately 5% of the Company's total net revenues related to franchise fees at the Real Estate Franchise Services segment, primarily domestic royalties, which are recognized at a point in time when the underlying franchisee revenue is earned (upon close of the homesale transaction).

(d)	Approximately 5% of the Company's total net revenues related to other revenue, which comprised of brand marketing funds received at the Real Estate Franchise Services segment from franchisees and other miscellaneous revenues across all of the business segments.

(e)	Prior period amounts have not been adjusted under the modified retrospective method.

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(a)	Revenues recognized include intercompany marketing fees paid by the Company Owned Real Estate Brokerage Services segment.

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3.	INTANGIBLE ASSETS

(a)	Goodwill acquired during the six months ended June 30, 2018 relates to the acquisition of two real estate brokerage operations.

(a)	Generally amortized over a period of 30 years.

(b)	Primarily relates to the Century 21®, Coldwell Banker®, ERA®, Corcoran®, Coldwell Banker Commercial® and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.

(c)	Relates to the Sotheby’s International Realty® and Better Homes and Gardens® Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).

(d)	Relates to the customer relationships at the Relocation Services segment, the Title and Settlement Services segment and our Company Owned Real Estate Brokerage Services segment. These relationships are being amortized over a period of 2 to 20 years.

(e)	Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.

(f)	Generally amortized over a period of 5 months.

(g)	Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 5 to 10 years.

4.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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*	The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.

(1)

As of June 30, 2018, the Company had $1,400 million of borrowing capacity under its Revolving Credit Facility, leaving $1,088 million of available capacity. The Revolving Credit Facility expires in February 2023, but is classified on the balance sheet as current due to the revolving nature of the facility. On August 1, 2018, the Company had $270 million in outstanding borrowings under the Revolving Credit Facility, leaving $1,130 million of available capacity.

(2)

Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2018 were based on, at the Company's option, (a) adjusted London Interbank Offering Rate ("LIBOR") plus an additional margin or (b) JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended June 30, 2018.

(3)	The Term Loan B provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to term loans under the Term Loan B is based on, at the Company’s option, (a) adjusted LIBOR plus 2.25% (with a LIBOR floor of 0.75%) or (b) ABR plus 1.25% (with an ABR floor of 1.75%).

(4)

The Term Loan A provides for quarterly amortization payments, which commence on June 30, 2018, totaling per annum 2.5%, 2.5%, 5.0%, 7.5% and 10.0% of the original principal amount of the Term Loan A, with the last amortization payment to be made on February 8, 2023. The interest rates with respect to term loans under the Term Loan A are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended June 30, 2018.

(5)	Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

(6)	In June 2018, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2019. As of June 30, 2018, the Company had $250 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $3 million of available capacity.

(7)	Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of June 30, 2018, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $6 million of available capacity.

(8)	Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $74 million with $65 million utilized at a weighted average rate of 3.24% at June 30, 2018.

(a)

Remaining 2018 includes amortization payments totaling $9 million and $5 million for the Term Loan A and Term Loan B facilities, respectively, as well as $312 million of revolver borrowings under the Revolving Credit Facility which expires in February 2023, but is classified on the balance sheet as current due to the revolving nature of the facility. The current portion of long term debt of $788 million shown on the condensed consolidated balance sheet consists of $446 million of 4.50% Senior Notes due April 2019, four quarters of amortization payments totaling $19 million and $11 million for the Term Loan A and Term Loan B facilities, respectively, and $312 million of revolver borrowings under the Revolving Credit Facility. The Company is evaluating different alternatives to repay the 4.50% Senior Notes due in April 2019 including refinancing or using existing available liquidity.

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(a)

the Term Loan B issued in the original aggregate principal amount of $1,080 million with a maturity date of February 2025. The Term Loan B has quarterly amortization payments totaling 1% per annum of the initial aggregate principal amount. The interest rate with respect to term loans under the Term Loan B is based on, at Realogy Group's option, adjusted LIBOR plus 2.25% (with a LIBOR floor of 0.75%) or ABR plus 1.25% (with an ABR floor of 1.75%); and

(b)

a $1,400 million Revolving Credit Facility with a maturity date of February 2023, which includes a $125 million letter of credit subfacility. The interest rate with respect to revolving loans under the Revolving Credit Facility is based on, at Realogy Group's option, adjusted LIBOR or ABR plus an additional margin subject to the following adjustments based on the Company’s then current senior secured leverage ratio:

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6.	RESTRUCTURING COSTS

(1)	Personnel-related costs consist of severance costs provided to employees who have been terminated and duplicate payroll costs during transition.

(2)	Facility-related costs consist of costs associated with planned facility closures such as contract termination costs, lease payments, net of applicable sublease income, that will continue to be incurred under the contract for its remaining term without economic benefit to the Company, accelerated depreciation on asset disposals and other facility and employee relocation related costs.

(3)	Internal use software impairment relates to development costs capitalized for a project that was determined to not meet the Company's strategic goals when analyzed by the Company's new leadership team.

(4)	The three and six months ended June 30, 2018 includes $5 million and $34 million, respectively, of expense related to the Leadership Realignment and Other Restructuring Activities program and $1 million and $2 million, respectively, of expense related to the Business Optimization Initiative program.

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(a)

The three and six months ended June 30, 2018 respectively exclude 7.3 million and 7.1 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, that are anti-dilutive to the diluted earnings per share computation. The three and six months ended June 30, 2017 both exclude 5.8 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, that are anti-dilutive to the diluted earnings per share computation.

8.	COMMITMENTS AND CONTINGENCIES

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that residential real estate sales agents engaged by NRT—under certain state or federal laws—are potentially employees instead of independent contractors, and they or regulators therefore may bring claims against NRT for breach of contract, wage and hour classification claims, wrongful discharge, unemployment and workers' compensation and could seek benefits, back wages, overtime, indemnification, penalties related to classification practices and expense reimbursement available to employees;

•	concerning other employment law matters, including wage and hour claims;

•	that the Company is vicariously liable for the acts of franchisees under theories of actual or apparent agency;

•	by current or former franchisees that franchise agreements were breached including improper terminations;

•	concerning claims for alleged RESPA or state real estate law violations;

•	concerning claims generally against the company owned brokerage operations for negligence, misrepresentation or breach of fiduciary duty in connection with the performance of real estate brokerage or other professional services as well as other brokerage claims associated with listing information and property history;

•	related to copyright law, including infringement actions alleging improper use of copyrighted photographs on websites or in marketing materials without consent of the copyright holder;

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•	concerning claims generally against the title company contending that, as the escrow company, the company knew or should have known that a transaction was fraudulent or concerning other title defects or settlement errors;

•	concerning information security and cyber-crime, including claims under new and emerging data privacy laws related to the protection of customer, employee or third-party information, as well as those related to the diversion of homesale transaction closing funds;

•	concerning anti-trust and anti-competition matters; and

•	those related to general fraud claims.

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9.	SEGMENT INFORMATION

(a)

Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $92 million and $155 million for the three and six months ended June 30, 2018, respectively, and $95 million and $156 million for the three and six months ended June 30, 2017, respectively. Such amounts are eliminated through the Corporate and Other line.

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(b)

Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $12 million and $20 million for both the three and six months ended June 30, 2018 and 2017. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.

(c)	Includes the elimination of transactions between segments.

(a)	Includes an $8 million expense related to the settlement of the Strader legal matter in Corporate and Other.

(b)	Includes the elimination of transactions between segments.

(c)	Depreciation and amortization for the six months ended June 30, 2018 includes $2 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in (earnings) losses of unconsolidated entities" line on the Condensed Consolidated Statement of Operations.

(d)	The three months ended June 30, 2018 includes restructuring charges of $4 million in the Company Owned Real Estate Brokerage Services segment, $1 million in the Relocation Services segment and $1 million at Title and Settlement Services segment.

(e)	Former parent legacy items and loss on the early extinguishment of debt are recorded in the Corporate and Other segment.

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•

Real Estate Franchise Services (known as Realogy Franchise Group or RFG)—franchises the Century 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby's International Realty® and Better Homes and Gardens® Real Estate brand names. As of June 30, 2018, our real estate franchise systems and proprietary brands had approximately 294,000 independent sales agents worldwide (which included approximately 50,100 company owned brokerage independent sales agents), including approximately 192,000 independent sales agents operating in the U.S. As of June 30, 2018, our real estate franchise systems and proprietary brands had approximately 15,600 offices (which included approximately 770 company owned brokerage offices) worldwide in 115 countries and territories, including approximately 6,000 brokerage offices in the U.S.

•

Company Owned Real Estate Brokerage Services (known as NRT)—operates a full-service real estate brokerage business with approximately 770 owned and operated brokerage offices with approximately 50,100 independent sales agents principally under the Coldwell Banker®, Corcoran®, Sotheby’s International Realty®, ZipRealty® Citi HabitatsSM and Climb Real Estate® brand names in more than 50 of the 100 largest metropolitan areas in the U.S. This segment also included the Company's share of earnings for our PHH Home Loans venture, which was sold to PHH in the first quarter of 2018 and we transitioned to our new mortgage origination joint venture with Guaranteed Rate Affinity, which is included in the financial results of the Title and Settlement Services segment.

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Relocation Services (known as Cartus®)—primarily offers clients employee relocation services such as homesale assistance, providing home equity advances to transferees (generally guaranteed by the individual's employer), home finding and other destination services, expense processing, relocation policy counseling and consulting services, arranging household goods moving services, coordinating visa and immigration support, intercultural and language training and group move management services. In addition, we provide home buying and selling assistance to members of affinity clients.

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Title and Settlement Services (known as Title Resource Group or TRG)—provides full-service title and settlement services to real estate companies, affinity groups, corporations and financial institutions with many of these services provided in connection with the Company's real estate brokerage and relocation services business. This segment also includes the Company's share of earnings, including start-up costs, for our Guaranteed Rate Affinity joint venture.

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•	remuneration (such as sales commission percentage and other financial incentives paid to independent sales agents);

•	other expenses borne by independent sales agents;

•	leads or business opportunities generated for the independent sales agent from the brokerage;

•	independent sales agents' perception of the value of the broker's brand affiliation;

•	marketing and advertising efforts by the brokerage or franchisor;

•	the office manager, staff and fellow independent sales agents with whom they collaborate daily; and

•	technology, continuing professional education, and other services provided by the brokerage or franchisor.

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(a)	Historical existing homesale data is as of the most recent NAR press release, which is subject to sampling error.

(b)	Forecasted existing homesale data, on a seasonally adjusted basis, is as of the most recent NAR forecast.

(c)	Forecasted existing homesale data, on a seasonally adjusted basis, is as of the most recent Fannie Mae press release.

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(a)	Historical homesale price data is for existing homesale average price and is as of the most recent NAR press release.

(b)	Forecasted homesale price data is for median price and is as of the most recent NAR forecast.

(c)	Existing homesale price data is for median price and is as of the most recent Fannie Mae press release.

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•	continued insufficient inventory levels;

•	higher mortgage rates due to increases in long-term interest rates as well as reduced availability of mortgage financing;

•	further reduction in the affordability of homes;

•	certain provisions of the 2017 Tax Act that directly impact traditional incentives associated with home ownership and may reduce the financial distinction between renting and owning a home, including those that reduce the amount that certain taxpayers would be allowed to deduct for home mortgage interest or state, local and property taxes;

•	lack of building of new housing or irregular timing of new development closings leading to lower unit sales at NRT, which has relationships with developers, primarily in major cities, to provide marketing and brokerage services in new developments;

•	changing attitudes towards home ownership;

•	an increase in potential homebuyers with low credit ratings or inability to afford down payments;

•	the impact of limited or negative equity of current homeowners, as well as the lack of available inventory may limit their proclivity to purchase an alternative home;

•	economic stagnation or contraction in the U.S. economy;

•	increased levels of unemployment in the U.S.;

•	a decline in home ownership levels in the U.S.;

•	other legislative or regulatory reforms, including but not limited to reform that adversely impacts the financing of the U.S. housing market; and

•	geopolitical and economic instability.

•	they use survey data and estimates in their historical reports and forecasting models, which are subject to sampling error, whereas we use data based on actual reported results;

•	there are geographical differences and concentrations in the markets in which we operate versus the national market. For example, many of our company owned brokerage offices are geographically located where average homesale prices are generally higher than the national average and therefore NAR survey data will not correlate with NRT's results;

•	comparability is also diminished due to NAR’s utilization of seasonally adjusted annualized rates whereas we report actual period-over-period changes and their use of median price for their forecasts compared to our average price;

•	NAR historical data is subject to periodic review and revision and these revisions have been material in the past, and could be material in the future; and

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•	NAR and Fannie Mae generally update their forecasts on a monthly basis and a subsequent forecast may change materially from a forecast that was previously issued.

(a)	Includes all franchisees except for NRT.

(b)	Net royalty per side amounts include the effect of volume incentives and non-standard incentives granted to franchisees. For the three and six months ended June 30, 2018 the net royalty per side increased 6% and 5%, respectively, while average homesale price increased 7% for both the three and six months ended June 30, 2018. The differential between growth in net royalty per side and

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(1)

Total expenses for the three months ended June 30, 2018 includes $6 million of restructuring charges. Total expenses for the three months ended June 30, 2017 includes an $8 million expense related to the settlement of the Strader legal matter, $5 million of losses related to mark-to-market adjustments for our interest rate swaps and $2 million of restructuring charges, partially offset by a net benefit of $11 million of former parent legacy items.

•

a $39 million increase in commission and other sales agent-related costs due to the impact of initiatives focused on growing and retaining our productive independent sales agent base and higher homesale transaction volume, including a shift in mix in 2018 to lower closing volume in the new development business, which typically has lower commission expense compared to traditional brokerage operations, as well as an increase in commission expense related to acquisitions;

•	the absence of former parent legacy benefits of $11 million related to the settlement of a Cendant legacy tax matter during the three months ended June 30, 2017; and

•	$6 million of restructuring costs primarily for the Company's restructuring program related to leadership realignment and other restructuring activities during the second quarter of 2018 compared to $2 million of restructuring costs incurred for the same period in 2017 related to the Company's business optimization plan;

◦	an $18 million decrease in employee related costs primarily due to lower incentive accruals and cost savings initiatives; and

◦	the absence of an $8 million expense related to the settlement of the Strader legal matter during the second quarter of 2017;

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◦	a $6 million increase in costs at TRG primarily due to an increase in underwriter revenue.

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a $1 million net decrease in interest expense to $46 million in the second quarter of 2018 from $47 million in the second quarter of 2017 primarily due to mark-to-market adjustments for our interest rate swaps that resulted in no gain or loss during the second quarter of 2018 compared to $5 million in losses during the second quarter of 2017, partially offset by an increase in interest expense due to LIBOR rates increases.

*	not meaningful

(a)	Includes the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by NRT of $92 million and $95 million during the three months ended June 30, 2018 and 2017, respectively.

(b)	Includes an $8 million expense related to the settlement of the Strader legal matter in the Corporate and Other segment for the three months ended June 30, 2017.

(c)	Restructuring charges incurred for the three months ended June 30, 2018 include $4 million at NRT, $1 million at Cartus and $1 million at TRG. Restructuring charges incurred for the three months ended June 30, 2017 include $1 million at RFG and $1 million at NRT.

(d)	Former parent legacy items are recorded in the Corporate and Other segment.

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a $39 million increase in commission expenses paid to independent sales agents from $970 million in the second quarter of 2017 to $1,009 million in the second quarter of 2018. The $39 million increase is comprised of a $33 million increase in commission expense due to our existing brokerage operations as a result of the impact of initiatives focused on growing and retaining our productive independent sales agent base and higher homesale transaction volume, including a shift in mix in 2018 to lower closing volume in the new development business, which typically has lower commission expense compared to traditional brokerage operations, as well as a $6 million increase in commission expense related to acquisitions; and

•	a $3 million increase in other costs including a $1 million increase in occupancy costs.

•	the $16 million increase in revenues discussed above; and

•	a $7 million decrease in employee related costs primarily due to lower incentive accruals.

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(a)	The RFG and NRT segment numbers noted above do not reflect the impact of intercompany royalties and marketing fees paid by NRT to RFG of $92 million and $95 million during the three months ended June 30, 2018 and June 30, 2017, respectively.

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(1)

Total expenses for the six months ended June 30, 2018 includes $36 million of restructuring charges and $7 million related to loss on the early extinguishment of debt as a result of the debt transactions in the first quarter of 2018, partially offset by $12 million of gains related to mark-to-market adjustments for our interest rate swaps. Total expenses for the six months ended June 30, 2017 includes an $8 million expense related to the settlement of the Strader legal matter, $7 million of restructuring charges, $4 million of losses related to mark-to-market adjustments for our interest rate swaps and $4 million related to loss on the early extinguishment of debt, partially offset by a net benefit of $11 million of former parent legacy items.

•

a $79 million increase in commission and other sales agent-related costs due to the impact of initiatives focused on growing and retaining our productive independent sales agent base and higher homesale transaction volume including a shift in mix in 2018 to lower closing volume in the new development business, which typically has lower commission expense compared to traditional brokerage operations, as well as an increase in commission expense related to acquisitions;

•	$36 million of restructuring costs primarily for the Company's restructuring program related to leadership realignment and other restructuring activities for the six months ended June 30, 2018 compared to $7 million of restructuring costs incurred for the same period in 2017 related to the Company's business optimization plan;

•	the absence of former parent legacy benefits of $11 million related to the settlement of a Cendant legacy tax matter during the six months ended June 30, 2017; and

•	a $4 million increase in marketing expenses.

•	a $7 million decrease in operating and general and administrative expenses primarily driven by:

◦	a $17 million decrease in employee related costs primarily due to lower incentive accruals and cost savings initiatives; and

◦	the absence of an $8 million expense related to the settlement of the Strader legal matter during the second quarter of 2017;

◦	a $10 million increase in other costs at NRT including a $3 million increase in occupancy costs, a $3 million increase in outsourcing costs and a $2 million increase in earn-out costs; and

◦	an $8 million increase in costs at TRG primarily due to an increase in underwriter revenue;

•

a $7 million net decrease in interest expense to $79 million for the six months ended June 30, 2018 from $86 million for the six months ended June 30, 2017 primarily due to mark-to-market adjustments for our interest rate swaps that resulted in gains of $12 million for the six months ended June 30, 2018 compared to losses of $4 million for the same period in 2017, partially offset by an increase in interest expense due to LIBOR rates increases and a $2 million write off of financing costs to interest expense as a result of the refinancing transactions in February of 2018.

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*	not meaningful

(a)	Includes the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by NRT of $155 million and $156 million during the six months ended June 30, 2018 and 2017, respectively.

(b)	Includes an $8 million expense related to the settlement of the Strader legal matter in the Corporate and Other segment for the six months ended June 30, 2017.

(c)	Depreciation and amortization for the six months ended June 30, 2018 includes $2 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in (earnings) losses of unconsolidated entities" line on the Condensed Consolidated Statement of Operations.

(d)	Restructuring charges incurred for the six months ended June 30, 2018 include $2 million at RFG, $21 million at NRT, $9 million at Cartus, $2 million at TRG and $2 million at Corporate and Other. Restructuring charges incurred for the six months ended June 30, 2017 include $1 million at RFG and $6 million at NRT.

(e)	Former parent legacy items and loss on the early extinguishment of debt are recorded in the Corporate and Other segment.

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a $79 million increase in commission expenses paid to independent sales agents from $1,575 million for the six months ended June 30, 2017 to $1,654 million for the six months ended June 30, 2018. The $79 million increase is comprised of a $69 million increase in commission expense due to our existing brokerage operations as a result of the impact of initiatives focused on growing and retaining our productive independent sales agent base and higher homesale transaction volume including a shift in mix in 2018 to lower closing volume in the new development business, which typically has lower commission expense compared to traditional brokerage operations, as well as a $10 million increase in commission expense related to acquisitions; and

•	a $10 million increase in other costs including a $3 million increase in occupancy costs, a $3 million increase in outsourcing costs and a $2 million increase in earn-out costs.

•	the $36 million increase in revenues discussed above;

•	a $10 million decrease in employee related costs primarily due to lower incentive accruals; and

•	the absence of $4 million in losses from our equity method investment in PHH Home Loans for the six months ended June 30, 2017.

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(a)	The RFG and NRT segment numbers noted above do not reflect the impact of intercompany royalties and marketing fees paid by NRT to RFG of $155 million and $156 million during the six months ended June 30, 2018 and June 30, 2017, respectively.

(b)	NRT Operating EBITDA includes $4 million of equity losses from PHH Home Loans for the six months ended June 30, 2017.

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•	$242 million of additional borrowings under the Revolving Credit Facility; and

•	$67 million net increase in securitization borrowings;

•	$200 million for the repurchase of our common stock;

•	$23 million of dividend payments;

•	$17 million of other financing payments primarily related to capital leases;

•	$10 million of tax payments related to net share settlement for stock-based compensation;

•	$10 million of quarterly amortization payments on the term loan facilities;

•	$4 million for payments of contingent consideration; and

•	$3 million for cash paid as a result of the refinancing transactions in February 2018 related to $16 million of debt issuance costs and $4 million repayment of borrowings under the Term Loan B Facility, partially offset by $17 million of proceeds received under the Term Loan A Facility.

•	$121 million for the repurchase of our common stock;

•	$25 million of dividend payments;

•	$21 million of quarterly amortization payments on the term loan facilities;

•	$10 million repayment of borrowings under the Revolving Credit Facility;

•	$10 million of tax payments related to net share settlement for stock-based compensation;

•	$10 million of other financing payments primarily related to capital leases and interest rate swaps;

•	$6 million of debt issuance costs; and

•	$4 million for payments of contingent consideration;

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*	The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.

(1)

As of June 30, 2018, the Company had $1,400 million of borrowing capacity under its Revolving Credit Facility leaving $1,088 million of available capacity. The Revolving Credit Facility expires in February 2023, but is classified on the balance sheet as current due to the revolving nature of the facility. On August 1, 2018, the Company had $270 million in outstanding borrowings under the Revolving Credit Facility, leaving $1,130 million of available capacity.

(2)

Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2018 were based on, at the Company's option, (a) adjusted London Interbank Offering Rate ("LIBOR") plus an additional margin or (b) JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended June 30, 2018.

(3)	The Term Loan B provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to term loans under the Term Loan B is based on, at the Company’s option, (a) adjusted LIBOR plus 2.25% (with a LIBOR floor of 0.75%) or (b) ABR plus 1.25% (with an ABR floor of 1.75%).

(4)

The Term Loan A provides for quarterly amortization payments, which commence on June 30, 2018, totaling per annum 2.5%, 2.5%, 5.0%, 7.5% and 10.0% of the original principal amount of the Term Loan A, with the last amortization payment to be made on February 8, 2023. The interest rates with respect to term loans under the Term Loan A are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended June 30, 2018.

(5)	Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

(6)	In June 2018, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2019. As of June 30, 2018, the Company had $250 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $3 million of available capacity.

(7)	Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of June 30, 2018, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $6 million of available capacity.

(8)	Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $74 million with $65 million utilized at a weighted average rate of 3.24% at June 30, 2018.

•	incur or guarantee additional debt or issue disqualified stock or preferred stock;

•	pay dividends or make distributions to Realogy Group’s stockholders, including Realogy Holdings;

•	repurchase or redeem capital stock;

•	make loans, investments or acquisitions;

•	incur restrictions on the ability of certain of Realogy Group's subsidiaries to pay dividends or to make other payments to Realogy Group;

•	enter into transactions with affiliates;

•	create liens;

•	merge or consolidate with other companies or transfer all or substantially all of Realogy Group's and its material subsidiaries' assets;

•	transfer or sell assets, including capital stock of subsidiaries; and

•	prepay, redeem or repurchase subordinated indebtedness.

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•	this measure does not reflect changes in, or cash required for, our working capital needs;

•	this measure does not reflect our interest expense (except for interest related to our securitization obligations), or the cash requirements necessary to service interest or principal payments on our debt;

•	this measure does not reflect our income tax expense or the cash requirements to pay our taxes;

•	this measure does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;

•	although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and this measure does not reflect any cash requirements for such replacements; and

•	other companies may calculate this measure differently so they may not be comparable.

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(a)	During the second quarter of 2018, the Company entered into four new forward starting interest rate swaps, two with a notional value of $125 million and two with a notional value of $150 million.

(a)

Realogy Holdings Corp. ("Realogy Holdings") maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to its management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Realogy Holdings' management, including the Chief Executive Officer and the Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

(b)

As of the end of the period covered by this quarterly report on Form 10-Q, Realogy Holdings has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Realogy Holdings' disclosure controls and procedures are effective at the "reasonable assurance" level.

(c)	There has not been any change in Realogy Holdings' internal control over financial reporting during the period covered by this quarterly report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

(a)

Realogy Group LLC ("Realogy Group") maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to its management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Realogy Group's management, including the Chief Executive Officer and the Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

(b)

As of the end of the period covered by this quarterly report on Form 10-Q, Realogy Group has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Realogy Group's disclosure controls and procedures are effective at the "reasonable assurance" level.

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(c)	There has not been any change in Realogy Group's internal control over financial reporting during the period covered by this quarterly report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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(c)	The following table sets forth information relating to repurchase of shares of our common stock during the quarter ended June 30, 2018:

(1)

In February 2018, the Board authorized a new share repurchase program of up to $350 million of the Company's common stock, which was in addition to the remaining authorization available under the February 2017 share repurchase program. Repurchases under each program may be made at management's discretion from time to time on the open market, pursuant to Rule 10b5-1 trading plans or through privately negotiated transactions. The size and timing of these repurchases will depend on price, market and economic conditions, legal and contractual requirements and other factors, and each share repurchase program has no time limit and may be suspended or discontinued at any time. All of the repurchased common stock has been retired.

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10.1

Eleventh Omnibus Amendment, dated as of June 8, 2018, among Cartus Corporation, Cartus Financial Corporation, Apple Ridge Services Corporation, Apple Ridge Funding LLC, Realogy Group LLC, U.S. Bank National Association, the managing agents party to the Note Purchase Agreement dated December 14, 2011, as amended, and Crédit Agricole Corporate and Investment Bank (Incorporated by reference to Exhibit 10.1 to the Registrants' Current Report on Form 8-K filed on June 11, 2018).

15.1*	Letter Regarding Unaudited Interim Financial Statements.

31.1*	Certification of the Chief Executive Officer of Realogy Holdings Corp. pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.2*	Certification of the Chief Financial Officer of Realogy Holdings Corp. pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.3*	Certification of the Chief Executive Officer of Realogy Group LLC pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.4*	Certification of the Chief Financial Officer of Realogy Group LLC pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

32.1*	Certification for Realogy Holdings Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*	Certification for Realogy Group LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS ^	XBRL Instance Document.

101.SCH ^	XBRL Taxonomy Extension Schema Document.

101.CAL^	XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF ^	XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB ^	XBRL Taxonomy Extension Label Linkbase Document.

101.PRE ^	XBRL Taxonomy Extension Presentation Linkbase Document.

*	Filed herewith.

^	Furnished electronically with this report.