According
to
the
form,
less
than
$9
million
of
that
revenue
came
from
member
dues,
with
the
rest
of
it
coming
from
investment
income,
which
was
up
roughly
$20
million
annually. 

The
association’s
net
income
was
$10.7
million
in
2024,
down
from
$39
million
a
year
prior,
despite
its
total
liabilities
falling
$5
million
annually
to
$690
million,
with
$440
million
of
that
being
attributed
to
the

settlement
litigation. 

NAR’s
net
assets
at
the
end
of
2024
came
in
at
$387
million,
up
from
$363
million
a
year
ago.
This
total
includes
$199
million
in
“savings
and
temporary
cash
investments.”
The
trade
association’s
total
assets,
which
includes
land,
buildings
and
equipment
came
in
at
$1.08
billion. 

In
an
emailed
statement,
an
NAR
spokesperson
wrote
that
due
to
the
from
only
capturing
2024
data,
it
does
not
reflect
the
“significant
progress”
the
trade
group
has
made
in
“enhancing
member
value,
modernizing
the
association,
and
strengthening
fiscal
discipline”
in
2025. 

Salaries
for
executives
are
high

As
for
salaries
and
executive
expenses,
which
were

a
sticking
point
in
NAR’s
2023
Form
990,
there
were
just
three
executives
whose
compensation
came
in
at
over
$1
million
in
2024,
one
of
whom
was
naturally
NAR
CEO
Nykia
Wright.
While
Wright
joined
the
organization
in
late
2023,
she
was
not
named
as
permanent
CEO

until
August
2024.
For
her
work
in
2024,
Wright
was
paid
just
over
$2.5
million,
with
$250,000
of
that
being
designated
as
an
incentive
or
bonus.
In
comparison,
for
Wright’s
predecessor

Bob
Goldberg’s
last
full
year
as
CEO
in
2022,
$642,000
of
his
total
compensation
of
$2.6
million
was
designated
as
a
bonus. 

The
other
two
NAR
executives
to
make
over
$1
million
in
2024,
include
Mark
Birschbach,
the
senior
vice
president
of
strategic
business
innovation
and
technology,
who
made
$1.2
million,
and
NAR’s
chief
advocacy
office
Shannon
McGahn,
who
netted
$1.1
million.
Both
McGahn
and
Birschbach
also
made
over
$1
million
in
2023.

Kevin
Sears,
NAR’s
2025
president,
who
began
his
term

prematurely
in
January
2024,
was
paid
$357,000
for
his
service
in
2024.
In
comparison,
Leslie
Rouda-Smith,
NAR’s
2022
president
and
the
last
president
to
serve
a
full
term
prior
to
Sears,
received
$413,566
in
2023
as
the
association’s
immediate
past
president. 

Travel
expenses,
which
were

another
sore
spot
on
NAR’s
2023
Form
990,
were
down
roughly
$1.5
million
from
2023
to
$8
million.

Significant
increase
in
public
policy
spend

With
2024
being
a
national
election
year,
it
comes
as
no
surprise
that
NAR
recorded
a
significant
increase
in
public
policy
spending
from
2023
to
2024,
with
spending
jumping
from
$17
million
to
$48
million.
Overall,
NAR’s
total
lobbying
and
political
expenditures
came
to
$86
million. 

As
for
legal
expenses,
despite
all
of
the
commission
lawsuit
settlement
negotiations
and
hearings,
NAR’s
legal
expenditures
with

Cooley
LLP,
its
main
legal
representative,
dropped
from
$12.4
million
in
2023
to
$5.6
million
in
2024.
Additionally,
total
outside
legal
expenditures
dropped
from
$19.5
million
to
slightly
less
than
$18
million. 

NAR
also
spent
quite
a
bit
on
communications
and
promotions
in
2024,
with
media
and
communications
firm

Havas
Media
Group
receiving
nearly
$43
million,
however
this
is
down
roughly
$10
million
from
2023.
The
trade
group
also
paid
$7.9
million
to

Uncommon
Creative
Studio,
which
was
responsible
for
NAR’s
2025
consumer
ad
campaign.
In
total,
NAR
spent
$37
million
on
advertising
and
promotion,
down
from
$39
million
in
2023. 

NAR
also
spent
quite
a
bit
on
grants,
paying
out
$24
million
in
2024,
up
from
$17
million
in
2023.
While
the
majority
of
these
grants
went
to
local
Realtor
associations,
$6.6
million
of
that
total
went
to
the

American
Property
Owner’s
Alliance
(APOA)
up
$2
million
from
2023.
The
APOA
is
a
non-profit
controlled
by
NAR
that
contributes
to
political
causes
and
organizations.
In
2023,
the
non-profit
was
accused
by

The
New
York
Times
of
funding
conservative
organizations
unrelated
to
housing.
In
response,
NAR
said
The
Times’
findings
about
the
APOA
were
“not
only
biased,
but
at
times,
factually
incorrect.”

In
early
2026,
NAR
will
publish
its
new
annual
report
showcasing
information
on
2025,
as
per
its
recently
approved

strategic
plan.

“In
an
annual
report
we
are
publishing
in
the
first
quarter
of
2026,
we
will
transparently
show
the
impact
of
our
work
to
improve
the
association
and
its
usefulness
to
members
as
well
preview
the
steps
we
will
take
in
2026
to
further
improve
how
NAR
operates
and
delivers
for
members
moving
forward,”
said
an
NAR
spokesperson.

The
organization
recently
came
under
pressure
from
a

broker
working
group
for
increased
transparency
related
to
its
financials.