DOUG on NYSE
Douglas Elliman Inc.
Douglas Elliman Inc. is a holding company that, through its subsidiaries, is engaged in the real estate services business.3 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerDOUG on NYSE1
- IndustryReal Estate Agents & Managers (For Others)1
- HeadquartersMiami, Florida1
- Incorporated inDE2
- Business address4400 Biscayne Blvd, Floor 10, Miami, Fl 331372
- Filer categoryAccelerated filer, Smaller reporting company2
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Douglas Elliman Inc. is a holding company that, through its subsidiaries, is engaged in the real estate services business. Douglas Elliman owns Douglas Elliman Realty, LLC, one of the largest residential brokerage companies in the New York metropolitan area, which includes New York City, Long Island, the Hamptons, Westchester, Connecticut and New Jersey, and also conducts operations in Florida, California, Texas, Colorado, Nevada, Massachusetts, Maryland, Virginia, and Washington D.C. We also offer, including through our subsidiaries and ventures, development marketing services and ancillary services, such as mortgage, title and escrow services.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
4.4%Operating margin4
1.5%Net margin4
3.8%Revenue growth, 20254
8.3%Return on equity4
0.00×Debt to equity4
-$17.2MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Commission and Other Brokerage Income, Existing Home Sales brought in 85% of the revenue Douglas Elliman Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Commission and Other Brokerage Income, Existing Home Sales | $849.9M | $878.8M | $909.5M |
| Commission and Other Brokerage Income, Development Marketing | $56.2M | $67.8M | $80.4M |
| Property Management | $35.5M | $36.8M | $31.6M |
| Property Management Income | $35.5M | $36.8M | $31.6M |
| Other Ancillary Services | $14.0M | $12.3M | $11.6M |
Regions
New York City Standard Metropolitan Statistical Area brought in 32% of the revenue Douglas Elliman Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| New York City Standard Metropolitan Statistical Area | $335.6M | $326.6M | $331.8M |
| US Southeast Region | $250.7M | $284.5M | $296.0M |
| US Northeast Region | $179.6M | $191.1M | $208.1M |
| US West Region | $189.6M | $193.4M | $197.1M |
| Rest of the world | $0 | $0 | $50.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs98¢$1.0B
- Income tax0¢$3.6M
- Profit1¢$15.2M
Out of $1.0B in revenue.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $1.0B | $995.6M | $955.6M |
| Sales and marketing | $80.7M | $82.6M | $83.7M |
| General and administrative | $111.0M | $117.8M | $125.4M |
| Technology | $22.6M | $23.4M | $23.8M |
| Depreciation and amortization | $8.4M | $7.7M | $8.0M |
| Antitrust litigation settlement expense | $0 | $17.8M | $0 |
| Impairment of fixed assets | $2.3M | $0 | $0 |
| Restructuring | $1.6M | $1.0M | $2.4M |
| Gain on disposal of business | -$81.7M | $0 | $0 |
| Operating income (loss) | $45.5M | -$68.8M | -$64.5M |
| Interest expense | -$5.1M | -$2.9M | -$28.0K |
| Interest income | $4.9M | $5.5M | $5.8M |
| Equity in earnings (losses) from equity-method investments | $187.0K | $36.0K | -$168.0K |
| Loss on extinguishment of liability | -$466.0K | $0 | $0 |
| Change in fair value of the derivative embedded within convertible debt | -$28.5M | -$15.0M | $0 |
| Investment and other gains | $1.3M | $5.3M | $633.0K |
| Income (loss) before provision for income taxes | $17.9M | -$75.9M | -$58.2M |
| Income tax expense (benefit) | $3.6M | $1.1M | -$15.1M |
| Net income (loss) | $14.3M | -$77.0M | -$43.2M |
| Net loss attributed to non-controlling interest | $909.0K | $686.0K | $614.0K |
| Net income (loss) attributed to Douglas Elliman Inc. | $15.2M | -$76.3M | -$42.6M |
| Net loss applicable to common shares attributed to Douglas Elliman Inc.(in dollars per share) | $0.17 | -$0.91 | -$0.52 |
| Net loss applicable to common shares attributed to Douglas Elliman Inc.(in dollars per share) | $0.17 | -$0.91 | -$0.52 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $115.5M | $135.7M | $119.8M | |
| Investment securities at fair value | $0 | $9.8M | ||
| Receivables | $19.9M | $19.6M | ||
| Agent receivables, net | $5.7M | $7.9M | ||
| Restricted cash and cash equivalents | $4.7M | $4.1M | $7.2M | |
| Other current assets | $15.5M | $19.1M | ||
| Total current assets | $161.3M | $196.1M | ||
| Property and equipment, net | $30.1M | $37.7M | ||
| Operating lease right-of-use assets | $83.3M | $100.5M | ||
| Long-term investments (includes $4,399 and $3,127 at fair value) | $10.5M | $9.5M | ||
| Contract assets, net | $46.7M | $37.1M | ||
| Goodwill | $32.2M | $32.2M | $32.2M | |
| Other intangible assets, net | $71.7M | $72.3M | ||
| Equity-method investments | $2.2M | $2.0M | $2.0M | |
| Other assets | $6.3M | $6.4M | ||
| Total assets | $444.4M | $493.9M | $493.4M | |
| Current operating lease liabilities | $20.6M | $21.7M | ||
| Income taxes payable, net | $3.6M | $0 | ||
| Accounts payable | $3.8M | $3.1M | ||
| Commissions payable | $21.7M | $20.5M | ||
| Accrued salaries and benefits | $13.7M | $8.3M | ||
| Contract liabilities | $16.0M | $18.2M | ||
| Other current liabilities | $19.4M | $20.5M | ||
| Total current liabilities | $98.7M | $92.2M | ||
| Notes payable and other obligations less current portion | $0 | $32.7M | ||
| Fair value of the derivative embedded within convertible debt | $0 | $30.3M | ||
| Non-current operating lease liabilities | $82.4M | $101.9M | ||
| Contract liabilities | $74.9M | $63.8M | ||
| Antitrust litigation settlement | $5.0M | $10.0M | ||
| Other liabilities | $134.0K | $683.0K | ||
| Total liabilities | $261.1M | $331.5M | ||
| Preferred stock, par value $0.01 per share, 10,000,000 shares authorized | $0 | $0 | ||
| Common stock, par value $0.01 per share, 250,000,000 shares authorized, 88,247,942 and 88,853,150 shares issued and outstanding | $883.0K | $889.0K | ||
| Additional paid-in capital | $291.7M | $285.2M | ||
| Accumulated deficit | -$108.6M | -$123.9M | ||
| Total Douglas Elliman Inc. stockholders' equity | $183.9M | $162.2M | ||
| Non-controlling interest | -$672.0K | $237.0K | ||
| Total stockholders' equity | $183.3M | $162.4M | $234.2M | $270.5M |
| Total liabilities and stockholders' equity | $444.4M | $493.9M | ||
| Long-term investments, fair value | $4.4M | $3.1M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | ||
| Common stock, shares issued (in shares) | 88.2M shares | 88.9M shares | ||
| Common stock, shares outstanding (in shares) | 88.2M shares | 88.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $115.5M | $135.7M | $119.8M | |
| Investment securities at fair value | $0 | $9.8M | ||
| Receivables | $19.9M | $19.6M | ||
| Agent receivables, net | $5.7M | $7.9M | ||
| Restricted cash and cash equivalents | $4.7M | $4.1M | $7.2M | |
| Other current assets | $15.5M | $19.1M | ||
| Total current assets | $161.3M | $196.1M | ||
| Property and equipment, net | $30.1M | $37.7M | ||
| Operating lease right-of-use assets | $83.3M | $100.5M | ||
| Long-term investments (includes $4,399 and $3,127 at fair value) | $10.5M | $9.5M | ||
| Contract assets, net | $46.7M | $37.1M | ||
| Goodwill | $32.2M | $32.2M | $32.2M | |
| Other intangible assets, net | $71.7M | $72.3M | ||
| Equity-method investments | $2.2M | $2.0M | $2.0M | |
| Other assets | $6.3M | $6.4M | ||
| Total assets | $444.4M | $493.9M | $493.4M | |
| Current operating lease liabilities | $20.6M | $21.7M | ||
| Income taxes payable, net | $3.6M | $0 | ||
| Accounts payable | $3.8M | $3.1M | ||
| Commissions payable | $21.7M | $20.5M | ||
| Accrued salaries and benefits | $13.7M | $8.3M | ||
| Contract liabilities | $16.0M | $18.2M | ||
| Other current liabilities | $19.4M | $20.5M | ||
| Total current liabilities | $98.7M | $92.2M | ||
| Notes payable and other obligations less current portion | $0 | $32.7M | ||
| Fair value of the derivative embedded within convertible debt | $0 | $30.3M | ||
| Non-current operating lease liabilities | $82.4M | $101.9M | ||
| Contract liabilities | $74.9M | $63.8M | ||
| Antitrust litigation settlement | $5.0M | $10.0M | ||
| Other liabilities | $134.0K | $683.0K | ||
| Total liabilities | $261.1M | $331.5M | ||
| Preferred stock, par value $0.01 per share, 10,000,000 shares authorized | $0 | $0 | ||
| Common stock, par value $0.01 per share, 250,000,000 shares authorized, 88,247,942 and 88,853,150 shares issued and outstanding | $883.0K | $889.0K | ||
| Additional paid-in capital | $291.7M | $285.2M | ||
| Accumulated deficit | -$108.6M | -$123.9M | ||
| Total Douglas Elliman Inc. stockholders' equity | $183.9M | $162.2M | ||
| Non-controlling interest | -$672.0K | $237.0K | ||
| Total stockholders' equity | $183.3M | $162.4M | $234.2M | $270.5M |
| Total liabilities and stockholders' equity | $444.4M | $493.9M | ||
| Long-term investments, fair value | $4.4M | $3.1M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | ||
| Common stock, shares issued (in shares) | 88.2M shares | 88.9M shares | ||
| Common stock, shares outstanding (in shares) | 88.2M shares | 88.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $14.3M | -$77.0M | -$43.2M |
| Depreciation and amortization | $8.4M | $7.7M | $8.0M |
| Non-cash stock-based compensation expense | $8.6M | $6.6M | $13.1M |
| Impairment of fixed assets | $2.3M | $0 | $0 |
| Loss on sale of assets | $204.0K | $205.0K | $37.0K |
| Gain on disposal of business | -$81.7M | $0 | $0 |
| Deferred income taxes | $0 | $977.0K | -$15.4M |
| Net gains on investment securities | -$1.2M | -$5.3M | -$633.0K |
| Equity in (earnings) losses from equity-method investments | -$187.0K | -$36.0K | $168.0K |
| Non-cash interest expense | $2.2M | $1.2M | $0 |
| Non-cash lease expense | $19.2M | $20.6M | $22.4M |
| Change in fair value of the derivative embedded within convertible debt | $28.5M | $15.0M | $0 |
| Provision for credit losses | $4.4M | $5.2M | $4.7M |
| Loss on extinguishment of liability | $466.0K | $0 | $0 |
| Receivables | -$3.9M | $820.0K | -$2.2M |
| Income taxes receivables, net | $3.6M | $5.3M | $1.2M |
| Contract assets, net | -$7.5M | -$6.0M | $1.3M |
| Accounts payable and accrued liabilities | $1.5M | -$6.9M | $9.7M |
| Operating right-of-use assets and operating lease liabilities, net | -$22.2M | -$22.2M | -$22.7M |
| Accrued salary and benefits | $5.6M | -$4.6M | -$5.3M |
| Contract liabilities | $8.9M | $19.6M | -$516.0K |
| Antitrust litigation settlement | -$5.0M | $10.0M | $0 |
| Other assets and liabilities | -$353.0K | $2.9M | -$1.0M |
| Net cash used in operating activities | -$13.9M | -$26.0M | -$30.4M |
| Purchase of debt securities | $0 | $0 | -$25.0K |
| Purchase of equity securities | $0 | $0 | -$300.0K |
| Proceeds from sale or liquidation of long-term investments | $1.7M | $8.9M | $1.4M |
| Purchase of long-term investments | -$138.0K | -$330.0K | -$190.0K |
| Proceeds from sale or liquidation of short-term investments | $97.7M | $0 | $0 |
| Purchase of short-term investments | -$87.9M | $0 | $0 |
| Purchase of investment securities at fair value | $0 | -$9.8M | $0 |
| Proceeds from disposal of business, less cash distributed | $82.5M | $0 | $0 |
| Capital expenditures | -$3.4M | -$5.5M | -$6.1M |
| Net cash provided by (used in) investing activities | $90.5M | -$6.8M | -$5.2M |
| Proceeds from debt issuance | $0 | $48.8M | $0 |
| Repayments of convertible note | -$94.1M | $0 | $0 |
| Deferred financing charges | $0 | -$2.0M | $0 |
| Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting | -$2.0M | -$1.3M | -$2.0M |
| Dividends on common stock | $0 | $0 | -$4.2M |
| Net cash (used in) provided by financing activities | -$96.1M | $45.5M | -$6.2M |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$19.5M | $12.7M | -$41.9M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Douglas Elliman Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerMichael Liebowitz Nov 26, 2025 to now11
- Chief executive officerHoward M. Lorber Dec 21, 2021 to Jul 10, 202412
- ChairHoward M. Lorber Dec 21, 2021 to Jul 10, 202412
- PresidentMichael Liebowitz Nov 26, 2025 to now11
- PresidentHoward M. Lorber Dec 21, 2021 to Jul 10, 202412
- Chief financial officerJ. Bryant Kirkland Iii. Dec 21, 2021 to Oct 11, 202213
- Chief operating officerRichard Lampen Mar 7, 2022 to Jul 11, 202414
Board members and other officers (23)
- OfficerMichael Liebowitz Nov 19, 2024 to Nov 26, 202415
- OfficerHoward M. Lorber Nov 20, 2024 to Nov 20, 202416
- OfficerLisa M. Seligman Jan 3, 2023 to now17
- OfficerJ. Bryant Kirkland Iii. Jan 10, 2022 to now18
- OfficerDaniel A. Sachar Dec 21, 2021 to Dec 17, 202419
- OfficerJames D. Ballard Dec 21, 2021 to Mar 4, 202420
- OfficerKaren J. Chesleigh Dec 21, 2021 to Jan 3, 202221
- OfficerRichard Lampen Dec 21, 2021 to Sep 9, 202222
- OfficerScott J. Durkin Dec 21, 2021 to Mar 4, 202423
- Board memberJustyn Feldman Jul 17, 2026 to now24
- Board memberPerry Weitz Nov 7, 2025 to now25
- Board memberDarren Richman Jul 11, 2024 to now26
- Board memberDavid Chene Jul 11, 2024 to now26
- Board memberPatrick J. Bartels Jr. Jul 11, 2024 to now27
- Board memberHoward M. Lorber Nov 20, 2024 to Nov 20, 202416
- Board memberScott D. Vogel Dec 2, 2024 to now28
- Board memberLynn Mestel Dec 21, 2021 to May 8, 202429
- Board memberMark Zeitchick Dec 21, 2021 to now30
- Board memberMichael Liebowitz Dec 21, 2021 to now31
- Board memberRichard Lampen Dec 21, 2021 to now22
- Board memberRonald J. Kramer Dec 21, 2021 to May 8, 202432
- Board memberWilson White Dec 21, 2021 to now33
- General counselBradley Harris Brodie Aug 14, 2025 to now34
Timeline
Filings
296 filings to the SEC since October 2021: 8 annual reports, 16 quarterly reports, 52 major events, 152 insider forms, 22 large holders, 46 other. The latest 20:
- Sep 4, 20268-K EDGAR
- Aug 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Jul 17, 20263 EDGAR
- Jul 17, 20263 EDGAR
- Jul 16, 20268-K EDGAR
- Jun 18, 20268-K EDGAR
- May 22, 2026S-8 EDGAR
- May 11, 202610-Q EDGAR
- May 8, 20268-K EDGAR
- Apr 30, 2026DEFA14A EDGAR
- Apr 30, 2026ARS EDGAR
- Apr 30, 2026DEF 14A EDGAR
- Apr 24, 20268-K EDGAR
- Apr 14, 20264 EDGAR
- Apr 14, 20264 EDGAR
- Apr 14, 20264 EDGAR
The 296 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
49 open-market trades by officers, directors and large owners since October 2021: 48 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 12, 2025 | BARTELS PATRICK J JRDirector | Buy | 58,104 | $1.92 | $111.6K | Form 4 |
| May 9, 2025 | BARTELS PATRICK J JRDirector | Buy | 61,696 | $1.85 | $114.1K | Form 4 |
| May 8, 2025 | BARTELS PATRICK J JRDirector | Buy | 15,200 | $1.84 | $28.0K | Form 4 |
| Nov 18, 2024 | LORBER HOWARD MSee Remarks | Sale | 1,081,414 | $1.68 | $1.8M | Form 4 |
| Nov 18, 2024 | Liebowitz MichaelPresident and CEO | Buy | 1,081,414 | $1.68 | $1.8M | Form 4 |
| Jul 10, 2024 | ZEITCHICK MARKDirector | Buy | 40,000 | $1.18 | $47.2K | Form 4 |
| Jul 10, 2024 | LAMPEN RICHARDDirector | Buy | 75,000 | $1.20 | $90.0K | Form 4 |
| Jul 10, 2024 | Liebowitz MichaelPresident and CEO | Buy | 197,398 | $1.18 | $232.9K | Form 4 |
| Jul 10, 2024 | LORBER HOWARD MSee Remarks | Buy | 2,605 | $1.23 | $3.2K | Form 4 |
| Jul 9, 2024 | LORBER HOWARD MSee Remarks | Buy | 82,067 | $1.15 | $94.4K | Form 4 |
| Jul 9, 2024 | ZEITCHICK MARKDirector | Buy | 54,437 | $1.16 | $63.1K | Form 4 |
| Jul 9, 2024 | LAMPEN RICHARDDirector | Buy | 30,000 | $1.16 | $34.8K | Form 4 |
| Jul 8, 2024 | LORBER HOWARD MSee Remarks | Buy | 15,328 | $1.09 | $16.7K | Form 4 |
| Jul 8, 2024 | ZEITCHICK MARKDirector | Buy | 58,313 | $1.10 | $64.1K | Form 4 |
| Jul 5, 2024 | LAMPEN RICHARDDirector | Buy | 125,000 | $1.08 | $135.0K | Form 4 |
| Nov 21, 2023 | LAMPEN RICHARDDirector | Buy | 10,000 | $1.69 | $16.9K | Form 4 |
| Nov 16, 2023 | LAMPEN RICHARDDirector | Buy | 10,000 | $1.74 | $17.4K | Form 4 |
| Aug 31, 2023 | KRAMER RONALD JDirector | Buy | 20,000 | $2.58 | $51.6K | Form 4 |
| Aug 22, 2023 | LAMPEN RICHARDDirector | Buy | 50,000 | $2.09 | $104.5K | Form 4 |
| Aug 21, 2023 | LORBER HOWARD MSee Remarks | Buy | 50,000 | $2.07 | $103.5K | Form 4 |
All 49 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Phillip Et Al Frost Md.SCHEDULE 13G/A, 3 filings Feb 11, 2022 to Feb 11, 202535
- Howard M. LorberSC 13D/A, 4 filings Jan 10, 2022 to Oct 23, 202436
- VANGUARD GROUP INCSC 13G/A, 4 filings Jan 10, 2022 to Jan 10, 202437
- Capital Research Global InvestorsSC 13G/A, 2 filings Feb 11, 2022 to Feb 13, 202338
- RENAISSANCE TECHNOLOGIES LLCSC 13G/A, 2 filings Feb 11, 2022 to Feb 13, 202339
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARMichael Liebowitz, Officer
- 16SEC EDGARHoward M. Lorber, Officer
- 17SEC EDGARLisa M. Seligman, Officer
- 18SEC EDGARJ. Bryant Kirkland Iii., Officer
- 19SEC EDGARDaniel A. Sachar, Officer
- 20SEC EDGARJames D. Ballard, Officer
- 21SEC EDGARKaren J. Chesleigh, Officer
- 22SEC EDGARRichard Lampen, Officer
- 23SEC EDGARScott J. Durkin, Officer
- 24SEC EDGARJustyn Feldman, Board member
- 25SEC EDGARPerry Weitz, Board member
- 26SEC EDGARDarren Richman, Board member
- 27SEC EDGARPatrick J. Bartels Jr., Board member
- 28SEC EDGARScott D. Vogel, Board member
- 29SEC EDGARLynn Mestel, Board member
- 30SEC EDGARMark Zeitchick, Board member
- 31SEC EDGARMichael Liebowitz, Board member
- 32SEC EDGARRonald J. Kramer, Board member
- 33SEC EDGARWilson White, Board member
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