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  4. [8-K] Douglas Elliman Inc. Reports Material Event

Douglas Elliman posts $7.4M Q3 2026 net profit

The board authorized up to $10 million in repurchases, alongside a development marketing pipeline of approximately $26 billion.

Available on EDGAR Accepted by SEC EDGAR
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(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Douglas Elliman Inc. (DOUG) reported third-quarter 2026 revenue of $252.1 million, operating income of $6.3 million and net income attributable to Douglas Elliman Inc. of $7.4 million. In third-quarter 2025, revenue was $262.8 million, the company recorded an operating loss of $10.7 million and attributable net loss of $24.7 million. Third-quarter adjusted EBITDA attributable to the company was a $5.3 million loss, compared with $1.0 million of income.

For the nine months ended September 30, 2026, revenue was $749.9 million and net loss attributable to the company was $11.6 million, versus $787.6 million revenue and a $53.3 million net loss in 2025. Adjusted EBITDA attributable to the company was a $16.7 million loss, compared with a $3.4 million loss.

As of September 30, 2026, cash and cash equivalents were approximately $102.7 million, alongside a $20 million U.S. Treasury Bill; the company had no long-term debt. The board authorized repurchases of up to $10 million of common stock, expected to be funded from cash on hand; purchases are not required and the program may be modified or suspended. Its development marketing pipeline was approximately $26 billion, including $11.8 billion scheduled to come to market through December 31, 2027. AI-related efficiencies in non-commission operating expenses are expected to begin gradually in 2027.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

How the balance works

Positive

  • Moderate pointThird-quarter operating income was $6.3 million, versus a $10.7 million operating loss in 2025.
  • Moderate pointNine-month attributable net loss narrowed to $11.6 million from $53.3 million.

Negative

  • Moderate pointThird-quarter adjusted EBITDA attributable to the company was a $5.3 million loss, versus $1.0 million income.
  • Moderate pointNine-month adjusted EBITDA loss widened to $16.7 million from $3.4 million.

Filing Explained

Q3 revenue was $252.1 million, versus $262.8 million a year earlier, but that prior-year figure included property management, which the company disposed of in October 2025; excluding it, 2025 revenue was $253.4 million—the more comparable baseline.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Third-quarter revenue $252.1 million Three months ended September 30, 2026
Third-quarter net income attributable to Douglas Elliman Inc. $7.4 million Three months ended September 30, 2026
Third-quarter adjusted EBITDA attributable to Douglas Elliman Inc. Loss of $5.3 million Three months ended September 30, 2026
Nine-month net loss attributable to Douglas Elliman Inc. $11.6 million Nine months ended September 30, 2026
Nine-month adjusted EBITDA attributable to Douglas Elliman Inc. Loss of $16.7 million Nine months ended September 30, 2026
Cash and cash equivalents Approximately $102.7 million As of September 30, 2026
U.S. Treasury Bill $20 million As of September 30, 2026
Share repurchase authorization Up to $10 million Common stock repurchases
Adjusted EBITDA financial
"Adjusted EBITDA attributed to Douglas Elliman Inc."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Gross transaction value financial
"gross transaction value of approximately $10.0 billion"
Gross transaction value is the total dollar amount of all purchases or payments processed through a platform during a given period, measured before subtracting refunds, discounts, fees or cancellations. Investors watch it as a broad measure of a business’s sales volume and marketplace activity—like counting every ticket sold at a concert before refunds—to gauge growth and customer usage, while remembering it is not the same as actual revenue or profit.
Non-GAAP Financial Measures financial
"financial measures not prepared in accordance with generally accepted accounting principles"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
development marketing pipeline financial
"development marketing pipeline of approximately $26 billion"
A development marketing pipeline is the list of products or projects that a company is actively building and preparing to bring to market, shown in stages from early work to launch readiness. For investors, it reveals the company’s future revenue potential and timing: like a train schedule showing which carriages are still being assembled, it helps assess when new offerings might start contributing cash flow and what risks or delays could affect growth.
Rule 10b5-1 trading plans regulatory
"Rule 10b5-1 and Rule 10b-18 trading plans"
Rule 10b5-1 trading plans are written, pre-arranged instructions that allow company insiders (such as executives or directors) to automatically buy or sell their company's stock at specified times or under set conditions, like a standing instruction or automated thermostat for trades. They matter to investors because these plans provide a legal defense against insider‑trading accusations and create predictable insider trading patterns that can help signal whether sales are routine portfolio management or potentially meaningful to the company’s outlook.
Third-quarter revenue $252.1 million Compared with $262.8 million in third-quarter 2025
Third-quarter operating income $6.3 million Compared with an operating loss of $10.7 million in third-quarter 2025
Third-quarter net income attributable to Douglas Elliman Inc. $7.4 million Compared with a net loss of $24.7 million in third-quarter 2025
Third-quarter adjusted EBITDA attributable to Douglas Elliman Inc. Loss of $5.3 million Compared with $1.0 million of income in third-quarter 2025
Nine-month revenue $749.9 million Compared with $787.6 million for the nine months ended September 30, 2025
Nine-month net loss attributable to Douglas Elliman Inc. $11.6 million Compared with $53.3 million for the nine months ended September 30, 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were DOUG's third-quarter 2026 financial results?
Douglas Elliman reported third-quarter revenue of $252.1 million, operating income of $6.3 million and net income attributable to the company of $7.4 million. Adjusted EBITDA attributable to the company was a $5.3 million loss. In third-quarter 2025, the company reported revenue of $262.8 million, an operating loss of $10.7 million and an attributable net loss of $24.7 million.

How may DOUG use its $10 million share repurchase authorization?
The board authorized repurchases of up to $10 million of common stock. Purchases may occur in open-market or privately negotiated transactions and may use derivative contracts, structured share repurchase agreements, and Rule 10b5-1 or Rule 10b-18 trading plans. Repurchases are expected to be funded from cash on hand; the authorization does not require purchases during any period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001878897false00018788972026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2026
DOUGLAS ELLIMAN INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-4105487-2176850
(Commission File Number)(I.R.S. Employer Identification No.)
4400 Biscayne BoulevardMiamiFlorida33137
(Address of Principal Executive Offices)(Zip Code)

(305) 579-8000
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to 12(b) of the Act:
Title of each class:TradingName of each exchange
Symbol(s)on which registered:
Common stock, par value $0.01 per shareDOUGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition
On November 9, 2026, Douglas Elliman Inc. (NYSE:DOUG) (the “Company” or “Douglas Elliman”) announced its financial results for the three and nine months ended September 30, 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits

(d) Exhibits.
Exhibit No.Exhibit
99.1
Press Release issued on November 9, 2026, regarding financial results for the third quarter ended September 30, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DOUGLAS ELLIMAN INC.
By:/s/ J. Bryant Kirkland III  
Name:J. Bryant Kirkland III 
Title:Executive Vice President, Treasurer and Chief Financial Officer
Date: November 9, 2026



image.jpg
FOR IMMEDIATE RELEASE
Contact:Stephen Larkin, Douglas Elliman Inc.
917-902-2503
Catherine Livingston, FGS Global
212-687-8080
J. Bryant Kirkland III, Douglas Elliman Inc.
305-579-8000
DOUGLAS ELLIMAN INC. REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Third Quarter Results with Operating Income of $6.3M; Net Income of $7.4M

Cash, cash equivalents and a U.S. Treasury Bill of approximately $123 million, with no long-term debt as of September 30, 2026, and a Development Marketing Pipeline of $26.0 billion

Announces $10 Million Share Repurchase Program


MIAMI, FL, November 9, 2026 - Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) (NYSE: DOUG), the parent company of Douglas Elliman Realty, one of the nation's premier luxury residential real estate brokerages, today announced financial results for the three and nine months ended September 30, 2026.

CEO STATEMENT

“Over the past two years, we have worked to build the foundation for Douglas Elliman’s future, and we have succeeded in creating a stronger, more focused company,” said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc. “In the third quarter, we delivered operating income of $6.3 million and net income of $7.4 million, while maintaining approximately $123 million in cash, cash equivalents, and a U.S. Treasury Bill and no long-term debt. We have sharpened our focus around what we do best, and we are now investing in our people and technology, modernizing our operating platform and pursuing opportunities that reinforce Douglas Elliman’s leadership in luxury residential real estate and drive our next phase of growth. The Board’s approval of a $10 million share repurchase program further reflects our confidence in Douglas Elliman and our commitment to delivering long-term value for our stockholders.”

Q3 2026 FINANCIAL HIGHLIGHTS
Three months ended September 30, 2026
Third quarter 2026 revenues were $252.1 million, compared to revenues of $262.8 million in the third quarter of 2025. The Company disposed of its property management business in October 2025 and, excluding property management revenues, revenues were $253.4 million in the third quarter of 2025. The Company recorded an operating income of $6.3 million in the


third quarter of 2026, compared to an operating loss of $10.7 million in the third quarter of 2025. Net income attributed to Douglas Elliman Inc. in the third quarter of 2026 was $7.4 million, or $0.08 per diluted common share, compared to a net loss of $24.7 million, or $0.29 per diluted common share, in the third quarter of 2025.
Nine months ended September 30, 2026
For the nine months ended September 30, 2026, revenues were $749.9 million, compared to revenues of $787.6 million for the nine months ended September 30, 2025. Excluding property management revenues, revenues were $758.2 million for the nine months ended September 30, 2025. The Company recorded an operating loss of $14.6 million for the nine months ended September 30, 2026, compared to an operating loss of $21.5 million for the nine months ended September 30, 2025. Net loss attributed to Douglas Elliman Inc. for the nine months ended September 30, 2026 was $11.6 million, or $0.14 per diluted common share, compared to $53.3 million, or $0.63 per diluted common share, for the nine months ended September 30, 2025.
NON-GAAP FINANCIAL MEASURES
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial results for the three and nine months ended September 30, 2026 and 2025 are included in Tables 2 and 3, and for the last twelve months (“LTM”) ended September 30, 2026 and year ended December 31, 2025 are included in Table 2.
Three months ended September 30, 2026 compared to the three months ended September 30, 2025
Adjusted EBITDA attributed to Douglas Elliman Inc. (as described in Table 2 attached hereto) was a loss of $5.3 million for the third quarter of 2026, compared to an income of $1.0 million for the third quarter of 2025.
Adjusted Net Loss attributed to Douglas Elliman Inc. (as described in Table 3 attached hereto) was $8.0 million, or $0.09 per diluted share, for the third quarter of 2026, compared to $1.4 million, or $0.02 per diluted share, for the third quarter of 2025.
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
Adjusted EBITDA attributed to Douglas Elliman Inc. (as described in Table 2 attached hereto) was a loss of $16.7 million for the nine months ended September 30, 2026, compared to a loss of $3.4 million for the nine months ended September 30, 2025.
Adjusted Net Loss attributed to Douglas Elliman Inc. (as described in Table 3 attached hereto) was $24.3 million, or $0.28 per diluted share, for the nine months ended September 30, 2026, compared to $13.0 million, or $0.15 per diluted share, for the nine months ended September 30, 2025.
GROSS TRANSACTION VALUE
For the third quarter of 2026, the Company achieved gross transaction value of approximately $10.0 billion with an average price per transaction of $1.83 million. For the third quarter of 2025, the Company achieved gross transaction value of approximately $10.0 billion with an average price per transaction of $1.77 million.
For the nine months ended September 30, 2026, the Company achieved gross transaction value of approximately $29.4 billion with an average price per transaction of $1.88 million. For the nine months ended September 30, 2025, the Company achieved gross transaction value of approximately $30.1 billion with an average price per transaction of $1.87 million.
BALANCE SHEET AND CAPITAL POSITION
Douglas Elliman maintained a robust balance sheet as of September 30, 2026, with cash and cash equivalents of approximately $102.7 million as well as an additional $20 million in a U.S. Treasury Bill and no long-term debt. This financial profile provides the Company with flexibility to return capital to stockholders, invest across its strategic priorities, including people, technology and operations, and pursue disciplined growth opportunities.

The Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $10 million of its common stock, reflecting the Company’s continued focus on disciplined capital allocation and long-term stockholder value. The authorization does not obligate the Company to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. Stock repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, cash flow, and liquidity needs, regulatory and legal requirements, and other factors. The stock repurchases may be made in both open market and privately negotiated transactions and may include the use of derivative contracts, structured share repurchase agreements, and Rule 10b5-1 and Rule 10b-18 trading plans. Repurchases are expected to be funded from cash on hand. The Company had approximately 91 million shares of common stock outstanding as of November 4, 2026.


OUTLOOK

Looking ahead, the Company has a development marketing pipeline of approximately $26 billion, with an additional $11.8 billion scheduled to come to market through December 31, 2027. The Company is also advancing its AI transformation, which is expected to gradually drive significant savings in non-commission operating expenses over the next three years.

Douglas Elliman remains focused on positioning the Company to deliver long-term stockholder value by modernizing its operating platform, strengthening operational efficiency, investing in exceptional agent talent, and pursuing disciplined growth in key luxury markets.

STRATEGIC GROWTH INITIATIVES

Douglas Elliman continues to focus on its luxury residential real estate business while investing in its people, technology, operations and related capabilities.
Technology and AI Investment

Douglas Elliman continues to advance its company-wide technology transformation to support its evolution into a technology-forward real estate brokerage. The Company is working to modernize workflows, processes and infrastructure across the organization, with a focus on improving efficiency and providing agents and employees with better tools to support their work.
The Company remains focused on gradually realizing efficiencies in non-commission operating expenses beginning in 2027.

Recently, Douglas Elliman added dedicated leadership to support these efforts. Sharon Milz joined Douglas Elliman Realty as Head of AI Technology Transformation, overseeing the Company’s enterprise AI strategy and deployment. Nick Patino joined Douglas Elliman Realty as Director of AI Enablement, focused on integrating AI capabilities into the Company’s operations and driving adoption and productivity.

Operational Leadership

Douglas Elliman Realty also appointed Jamie Gagliano as Chief Operations Officer, Brokerage. In this role, she is focused on the Company’s national brokerage operations, including opportunities to simplify processes, strengthen support for agents and build a more scalable organization.
Conference Call to Discuss Third Quarter 2026 Results
As previously announced, the Company will host a conference call and webcast to discuss its third quarter 2026 results on Tuesday, November 10, 2026 at 8:00 a.m. (ET).
Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/douglas-elliman-third-quarter-earnings-call. Please join the webcast at least 10 minutes prior to start time.
A replay of the call will be available shortly after the call ends on November 10, 2026 through November 24, 2026 at https://join.eventcastplus.com/eventcastplus/douglas-elliman-third-quarter-earnings-call.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA attributed to Douglas Elliman Inc., Adjusted Net Loss attributed to Douglas Elliman Inc. and financial measures for the last twelve months (“LTM”) ended September 30, 2026 (referred to as the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance.

The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.
Management uses the Non-GAAP Financial Measures as measures to review and assess the operating performance of the Company’s business, and management does, and investors should review both the overall performance (GAAP net income (loss)) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income (loss), net income (loss) and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to


varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies. Attached hereto as Tables 2 and 3 is information relating to the Company’s Non-GAAP Financial Measures for the three and nine months ended September 30, 2026 and 2025, the LTM ended September 30, 2026 and the year ended December 31, 2025.
About Douglas Elliman Inc.
Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, the Hamptons, Westchester, Connecticut, New Jersey, Massachusetts, New Hampshire, Florida, California, Texas, Colorado, Nevada, Maryland, Virginia, and Washington, D.C. In addition, Douglas Elliman provides other real estate services, including development marketing, mortgage as well as settlement and escrow services in select markets, and uses as well as invests in early-stage, disruptive property technology solutions and companies. Additional information concerning Douglas Elliman is available on its website, investors.elliman.com.
Investors and others should note that we may post information about Douglas Elliman on our website at investors.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, X, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at investors.elliman.com and on our social media accounts.
Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this press release are forward-looking. We identify forward-looking statements in this press release by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue,” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.
Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our Annual Report on Form 10-K for the year ended December 31, 2025 and, when filed, our Quarterly Reports on Form 10-Q filed thereafter. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.


[Financial Tables Follow]



TABLE 1
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts)

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Revenues:
Commissions and other brokerage income$249,233 $250,354 $741,317 $749,513 
Property management— 9,438 — 29,395 
Other ancillary services2,858 3,046 8,556 8,699 
       Total revenues252,091 262,838 749,873 787,607 
Expenses:
Real estate agent commissions200,047 192,771 591,697 583,890 
Sales and marketing19,983 19,711 57,451 59,519 
Operations and support16,743 17,575 50,754 53,078 
General and administrative1,465 32,220 40,411 85,722 
Technology5,532 5,964 16,361 17,265 
Depreciation and amortization1,974 2,183 5,962 6,302 
Impairment of fixed assets— 2,275 — 2,275 
Antitrust litigation settlement expense— — 2,041 — 
Restructuring17 794 210 1,092 
Gain on disposal of business8 — (400)— 
Operating income (loss)6,322 (10,655)(14,614)(21,536)
Other income (expenses):
Interest expense(2)(1,573)(7)(4,648)
Interest income953 1,366 2,562 3,986 
Equity in earnings (losses) from equity-method investments7 (23)386 178 
Change in fair value of the derivative embedded within convertible debt— (15,445)— (33,160)
Investment and other (losses) gains(524)1,399 (581)1,340 
Income (loss) before provision for income taxes6,756 (24,931)(12,254)(53,840)
Income tax (benefit) expense(678)11 (678)11 
Net income (loss)7,434 (24,942)(11,576)(53,851)
Net loss attributed to non-controlling interest— 251 — 502 
Net income (loss) attributed to Douglas Elliman Inc.$7,434 $(24,691)$(11,576)$(53,349)
Per basic common share:
Net income (loss) applicable to common shares attributed to Douglas Elliman Inc.$0.08 $(0.29)$(0.14)$(0.63)
Per diluted common share:
Net income (loss) applicable to common shares attributed to Douglas Elliman Inc.$0.08 $(0.29)$(0.14)$(0.63)




TABLE 2
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
(Dollars in Thousands)

LTMYear EndedThree Months EndedNine Months Ended
September 30,December 31,September 30,September 30,
202620252026202520262025
Net income (loss) attributed to Douglas Elliman Inc.$56,992 $15,219 $7,434 $(24,691)$(11,576)$(53,349)
Interest expense428 5,069 2 1,573 7 4,648 
Interest income(3,476)(4,900)(953)(1,366)(2,562)(3,986)
Income tax expense (benefit)2,871 3,560 (678)11 (678)11 
Net loss attributed to non-controlling interest(407)(909)— (251)— (502)
Depreciation and amortization8,037 8,377 1,974 2,183 5,962 6,302 
EBITDA$64,445 $26,416 $7,779 $(22,541)$(8,847)$(46,876)
Results from operations of disposed business (a)
(254)(6,621)— (1,643)— (6,367)
Gain on disposal of business(82,055)(81,655)8 — (400)— 
Equity in (earnings) losses from equity-method investments (b)
(395)(187)(7)23 (386)(178)
Change in fair value of the derivative embedded within convertible debt(4,678)28,482 — 15,445 — 33,160 
Loss on extinguishment of liability466 466 — — — — 
Stock-based compensation(c)
6,891 8,577 1,813 2,162 4,635 6,321 
Litigation, settlement and related (benefit) expenses, net (d)
(13,603)7,637 (15,436)5,755 (12,527)8,713 
Executive severance and separation expense (benefit), net (e)
194 (299)— — — (493)
Impairment of fixed assets— 2,275 — 2,275 — 2,275 
Restructuring754 1,636 17 794 210 1,092 
Investment and other losses (gains) 603 (1,318)524 (1,399)581 (1,340)
Adjusted EBITDA(27,632)(14,591)(5,302)871 (16,734)(3,693)
Adjusted EBITDA attributed to non-controlling interest326 601 — 175 — 275 
Adjusted EBITDA attributed to Douglas Elliman Inc.$(27,306)$(13,990)$(5,302)$1,046 $(16,734)$(3,418)
                                   
a.Includes results from operations of Residential Management Group, LLC, which conducts business as Douglas Elliman Property Management (“DEPM”), which was disposed on October 24, 2025. This adjustment also includes the corporate allocation to Douglas Elliman Realty, LLC (“DER”) from DEPM. The expenses associated with the corporate allocation to DEPM have continued at DER after the disposal. For all periods presented, our presentation and calculation of Adjusted EBITDA attributed to Douglas Elliman Inc. reflects the disposal of DEPM; $2,689 and $2,949 were previously reported as Adjusted EBITDA attributed to Douglas Elliman Inc. for the three and nine months ended September 30, 2025, respectively.
b.Represents equity in (earnings) losses recognized from the Company’s investments in equity method investments that are accounted for under the equity method and are not consolidated in the Company’s financial results.
c.Represents amortization of stock-based compensation.


d.Represents unusual litigation, settlement and related (benefit) expenses, net, incurred in connection with industry-wide antitrust class action lawsuits; stockholder derivative litigation; and other matters related to employees and agents not classified elsewhere in our condensed consolidated statements of operations. For the last twelve months ended September 30, 2026, the Company incurred a benefit, net of expenses, of $(13,603) of which a benefit of $(15,644) was included within general and administrative expenses and $2,041 was included as antitrust litigation settlement expense on the condensed consolidated statements of operations. For the year ended December 31, 2025, the Company incurred such expenses of $7,637, net of amounts recovered from insurance, which were included in general and administrative expenses in the consolidated statement of operations. For the three months ended September 30, 2026, the Company incurred a benefit, net of expenses, of $(15,436) included in general and administrative expenses in the condensed consolidated statements of operations. For the three months ended September 30, 2025, the Company incurred such expenses of $5,755 which were included in general and administrative expenses in the condensed consolidated statements of operations. For the nine months ended September 30, 2026, the Company incurred a benefit, net of expenses, of $(12,527), net of amounts recovered from insurance, of which a benefit of $(14,568) was included within general and administrative expenses and $2,041 was included as antitrust litigation settlement expense on the condensed consolidated statements of operations. For the nine months ended September 30, 2025, the Company incurred such expenses of $8,713, net of amounts recovered from insurance, which were included in general and administrative expenses in the condensed consolidated statements of operations.
e.Represents executive severance and separation expenses, net of amounts recovered from insurance. All amounts are included within general and administrative expenses on the condensed consolidated statement of operations.


TABLE 3
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED NET LOSS
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts)

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Net income (loss) attributed to Douglas Elliman Inc.$7,434 $(24,691)$(11,576)$(53,349)
Results from operations of disposed business (a)
— (1,547)— (6,039)
Gain on disposal of business8 — (400)— 
Impairment of fixed assets— 2,275 — 2,275 
Restructuring17 794 210 1,092 
Change in fair value of the derivative embedded within convertible debt— 15,445 — 33,160 
Non-cash amortization of debt discount on convertible debt— 578 — 1,660 
Litigation, settlement and related (benefit) expenses, net(15,436)5,755 (12,527)8,713 
Executive severance and separation benefit, net— — — (493)
Total adjustments(15,411)23,300 (12,717)40,368 
Adjusted net loss attributed to Douglas Elliman Inc.$(7,977)$(1,391)$(24,293)$(12,981)
Per diluted common share:
Adjusted net loss applicable to common shares attributed to Douglas Elliman Inc.$(0.09)$(0.02)$(0.28)$(0.15)

                                    
a.Includes results from operations of Residential Management Group, LLC, which conducts business as DEPM, which was disposed on October 24, 2025. This adjustment also includes the corporate allocation to DER from DEPM. The expenses associated with the corporate allocation to DEPM have continued at DER after the disposal. For all periods presented, our presentation and calculation of Adjusted Net Loss attributed to Douglas Elliman Inc. reflects the disposal of DEPM; $156 and $(6,942) were previously reported as Adjusted Net Income (Loss) attributed to Douglas Elliman Inc. for the three and nine months ended September 30, 2025, respectively.


TABLE 4
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES
KEY BUSINESS METRICS
(Unaudited)
(Dollars in Thousands, Except for Gross Transaction Value)

LTMYear EndedThree Months EndedNine Months Ended
September 30,December 31,September 30,September 30,
202620252026202520262025
Revenues:
Commissions and other brokerage income$981,646 $989,842 $249,233 $250,354 $741,317 $749,513 
Property management2,197 31,592 — 9,438 — 29,395 
Other ancillary services11,478 11,621 2,858 3,046 8,556 8,699 
Total revenues$995,321 $1,033,055 $252,091 $262,838 $749,873 $787,607 
Gross transaction value (in billions)$39.1 $39.8 $10.0 $10.0 $29.4 $30.1 
Total transactions20,912 21,338 5,494 5,661 15,673 16,099 



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