# EDGAR Filing Document

**Accession Number:** 0001878897
**File Stem:** 0001878897-25-000064
**Filing Date:** 2025-11
**Character Count:** 36020
**Document Hash:** 4d35839e6ee69edbc3c7837cad541f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001878897-25-000064.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001878897-25-000064

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Douglas Elliman Inc.
- **CENTRAL INDEX KEY:** 0001878897
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 872176850
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41054
- **FILM NUMBER:** 251446325

**BUSINESS ADDRESS:**
- **STREET 1:** 4400 BISCAYNE BLVD
- **STREET 2:** FLOOR 10
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33137
- **BUSINESS PHONE:** 3055798000

**MAIL ADDRESS:**
- **STREET 1:** 4400 BISCAYNE BLVD
- **STREET 2:** FLOOR 10
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33137

?xml version='1.0' encoding='ASCII'? doug-20251104

**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 3, 2025** 

**DOUGLAS ELLIMAN INC.**

(Exact Name of Registrant as Specified in Its Charter)

---

| |
|:---|
| **Delaware** |
| (State or Other Jurisdiction of Incorporation) |

---

---

| | | | |
|:---|:---|:---|:---|
| **001-41054** | **001-41054** | **001-41054** | **87-2176850** |
| (Commission File Number) | (Commission File Number) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **4400 Biscayne Boulevard** | **Miami** | **Florida** | **33137** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (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:** | **Trading** | **Name of each exchange** |
| | **Symbol(s)** | **on which registered:** |
| **Common stock, par value $0.01 per share** | DOUG | New 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 4, 2025, Douglas Elliman Inc. (NYSE:DOUG) (the "Company" or "Douglas Elliman") announced its financial results for the three and nine months ended September 30, 2025. 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 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers***

***Appointment of Director***

On November 3, 2025, the Board of Directors (the "Board") of the Company appointed Perry Weitz as an independent Class III director to the Board effective as of the same date. Mr. Weitz was appointed to the Board following the recommendation of its Corporate Responsibility and Nominating Committee. The Board has appointed Mr. Weitz to serve as a member of its Audit Committee.

Mr. Weitz is a co-founding member of Weitz & Luxenberg, P.C. and a seasoned real estate investor. Mr. Weitz has developed and managed a diverse portfolio of hospitality, residential, and commercial real estate properties. He is also involved in real estate ventures through Oak Row Equities, a real estate private equity and development company . Mr. Weitz currently serves on the boards of several organizations, including the American Association for Justice, New York State Trial Lawyers Association, Trial Lawyers for Public Justice, Legal Aid Society, Jewish Lawyer Guild, and North Shore University Hospital. Mr. Weitz also serves on the executive committees of the Juvenile Diabetes Foundation and the Children's Medical Fund. Mr. Weitz received a B.A. from George Washington University and a J.D. from Hofstra University School of Law.

The Board determined that Mr. Weitz meets the independence requirements of the New York Stock Exchange and United States Securities and Exchange Commission ("SEC") rules and regulations for service on the Board and the Audit Committee. The Board concluded Mr. Weitz should serve as a member of the Board due to, among other things, his legal expertise and extensive real-estate investment, operational, and managerial experience.

There are no arrangements or understandings between Mr. Weitz and any person pursuant to which Mr. Weitz was appointed as a director of the Company. There are no family relationships between Mr. Weitz and any other director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated by the SEC.

Mr. Weitz will participate in the Company's standard non-employee director compensation arrangements, which is described on Page 21 of the Company's Definitive Proxy Statement for its 2025 Annual Meeting of Stockholders, filed with the SEC on April 30, 2025.

***Resignation of Directors***

On November 3, 2025, Patrick J. Bartels Jr. and Scott Vogel each notified the Board of his respective resignation as a Class III director to the Board, effective as of the close of business on November 3, 2025.

Neither Mr. Bartels's nor Mr. Vogel's resignation was due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

***Item 7.01 Regulation FD Disclosure***

On November 4, 2025, the Company issued a press release announcing Mr. Weitz's appointment, a copy of which is attached hereto as Exhibit 99.2. The Company undertakes no obligation to update, supplement or amend the press release attached hereto as Exhibit 99.2.

The information in this Item 7.01 and Exhibit 99.2 attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of 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***

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Exhibit |
| <u>[99.1](a2025q3pressrelease.htm)</u> | Press Release issued on November 4, 2025, regarding financial results for the third quarter ended September 30, 2025. |
| <u>[99](draftweitzrelease11325clean.htm)[.2](draftweitzrelease11325clean.htm)</u> | Press Release issued on November 4, 2025, reporting director appointment. |
| 104 | Cover 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. | 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 4, 2025

## Exhibit 99.1

![image.jpg](image.jpg)

***<u>FOR IMMEDIATE RELEASE</u>***

---

| | |
|:---|:---|
| Contact: | Stephen Larkin, Douglas Elliman Inc.<br>917-902-2503 |
| | Olivia Snyder/Catherine Livingston, <br>FGS Global, |
| | 212-687-8080 |
| | J. Bryant Kirkland III, Douglas Elliman Inc. |
| | 305-579-8000 |

---

**DOUGLAS ELLIMAN INC. REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS**

*Company reports* 5% *year-over-year revenue growth for the nine months ended September 30, 2025 with significant improvements in Net Loss, Adjusted Net Loss and Adjusted EBITDA.*

**MIAMI, FL, November 4, 2025** - Douglas Elliman Inc. ("Douglas Elliman" or the "Company") (NYSE: DOUG) today announced financial results for the three and nine months ended September 30, 2025.

"We are emboldened by the momentum we've experienced in the first nine months of the year and believe we are strongly positioned for the future," said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc. "The recent sale of Douglas Elliman Property Management, which we believe will result in an after-tax gain of approximately $75 million in the fourth quarter of 2025, sharpens our focus as the premier luxury, pure-play residential real estate brokerage and allows us to concentrate our resources on our core business. The strategic initiatives we have implemented in 2025 – including international expansion to France and Monaco, operational improvements, and investments in AI to elevate the agent and client experience – create a platform for accelerated growth and value creation as market conditions improve in 2026 and beyond."

Bryant Kirkland, Chief Financial Officer of Douglas Elliman, added, "Our 2025 initiatives are already producing tangible results: we increased revenue, significantly reduced operating losses, and improved Adjusted EBITDA compared to the first nine months of 2024. In October 2025, we further strengthened our financial position by redeeming our convertible notes, which eliminated the associated overhang on our common stock. With a robust cash balance of approximately $126.5 million as of October 31, 2025, and no debt, we believe we have the financial strength and flexibility to continue supporting our strategic priorities."

***GAAP Financial Results***

*Three months ended September 30, 2025*

Third quarter 2025 revenues were $262.8 million, compared to revenues of $266.3 million in the third quarter of 2024. The Company recorded an operating loss of $10.7 million in the third quarter of 2025, compared to $7.4 million in the third quarter of 2024. Net loss attributed to Douglas Elliman in the third quarter of 2025 was $24.7 million, or $0.29 per diluted common share, compared to $27.2 million, or $0.33 per diluted common share, in the third quarter of 2024.

------

*Nine months ended September 30, 2025*

For the nine months ended September 30, 2025, revenues were $787.6 million, compared to revenues of $752.3 million for the nine months ended September 30, 2024. The Company recorded an operating loss of $21.5 million for the nine months ended September 30, 2025, compared to $52.6 million for the nine months ended September 30, 2024. Net loss attributed to Douglas Elliman for the nine months ended September 30, 2025 was $53.3 million, or $0.63 per diluted common share, compared to $70.3 million, or $0.84 per diluted common share, for the nine months ended September 30, 2024.

***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, 2025 and 2024 are included in Tables 2 and 3, and for the last twelve months ("LTM") ended September 30, 2025 and year ended December 31, 2024 are included in Table 2.

*Three months ended September 30, 2025 compared to the three months ended September 30, 2024* 

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was $2.7 million for the third quarter of 2025, compared to $2.3 million for the third quarter of 2024.

Adjusted Net Income attributed to Douglas Elliman (as described in Table 3 attached hereto) was $0.2 million, or $0.00 per diluted share, for the third quarter of 2025, compared to Adjusted Net Loss of $2.7 million, or $0.03 per diluted share, for the third quarter of 2024.

*Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024*

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was $2.9 million for the nine months ended September 30, 2025, compared to a loss of $12.4 million for the nine months ended September 30, 2024.

Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was $6.9 million, or $0.08 per diluted share, for the nine months ended September 30, 2025, compared to $26.3 million, or $0.32 per diluted share, for the nine months ended September 30, 2024.

***Gross Transaction Value***

For the third quarter of 2025, Douglas Elliman's subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $10.0 billion, compared to approximately $9.8 billion for the third quarter of 2024. For the third quarter of 2025, Douglas Elliman Realty, LLC reported an average price per transaction of $1.774 million.

For the nine months ended September 30, 2025, Douglas Elliman Realty, LLC achieved gross transaction value of approximately $30.1 billion, compared to approximately $27.6 billion for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, Douglas Elliman Realty, LLC reported an average price per transaction of $1.871 million. See Table 4 attached hereto for further details on Gross Transaction Value.

***Consolidated Balance Sheet***

Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of $143.0 million at September 30, 2025.

**Conference Call to Discuss Third Quarter 2025 Results**

As previously announced, the Company will host a conference call and webcast to discuss its third quarter 2025 results on Tuesday, November 4, 2025 at 8:00 AM (ET). Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2025-Earnings-Call. Please join the webcast at least 10 minutes prior to the start time.

A replay of the webcast will be available shortly after the call ends on November 4, 2025 through November 18, 2025 at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2025-Earnings-Call.

**Non-GAAP Financial Measures**

Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net Loss attributed to Douglas Elliman and financial measures for the last twelve months ("LTM") ended September 30, 2025 (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, 2025 and 2024, the LTM ended September 30, 2025 and the year ended December 31, 2024.

**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, Florida, California, Texas, Colorado, Nevada, Maryland, Virginia, and Washington, D.C. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology ("PropTech") solutions and companies and provides other real estate services, including development marketing, mortgage as well as settlement and escrow services in select markets. 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, 2024 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)**

**(<u>Dollars in Thousands, Except Per Share Amounts</u>)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, | September 30, | September 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Revenues: |  |  |  |  |
| Commissions and other brokerage income | $250354 | $254074 | $749513 | $714652 |
| Property management | 9438 | 8960 | 29395 | 27701 |
| Other ancillary services | 3046 | 3282 | 8699 | 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 262838 | 266316 | 787607 | 752306 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate agent commissions | 192771 | 199133 | 583890 | 564606 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 19711 | 19240 | 59519 | 62691 |
| &nbsp;&nbsp;&nbsp;Operations and support | 17575 | 18774 | 53078 | 55572 |
| &nbsp;&nbsp;&nbsp;General and administrative | 32220 | 28659 | 85722 | 80530 |
| &nbsp;&nbsp;&nbsp;Technology | 5964 | 6025 | 17265 | 17301 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2183 | 1898 | 6302 | 5808 |
| &nbsp;&nbsp;&nbsp;Litigation settlement |  |  |  | 17750 |
| &nbsp;&nbsp;&nbsp;Impairment of fixed assets | 2275 |  | 2275 |  |
| &nbsp;&nbsp;&nbsp;Restructuring | 794 | 18 | 1092 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (10655) | (7431) | (21536) | (52568) |
| Other income (expenses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (1573) | (1461) | (4648) | (1475) |
| &nbsp;&nbsp;&nbsp;Interest income | 1366 | 1551 | 3986 | 3989 |
| &nbsp;&nbsp;&nbsp;Equity in (losses) earnings from equity-method investments | (23) | 62 | 178 | 49 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative embedded within convertible debt | (15445) | (20166) | (33160) | (20166) |
| &nbsp;&nbsp;&nbsp;Investment and other gains (losses) | 1399 | (4) | 1340 | 625 |
| Loss before provision for income taxes | (24931) | (27449) | (53840) | (69546) |
| &nbsp;&nbsp;&nbsp;Income tax expense | 11 |  | 11 | 1368 |
| Net loss | (24942) | (27449) | (53851) | (70914) |
| Net loss attributed to non-controlling interest | 251 | 269 | 502 | 595 |
| Net loss attributed to Douglas Elliman Inc. | $(24691) | $(27180) | $(53349) | $(70319) |
| Per basic common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss applicable to common shares attributed to Douglas Elliman Inc. | $(0.29) | $(0.33) | $(0.63) | $(0.84) |
| Per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss applicable to common shares attributed to Douglas Elliman Inc. | $(0.29) | $(0.33) | $(0.63) | $(0.84) |

---

------

**TABLE 2**

**DOUGLAS ELLIMAN INC. AND SUBSIDIARIES**

**RECONCILIATION OF ADJUSTED EBITDA**

**(Unaudited)**

**(<u>Dollars in Thousands</u>)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | | | September 30, | September 30, | September 30, | September 30, |
| | LTM<br>September 30,<br>2025 | Year Ended<br>December 31,<br>2024 | 2025 | 2024 | 2025 | 2024 |
| Net loss attributed to Douglas Elliman Inc. | $(59346) | $(76316) | $(24691) | $(27180) | $(53349) | $(70319) |
| Interest expense | 6112 | 2939 | 1573 | 1461 | 4648 | 1475 |
| Interest income | (5530) | (5533) | (1366) | (1551) | (3986) | (3989) |
| Income tax (benefit) expense | (240) | 1117 | 11 |  | 11 | 1368 |
| Net loss attributed to non-controlling interest | (593) | (686) | (251) | (269) | (502) | (595) |
| Depreciation and amortization | 8230 | 7736 | 2183 | 1898 | 6302 | 5808 |
| EBITDA | $(51367) | $(70743) | $(22541) | $(25641) | $(46876) | $(66252) |
| Equity in (earnings) losses from equity-method investments <sup>(a)</sup> | (165) | (36) | 23 | (62) | (178) | (49) |
| Change in fair value of derivative embedded within convertible debt | 27972 | 14978 | 15445 | 20166 | 33160 | 20166 |
| Stock-based compensation<sup>(b)</sup> | 2178 | 6574 | 2162 | 3887 | 6321 | 10717 |
| Litigation, settlement and related expenses, net <sup>(c)</sup> | 19343 | 33333 | 5755 | 3774 | 8713 | 22703 |
| Executive severance and separation expense (benefit)<sup>(d)</sup> | 1517 | 2010 |  |  | (493) |  |
| Impairment of fixed assets | 2275 |  | 2275 |  | 2275 |  |
| Restructuring | 1517 | 1041 | 794 | 18 | 1092 | 616 |
| Investment and other (gains) losses | (6004) | (5289) | (1399) | 4 | (1340) | (625) |
| Adjusted EBITDA | (2734) | (18132) | 2514 | 2146 | 2674 | (12724) |
| Adjusted EBITDA attributed to non-controlling interest | 280 | 349 | 175 | 182 | 275 | 344 |
| Adjusted EBITDA attributed to Douglas Elliman Inc. | $(2454) | $(17783) | $2689 | $2328 | $2949 | $(12380) |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>a.</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>b.</sup>Represents amortization of stock-based compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents unusual litigation expense, settlement and related expenses incurred in connection with industry-wide antitrust class action lawsuits and other matters related to employees and agents. For the year ended December 31, 2024, the Company incurred unusual litigation expense, settlement and related expenses, net of $33,333, of which $17,750 was included in litigation settlement expense and $15,583 was included in general and administrative expenses. For the three months ended September 30, 2025, the Company incurred such expenses of $5,755, net of amounts recovered from insurance, which was included in general and administrative expenses in the condensed consolidated statement of operations. For the three months ended September 30, 2024, the Company incurred such expenses of $3,774, of which $3,133 was included in general and administrative expenses and $641 was included in operations and support expenses in the condensed consolidated statement 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 was included in general and administrative expenses in the condensed consolidated statement of operations. For the nine months ended September 30, 2024, the Company incurred such expenses of $22,703, of which $17,750 was included in litigation settlement expense, $3,222 was included in general and administrative expenses and $1,731 was included in operations and support expenses in the condensed consolidated statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.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 INCOME (LOSS)** 

**(Unaudited)**

**(<u>Dollars in Thousands, Except Per Share Amounts</u>)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, | September 30, | September 30, |
| | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Net loss attributed to Douglas Elliman Inc. | $(24691) | $(27180) | $(53349) | $(70319) |
| &nbsp;&nbsp;&nbsp;Impairment of fixed assets | 2275 |  | 2275 |  |
| &nbsp;&nbsp;&nbsp;Restructuring | 794 | 18 | 1092 | 616 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative embedded within convertible debt | 15445 | 20166 | 33160 | 20166 |
| &nbsp;&nbsp;&nbsp;Non-cash amortization of debt discount on convertible debt | 578 | 487 | 1660 | 487 |
| &nbsp;&nbsp;&nbsp;Executive severance and separation benefit |  |  | (493) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation, settlement and related expenses, net | 5755 | 3774 | 8713 | 22703 |
| &nbsp;&nbsp;&nbsp;Total adjustments | 24847 | 24445 | 46407 | 43972 |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) attributed to Douglas Elliman Inc. | $156 | $(2735) | $(6942) | $(26347) |
| Per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) applicable to common shares attributed to Douglas Elliman Inc. | $— | $(0.03) | $(0.08) | $(0.32) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**TABLE 4**

**DOUGLAS ELLIMAN INC. AND SUBSIDIARIES**

**GROSS TRANSACTION VALUE**

**(Unaudited)**

**(<u>Dollars in Thousands, Except for Gross Transaction Value</u>)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | | | September 30, | September 30, | September 30, | September 30, |
| | LTM<br>September 30,<br>2025 | Year Ended<br>December 31,<br>2024 | 2025 | 2024 | 2025 | 2024 |
| Revenues: |  |  |  |  |  |  |
| Commissions and other brokerage income | $981418 | $946557 | $250354 | $254074 | $749513 | $714652 |
| Property management | 38479 | 36785 | 9438 | 8960 | 29395 | 27701 |
| Other ancillary services | 11031 | 12285 | 3046 | 3282 | 8699 | 9953 |
| &nbsp;&nbsp;&nbsp;Total revenues | $1030928 | $995627 | $262838 | $266316 | $787607 | $752306 |
| Gross transaction value (in billions) | $38.9 | $36.4 | $10.0 | $9.8 | $30.1 | $27.6 |
| Total transactions | 21436 | 21781 | 5661 | 6081 | 16099 | 16444 |

---

## Exhibit 99.2

FOR IMMEDIATE RELEASE

**Douglas Elliman Inc. Appoints Renowned Attorney and Prominent Real Estate Investor and Developer Perry Weitz to Board of Directors**

MIAMI – November 4, 2025 – Douglas Elliman Inc. (NYSE: DOUG) ("Douglas Elliman") today announced the appointment of Perry Weitz to its Board of Directors, effective immediately.

"We are honored to welcome Perry to Douglas Elliman's Board of Directors," said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman. "Perry is the founder and leader of one of the most successful law firms in its field, demonstrating exceptional business acumen and a proven ability to build and manage high-performing organizations. His hands-on experience running a business, coupled with his proven track record as a seasoned real estate investor, will be invaluable as we continue to forge ahead in an evolving real estate landscape. His strategic insights and commitment to excellence align perfectly with our mission to deliver exceptional service and value to our agents, clients, and shareholders."

Mr. Weitz brings decades of distinguished legal expertise and business acumen to Douglas Elliman's Board. As a founding partner of Weitz & Luxenberg P.C., he has built an exceptional reputation for strategic leadership and courtroom advocacy. Throughout his career, Mr. Weitz has secured billions of dollars in verdicts and settlements on behalf of his clients and has been instrumental in landmark litigation involving asbestos, environmental contamination, pharmaceutical products, and medical devices. He has been recognized as one of the top trial lawyers in the United States, selected for inclusion in Best Lawyers in America, and has received numerous accolades for his professional achievements and community service.

Weitz has demonstrated strong business leadership and governance capabilities through his real estate investment activities. He has developed and managed a diverse portfolio of hospitality, residential, and commercial real estate properties, and is involved with Oak Row Equities, a national real estate investment and development firm. Mr. Weitz's experience in real estate investment provides him with a unique perspective that bridges the legal, business, and real estate sectors – an asset that will be particularly valuable in his role on Douglas Elliman's Board.

"I am thrilled to join the Board of Directors of Douglas Elliman, a company with such a storied history and strong position in the residential real estate market," said Perry Weitz. "Douglas Elliman has built an impressive platform, with exceptional agents and a commitment to innovation. I look forward to working alongside Michael and my fellow Board members to help guide the company's strategic direction and contribute to its continued success in serving clients across the nation."

Mr. Weitz earned his law degree from Hofstra University School of Law and his undergraduate degree from George Washington University. He is actively involved in numerous charitable and civic organizations and has been a steadfast supporter of legal education and justice initiatives.

------

**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, Florida, California, Texas, Colorado, Nevada, Maryland, Virginia, and Washington, D.C. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology ("PropTech") solutions and companies and provides other real estate services, including development marketing, mortgage as well as settlement and escrow services in select markets. 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, 2024 and 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.*

**Contacts**

Olivia Snyder/Catherine Livingston

FGS Global

212-687-8080

<br>