DOUGLAS ELLIMAN INC., 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity Registrant Name DOUGLAS ELLIMAN INC.  
Entity Incorporation, State or Country Code DE  
Entity File Number 1-41054  
Entity Tax Identification Number 87-2176850  
Entity Address, Address Line One 4400 Biscayne Boulevard  
Entity Address, City or Town Miami  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33137  
City Area Code 305  
Local Phone Number 579-8000  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol DOUG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   90,906,082
Entity Central Index Key 0001878897  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 95,971 $ 115,510
Receivables 20,524 19,910
Agent receivables, net 8,660 5,704
Restricted cash and cash equivalents 4,522 4,716
Other current assets 21,494 15,461
Total current assets 151,171 161,301
Property and equipment, net 28,566 30,150
Operating lease right-of-use assets 82,624 83,310
Long-term investments (includes $3,184 and $3,170 at fair value) 9,302 10,549
Contract assets, net 51,313 46,735
Goodwill 32,226 32,226
Other intangible assets, net 71,492 71,655
Equity-method investments 2,605 2,205
Other assets 5,915 6,278
Total assets 435,214 444,409
Current liabilities:    
Current operating lease liabilities 21,025 20,593
Current portion of antitrust litigation settlement 5,000 0
Accounts payable 3,271 3,783
Income taxes payable, net 2,408 3,560
Commissions payable 21,514 21,663
Accrued salaries and benefits 5,852 13,731
Contract liabilities 16,615 15,966
Other current liabilities 26,679 19,376
Total current liabilities 102,364 98,672
Non-current operating lease liabilities 80,771 82,379
Contract liabilities 81,841 74,946
Antitrust litigation settlement 0 5,000
Other liabilities 2,168 134
Total liabilities 267,144 261,131
Commitments and contingencies (Note 8)
Stockholders' equity:    
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, 88,117,442 and 88,247,942 shares issued and outstanding 882 883
Additional paid-in capital 292,113 291,716
Accumulated deficit (124,925) (108,649)
Total Douglas Elliman Inc. stockholders' equity 168,070 183,950
Non-controlling interest 0 (672)
Total stockholders' equity 168,070 183,278
Total liabilities and stockholders' equity $ 435,214 $ 444,409
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Long-term investments, fair value $ 3,184 $ 3,170
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 88,117,442 88,247,942
Common stock, shares outstanding (in shares) 88,117,442 88,247,942
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 214,333,000 $ 253,403,000
Expenses:    
Sales and marketing 17,737,000 19,739,000
General and administrative 23,192,000 27,325,000
Technology 5,238,000 5,535,000
Depreciation and amortization 1,999,000 1,900,000
Restructuring 47,000 0
Operating loss (17,511,000) (5,349,000)
Other income (expenses):    
Interest expense (3,000) (1,530,000)
Interest income 890,000 1,361,000
Equity in earnings from equity-method investments 388,000 2,000
Change in fair value of the derivative embedded within convertible debt 0 (746,000)
Investment and other losses (40,000) (22,000)
Loss before provision for income taxes (16,276,000) (6,284,000)
Income tax expense 0 0
Net loss (16,276,000) (6,284,000)
Net loss attributed to non-controlling interest 0  
Net loss attributed to Douglas Elliman Inc. $ (16,276,000) $ (5,985,000)
Per basic common share:    
Net loss applicable to common shares attributed to Douglas Elliman Inc. (in dollars per share) $ (0.19) $ (0.07)
Per diluted common share:    
Net loss applicable to common shares attributed to Douglas Elliman Inc. (in dollars per share) $ (0.19) $ (0.07)
One Reportable Segment    
Revenues:    
Total revenues $ 214,333,000 $ 253,403,000
Expenses:    
Sales and marketing 17,737,000 19,739,000
General and administrative 23,192,000 27,325,000
Technology 5,238,000 5,535,000
Depreciation and amortization 1,999,000 1,900,000
Restructuring 47,000 0
Operating loss (17,511,000) (5,349,000)
Other income (expenses):    
Interest expense (3,000) (1,530,000)
Interest income 890,000 1,361,000
Equity in earnings from equity-method investments 388,000 2,000
Change in fair value of the derivative embedded within convertible debt 0 (746,000)
Investment and other losses (40,000) (22,000)
Loss before provision for income taxes (16,276,000) (6,284,000)
Income tax expense 0 0
Net loss (16,276,000) (6,284,000)
Net loss attributed to non-controlling interest 0 299,000
Net loss attributed to Douglas Elliman Inc. (16,276,000) (5,985,000)
Commissions and other brokerage income    
Revenues:    
Total revenues 211,881,000 241,143,000
Property management    
Revenues:    
Total revenues 0 9,492,000
Other ancillary services    
Revenues:    
Total revenues 2,452,000 2,768,000
Real estate agent commissions    
Expenses:    
Costs related to sales 167,391,000 186,525,000
Real estate agent commissions | One Reportable Segment    
Expenses:    
Costs related to sales 167,391,000 186,525,000
Operations and support    
Expenses:    
Costs related to sales 16,240,000 17,728,000
Operations and support | One Reportable Segment    
Expenses:    
Costs related to sales $ 16,240,000 $ 17,728,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2024   88,853,150      
Beginning Balance at Dec. 31, 2024 $ 162,425 $ 889 $ 285,167 $ (123,868) $ 237
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (6,284)     (5,985) (299)
Restricted stock grant canceled (in shares)   (115,312)      
Restricted stock grant canceled 0 $ (1) 1    
Stock-based compensation 2,035   2,035    
Ending Balance (in shares) at Mar. 31, 2025   88,737,838      
Ending Balance at Mar. 31, 2025 $ 158,176 $ 888 287,203 (129,853) (62)
Beginning Balance (in shares) at Dec. 31, 2025 88,247,942 88,247,942      
Beginning Balance at Dec. 31, 2025 $ 183,278 $ 883 291,716 (108,649) (672)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (16,276)     (16,276)  
Restricted stock grant canceled (in shares)   (130,500)      
Restricted stock grant canceled 0 $ (1) 1    
Stock-based compensation 1,168   1,168    
Acquisition of subsidiary $ (100)   (772)   672
Ending Balance (in shares) at Mar. 31, 2026 88,117,442 88,117,442      
Ending Balance at Mar. 31, 2026 $ 168,070 $ 882 $ 292,113 $ (124,925) $ 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (16,276) $ (6,284)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,999 1,900
Non-cash stock-based compensation expense 1,168 2,035
Loss on sale of assets 0 137
Net losses on investment securities 40 43
Equity in earnings from equity-method investments (388) (2)
Non-cash interest expense 0 647
Non-cash lease expense 4,590 4,883
Change in fair value of the derivative embedded within convertible debt 0 746
Provision for credit losses 867 1,180
Changes in assets and liabilities:    
Receivables (4,437) (7,694)
Income taxes payable, net (1,152) 81
Contract assets, net (4,870) (2,430)
Operating lease liabilities (5,080) (5,592)
Accounts payable 11,642 10,869
Other assets and liabilities (7,110) (3,505)
Accrued salaries and benefits (7,879) (5,032)
Contract liabilities 7,544 2,401
Net cash used in operating activities (19,342) (5,617)
Cash flows from investing activities:    
Proceeds from sale or liquidation of long-term investments 28 78
Proceeds from sale or liquidation of short-term investments 0 54,416
Purchase of short-term investments 0 (44,612)
Purchase of long-term investments (60) (67)
Capital expenditures (259) (1,034)
Purchase of subsidiaries (100) 0
Net cash (used in) provided by investing activities (391) 8,781
Net (decrease) increase in cash, cash equivalents and restricted cash (19,733) 3,164
Cash, cash equivalents and restricted cash, beginning of period 122,709 142,221
Cash, cash equivalents and restricted cash, end of period $ 102,976 $ 145,385
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)Basis of Presentation:
Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) is engaged in the real estate services business. The condensed consolidated financial statements of Douglas Elliman include the accounts of DER Holdings LLC and DOUG Ventures, LLC (“DOUG Ventures”), a directly and an indirectly wholly owned subsidiary of the Company, respectively. DER Holdings LLC owns Douglas Elliman Realty, LLC and Douglas Elliman of California, Inc., which are engaged in the residential real estate brokerage business with their subsidiaries. The operations of DOUG Ventures consist of minority investments in innovative and cutting-edge PropTech companies.
Certain references to “Douglas Elliman Realty” refer to the Company’s residential real estate brokerage business, including the operations of Douglas Elliman Realty, LLC and Douglas Elliman of California Inc., unless otherwise specified.
The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. References to U.S. GAAP issued by the Financial Accounting Standards Board (“FASB”) are to the FASB Accounting Standards Codification, also referred to as the “Codification” or “ASC.” These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), filed with the Securities and Exchange Commission (“SEC”). The condensed consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
In presenting the condensed consolidated financial statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates.
(b) Principles of Consolidation:
The condensed consolidated financial statements include the assets, liabilities, revenues, expenses and cash flows of DER Holdings LLC and DOUG Ventures, as well as all other entities in which Douglas Elliman has a controlling financial interest. All intercompany balances and transactions have been eliminated in the condensed consolidated financial statements.
When evaluating an entity for consolidation, Douglas Elliman first determines whether an entity is within the scope of the guidance for consolidation of variable interest entities (“VIE”) and if it is deemed to be a VIE. If the entity is considered to be a VIE, Douglas Elliman determines whether it would be considered the entity’s primary beneficiary. Douglas Elliman consolidates those VIEs for which it has determined that it is the primary beneficiary. Additionally, Douglas Elliman will consolidate an entity that is not deemed a VIE upon a determination that it has a controlling financial interest. If Douglas Elliman determines it does not have a controlling financial interest in an entity that is a VIE, it does not consolidate the entity. For entities where Douglas Elliman does not have a controlling financial interest, the investments in such entities are classified as available-for-sale securities or accounted for using the equity or cost method, as appropriate.
(c) Estimates and Assumptions:
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates, by their nature, are based on judgments and available information and are subject to material changes. These estimates include impairment charges and valuation of intangible assets. Accordingly, actual results could differ from such estimates.
(d) Loss Per Share (“EPS”):
The Company has restricted stock awards which will provide dividends at the same rate as paid on the common stock with respect to the shares underlying the restricted stock awards. These outstanding restricted stock awards represent participating securities under authoritative guidance. The participating securities holders do not participate in the Company’s net losses. There were no outstanding non-participating securities during the three months ended March 31, 2026 and 2025. The Company did not pay a cash dividend during the three months ended March 31, 2026 and 2025.
Three Months Ended
March 31,
20262025
Net loss attributed to Douglas Elliman Inc.$(16,276)$(5,985)
Income attributable to participating securities— — 
Net loss available to common stockholders attributed to Douglas Elliman Inc.$(16,276)$(5,985)
Basic EPS is computed by dividing net loss available to common stockholders attributed to Douglas Elliman Inc. by the weighted-average number of shares outstanding, which will include vested restricted stock.
Basic and diluted EPS were calculated using the following shares of common stock for the periods presented below:
Three Months Ended
March 31,
20262025
Weighted-average shares for basic and diluted EPS85,633,730 84,369,811 

Due to the redemption of all of the Company’s 7% Convertible Notes due 2029 (the “Convertible Notes”), there was no weighted-average shares calculation related to the conversion of debt for the three months ended March 31, 2026. The following was outstanding during the three months ended March 31, 2025, but was not included in the computation of diluted EPS because the effect was anti-dilutive:

Three Months Ended
March 31,
20262025
Weighted-average number of shares issuable upon conversion of debt— 33,333,333 
 Weighted-average conversion price$— $1.50 
(e) Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Restricted cash amounts in current assets and included in other assets represent cash and cash equivalents required to be deposited into escrow for amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.
The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:
March 31,
2026		December 31,
2025
Cash and cash equivalents$95,971 $115,510 
Restricted cash and cash equivalents in current assets4,522 4,716 
Restricted cash and cash equivalents included in other assets2,483 2,483 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$102,976 $122,709 
(f) Goodwill and Other Intangible Assets:
Goodwill and intangible assets with indefinite lives are not amortized, and are tested for impairment on an annual basis, as of October 1, or whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. The Company follows ASC 350, Intangibles – Goodwill and Other, and subsequent updates including ASU 2011-08, Testing Goodwill for Impairment and ASU 2017-14, Simplifying the Test for Goodwill Impairment. The amendments permit entities to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying value or chooses to bypass the optional qualitative assessment, the Company then assesses recoverability by comparing the fair value of the reporting unit to its carrying amount; otherwise, no further impairment test would be required.
In the three months ended March 31, 2026, the Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment performed the Company concluded that it is not more likely than not that a reporting unit’s fair value is less than its carrying value and determined no further impairment test would be required for March 31, 2026.
(g) Investment and Other Losses:
Investment and other losses consist of the following:
Three Months Ended
March 31,
20262025
Net unrealized losses on long-term investments at fair value
(36)(121)
Net (losses) gains on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient
(4)78 
Other income— 21 
Investment and other losses
$(40)$(22)
(h) Acquisitions:
Effective January 1, 2026, the Company acquired the remaining ownership interest of Real Estate Associates of Houston LLC, a licensed real estate service provider in Houston, Texas, for a purchase price of $100. Upon obtaining 100% ownership of the entity, the Company accounted for the transaction as an equity transaction in accordance with ASC 810. Accordingly, no gain or loss was recognized in the condensed consolidated statements of operations, and noncontrolling interest is no longer presented.
(i) Subsequent Events:
The Company has evaluated subsequent events through May 11, 2026, the date the financial statements were issued.
(j) New Accounting Pronouncements:
ASUs to be adopted in future periods:
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses. The ASU requires enhanced disclosures around disaggregation of certain income statement expense lines into specified categories. The new standard is effective on a prospective basis for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the year ended December 31, 2027.
In September 2025, the FASB issued ASU 2025-06, Intangibles, Goodwill and Other, Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software under ASC 350-40 by aligning it with current development practices, especially agile and iterative methods. ASU 2025-06 clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. ASU 2025-06 is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the period ending March 31, 2028.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements. This ASU improves clarity for interim financial reporting requirements under the existing guidance within Accounting Standards Codification ("ASC") Topic 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. ASU 2025-11 is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the period ending March 31, 2028.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The purpose of this ASU is to make incremental improvements to U.S. GAAP. The improvements include Codification updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the period ending March 31, 2027.
v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregation of Revenue
In the following tables, revenue is disaggregated by major services line and primary geographical market:
Three Months Ended March 31, 2026
Total
New York CityNortheastSoutheastWest
International
Revenues:
Commission and other brokerage income - existing home sales$197,866 $51,491 $39,251 $73,264 $33,786 $74 
Commission and other brokerage income - development marketing14,015 9,221 — 4,321 473 — 
Other ancillary services
2,452 10 — 1 2,441 — 
Total revenue$214,333 $60,722 $39,251 $77,586 $36,700 $74 
Three Months Ended March 31, 2025
Total
New York CityNortheastSoutheastWest
International
Revenues:
Commission and other brokerage income - existing home sales$220,007 $66,217 $42,995 $69,399 $41,396 $— 
Commission and other brokerage income - development marketing21,136 8,170 152 12,374 440 — 
Property management revenue9,492 9,282 210 — — — 
Other ancillary services
2,768 76 8 — 2,684 — 
Total revenue$253,403 $83,745 $43,365 $81,773 $44,520 $— 
Contract Balances
The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
March 31,
2026		December 31,
2025
Receivables, which are included in receivables$3,198 $3,141 
Contract assets, net, which are included in other current assets9,067 8,775 
Contract assets, net, non-current51,313 46,735 
Payables, which are included in commissions payable2,322 2,237 
Contract liabilities, current16,615 15,966 
Contract liabilities, non-current81,841 74,946 

The Company recognized revenues of $2,972 for the three months ended March 31, 2026, that were included in the contract liabilities balances at December 31, 2025. The Company recognized revenues of $6,381 for the three months ended March 31, 2025, that were included in the contract liabilities balances at December 31, 2024.
v3.26.1
CURRENT EXPECTED CREDIT LOSSES
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
CURRENT EXPECTED CREDIT LOSSES CURRENT EXPECTED CREDIT LOSSES
Real estate broker agent receivables: Douglas Elliman Realty is exposed to credit losses for various amounts due from real estate agents, which are included in Agent receivables, net on the condensed consolidated balance sheets, net of an allowance for credit losses. The Company estimates its allowance for credit losses on receivables from agents based on an evaluation of aging of receivables from agents, agent sales in pipeline, any security, specific exposures, historical experience of collections from the individual agents, and current and expected future market trends. The Company estimated that the credit losses for these receivables were $5,386 and $4,746 at March 31, 2026 and December 31, 2025, respectively.
The following table summarizes changes in the allowance for credit losses for the three months ended March 31, 2026:
January 1,
2026		Current Period ProvisionWrite-offsRecoveriesMarch 31,
2026
Allowance for credit losses:
Real estate broker agent receivables$4,746 $867 (1)$227 $— $5,386 
_____________________________
(1) The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s condensed consolidated statements of operations.
The following table summarizes changes in the allowance for credit losses for the three months ended March 31, 2025:
January 1,
2025		Current Period ProvisionWrite-offsRecoveriesMarch 31,
2025
Allowance for credit losses:
Real estate broker agent receivables$4,783 $1,180 (1)$552 $— $5,411 
_____________________________
(1) The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s condensed consolidated statements of operations.
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for corporate and sales offices as well as equipment. The components of lease expense were as follows:
Three Months Ended
March 31,
20262025
Operating lease cost$6,731 $7,358 
Short-term lease cost219 158 
Variable lease cost1,066 1,257 
Less: Sublease income(198)(16)
Total lease cost$7,818 $8,757 
Supplemental cash flow information related to leases was as follows:
Three Months Ended
March 31,
20262025
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases$7,310 $8,066 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$3,978 $505 
Supplemental balance sheet information related to leases was as follows:
March 31,December 31,
20262025
Weighted average remaining lease term in years:
Operating leases5.015.18
Weighted average discount rate:
Operating leases8.62 %8.66 %
As of March 31, 2026, maturities of lease liabilities were as follows:
Operating Leases
Period Ending December 31: 
Remainder of 2026
$21,929 
2027
26,504 
2028
24,014 
2029
19,548 
2030
14,425 
2031
10,262 
Thereafter9,157 
Total lease payments125,839 
 Less imputed interest(24,043)
Total$101,796 
As of March 31, 2026, the Company had no executed real estate leases that have not yet commenced.
v3.26.1
LONG-TERM INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
LONG-TERM INVESTMENTS LONG-TERM INVESTMENTS
Long-term investments consisted of the following:
March 31,
2026		December 31,
2025
PropTech convertible trading debt securities$1,229 $1,229 
Long-term investment securities at fair value (1)
3,184 3,170 
PropTech investments at cost6,118 6,150 
PropTech investments under equity-method
955 825 
Total investments11,486 11,374 
Less PropTech current convertible trading debt securities (2)
1,229 — 
Less PropTech investments accounted for under the equity-method (3)
955 825 
Total long-term investments$9,302 $10,549 
_____________________________
(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.
(2) These amounts are included in “Other current assets” on the condensed consolidated balance sheets.
(3) These amounts are included in “Equity-method investments” on the condensed consolidated balance sheets.
Net realized and unrealized (losses) gains on long-term investment securities were as follows:
Three Months Ended
March 31,
20262025
Net unrealized losses on long-term investments at fair value
(36)(121)
Net (losses) gains on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient
(4)78 
Net realized and unrealized losses on long-term investment securities
$(40)$(43)
(a) PropTech Convertible Trading Debt Securities:
These securities are classified as trading debt securities and are accounted for at fair value. The remaining convertible note matures in February 2027.
(b) Long-Term Investment Securities at Fair Value:
The following is a summary of net unrealized losses on long-term investment securities at fair value during the three months ended March 31, 2026 and 2025, respectively:
Three Months Ended
March 31,
20262025
Net unrealized losses on long-term investments at fair value
$(36)$(121)
The Company has unfunded commitments of $400 related to long-term investment securities at fair value as of March 31, 2026.
(c) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient
Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies as of March 31, 2026. The total carrying values of equity securities without readily determinable fair values that do not qualify for the NAV practical expedient were $6,118 as of March 31, 2026 and $6,150 as of December 31, 2025. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three months ended March 31, 2026 and 2025.
v3.26.1
EQUITY-METHOD INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY-METHOD INVESTMENTS EQUITY-METHOD INVESTMENTS
Equity-method investments consisted of the following:
March 31, 2026December 31, 2025
Ancillary services ventures$2,605 $2,205 

At March 31, 2026, the Company’s ownership percentages in these investments ranged from 5.4% to 50.0%. Due to the Company’s ability to exercise significant influence, but not control, related to these investments, the Company accounts for these investments under the equity-method of accounting.

VIE Consideration:
The Company has determined that the Company is not the primary beneficiary of any of its equity-method investments because it does not control the activities that most significantly impact the economic performance of each investment. The Company determined that the entities were VIEs but the Company was not the primary beneficiary. Therefore, the Company’s equity-method investments have been accounted for under the equity-method of accounting.

Maximum Exposure to Loss:
The Company’s maximum exposure to earnings or losses from its equity-method investments consists of the net carrying value of the investments adjusted for any future capital commitments and/or guarantee arrangements and was $2,605 as of March 31, 2026.
v3.26.1
NOTES PAYABLE AND OTHER OBLIGATIONS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
NOTES PAYABLE AND OTHER OBLIGATIONS NOTES PAYABLE AND OTHER OBLIGATIONS
7.0% Convertible Notes due 2029:
In connection with and upon consummation of the sale of the Company’s property management business (the “DEPM Sale”), on October 24, 2025, the Company repaid and redeemed all of its Convertible Notes for an aggregate payment of $95,000, including approximately $1,400 of accrued interest (the “Redemption”). The liens on the assets of the Company and the subsidiary guarantors were released upon Redemption. The Redemption was effected because the noteholders informed the Company that they were not willing to waive their contractual redemption rights with respect to the Convertible Notes but would agree to a redemption of the Convertible Notes in connection with the consummation of the DEPM Sale.
Embedded Derivative on the Convertible Debt:
A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s convertible debt that was fully settled in October 2025 is as follows:
Three Months Ended
March 31,
20262025
Convertible Notes$— $534 
Interest expense associated with embedded derivative
$— $534 
A summary of non-cash changes in fair value of the derivative embedded within convertible debt that was fully settled in October 2025 is as follows:
Three Months Ended
March 31,
20262025
Convertible Notes$— $746 
Loss on changes in fair value of the derivative embedded within convertible debt
$— $746 
Letters of Credit:
As of March 31, 2026 and December 31, 2025, the Company had outstanding $2,645 of letters of credit, collateralized by certificates of deposit. The letters of credit have been issued as security deposits for leases of office space.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Lease Commitments:
The Company leases office space under non-cancellable operating lease agreements. See Note 4. “Leases” to the Company’s condensed consolidated financial statements for further discussion.
Legal Matters:
The Company is involved in litigation in the normal course of its business and otherwise. Some claims are covered by the Company’s insurance policies in excess of any applicable retention. Other claims are not covered by the Company’s insurance policies, and the Company seeks contribution toward the payment of costs and expenses from agents for non-covered claims when applicable pursuant to the Company’s agent policies. The Company believes that the resolution of ordinary course matters will not have a material adverse effect on the financial position, results of operations or cash flows of the Company.
In October 2023, individual plaintiffs filed an action on behalf of a putative national class of home sellers from October 2019 through the present in the Western District of Missouri against the National Association of Realtors (“NAR”) and certain real estate brokerage firms, including the Company, alleging anticompetitive behavior in violation of federal antitrust laws arising from NAR’s requirement that sellers’ agents for Multiple Listing Service (“MLS”) listed properties offer to pay a portion of commissions received on the sale of such properties to buyers’ agents (the Gibson case).
Thereafter, additional litigation was filed by other plaintiffs on behalf of putative classes of home sellers from 2019 to the present against certain real estate brokerage firms, including the Company and/or its subsidiaries, alleging anticompetitive behavior, similar to the Gibson case: (i) the March case (November 2023 – Southern District of New York) – a putative class action on behalf of home sellers in Manhattan from November 2019 through the present; (ii) the Friedman case (January 2024 – Southern District of New York) – a putative class action on behalf of home sellers in certain parts of Brooklyn from January 2020 through present; (iii) the Umpa case (December 2023 - Western District of Missouri) – putative class action on behalf of home sellers nationwide (with certain markets excluded) from December 2019 through present, which has now been consolidated into the Gibson case; (iv) the Whaley case (January 2024 - District of Nevada) – putative class action on behalf of home sellers in Nevada from January 2020 through the present, and (v) the Boykin case (February 2024 - District of Nevada) –
putative class action on behalf of home sellers in Nevada from February 2020 through the present, which has now been consolidated into the Whaley case.

In April 2024, the Company entered into a settlement agreement (the “Gibson Settlement Agreement”) to resolve, on a nationwide basis, the Gibson and Umpa cases (the “Lawsuits”). On April 30, 2024, the Court in the Lawsuits preliminarily approved the settlement, preliminarily certified the proposed settlement class and stayed the cases against the Company pending final approval of the Gibson Settlement Agreement.

After preliminary approval, the Company obtained stays of the remaining actions against it, other than the Lutz case described below. The final approval hearing for the settlement took place on October 31, 2024, and on November 4, 2024, the Gibson Settlement Agreement received final court approval and became effective as of that date. The Gibson Settlement Agreement is currently being challenged on appeal in the U.S. Court of Appeals for the Eighth Circuit.

The settlement resolves all claims on a nationwide basis by the plaintiffs and proposed settlement class members in the Lawsuits, which includes, but is not limited to, all claims concerning brokerage commissions by the proposed settlement class members that were asserted in other lawsuits against the Company and its subsidiaries (collectively, the “Claims”), and releases the Company, its subsidiaries, and affiliated agents from all Claims. The settlement is not an admission of liability, nor does the Company concede or validate any of the claims asserted against it.

Under the Gibson Settlement Agreement, the Company paid $7,750 into an escrow fund on June 12, 2024, $5,000 into an escrow fund on December 29, 2025, and agreed to pay an additional $5,000 contingent payment subject to certain financial contingencies on or before December 31, 2027. The contingent payments may be accelerated under certain circumstances. The Company recognized the full $17,750 expense associated with the Gibson Settlement Agreement during the year ended December 31, 2024.

In addition, the Company agreed to make certain changes to its business practices and emphasize certain practices that have been a part of the Company’s longstanding policies and practices, including: reminding its brokerages and agents that the Company has no rule requiring agents to make or accept offers of compensation; requiring its brokerages and agents to clearly disclose to clients that commissions are not set by law and are fully negotiable; prohibiting its brokerages and buyer agents from claiming buyer agent services are free; requiring its brokerages and agents to disclose to the buyer the listing broker’s offer of compensation for prospective buyers’ agents as soon as possible; prohibiting its brokerages and agents from using any technology (or manual methods) to sort listings by offers of compensation, unless requested by the client; reminding its brokerages and agents of their obligation to show properties regardless of compensation for buyers’ agents for properties that meet the buyer’s priorities; and developing training materials for its brokerages and agents that support all the practice changes outlined in the injunctive relief.
While most of the industry-wide antitrust class action lawsuits launched by plaintiffs on behalf of a putative class of home sellers have been settled (although appeals challenging the settlements are still pending), including those against the Company, certain suits launched by plaintiffs on behalf of a putative class of home buyers are still pending. In November 2023, individual plaintiffs filed an action on behalf of a putative national class of home buyers from 1996 to the present in the Northern District of Illinois against certain real estate brokerage firms (the “Batton II case”), including the Company, alleging anticompetitive behavior similar to the now resolved Gibson case. In June 2024, plaintiffs voluntarily dismissed this action against the Company without prejudice. However, on June 11, 2024, plaintiffs’ counsel from the Batton II case added the Company as a defendant in the Lutz case pending in the U.S. District Court for the Southern District of Florida, No. 4:24-cv-10040 (KMM). This case was brought by individual plaintiffs who filed an action on behalf of a putative national class of home buyers from December 1996 through the present against certain real estate brokerage firms, alleging anticompetitive behavior in violation of federal antitrust laws, state antitrust and consumer protection laws, as well as asserting an unjust enrichment claim. The allegations and claims in the Lutz case are similar to the Batton II case. As this case was brought by a putative national class of home buyers, it is not subsumed within the Gibson Settlement Agreement resolving the antitrust actions brought by home sellers against the Company, except to the extent that the class includes home buyers who also are part of the home sellers settling class referenced above that released their claims as home buyers. On July 15, 2025, all of the Lutz plaintiffs’ claims against the Company were dismissed. The federal antitrust claim was dismissed with prejudice, and the state antitrust, consumer protection, and unjust enrichment claims were dismissed without prejudice with 21 days to replead. The Lutz plaintiffs filed their Third Amended Complaint on August 5, 2025, which the Company moved to dismiss. On April 17, 2026, the Court granted the Company’s motion to dismiss the claim that was made under California’s Unfair Competition Law, while the Court deferred ruling on the motion to dismiss as to antitrust standing and directed the parties to file supplemental briefing, and otherwise denied the Company’s motion to dismiss in all other respects.
In October 2025, the U.S. District Court for the Northern District of Illinois preliminarily approved a nationwide settlement entered by several real estate brokerage companies in Tuccori v. At World Properties, LLC, et al. (N.D. Ill.) (the “Tuccori case”), a case that consolidated certain purported class action lawsuits filed by home buyers. The settlement included an opt-in procedure pursuant to which other companies subject to similar home buyer antitrust claims could opt into the Tuccori settlement, subject to court approval. In April 2026, the Company opted into a settlement agreement (the “Tuccori Settlement Agreement”) with the purported class of home buyers in the Tuccori case, which is structured to resolve the claims asserted against the Company in, or arising from the same factual predicates as, the Lutz case. Although the Company was not a defendant in the Tuccori action, the opt‑in settlement releases the Company, its subsidiaries, and affiliated agents from the claims against it in the Lutz case. The settlement is not an admission of liability, nor does the Company concede or validate any of the claims asserted against it. The Tuccori Settlement Agreement provides for a monetary payment by the Company payable in installments over time. The Company also agreed to abide by the same business practice changes, and emphasize the same existing practices, previously agreed to by the Company in the Gibson Settlement Agreement, as described herein. The amount payable by the Company under the Tuccori Settlement Agreement was fully reserved at March 31, 2026.

The Tuccori Settlement Agreement is subject to court approval. Upon such approval, the Company expects the settlement to fully resolve the claims asserted against it in Lutz. Until such time, the Lutz action remains pending against the Company.

Two real estate salespersons formerly associated with the Company as independent contractors, have, together or separately, been named as defendants in multiple complaints by women accusing them of sexual assault and related wrongdoing, and in March 2026 they were convicted of criminal charges related to similar alleged conduct. On February 28, 2025, the former real estate salespersons and several other defendants, including the Company and its former Chief Executive Officer were named as defendants in one of these lawsuits, the Koste litigation in the Supreme Court of the State of New York. Plaintiffs have brought claims against the Company under the New York Gender-Motivated Violence Act and sex trafficking, negligence, and negligent hiring, retention, and supervision claims. The Company denies liability and is defending vigorously against these claims. The Company has filed motions to dismiss the claims against it, which will be heard by the court on June 25, 2026. On January 22, 2026, the former real estate salespersons and several other defendants, including the Company and its former Chief Executive Officer, were named as defendants in the Rodriguez litigation in the U.S. District Court for the Southern District of Florida, in which Plaintiff brought claims against the Company under federal sex trafficking and Florida human trafficking laws. On April 29, 2026, the plaintiff filed a stipulation voluntarily dismissing the Florida human trafficking claims. The federal trafficking claims remain. The Company denies liability and is defending vigorously against these claims.

On November 14, 2025, a Verified Stockholder Derivative Complaint, Barbara Strougo derivatively on behalf of Douglas Elliman, Inc. vs. Howard M. Lorber, et al. (the “Strougo Litigation”), was filed in the Court of Chancery of the State of Delaware (the “Chancery Court”) on behalf of the Company, as nominal defendant, against certain of the Company’s current and former directors and officers (the “Individual Defendants”). The complaint alleged breach-of-fiduciary duty claims against the Individual Defendants. The parties to the Strougo Litigation reached an agreement to settle the Strougo Litigation on the terms and conditions set forth in a Stipulation and Agreement of Compromise, Settlement, and Release that was filed with the Chancery Court on February 19, 2026 (the “Strougo Settlement Agreement”). The Strougo Settlement Agreement provides for the final dismissal of the Strougo Litigation in exchange for (i) a settlement payment to the Company of $17,500, subject to reductions for attorneys’ fees and expenses, in an amount to be determined by the Chancery Court and (ii) the implementation by the Company of certain corporate-governance enhancements and reforms. Certain of the Company’s insurers have agreed to fund the settlement. The Strougo Settlement Agreement remains subject to final Chancery Court approval. The Chancery Court is scheduled to hold a settlement fairness hearing related to the Strougo Settlement Agreement on June 29, 2026. No amounts relating to the proposed settlement have been recorded as of March 31, 2026.

Litigation is subject to uncertainties, and it is possible that there could be adverse developments in pending cases or that more cases, including antitrust lawsuits, could be commenced. With the commencement of any new case, the defense costs and the risks relating to the unpredictability of litigation increase. Legal defense costs are expensed as incurred. Management reviews on a quarterly basis with counsel all pending litigation and evaluates the probability of a loss being incurred and whether an estimate can be made of the possible loss or range of loss that could result from an unfavorable outcome. An unfavorable outcome or settlement of pending litigation could encourage the commencement of additional litigation. The Company is unable to reasonably estimate the financial impact of these litigation matters. For the three months ended March 31, 2026, the Company incurred legal expenses and settlement costs totaling $7,240 (included within “General and administrative expenses,” of which $3,710 is for settlement expenses, on the condensed consolidated statement of operations). For the three months ended March 31, 2025, the Company incurred legal expenses and settlement costs totaling $4,567 (included within “General and administrative expenses,” of which $208 is for settlement expenses, on the condensed consolidated statement of
operations). The Company’s condensed consolidated financial position, results of operations or cash flows could be materially adversely affected from an unfavorable outcome in, or settlement of, any of these matters.
Accounting Policy. The Company and its subsidiaries record provisions in their condensed consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
There was no income tax expense for the three months ended March 31, 2026 and 2025. Effective March 31, 2024, the Company established a valuation allowance for the full amount of deferred tax assets.

Calculation of provision for income taxes in interim periods. The Company calculates its provision for income taxes for interim reporting periods by estimating its annual effective income tax rate based on full year projections, which do not include the impact of discrete items. It then applies the annual effective income tax rate against year-to-date pretax income to record income tax expense and then adjusts its provision for income tax expense for any discrete items. There were no discrete items for the three months ended March 31, 2026 and 2025, respectively.
Income Taxes Paid
The table below presents amounts of income taxes paid, net of refunds, by jurisdiction:

Three Months Ended
March 31, 2026
U.S. Federal$— 
U.S. State and local1,152 
Total U.S.1,152 
Foreign— 
Total cash income taxes paid, net of refunds$1,152 
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s financial assets and liabilities subject to fair value measurements were as follows:
Fair Value Measurements as of March 31, 2026
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Gains (Losses)
Assets:
Money market funds (1)
$81,847 $81,847 $— $— 
Certificates of deposit (2)
162 — 162 — 
PropTech convertible trading debt securities1,229 — — 1,229 
Long-term investments
Long-term investment securities at fair value (3)
3,184 — — — 
Total long-term investments3,184 — — — 
    Total assets$86,422 $81,847 $162 $1,229 
`
_____________________________
(1)Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets, except for $4,522 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets within Other assets.
(2)$162 included in Other assets on the condensed consolidated balance sheets.
(3)In accordance with ASC Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements as of December 31, 2025
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Total Gains (Losses)
Assets:
Money market funds (1)
$108,372 $108,372 $— $— 
Certificates of deposit (2)
162 — 162 — 
Long-term investments
PropTech convertible trading debt securities
1,229 — — 1,229 
Long-term investment securities at fair value (3)
3,170 — — — 
Total long-term investments4,399 — — 1,229 
Total assets$112,933 $108,372 $162 $1,229 
Liabilities:
Fair value of the derivative embedded within convertible debt
— — — — (28,482)
Total liabilities
$— $— $— $— $(28,482)
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,716 that is included in current restricted assets and $2,483 that is included in non-current restricted assets within Other assets.
(2)$162 included in Other assets on the consolidated balance sheets.
(3)In accordance with ASC Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution.
The fair values of the Level 3 PropTech convertible trading debt securities were derived using a discounted cash flow model utilizing a probability-weighted expected return method based on the probabilities of different potential outcomes for the convertible trading debt securities.
The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient.
The fair value of the derivative embedded within the convertible debt and the fair value of the convertible debt itself was derived using a binomial lattice valuation model. The derivative had been classified as Level 3. A change in the fair value of the derivative embedded within the convertible debt was presented in the consolidated statements of operations. The value of the embedded derivative was contingent on changes in interest rates, the Company’s stock price, stock price volatility, and the Company’s dividend yield. The Company’s stock price, volatility, and dividend yield were based on market observable inputs. The interest rate component of the value of the note was computed by calibrating the yield as of the issuance date, such that the value of the convertible note was equal to the principal net of the original issue discount. This yield was adjusted by the change in spreads from the discount curve equivalent to the Company’s implied credit rating.
There were no changes in the fair value of the Level 3 assets for the three months ended March 31, 2026.

The unobservable inputs related to the valuation of the Level 3 assets were as follows as of March 31, 2026:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
March 31,
2026
Valuation Technique
Unobservable
Input		Range
(Actual)
PropTech convertible trading debt securities$1,229 Discounted cash flowInterest rate
5%
Maturity
 Feb 2027
Volatility54.10%
Discount rate
31.97%
The unobservable inputs related to the valuation of the Level 3 assets were as follows as of December 31, 2025:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2025		Valuation TechniqueUnobservable
Input		Range
(Actual)
PropTech convertible trading debt securities$1,229 Discounted cash flowInterest rate
5%
Maturity
Feb 2027
Volatility
54.10%
Discount rate
31.97%
There were no Level 3 liabilities as of March 31, 2026 and December 31, 2025 at fair value to be measured due to repayment of the Convertible Notes. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis because of impairment charges. The Company had no nonrecurring nonfinancial assets or liabilities subject to fair value measurements as of March 31, 2026 and December 31, 2025.
v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is managed as a single operating and reporting segment and its CODM evaluates the operating results and revenue of the Company to make decisions. Consequently, the measure of segment profit or loss is the condensed consolidated net income (loss). The measure of segment assets is reported on the Company’s condensed consolidated balance sheets.
Financial information for the Company’s revenue and expenses for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
20262025
Total Revenue
$214,333 $253,403 
Operating expenses:
Real estate agent commissions
167,391 186,525 
Sales and marketing
17,737 19,739 
Operations and support
16,240 17,728 
General and administrative
23,192 27,325 
Technology
5,238 5,535 
Depreciation and amortization
1,999 1,900 
Restructuring
47 — 
Operating loss
(17,511)(5,349)
Other income (expenses):
Interest expense(3)(1,530)
Interest income890 1,361 
Equity in earnings from equity-method investments
388 2 
Change in fair value of the derivative embedded within convertible debt
— (746)
Investment and other losses
(40)(22)
Loss before provision for income tax
(16,276)(6,284)
Income tax expense— — 
Net loss(16,276)(6,284)
Net loss attributed to non-controlling interest
— 299 
Net loss attributed to Douglas Elliman Inc.$(16,276)$(5,985)
For the three months ended March 31, 2026, $1,099 of stock-based compensation is included within General and administrative expenses and $69 is included within Operations and support expenses on the condensed consolidated statements of operations. For the three months ended March 31, 2025, $1,770 of stock-based compensation is included within General and administrative expenses and $265 is included within Operations and support expenses on the condensed consolidated statements of operations.
The Company’s identifiable assets and capital expenditures for March 31, 2026 and December 31, 2025 were as follows:

Three Months Ended March 31, 2026
Identifiable assets
$435,214 
Capital expenditures$259 
Year Ended December 31, 2025
Identifiable assets
$444,409 
Capital expenditures$3,353 
v3.26.1
ESCROW FUNDS IN HOLDING
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
ESCROW FUNDS IN HOLDING ESCROW FUNDS IN HOLDING
As a service to its customers, Portfolio Escrow Inc., a subsidiary of the Company, administers escrow and trust deposits which represent undisbursed amounts received for the settlement of real estate transactions. Deposits at FDIC-insured institutions are insured up to $250. Portfolio Escrow Inc. had escrow funds on deposit in the amount of $38,435 and $36,283 as of March 31, 2026 and December 31, 2025, respectively, and corresponding escrow funds in holding of the same amount. While these deposits are not assets of the Company (and, therefore, are excluded from the accompanying condensed consolidated balance sheets), the subsidiary of the Company remains contingently liable for the disposition of these assets.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation:
Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) is engaged in the real estate services business. The condensed consolidated financial statements of Douglas Elliman include the accounts of DER Holdings LLC and DOUG Ventures, LLC (“DOUG Ventures”), a directly and an indirectly wholly owned subsidiary of the Company, respectively. DER Holdings LLC owns Douglas Elliman Realty, LLC and Douglas Elliman of California, Inc., which are engaged in the residential real estate brokerage business with their subsidiaries. The operations of DOUG Ventures consist of minority investments in innovative and cutting-edge PropTech companies.
Certain references to “Douglas Elliman Realty” refer to the Company’s residential real estate brokerage business, including the operations of Douglas Elliman Realty, LLC and Douglas Elliman of California Inc., unless otherwise specified.
The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. References to U.S. GAAP issued by the Financial Accounting Standards Board (“FASB”) are to the FASB Accounting Standards Codification, also referred to as the “Codification” or “ASC.” These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), filed with the Securities and Exchange Commission (“SEC”). The condensed consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
In presenting the condensed consolidated financial statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates.
Principles of Consolidation Principles of Consolidation:
The condensed consolidated financial statements include the assets, liabilities, revenues, expenses and cash flows of DER Holdings LLC and DOUG Ventures, as well as all other entities in which Douglas Elliman has a controlling financial interest. All intercompany balances and transactions have been eliminated in the condensed consolidated financial statements.
When evaluating an entity for consolidation, Douglas Elliman first determines whether an entity is within the scope of the guidance for consolidation of variable interest entities (“VIE”) and if it is deemed to be a VIE. If the entity is considered to be a VIE, Douglas Elliman determines whether it would be considered the entity’s primary beneficiary. Douglas Elliman consolidates those VIEs for which it has determined that it is the primary beneficiary. Additionally, Douglas Elliman will consolidate an entity that is not deemed a VIE upon a determination that it has a controlling financial interest. If Douglas Elliman determines it does not have a controlling financial interest in an entity that is a VIE, it does not consolidate the entity. For entities where Douglas Elliman does not have a controlling financial interest, the investments in such entities are classified as available-for-sale securities or accounted for using the equity or cost method, as appropriate.
Estimates and Assumptions Estimates and Assumptions:
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates, by their nature, are based on judgments and available information and are subject to material changes. These estimates include impairment charges and valuation of intangible assets. Accordingly, actual results could differ from such estimates.
Loss Per Share (“EPS”) Loss Per Share (“EPS”):The Company has restricted stock awards which will provide dividends at the same rate as paid on the common stock with respect to the shares underlying the restricted stock awards. These outstanding restricted stock awards represent participating securities under authoritative guidance. The participating securities holders do not participate in the Company’s net losses. There were no outstanding non-participating securities during the three months ended March 31, 2026 and 2025.
Reconciliation of Cash, Cash Equivalents and Restricted Cash Reconciliation of Cash, Cash Equivalents and Restricted Cash:Restricted cash amounts in current assets and included in other assets represent cash and cash equivalents required to be deposited into escrow for amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets:
Goodwill and intangible assets with indefinite lives are not amortized, and are tested for impairment on an annual basis, as of October 1, or whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. The Company follows ASC 350, Intangibles – Goodwill and Other, and subsequent updates including ASU 2011-08, Testing Goodwill for Impairment and ASU 2017-14, Simplifying the Test for Goodwill Impairment. The amendments permit entities to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying value or chooses to bypass the optional qualitative assessment, the Company then assesses recoverability by comparing the fair value of the reporting unit to its carrying amount; otherwise, no further impairment test would be required.
In the three months ended March 31, 2026, the Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment performed the Company concluded that it is not more likely than not that a reporting unit’s fair value is less than its carrying value and determined no further impairment test would be required for March 31, 2026.
Subsequent Events Subsequent Events:
The Company has evaluated subsequent events through May 11, 2026, the date the financial statements were issued.
New Accounting Pronouncements New Accounting Pronouncements:
ASUs to be adopted in future periods:
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses. The ASU requires enhanced disclosures around disaggregation of certain income statement expense lines into specified categories. The new standard is effective on a prospective basis for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the year ended December 31, 2027.
In September 2025, the FASB issued ASU 2025-06, Intangibles, Goodwill and Other, Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software under ASC 350-40 by aligning it with current development practices, especially agile and iterative methods. ASU 2025-06 clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. ASU 2025-06 is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the period ending March 31, 2028.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements. This ASU improves clarity for interim financial reporting requirements under the existing guidance within Accounting Standards Codification ("ASC") Topic 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. ASU 2025-11 is effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the period ending March 31, 2028.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The purpose of this ASU is to make incremental improvements to U.S. GAAP. The improvements include Codification updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and anticipates adopting the standard in the period ending March 31, 2027.
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Net Income for Purposes of Determining Basic and Diluted EPS
Three Months Ended
March 31,
20262025
Net loss attributed to Douglas Elliman Inc.$(16,276)$(5,985)
Income attributable to participating securities— — 
Net loss available to common stockholders attributed to Douglas Elliman Inc.$(16,276)$(5,985)
Schedule of Basic and Diluted EPS Calculation Shares
Basic and diluted EPS were calculated using the following shares of common stock for the periods presented below:
Three Months Ended
March 31,
20262025
Weighted-average shares for basic and diluted EPS85,633,730 84,369,811 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share The following was outstanding during the three months ended March 31, 2025, but was not included in the computation of diluted EPS because the effect was anti-dilutive:
Three Months Ended
March 31,
20262025
Weighted-average number of shares issuable upon conversion of debt— 33,333,333 
 Weighted-average conversion price$— $1.50 
Schedule of Components of Cash, Cash Equivalents and Restricted Cash
The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:
March 31,
2026		December 31,
2025
Cash and cash equivalents$95,971 $115,510 
Restricted cash and cash equivalents in current assets4,522 4,716 
Restricted cash and cash equivalents included in other assets2,483 2,483 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$102,976 $122,709 
Schedule of Investment And Other Losses
Investment and other losses consist of the following:
Three Months Ended
March 31,
20262025
Net unrealized losses on long-term investments at fair value
(36)(121)
Net (losses) gains on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient
(4)78 
Other income— 21 
Investment and other losses
$(40)$(22)
v3.26.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
In the following tables, revenue is disaggregated by major services line and primary geographical market:
Three Months Ended March 31, 2026
Total
New York CityNortheastSoutheastWest
International
Revenues:
Commission and other brokerage income - existing home sales$197,866 $51,491 $39,251 $73,264 $33,786 $74 
Commission and other brokerage income - development marketing14,015 9,221 — 4,321 473 — 
Other ancillary services
2,452 10 — 1 2,441 — 
Total revenue$214,333 $60,722 $39,251 $77,586 $36,700 $74 
Three Months Ended March 31, 2025
Total
New York CityNortheastSoutheastWest
International
Revenues:
Commission and other brokerage income - existing home sales$220,007 $66,217 $42,995 $69,399 $41,396 $— 
Commission and other brokerage income - development marketing21,136 8,170 152 12,374 440 — 
Property management revenue9,492 9,282 210 — — — 
Other ancillary services
2,768 76 8 — 2,684 — 
Total revenue$253,403 $83,745 $43,365 $81,773 $44,520 $— 
Schedule of Contract Balances
The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
March 31,
2026		December 31,
2025
Receivables, which are included in receivables$3,198 $3,141 
Contract assets, net, which are included in other current assets9,067 8,775 
Contract assets, net, non-current51,313 46,735 
Payables, which are included in commissions payable2,322 2,237 
Contract liabilities, current16,615 15,966 
Contract liabilities, non-current81,841 74,946 
v3.26.1
CURRENT EXPECTED CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
Schedule of Rollforward of Allowance for Credit Losses
The following table summarizes changes in the allowance for credit losses for the three months ended March 31, 2026:
January 1,
2026		Current Period ProvisionWrite-offsRecoveriesMarch 31,
2026
Allowance for credit losses:
Real estate broker agent receivables$4,746 $867 (1)$227 $— $5,386 
_____________________________
(1) The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s condensed consolidated statements of operations.
The following table summarizes changes in the allowance for credit losses for the three months ended March 31, 2025:
January 1,
2025		Current Period ProvisionWrite-offsRecoveriesMarch 31,
2025
Allowance for credit losses:
Real estate broker agent receivables$4,783 $1,180 (1)$552 $— $5,411 
_____________________________
(1) The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s condensed consolidated statements of operations.
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Expense and Supplemental Cash Flow Information The components of lease expense were as follows:
Three Months Ended
March 31,
20262025
Operating lease cost$6,731 $7,358 
Short-term lease cost219 158 
Variable lease cost1,066 1,257 
Less: Sublease income(198)(16)
Total lease cost$7,818 $8,757 
Supplemental cash flow information related to leases was as follows:
Three Months Ended
March 31,
20262025
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases$7,310 $8,066 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$3,978 $505 
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows:
March 31,December 31,
20262025
Weighted average remaining lease term in years:
Operating leases5.015.18
Weighted average discount rate:
Operating leases8.62 %8.66 %
Schedule of Maturities of Operating Lease Liabilities As of March 31, 2026, maturities of lease liabilities were as follows:
Operating Leases
Period Ending December 31: 
Remainder of 2026
$21,929 
2027
26,504 
2028
24,014 
2029
19,548 
2030
14,425 
2031
10,262 
Thereafter9,157 
Total lease payments125,839 
 Less imputed interest(24,043)
Total$101,796 
v3.26.1
LONG-TERM INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Long-term Investment Securities
Long-term investments consisted of the following:
March 31,
2026		December 31,
2025
PropTech convertible trading debt securities$1,229 $1,229 
Long-term investment securities at fair value (1)
3,184 3,170 
PropTech investments at cost6,118 6,150 
PropTech investments under equity-method
955 825 
Total investments11,486 11,374 
Less PropTech current convertible trading debt securities (2)
1,229 — 
Less PropTech investments accounted for under the equity-method (3)
955 825 
Total long-term investments$9,302 $10,549 
_____________________________
(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.
(2) These amounts are included in “Other current assets” on the condensed consolidated balance sheets.
(3) These amounts are included in “Equity-method investments” on the condensed consolidated balance sheets.
Net realized and unrealized (losses) gains on long-term investment securities were as follows:
Three Months Ended
March 31,
20262025
Net unrealized losses on long-term investments at fair value
(36)(121)
Net (losses) gains on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient
(4)78 
Net realized and unrealized losses on long-term investment securities
$(40)$(43)
Schedule of Unrealized and Realized Losses
The following is a summary of net unrealized losses on long-term investment securities at fair value during the three months ended March 31, 2026 and 2025, respectively:
Three Months Ended
March 31,
20262025
Net unrealized losses on long-term investments at fair value
$(36)$(121)
v3.26.1
EQUITY-METHOD INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Equity-method investments consisted of the following:
March 31, 2026December 31, 2025
Ancillary services ventures$2,605 $2,205 
v3.26.1
NOTES PAYABLE AND OTHER OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Interest Expense
A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s convertible debt that was fully settled in October 2025 is as follows:
Three Months Ended
March 31,
20262025
Convertible Notes$— $534 
Interest expense associated with embedded derivative
$— $534 
A summary of non-cash changes in fair value of the derivative embedded within convertible debt that was fully settled in October 2025 is as follows:
Three Months Ended
March 31,
20262025
Convertible Notes$— $746 
Loss on changes in fair value of the derivative embedded within convertible debt
$— $746 
v3.26.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Taxes Paid, Net of Refunds, by Jurisdiction
The table below presents amounts of income taxes paid, net of refunds, by jurisdiction:

Three Months Ended
March 31, 2026
U.S. Federal$— 
U.S. State and local1,152 
Total U.S.1,152 
Foreign— 
Total cash income taxes paid, net of refunds$1,152 
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements
The Company’s financial assets and liabilities subject to fair value measurements were as follows:
Fair Value Measurements as of March 31, 2026
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Gains (Losses)
Assets:
Money market funds (1)
$81,847 $81,847 $— $— 
Certificates of deposit (2)
162 — 162 — 
PropTech convertible trading debt securities1,229 — — 1,229 
Long-term investments
Long-term investment securities at fair value (3)
3,184 — — — 
Total long-term investments3,184 — — — 
    Total assets$86,422 $81,847 $162 $1,229 
`
_____________________________
(1)Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets, except for $4,522 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets within Other assets.
(2)$162 included in Other assets on the condensed consolidated balance sheets.
(3)In accordance with ASC Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements as of December 31, 2025
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Total Gains (Losses)
Assets:
Money market funds (1)
$108,372 $108,372 $— $— 
Certificates of deposit (2)
162 — 162 — 
Long-term investments
PropTech convertible trading debt securities
1,229 — — 1,229 
Long-term investment securities at fair value (3)
3,170 — — — 
Total long-term investments4,399 — — 1,229 
Total assets$112,933 $108,372 $162 $1,229 
Liabilities:
Fair value of the derivative embedded within convertible debt
— — — — (28,482)
Total liabilities
$— $— $— $— $(28,482)
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,716 that is included in current restricted assets and $2,483 that is included in non-current restricted assets within Other assets.
(2)$162 included in Other assets on the consolidated balance sheets.
(3)In accordance with ASC Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities
The unobservable inputs related to the valuation of the Level 3 assets were as follows as of March 31, 2026:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
March 31,
2026
Valuation Technique
Unobservable
Input		Range
(Actual)
PropTech convertible trading debt securities$1,229 Discounted cash flowInterest rate
5%
Maturity
 Feb 2027
Volatility54.10%
Discount rate
31.97%
The unobservable inputs related to the valuation of the Level 3 assets were as follows as of December 31, 2025:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2025		Valuation TechniqueUnobservable
Input		Range
(Actual)
PropTech convertible trading debt securities$1,229 Discounted cash flowInterest rate
5%
Maturity
Feb 2027
Volatility
54.10%
Discount rate
31.97%
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company's Operations Before Taxes
Financial information for the Company’s revenue and expenses for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
20262025
Total Revenue
$214,333 $253,403 
Operating expenses:
Real estate agent commissions
167,391 186,525 
Sales and marketing
17,737 19,739 
Operations and support
16,240 17,728 
General and administrative
23,192 27,325 
Technology
5,238 5,535 
Depreciation and amortization
1,999 1,900 
Restructuring
47 — 
Operating loss
(17,511)(5,349)
Other income (expenses):
Interest expense(3)(1,530)
Interest income890 1,361 
Equity in earnings from equity-method investments
388 2 
Change in fair value of the derivative embedded within convertible debt
— (746)
Investment and other losses
(40)(22)
Loss before provision for income tax
(16,276)(6,284)
Income tax expense— — 
Net loss(16,276)(6,284)
Net loss attributed to non-controlling interest
— 299 
Net loss attributed to Douglas Elliman Inc.$(16,276)$(5,985)
The Company’s identifiable assets and capital expenditures for March 31, 2026 and December 31, 2025 were as follows:

Three Months Ended March 31, 2026
Identifiable assets
$435,214 
Capital expenditures$259 
Year Ended December 31, 2025
Identifiable assets
$444,409 
Capital expenditures$3,353 
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Income for Purposes of Determining Basic and Diluted EPS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Net loss attributed to Douglas Elliman Inc. $ (16,276) $ (5,985)
Income attributable to participating securities, basic 0 0
Income attributable to participating securities, diluted 0 0
Net loss available to common stockholders attributed to Douglas Elliman Inc. - basic (16,276) (5,985)
Net loss available to common stockholders attributed to Douglas Elliman Inc. - diluted $ (16,276) $ (5,985)
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Basic and Diluted EPS Calculation Shares (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Weighted-average shares for basic EPS (in shares) 85,633,730 84,369,811
Weighted-average shares for diluted EPS (in shares) 85,633,730 84,369,811
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Weighted-average number of shares issuable upon conversion of debt (in shares) 0 33,333,333
Weighted-average conversion price (in dollars per share) $ 0 $ 1.50
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Components of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 95,971 $ 115,510    
Restricted cash and cash equivalents in current assets 4,522 4,716    
Restricted cash and cash equivalents included in other assets 2,483 2,483    
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 102,976 $ 122,709 $ 145,385 $ 142,221
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Thousands
Jan. 01, 2026
Mar. 31, 2026
Real Estate Associates of Houston LLC    
Summary of Significant Accounting Policies [Line Items]    
Purchase price $ 100  
Ownership 100.00%  
Senior Secured Convertible Notes Due July 2029 | Convertible Debt    
Summary of Significant Accounting Policies [Line Items]    
Interest rate   7.00%
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investment And Other Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Net unrealized losses on long-term investments at fair value $ (36) $ (121)
Net (losses) gains on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient (4) 78
Other income 0 21
Investment and other losses $ (40) $ (22)
v3.26.1
REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenue $ 214,333 $ 253,403
New York City    
Disaggregation of Revenue [Line Items]    
Total revenue 60,722 83,745
Northeast    
Disaggregation of Revenue [Line Items]    
Total revenue 39,251 43,365
Southeast    
Disaggregation of Revenue [Line Items]    
Total revenue 77,586 81,773
West    
Disaggregation of Revenue [Line Items]    
Total revenue 36,700 44,520
International    
Disaggregation of Revenue [Line Items]    
Total revenue 74 0
Commission and other brokerage income - existing home sales    
Disaggregation of Revenue [Line Items]    
Total revenue 197,866 220,007
Commission and other brokerage income - existing home sales | New York City    
Disaggregation of Revenue [Line Items]    
Total revenue 51,491 66,217
Commission and other brokerage income - existing home sales | Northeast    
Disaggregation of Revenue [Line Items]    
Total revenue 39,251 42,995
Commission and other brokerage income - existing home sales | Southeast    
Disaggregation of Revenue [Line Items]    
Total revenue 73,264 69,399
Commission and other brokerage income - existing home sales | West    
Disaggregation of Revenue [Line Items]    
Total revenue 33,786 41,396
Commission and other brokerage income - existing home sales | International    
Disaggregation of Revenue [Line Items]    
Total revenue 74 0
Commission and other brokerage income - development marketing    
Disaggregation of Revenue [Line Items]    
Total revenue 14,015 21,136
Commission and other brokerage income - development marketing | New York City    
Disaggregation of Revenue [Line Items]    
Total revenue 9,221 8,170
Commission and other brokerage income - development marketing | Northeast    
Disaggregation of Revenue [Line Items]    
Total revenue 0 152
Commission and other brokerage income - development marketing | Southeast    
Disaggregation of Revenue [Line Items]    
Total revenue 4,321 12,374
Commission and other brokerage income - development marketing | West    
Disaggregation of Revenue [Line Items]    
Total revenue 473 440
Commission and other brokerage income - development marketing | International    
Disaggregation of Revenue [Line Items]    
Total revenue 0 0
Property management revenue    
Disaggregation of Revenue [Line Items]    
Total revenue   9,492
Property management revenue | New York City    
Disaggregation of Revenue [Line Items]    
Total revenue   9,282
Property management revenue | Northeast    
Disaggregation of Revenue [Line Items]    
Total revenue   210
Property management revenue | Southeast    
Disaggregation of Revenue [Line Items]    
Total revenue   0
Property management revenue | West    
Disaggregation of Revenue [Line Items]    
Total revenue   0
Property management revenue | International    
Disaggregation of Revenue [Line Items]    
Total revenue   0
Other ancillary services    
Disaggregation of Revenue [Line Items]    
Total revenue 2,452 2,768
Other ancillary services | New York City    
Disaggregation of Revenue [Line Items]    
Total revenue 10 76
Other ancillary services | Northeast    
Disaggregation of Revenue [Line Items]    
Total revenue 0 8
Other ancillary services | Southeast    
Disaggregation of Revenue [Line Items]    
Total revenue 1 0
Other ancillary services | West    
Disaggregation of Revenue [Line Items]    
Total revenue 2,441 2,684
Other ancillary services | International    
Disaggregation of Revenue [Line Items]    
Total revenue $ 0 $ 0
v3.26.1
REVENUE RECOGNITION - Schedule of Contract Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract assets, net, non-current $ 51,313 $ 46,735
Contract liabilities, current 16,615 15,966
Contract liabilities, non-current 81,841 74,946
Receivable    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract assets, net, which are included in other current assets 3,198 3,141
Other current assets    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract assets, net, which are included in other current assets 9,067 8,775
Other Current Liabilities    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract liabilities, current 2,322 2,237
Current liabilities    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract liabilities, current $ 16,615 $ 15,966
v3.26.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Revenue recognized on contract liabilities $ 2,972 $ 6,381
v3.26.1
CURRENT EXPECTED CREDIT LOSSES - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Real estate broker agent receivables        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Estimated credit losses $ 5,386 $ 4,746 $ 5,411 $ 4,783
v3.26.1
CURRENT EXPECTED CREDIT LOSSES - Schedule of Rollforward of Allowance for Credit Losses (Details) - Real estate broker agent receivables - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 4,746 $ 4,783
Current Period Provision 867 1,180
Write-offs 227 552
Recoveries 0 0
Ending balance $ 5,386 $ 5,411
v3.26.1
LEASES - Schedule of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 6,731 $ 7,358
Short-term lease cost 219 158
Variable lease cost 1,066 1,257
Less: Sublease income (198) (16)
Total lease cost 7,818 8,757
Cash paid for amounts included in measurement of lease liabilities:    
Operating cash flows from operating leases 7,310 8,066
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases $ 3,978 $ 505
v3.26.1
LEASES - Schedule of Supplemental Balance Sheet Information (Details)
Mar. 31, 2026
Dec. 31, 2025
Weighted average remaining lease term in years:    
Operating leases 5 years 3 days 5 years 2 months 4 days
Weighted average discount rate:    
Operating leases 8.62% 8.66%
v3.26.1
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Operating Leases  
Remainder of 2026 $ 21,929
2027 26,504
2028 24,014
2029 19,548
2030 14,425
2031 10,262
Thereafter 9,157
Total lease payments 125,839
Less imputed interest (24,043)
Total $ 101,796
v3.26.1
LONG-TERM INVESTMENTS - Schedule of Long-term Investment Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
PropTech convertible trading debt securities $ 1,229 $ 1,229
Long-term investment securities at fair value 3,184 3,170
PropTech investments at cost 6,118 6,150
PropTech investments under equity-method 955 825
Total investments 11,486 11,374
Less PropTech current convertible trading debt securities 1,229 0
Less PropTech investments accounted for under the equity method 955 825
Total long-term investments $ 9,302 $ 10,549
v3.26.1
LONG-TERM INVESTMENTS - Schedule of Net Realized and Unrealized Gains (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Net unrealized losses on long-term investments at fair value $ (36) $ (121)
Net (losses) gains on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient (4) 78
Net realized and unrealized losses on long-term investment securities $ (40) $ (43)
v3.26.1
LONG-TERM INVESTMENTS - Schedule of Unrealized and Realized Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Net unrealized losses on long-term investments at fair value $ (36) $ (121)
v3.26.1
LONG-TERM INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Unfunded commitments $ 400  
PropTech investments at cost $ 6,118 $ 6,150
v3.26.1
EQUITY-METHOD INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]    
Equity-method investments $ 2,605 $ 2,205
Ancillary services ventures    
Schedule of Equity Method Investments [Line Items]    
Equity-method investments $ 2,605 $ 2,205
v3.26.1
EQUITY-METHOD INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Maximum exposure on guarantees $ 2,605 $ 2,205
Ancillary services ventures    
Schedule of Investments [Line Items]    
Maximum exposure on guarantees $ 2,605 $ 2,205
Minimum | Ancillary services ventures    
Schedule of Investments [Line Items]    
Equity-method ownership percentage 5.40%  
Maximum | Ancillary services ventures    
Schedule of Investments [Line Items]    
Equity-method ownership percentage 50.00%  
v3.26.1
NOTES PAYABLE AND OTHER OBLIGATIONS - Narrative (Details) - USD ($)
$ in Thousands
Oct. 24, 2025
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]      
Outstanding letters of credit   $ 2,645 $ 2,645
Senior Secured Convertible Notes Due July 2029 | Convertible Debt      
Debt Instrument [Line Items]      
Interest rate   7.00%  
Aggregate payment $ 95,000    
Accrued interest $ 1,400    
v3.26.1
NOTES PAYABLE AND OTHER OBLIGATIONS - Schedule of Debt Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Loss on changes in fair value of the derivative embedded within convertible debt $ 0 $ (746)
Embedded Derivative Financial Instruments    
Debt Instrument [Line Items]    
Interest expense associated with embedded derivative 0 534
Loss on changes in fair value of the derivative embedded within convertible debt 0 746
Embedded Derivative Financial Instruments | Senior Secured Convertible Notes Due July 2029 | Convertible Debt    
Debt Instrument [Line Items]    
Interest expense associated with embedded derivative 0 534
Loss on changes in fair value of the derivative embedded within convertible debt $ 0 $ 746
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 29, 2025
USD ($)
Nov. 14, 2025
USD ($)
Jun. 12, 2024
USD ($)
Apr. 30, 2024
USD ($)
Mar. 31, 2026
USD ($)
defendant
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]              
Legal expenses and settlement costs         $ 7,240 $ 4,567  
Legal fees         $ 3,710 $ 208  
Settled Litigation              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded from other party   $ 17,500          
Independent Contractors Formerly Associated With Douglas Elliman Inc.              
Loss Contingencies [Line Items]              
Number of defendants | defendant         2    
Gibson and Umpa              
Loss Contingencies [Line Items]              
Settlement award $ 5   $ 7,750        
Contingent payments       $ 5,000      
Recognized expense             $ 17,750
v3.26.1
INCOME TAXES - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense $ 0 $ 0
v3.26.1
INCOME TAXES - Schedule of Income Taxes Paid, Net of Refunds, by Jurisdiction (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]  
U.S. Federal $ 0
U.S. State and local 1,152
Foreign 0
Total cash income taxes paid, net of refunds 1,152
U.S.  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Total cash income taxes paid, net of refunds $ 1,152
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2025
Assets:        
PropTech convertible trading debt securities $ 1,229     $ 1,229
Long-term investments        
Long-term investment securities at fair value 3,184     3,170
Total long-term investments 3,184     3,170
Liabilities:        
Loss on changes in fair value of the derivative embedded within convertible debt 0 $ (746)    
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds        
Liabilities:        
Current restricted assets 4,522     4,716
Non-current restricted assets 2,483     2,483
Recurring        
Assets:        
Debt Securities, Trading, Noncurrent       1,229
PropTech convertible trading debt securities 1,229      
Long-term investments        
Long-term investment securities at fair value 3,184     3,170
Total long-term investments 3,184     4,399
Total assets 86,422     112,933
Liabilities:        
Fair value of the derivative embedded within convertible debt       0
Total       0
Loss on changes in fair value of the derivative embedded within convertible debt     $ (28,482)  
Recurring | Money Market Funds        
Assets:        
Cash and cash equivalents 81,847     108,372
Recurring | Certificates of Deposit        
Assets:        
Cash and cash equivalents 162     162
Recurring | Certificates of Deposit | Other Noncurrent Assets        
Assets:        
Cash and cash equivalents 162     162
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)        
Assets:        
Debt Securities, Trading, Noncurrent       0
PropTech convertible trading debt securities 0      
Long-term investments        
Long-term investment securities at fair value 0     0
Total long-term investments 0     0
Total assets 81,847     108,372
Liabilities:        
Fair value of the derivative embedded within convertible debt       0
Total       0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds        
Assets:        
Cash and cash equivalents 81,847     108,372
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of Deposit        
Assets:        
Cash and cash equivalents 0     0
Recurring | Significant Other Observable Inputs (Level 2)        
Assets:        
Debt Securities, Trading, Noncurrent       0
PropTech convertible trading debt securities 0      
Long-term investments        
Long-term investment securities at fair value 0     0
Total long-term investments 0     0
Total assets 162     162
Liabilities:        
Fair value of the derivative embedded within convertible debt       0
Total       0
Recurring | Significant Other Observable Inputs (Level 2) | Money Market Funds        
Assets:        
Cash and cash equivalents 0     0
Recurring | Significant Other Observable Inputs (Level 2) | Certificates of Deposit        
Assets:        
Cash and cash equivalents 162     162
Recurring | Significant Unobservable Inputs (Level 3)        
Assets:        
Debt Securities, Trading, Noncurrent       1,229
PropTech convertible trading debt securities 1,229      
Long-term investments        
Long-term investment securities at fair value 0     0
Total long-term investments 0     1,229
Total assets 1,229     1,229
Liabilities:        
Fair value of the derivative embedded within convertible debt       0
Total       0
Recurring | Significant Unobservable Inputs (Level 3) | Money Market Funds        
Assets:        
Cash and cash equivalents 0     0
Recurring | Significant Unobservable Inputs (Level 3) | Certificates of Deposit        
Assets:        
Cash and cash equivalents $ 0     $ 0
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
PropTech convertible trading debt securities $ 1,229 $ 1,229
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
PropTech convertible trading debt securities 1,229  
Significant Unobservable Inputs (Level 3) | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
PropTech convertible trading debt securities 1,229  
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
PropTech convertible trading debt securities $ 1,229 $ 1,229
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities | Interest rate | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible trading debt securities input 0.05 0.05
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities | Volatility | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible trading debt securities input 0.5410 0.5410
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities | Discount rate | Discounted cash flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible trading debt securities input 0.3197 0.3197
v3.26.1
SEGMENT INFORMATION - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Segment Reporting Information [Line Items]    
Number of operating segment | segment 1  
Number of reporting segment | segment 1  
General and Administrative Expense    
Segment Reporting Information [Line Items]    
Stock-based compensation | $ $ 69 $ 265
Cost of Sales    
Segment Reporting Information [Line Items]    
Stock-based compensation | $ $ 1,099 $ 1,770
v3.26.1
SEGMENT INFORMATION - Schedule of Financial Information for the Company's Operations Before Taxes (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Total revenues $ 214,333,000 $ 253,403,000  
Operating expenses:      
Sales and marketing 17,737,000 19,739,000  
General and administrative 23,192,000 27,325,000  
Technology 5,238,000 5,535,000  
Depreciation and amortization 1,999,000 1,900,000  
Restructuring 47,000 0  
Operating loss (17,511,000) (5,349,000)  
Interest expense (3,000) (1,530,000)  
Interest income 890,000 1,361,000  
Equity in earnings from equity-method investments 388,000 2,000  
Change in fair value of the derivative embedded within convertible debt 0 (746,000)  
Investment and other losses (40,000) (22,000)  
Loss before provision for income taxes (16,276,000) (6,284,000)  
Income tax expense 0 0  
Net loss (16,276,000) (6,284,000)  
Net loss attributed to non-controlling interest 0    
Net loss attributed to Douglas Elliman Inc. (16,276,000) (5,985,000)  
Identifiable assets 435,214,000   $ 444,409,000
Capital expenditures 259,000   $ 3,353,000
Real estate agent commissions      
Operating expenses:      
Costs related to sales 167,391,000 186,525,000  
Operations and support      
Operating expenses:      
Costs related to sales 16,240,000 17,728,000  
One Reportable Segment      
Segment Reporting Information [Line Items]      
Total revenues 214,333,000 253,403,000  
Operating expenses:      
Sales and marketing 17,737,000 19,739,000  
General and administrative 23,192,000 27,325,000  
Technology 5,238,000 5,535,000  
Depreciation and amortization 1,999,000 1,900,000  
Restructuring 47,000 0  
Operating loss (17,511,000) (5,349,000)  
Interest expense (3,000) (1,530,000)  
Interest income 890,000 1,361,000  
Equity in earnings from equity-method investments 388,000 2,000  
Change in fair value of the derivative embedded within convertible debt 0 (746,000)  
Investment and other losses (40,000) (22,000)  
Loss before provision for income taxes (16,276,000) (6,284,000)  
Income tax expense 0 0  
Net loss (16,276,000) (6,284,000)  
Net loss attributed to non-controlling interest 0 299,000  
Net loss attributed to Douglas Elliman Inc. (16,276,000) (5,985,000)  
One Reportable Segment | Real estate agent commissions      
Operating expenses:      
Costs related to sales 167,391,000 186,525,000  
One Reportable Segment | Operations and support      
Operating expenses:      
Costs related to sales $ 16,240,000 $ 17,728,000  
v3.26.1
ESCROW FUNDS IN HOLDING (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Escrow funds on deposit $ 38,435 $ 36,283