DOUGLAS ELLIMAN INC., 10-K filed on 3/17/2025
Annual Report
v3.25.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Mar. 07, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 93.0
Entity Common Stock, Shares Outstanding   88,737,838  
Documents Incorporated by Reference
Part III (Items 10, 11, 12, 13 and 14) from the definitive Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year covered by this report.
    
Entity Central Index Key 0001878897    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Miami, Florida
Auditor Firm ID 34
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 135,657 $ 119,808
Investment securities at fair value 9,804 0
Receivables 19,598 21,809
Agent receivables, net 7,871 11,721
Income taxes receivables, net 0 5,292
Restricted cash and cash equivalents 4,081 7,171
Other current assets 19,054 15,474
Total current assets 196,065 181,275
Property and equipment, net 37,700 39,718
Operating lease right-of-use assets 100,491 108,172
Long-term investments (includes $3,127 and $3,983 at fair value) 9,527 12,871
Contract assets, net 37,123 36,040
Goodwill 32,230 32,230
Other intangible assets, net 72,307 72,964
Deferred income taxes, net 0 977
Equity-method investments 2,020 1,960
Other assets 6,425 7,212
Total assets 493,888 493,419
Current liabilities:    
Current operating lease liabilities 21,672 22,235
Accounts payable 3,056 6,136
Commissions payable 20,452 24,561
Accrued salaries and benefits 8,296 12,912
Contract liabilities 18,225 11,234
Other current liabilities 20,456 20,171
Total current liabilities 92,157 97,249
Notes payable and other obligations less current portion 32,670 0
Fair value of derivative embedded within convertible debt 30,253 0
Non-current operating lease liabilities 101,935 110,705
Contract liabilities 63,765 51,178
Antitrust litigation settlement 10,000 0
Other liabilities 683 133
Total liabilities 331,463 259,265
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, 88,853,150 and 87,925,412 shares issued and outstanding 889 879
Additional paid-in capital 285,167 279,904
Accumulated deficit (123,868) (47,552)
Total Douglas Elliman Inc. stockholders' equity 162,188 233,231
Non-controlling interest 237 923
Total stockholders' equity 162,425 234,154
Total liabilities and stockholders' equity $ 493,888 $ 493,419
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Long-term investments, fair value $ 3,127 $ 3,983
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) 88,853,150 87,925,412
Common stock, shares outstanding (in shares) 88,853,150 87,925,412
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Total revenues $ 995,627 $ 955,578 $ 1,153,177
Expenses:      
Sales and marketing 82,606 83,670 85,763
General and administrative 117,773 125,447 131,421
Depreciation and amortization 7,736 8,026 8,012
Antitrust litigation settlement expense 17,750 0 0
Restructuring 1,041 2,377 0
Operating loss (68,826) (64,497) (4,541)
Other income (expenses):      
Interest expense (2,939) (28) (148)
Interest income 5,533 5,841 1,927
Equity in earnings (losses) from equity-method investments 36 (168) (563)
Change in fair value of derivative embedded within convertible debt (14,978) 0 0
Investment and other income 5,289 633 3,429
(Loss) income before provision for income taxes (75,885) (58,219) 104
Income tax expense (benefit) 1,117 (15,053) 6,503
Net loss (77,002) (43,166) (6,399)
Net loss attributed to non-controlling interest 686 614 777
Net loss attributed to Douglas Elliman Inc. $ (76,316) $ (42,552) $ (5,622)
Per basic common share:      
Net loss applicable to common shares attributed to Douglas Elliman Inc.(in dollars per share) $ (0.91) $ (0.52) $ (0.08)
Per diluted common share:      
Net loss applicable to common shares attributed to Douglas Elliman Inc.(in dollars per share) $ (0.91) $ (0.52) $ (0.08)
Commissions and other brokerage income      
Revenues:      
Total revenues $ 946,557 $ 906,069 $ 1,099,885
Property management      
Revenues:      
Total revenues 36,785 35,542 36,022
Other ancillary services      
Revenues:      
Total revenues 12,285 13,967 17,270
Real estate agent commissions      
Expenses:      
Costs related to sales 743,819 706,162 836,803
Operations and support      
Expenses:      
Costs related to sales 70,342 70,605 72,946
Technology      
Expenses:      
Costs related to sales $ 23,386 $ 23,788 $ 22,773
v3.25.1
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2021   81,210,626      
Beginning Balance at Dec. 31, 2021 $ 281,873 $ 812 $ 278,500 $ 622 $ 1,939
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (6,399)     (5,622) (777)
Distributions and dividends on common stock (16,250)   (16,250)    
Restricted stock grant (in shares)   65,000      
Restricted stock grants 0 $ 1 (1)    
Withholding of shares as payment of tax liabilities in connection with restricted stock vesting (in shares)   (394,604)      
Withholding of shares as payment of tax liabilities in connection with restricted stock vesting (1,626) $ (4) (1,622)    
Stock-based compensation 11,138   11,138    
Net transfers from non-controlling interest 375       375
Other 1,346   1,346    
Ending Balance (in shares) at Dec. 31, 2022   80,881,022      
Ending Balance at Dec. 31, 2022 270,457 $ 809 273,111 (5,000) 1,537
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (43,166)     (42,552) (614)
Distributions and dividends on common stock (in shares)   (372)      
Distributions and dividends on common stock (4,222)   (4,222)    
Restricted stock grant (in shares)   3,610,000      
Restricted stock grants 0 $ 36 (36)    
Withholding of shares as payment of tax liabilities in connection with restricted stock vesting (in shares)   (785,842)      
Withholding of shares as payment of tax liabilities in connection with restricted stock vesting (1,990) $ (8) (1,982)    
Effect of stock dividend (in shares)   4,220,604      
Effect of stock dividend 0 $ 42 (42)    
Stock-based compensation $ 13,075   13,075    
Ending Balance (in shares) at Dec. 31, 2023 87,925,412 87,925,412      
Ending Balance at Dec. 31, 2023 $ 234,154 $ 879 279,904 (47,552) 923
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (77,002)     (76,316) (686)
Restricted stock grant (in shares)   5,982,023      
Restricted stock grants 0 $ 60 (60)    
Restricted stock grant cancelled (in shares)   (4,365,500)      
Restricted stock grant canceled 0 $ (44) 44    
Withholding of shares as payment of tax liabilities in connection with restricted stock vesting (in shares)   (688,785)      
Withholding of shares as payment of tax liabilities in connection with restricted stock vesting (1,352) $ (6) (1,346)    
Stock-based compensation 6,574   6,574    
Other $ 51   51    
Ending Balance (in shares) at Dec. 31, 2024 88,853,150 88,853,150      
Ending Balance at Dec. 31, 2024 $ 162,425 $ 889 $ 285,167 $ (123,868) $ 237
v3.25.1
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Dividends on common stock (in dollars per share) $ 0.05 $ 0.20
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (77,002) $ (43,166) $ (6,399)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 7,736 8,026 8,012
Non-cash stock-based compensation expense 6,574 13,075 11,138
Loss on sale of assets 205 37 11
Deferred income taxes 977 (15,444) 4,193
Net gains on investment securities (5,289) (633) (2,839)
Equity in (earnings) losses from equity-method investments (36) 168 563
Distributions from equity-method investments 0 0 654
Non-cash interest expense 1,192 0 0
Non-cash lease expense 20,553 22,369 20,621
Change in fair value of derivative embedded within convertible debt 14,978 0 0
Provision for credit losses 5,241 4,712 4,064
Changes in assets and liabilities:      
Receivables 820 (2,173) 3,377
Income taxes receivables, net 5,292 1,174 (7,706)
Contract assets, net (5,988) 1,296 (12,183)
Accounts payable and accrued liabilities (6,904) 9,678 (22,734)
Operating right-of-use assets and operating lease liabilities, net (22,205) (22,664) (24,183)
Accrued salary and benefits (4,616) (5,316) (7,218)
Contract liabilities 19,578 (516) 16,682
Antitrust litigation settlement 10,000 0 0
Other 2,932 (1,038) (797)
Net cash used in operating activities (25,962) (30,415) (14,744)
Cash flows from investing activities:      
Investments in equity-method investments 0 0 (400)
Distributions from equity-method investments 0 0 75
Purchase of debt securities 0 (25) (701)
Proceeds from sale or liquidation of long-term investments 8,882 1,420 0
Purchase of equity securities 0 (300) (2,100)
Purchase of long-term investments (330) (190) (1,074)
Purchase of investment securities at fair value (9,804) 0 0
Capital expenditures (5,534) (6,143) (8,537)
Net cash used in investing activities (6,786) (5,238) (12,737)
Cash flows from financing activities:      
Proceeds from debt issuance 48,750 0 0
Repayment of debt 0 0 (12,528)
Deferred financing charges (1,997) 0 0
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting (1,301) (1,990) 0
Dividends on common stock 0 (4,222) (16,250)
Contributions from non-controlling interest 0 0 375
Earn out payments 0 0 (1,600)
Net cash provided by (used in) financing activities 45,452 (6,212) (30,003)
Net increase (decrease) in cash, cash equivalents and restricted cash 12,704 (41,865) (57,484)
Cash, cash equivalents and restricted cash, beginning of year 129,517 171,382 228,866
Cash, cash equivalents and restricted cash, end of year $ 142,221 $ 129,517 $ 171,382
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
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 and property technology investment business and is seeking to acquire or invest in additional real estate services and property technology (“PropTech”) companies. Douglas Elliman owns Douglas Elliman Realty, LLC, one of the largest residential brokerage companies in the New York metropolitan area. Douglas Elliman has 121 offices with approximately 6,200 real estate agents in the New York metropolitan area as well as in Florida, California, Connecticut, Massachusetts, Colorado, New Jersey, and Texas.
Prior to December 30, 2021, the Company was wholly owned by Vector Group Ltd. (“Vector Group” and collectively, with its consolidated subsidiaries, “Former Parent”). On December 29, 2021, Vector Group stockholders received one share of Douglas Elliman common stock for every two shares of Vector Group common stock held as of the close of business on December 20, 2021 (the “Distribution”).
The accompanying consolidated financial statements include the accounts and transactions of Douglas Elliman, as well as the entities in which Douglas Elliman directly or indirectly has a controlling financial interest. These entities include DER Holdings LLC and New Valley Ventures LLC (“New Valley Ventures”). DER Holdings LLC owns Douglas Elliman Realty, LLC and Douglas Elliman of California, Inc. New Valley Ventures consists of minority investments in innovative and cutting-edge PropTech companies. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
In presenting the 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 consolidated financial statements presented herein include the assets, liabilities, revenues, expenses and cash flows of DER Holdings LLC and New Valley 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 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges and valuation of intangible assets. Actual results could differ from those estimates.
(d) Cash and Cash Equivalents:
Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents include short-term investments which have an original maturity of three months or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all the Company’s cash balances at December 31, 2024 are uninsured.
(e) Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Restricted cash amounts included in current assets and 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 consolidated statements of cash flows were as follows:
December 31,
2024		December 31,
2023		December 31,
2022
Cash and cash equivalents$135,657 $119,808 $163,859 
Restricted cash and cash equivalents included in current assets4,081 7,171 4,985 
Restricted cash and cash equivalents included in other assets2,483 2,538 2,538 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$142,221 $129,517 $171,382 
(f) Investment Securities:
The Company classifies investments in debt securities as trading. Investments classified as trading are recorded at fair value, with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. The cost of securities sold is determined based on average cost.
(g) Significant Concentrations of Credit Risk:
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes are, high credit quality financial institutions.
(h) Receivables:
Receivables primarily consist of commissions earned on sales transactions which closed prior to the Company’s year-end but for which the related commissions have not yet been received. The Company provides an allowance for credit losses on uncollectible receivables based principally on the specific identification method. There are no allowances for credit losses for commission receivables as of December 31, 2024 and December 31, 2023. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned.
(i) Property and equipment, net:
Property and equipment, net are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 3 to 10 years for furniture and equipment.
The cost and related accumulated depreciation of property and equipment, net are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations.
The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred.
(j) Investments accounted for under the equity-method of accounting:
In accounting for its equity-method investments, the Company identified its participation in VIEs, which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest.
The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and
reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s).
Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project.
On a quarterly basis, the Company evaluates its equity-method investments to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.
(k) 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. The fair value of the intangible asset associated with the Douglas Elliman trademark is determined using a “relief from royalty payments” method. This approach involves two steps: (i) estimating reasonable royalty rates for its trademark associated with the Douglas Elliman trademark and (ii) applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trademark. As discussed in Note 9, in the three months ended September 30, 2024, the Company utilized third-party valuation specialists to prepare a quantitative assessment of its goodwill and trademark intangible assets, based on the current market conditions in the residential real estate brokerage industry which did not result in impairment charges related to its goodwill or trademark for the year ended December 31, 2024. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value and current market conditions deteriorate, impairment charges could result in future periods, and such impairment charges could be material.
Goodwill from acquisitions represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets. Factors that contribute to the recognition of goodwill in the Company’s acquisitions include (i) expected growth rates and profitability of the acquired companies, (ii) securing buyer-specific synergies that increase revenue and profits and are not otherwise available to market participants, (iii) significant cost savings opportunities, (iv) experienced workforce and (v) the Company’s strategies for growth in sales, income and cash flows.
Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below.
(l) Impairment of Long-Lived Assets:
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.
Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a
quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.
(m) Leases:
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets.
ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and are reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to combine lease and non-lease components for all underlying asset classes.
(n) Stock Awards:
The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at the grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of restricted stock awarded under the 2021 Management Incentive Plan (the “2021 Plan”) provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the restricted stock award. The Company recognizes payments of the dividend equivalent rights on these restricted stock awards on the Company’s consolidated balance sheets as reductions in additional paid-in capital ($0 and $307 for the years ended December 31, 2024 and 2023, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ equity.
(o) Income Taxes:
The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable.
The Company accounts for uncertainty in income taxes by recognizing tax liabilities when, despite the Company’s belief that its tax return positions are supportable, the Company believes that certain positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense.
(p)  Contingencies:
The Company and its subsidiaries record provisions in its consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
(q)  Distributions and Dividends on Common Stock:
The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ equity to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to retained earnings (accumulated deficit). The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented.
(r)  Revenue Recognition:
Commissions and other brokerage income: Real estate commissions earned by the Company’s real estate brokerage businesses are recognized as revenue when the real estate sale is completed or lease agreement is executed, which is the point in time that the performance obligation is satisfied. Any commission and other payments received in advance are deferred until the satisfaction of the performance obligation. Corresponding agent commission expenses, including any advance commission or other direct expense payments, are deferred and recognized as agent commission expenses concurrently with related revenues. The accounting for these commissions and other brokerage income under Topic 606 are largely consistent with the previous accounting for these transactions under Topic 605, except for customer arrangements in the development marketing business and extended payments terms that exist in some commercial leasing contracts.
Property management: Property management revenue arrangements consist of providing operational and administrative services to manage a subject property. Fees for these services are typically billed and collected monthly. Property management service fees are recognized as revenue over time using the output method as the performance obligations under the customer arrangement are satisfied each month.
Ancillary services: Ancillary services revenue earned by the Company related primarily to title and escrow services. These services are recognized as revenue when the real estate sale is completed, which is the point in time that the performance obligation is satisfied.

See Note 2 — Revenue Recognition for additional information.
(s) Real estate agent commissions expense:
Real estate agent commissions expense consists of commissions paid to the Company’s agents, who are independent contractors, upon the closing of a real estate transaction and fees paid to external brokerages for client referrals, which are recognized and paid upon the closing of a real estate transaction.
(t) Sales and marketing expenses:
Sales and marketing expenses consists primarily of marketing and advertising expenses, compensation and other personnel-related costs for employees supporting sales, marketing, expansion and related functions, occupancy-related costs and agent acquisition incentives. Advertising expense primarily includes the cost of marketing activities such as print advertising, online advertising and promotional items, which are expensed as incurred. Compensation and other personnel-related costs include salaries, benefits, bonuses and other compensation expense.
Real estate advertising costs, which are expensed as incurred and included within sales and marketing expenses, were $29,650, $27,296 and $29,937 for the years ended December 31, 2024, 2023 and 2022, respectively.
(u) Operations and support expenses:
Operations and support expenses consists primarily of compensation and other personnel-related costs for employees supporting agents, third-party consulting and professional services costs (not included in general and administrative or technology), fair value adjustments to contingent consideration for the Company’s acquisitions and other related expenses.
(v) General and administrative expenses:
General and administrative expenses consists primarily of compensation, stock-based compensation expense and other personnel-related costs for executive management and administrative employees, including finance and accounting, legal, human resources and communications, the occupancy costs for its headquarters and other offices supporting its administrative functions, and transition services paid to its Former Parent for the use of office space and employees, professional services fees for legal and finance, insurance expenses and talent acquisition expenses.
(w) Technology expenses:
Technology expenses consist primarily of compensation and other personnel-related costs for employees in the product, engineering and technology functions, website hosting expenses, software licenses and equipment, third-party consulting costs, data licenses of PropTech and other related expenses associated with the implementation of our technology initiatives.
(x) Restructuring:
Employee severance and benefits expensed for the year ended December 31, 2024 and 2023 relate entirely to the reduction in staff and are cash charges. All amounts expensed for the year ended December 31, 2024 and 2023 are included in Restructuring expense in the Company’s consolidated statements of operations. The following table presents the changes in the employee severance and benefits liability for the year ended December 31, 2024 and 2023.
Employee Severance and Benefits
Severance liability balance at January 1, 2023
$— 
Severance expense2,377 
Severance payments(1,610)
Severance liability balance at December 31, 2023
$767 
Severance expense1,041 
     Severance payments(1,320)
  Severance liability balance at December 31, 2024
$488 
(y)  Investments and Other Income:
Investment and other income consists of the following:
Year Ended December 31,
202420232022
Net gains recognized on PropTech convertible trading debt securities.$92 $28 $2,184 
Net unrealized (losses) gains recognized on long-term investments at fair value68 (110)655 
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient5,129 715 — 
Other income— — 1 
Income related to Tax Disaffiliation indemnification— — 589 
Investment and other income$5,289 $633 $3,429 
(z) Other Comprehensive Income:
The Company does not have any activity that results in Other Comprehensive Income; therefore, no statement of Comprehensive Income is included in the consolidated financial statements.
(aa) Subsequent Events:
The Company has evaluated subsequent events through March 17, 2025, the date the financial statements were issued.
(ab) New Accounting Pronouncements:
Accounting Standards Updates (“ASUs”) adopted in 2024:
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU requires that all public entities improve the reportable segment disclosure primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the guidance for the year ended December 31, 2024. Refer to Note 18 for additional information relating to the Company’s segment reporting.
ASUs to be adopted in future periods:
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and anticipates adopting the standard in the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – 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 periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and anticipates adopting the standard in the year ended December 31, 2026
SEC Rule Changes:
On March 6, 2024, the SEC passed rule changes that would have required registrants to provide certain climate-related information in their registration statements and annual reports. The rules required information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks would have also included disclosure of a registrant's greenhouse gas emissions. In addition, the rules would have required registrants to present certain climate-related financial metrics in their audited financial statements. On April 4, 2024, the SEC issued an order staying such proposed rule changes. The Company is currently evaluating the impact of the rule changes.
v3.25.1
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Revenue Recognition Policies
Revenue is measured based on a consideration specified in a contract with a customer less any sales incentives. Revenue is recognized when (a) an enforceable contract with a customer exists, that has commercial substance, and collection of substantially all consideration for services is probable; and (b) the performance obligations to the customer are satisfied either over time or at a point in time.
Real estate sales: Real estate commissions earned by the Company’s real estate brokerage businesses are recognized as revenue when the real estate sale is completed or lease agreement is executed, which is the point in time that the performance obligation is satisfied. Any commission and other payments received in advance are deferred until the satisfaction of the performance obligation. Corresponding agent commission expenses, including any advance commission or other direct expense payments, are deferred and recognized as cost of sales concurrently with related revenues.
The Company’s revenue contracts with customers do not have multiple material performance obligations to customers under Topic 606, except for contracts in the Company’s development marketing business. Contracts in the development marketing business provide the Company with the exclusive right to sell units in a subject property for a commission fee per unit sold calculated as a percentage of the sales price of each unit. Accordingly, a performance obligation exists for each unit in the development marketing property under contract, and a portion of the total contract transaction price is allocated to and recognized at the time each unit is sold. The Company applies the optional exemption in paragraph 606-10-50-14A of Topic 606 and does not disclose the amount of the transaction price allocated to the remaining performance obligations for the Real Estate development marketing business because the transaction prices in these contracts are comprised entirely of variable consideration based on the ultimate selling price of each unit in the subject property. The total contract transaction price is allocated to each unit in the subject property and recognized when the performance obligation, i.e., the sale of each unit, is
satisfied. Accordingly, the transaction price allocated to the remaining performance obligations for the development marketing business represents variable consideration allocated entirely to wholly unsatisfied performance obligations.
Under development marketing service arrangements, dedicated staff are required for a subject property and these costs are typically reimbursed from the customer through advance payments that are recoupable from future commission earnings. Advance payments received and associated direct costs paid are deferred, allocated to each unit in the subject property, and recognized at the time of the completed sale of each unit.
Development marketing service arrangements also include direct fulfillment costs incurred in advance of the satisfaction of the performance obligation. The Company capitalizes costs incurred in fulfilling a contract with a customer if the fulfillment costs 1) relate directly to an existing contract or anticipated contract, 2) generate or enhance resources that will be used to satisfy performance obligations in the future, and 3) are expected to be recovered. These costs are amortized over the estimated customer relationship period which is the contract term. The Company uses an amortization method that is consistent with the pattern of transfer of goods or services to its customers by allocating these costs to each unit in the subject property and expensing these costs as each unit sold is closed over the contract.
Commission revenue is recognized at the time the performance obligation is met for commercial leasing contracts, which is when the lease agreement is executed, as there are no further performance obligations, including any amounts of future payments under extended payment terms.
Property management revenue arrangements consist of providing operational and administrative services to manage a subject property. Fees for these services are typically billed and collected monthly. Property management service fees are recognized as revenue over time using the output method as the performance obligations under the customer arrangement are satisfied each month. The Company applies the optional exemption in paragraph 606-10-50-14 of Topic 606 and does not disclose the amount of the transaction price allocated to the remaining performance obligations for the Real Estate property management business because the contracts to provide property management services are typically annual contracts and provide cancellation rights to customers.
Title insurance commission fee revenue is earned when the sale of the title insurance policy is completed, which corresponds to the point in time when the underlying real estate sale is completed, which is when the performance obligation is satisfied. Escrow commission fee revenue is recorded at a point in time which occurs at the time a home sale transaction or refinancing closes.
Disaggregation of Revenue
In the following table, revenue is disaggregated by major services line and primary geographical market:
Year Ended December 31, 2024
TotalNew York CityNortheastSoutheastWest
Revenues:
Commission and other brokerage income - existing home sales$878,775 $262,937 $189,625 $248,617 $177,596 
Commission and other brokerage income - development marketing67,782 27,171 396 35,871 4,344 
Property management revenue36,785 36,027 758 — — 
Escrow and title fees12,285 482 279 19 11,505 
Total revenue$995,627 $326,617 $191,058 $284,507 $193,445 

Year Ended December 31, 2023
TotalNew York CityNortheastSoutheastWest
Revenues:
Commission and other brokerage income - existing home sales$849,874 $271,586 $177,222 $226,231 $174,835 
Commission and other brokerage income - development marketing56,195 27,376 938 24,507 3,374 
Property management revenue35,542 34,798 744 — — 
Escrow and title fees13,967 1,860 745 — 11,362 
Total revenue$955,578 $335,620 $179,649 $250,738 $189,571 

Year Ended December 31, 2022
TotalNew York CityNortheastSoutheastWest
Revenues:
Commission and other brokerage income - existing home sales$1,028,480 $359,417 $207,932 $263,468 $197,663 
Commission and other brokerage income - development marketing71,405 53,773 654 13,867 3,111 
Property management revenue36,022 35,421 601 — — 
Escrow and title fees17,270 3,186 1,235 — 12,849 
Total revenue$1,153,177 $451,797 $210,422 $277,335 $213,623 
Contract Balances
The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
December 31, 2024December 31, 2023
Receivables, which are included in receivables$1,789 $1,846 
Contract assets, net, which are included in other current assets10,935 6,030 
Contract assets, net, which are in other assets37,123 36,040 
Payables, which are included in other current liabilities1,302 1,357 
Contract liabilities, which are in current liabilities18,225 11,234 
Contract liabilities, which are in other liabilities63,765 51,178 
Receivables and payables relate to commission receivables and commissions payable from the Real Estate commercial leasing contracts for which the performance obligation has been satisfied, have extended payment terms and are expected to be received and paid in the next twelve months. Receivables decreased $57 for the year ended December 31, 2024 primarily due to cash collections of $2,127 offset by revenue accrued as performance obligations are satisfied. Correspondingly, payables decreased by $55 primarily due to cash payments of $1,566 offset by additional expense accruals as performance obligations are satisfied.
Contract assets. For the year ended December 31, 2024, the Company recorded additional contract assets of $36,087 for payments made for direct fulfillment costs incurred in advance of the satisfaction of the performance obligations for Real Estate development marketing contracts. For the year ended December 31, 2024, the Company also reduced contract assets (and recognized real estate agent commission expense) by $30,099 for previously deferred costs of units closed.
Contract liabilities. Contract liabilities relate to payments received in advance of the performance obligations being satisfied under the Real Estate development marketing contracts and are recognized as revenue at the points in time when the Company performs under the contracts. Performance obligations related to the Real Estate development marketing contracts are considered satisfied when each unit is closed. Development marketing projects tend to span four to six years from the time the Company enters into the contract with the developer to the time that all of the sales of the units in a subject property are closed. The timing for sales closings is dependent upon several external factors outside the Company’s control, including, but not limited to, economic factors, seller and buyer actions, construction timing and other real estate market factors. Accordingly, all contract liabilities and contract costs associated with development marketing are considered long-term until closing dates for unit sales are scheduled. As of December 31, 2024, the Company estimates $18,225 of contract liabilities will be recognized as revenue within the next twelve months.
For the year ended December 31, 2024, the Company recorded additional contract liabilities of $41,126 for payments received from customers prior to the satisfaction of performance obligations for Real Estate development marketing contracts. For the year ended December 31, 2024, the Company also reduced contract liabilities (and recognized commissions and other brokerage income) by $21,548 for previously deferred revenue for units closed during the year.
The Company recognized revenue of $14,449 ($9,394 of consulting, administration and net commissions), $16,675 (($16,080 of consulting, administration and net commissions) and $15,896 ($6,776 of consulting, administration and net commissions) for the years ended December 31, 2024, 2023, and 2022, respectively, that were included in the contract liabilities balances at December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
Topic 606 requires an entity to disclose the revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods (for example, due to changes in transaction price). There were no revenues recognized relating to performance obligations satisfied or partially satisfied in prior periods for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.1
CURRENT EXPECTED CREDIT LOSSES
 12 Months Ended
Dec. 31, 2024
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 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, 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 $4,783 and $5,575 at December 31, 2024 and December 31, 2023, respectively.
The following table summarizes changes in the allowance for credit losses for the year ended December 31, 2024:
January 1,
2024		Current Period ProvisionWrite-offsRecoveriesDecember 31,
2024
Allowance for credit losses:
Real estate broker agent receivables$5,575 $5,241 (1)$6,033 $— $4,783 
_____________________________
(1)The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s consolidated statements of operations.

The following table summarizes changes in the allowance for credit losses for the year ended December 31, 2023:
January 1,
2023		Current Period ProvisionWrite-offsRecoveriesDecember 31,
2023
Allowance for credit losses:
Real estate broker agent receivables$10,916 $4,712 (1)$10,053 $— $5,575 
_____________________________
(1)The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s consolidated statements of operations.
v3.25.1
EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
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 Company would recognize payments of the cash dividends on these awards as reductions in additional paid-in-capital on the Company’s consolidated balance sheets. Income attributable to participating securities represents the undistributed earnings allocated to the participating securities using the two-class method permitted by GAAP for computing diluted EPS. The participating securities holders do not participate in the Company’s net losses.
On June 12, 2023, the Company announced that its Board had suspended the quarterly cash dividend, effective immediately. The Company paid a cash dividend during each of the quarters beginning with the quarter ended March 31, 2022 through March 31, 2023.
Additionally, on June 12, 2023, the Board also declared an annual stock dividend on the Company common stock of 5%, which was paid on June 30, 2023 to stockholders of record as of the close of business on June 22, 2023. Information concerning the Company’s common stock has been adjusted to give retroactive effect to the 5% stock dividend distributed to Company stockholders on June 30, 2023. All per-share amounts and references to share amounts were updated to reflect the retrospective effect of the stock dividend.
As a result, in its calculation of basic and dilutive EPS for the years ended December 31, 2024, 2023 and 2022, respectively, the Company did not adjust its net loss for the effect of these participating securities because the adjustment was negligible.
For the year ended December 31,
202420232022
Net loss attributed to Douglas Elliman Inc.$(76,316)$(42,552)$(5,622)
Income attributable to participating securities— (307)(704)
Net loss available to common stockholders attributed to Douglas Elliman Inc.$(76,316)$(42,859)$(6,326)
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 common shares for the years ended December 31, 2024, 2023 and 2022:
For the year ended December 31,
202420232022
Weighted-average shares for basic and diluted EPS83,502,500 82,247,015 81,614,485 

There were 28,333 non-vested restricted shares that were outstanding during the year ended December 31, 2022, but were not included in the computation of diluted EPS because the impact of the shares was anti-dilutive to EPS.
The following was outstanding during the year ended December 31, 2024, 2023 and 2022, but were not included in the computation of diluted EPS because the effect was anti-dilutive:
For the year ended December 31,
202420232022
Weighted-average number of shares issuable upon conversion of debt33,333,333 — — 
Weighted-average conversion price$1.50 $— $— 
v3.25.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for corporate and sales offices and equipment. The leases have remaining lease terms of less than one year to nine years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants.
The Company has leases with variable payments, most commonly in the form of Common Area Maintenance (“CAM”) and tax charges which are based on actual costs incurred. These variable payments were excluded from the ROU asset and lease liability balances since they are not fixed or in-substance fixed payments. Variable payments are expensed as incurred.
The components of lease expense were as follows:
Year Ended December 31,
202420232022
Operating lease cost$30,890 $33,721 $33,248 
Short-term lease cost802 1,188 1,064 
Variable lease cost4,143 4,234 4,144 
Less: Sublease income(148)(688)(579)
Total lease cost$35,687 $38,455 $37,877 
Supplemental cash flow information related to leases was as follows:
Year Ended December 31,
202420232022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases$32,596 $34,106 $36,956 
ROU assets obtained in exchange for lease obligations:
Operating leases13,878 12,768 14,856 
Supplemental consolidated balance sheet information related to leases was as follows:
December 31,December 31,
20242023
Weighted average remaining lease term in years:
Operating leases5.736.38
Weighted average discount rate:
Operating leases8.58 %8.63 %
As of December 31, 2024, maturities of lease liabilities were as follows:
Operating Leases
Year Ending December 31: 
2025$31,636 
202629,061 
202725,862 
202822,505 
202918,152 
Thereafter31,252 
Total lease payments158,468 
 Less imputed interest(34,861)
Total$123,607 
As of December 31, 2024, the Company had a $460 undiscounted lease payment relating to a real estate lease that has not yet commenced. The operating lease will commence in the first half of 2025 with a lease term of approximately 5.0 years.
The Company’s rental expense for the years ended December 31, 2024, 2023 and 2022 was $30,890, $33,721 and $33,248, respectively. Rent expense for the year ended December 31, 2024 consisted of $20,553 of amortization and $10,337 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2023 consisted of $22,369 of amortization and $11,352 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2022 consisted of $20,621 of amortization and impairment of ROU assets and $12,627 of lease expense for interest accretion on operating lease liabilities.
v3.25.1
LONG-TERM INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
LONG-TERM INVESTMENTS LONG-TERM INVESTMENTS
Long-term investments consisted of the following:
December 31, 2024December 31, 2023
PropTech convertible trading debt securities$1,254 $1,162 
Long-term investment securities at fair value (1)
3,127 2,821 
PropTech investments at cost6,400 8,888 
PropTech investments under equity method619 570 
Total investments11,400 13,441 
Less PropTech current convertible trading debt securities (2)
1,254 — 
Less PropTech investments accounted for under the equity method (3)
619 570 
Total long-term investments$9,527 $12,871 
_____________________________
(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 consolidated balance sheets.
(3)    These amounts are included in “Equity-method investments” on the consolidated balance sheets.
Net gains recognized on long-term investment securities were as follows:
Year Ended December 31,
202420232022
Net realized gains recognized on PropTech convertible trading debt securities$92 $28 $2,184 
Net unrealized gains (losses) recognized on long-term investment securities at fair value68 (110)655 
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient5,129 715 — 
Net realized and unrealized gains recognized on long-term investment securities$5,289 $633 $2,839 
During 2024, the Company monetized its investment in LiveEasy and fifty percent of its investment in BILT and recorded a gain of $4,601 and $1,000, respectively.
(a) PropTech Convertible Trading Debt Securities:
These securities are classified as trading debt securities and are accounted for at fair value. The maturity of the remaining convertible note is February 2025.
(b) Long-Term Investment Securities at Fair Value:
The following is a summary of unrealized (losses) gains recognized in net income on long-term investment securities at fair value during the years ended December 31, 2024, 2023 and 2022, respectively:
Year Ended December 31,
202420232022
Net unrealized (losses) gains recognized on long-term investment securities$68 $(110)$655 
The Company has unfunded commitments of $588 related to long-term investment securities at fair value as of December 31, 2024.
(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 December 31, 2024. The total carrying values of equity securities without readily determinable fair values that do not qualify for the NAV practical expedient these investments were $6,400 and $8,888 as of December 31, 2024 and 2023, respectively. The Company recorded an impairment of $489 for the year ended December 31, 2024. The impairment was included in “Investment and other income” on the consolidated statements of operations. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the year ended December 31, 2023.
v3.25.1
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following:
December 31, 2024December 31, 2023
Leasehold improvements$53,360 $55,549 
Furniture and equipment39,082 41,088 
 92,442 96,637 
Less accumulated depreciation and amortization(54,742)(56,919)
 $37,700 $39,718 
Depreciation and amortization expense related to property and equipment, net for the years ended December 31, 2024, 2023 and 2022 was $7,079, $7,324 and $7,257, respectively.
v3.25.1
EQUITY METHOD INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENTS EQUITY METHOD INVESTMENTS
Equity method investments consisted of the following:
December 31, 2024December 31, 2023
Ancillary services ventures$2,020 $1,960 
At December 31, 2024, the Company’s ownership percentages in these investments ranged from 5.4% to 50.0%; therefore, 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 earning or loss 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 $2,020 as of December 31, 2024.
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The components of Goodwill and other intangible assets were as follows:
December 31,
2024		December 31,
2023
Goodwill$32,230  $32,230 
Indefinite-life intangibles:
Trademark - Douglas Elliman$68,000 $68,000 
Intangibles with a finite life, net4,307 4,964 
  Total other intangible assets, net$72,307 $72,964 
The carrying amounts of goodwill and intangibles with a finite life for 2024 were as follows:
Goodwill Intangibles with a finite life, net
Balance as of January 1, 2024$32,230 $4,964 
Amortization— (657)
Balance as of December 31, 2024$32,230 $4,307 

The carrying amounts of goodwill and intangibles with a finite life for 2023 were as follows:
Goodwill Intangibles with a finite life, net
Balance as of January 1, 2023$32,230 $5,666 
Amortization— (702)
Balance as of December 31, 2023$32,230 $4,964 
_____________________________

Goodwill is evaluated for impairment annually or whenever the Company identifies certain triggering events or circumstances that would more likely than not reduce the fair value of the Company below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate fluctuations, and loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.
In the three months ended September 30, 2024, the Company utilized third-party valuation specialists to prepare a quantitative assessment of its goodwill and trademark intangible assets, based on the current market conditions in the residential real estate brokerage industry which did not result in impairment charges related to its goodwill or trademark for the year ended December 31, 2024.
For the goodwill testing, the Company utilized an income approach (a discounted cash flows method) to estimate the fair value of the Douglas Elliman business. The estimated fair value of the trademark indefinite-life intangible asset related to the Douglas Elliman brand name was determined using an approach that values the Company’s cash savings from having a royalty-free license compared to the market rate it would pay for access to use the trade name.
The third-party quantitative assessments of the goodwill and trademark intangible asset reflected management’s assumptions regarding revenue growth rates, economic and market trends including current expectations of the market, changes to cost structures and other expectations about the anticipated short-term and long-term operating results of the Company.
If the Company fails to achieve the financial projections used in the quantitative assessments of fair value and current market conditions deteriorate, impairment charges could result in future periods, and such impairment charges could be material.
Other intangible assets and contract liabilities assumed were as follows:
Useful Lives in YearsDecember 31,
2024		December 31,
2023
Trademark - Douglas EllimanIndefinite$68,000 $68,000 
Other intangibles
1 - 10
11,216 11,216 
 11,216 11,216 
Less: Accumulated amortization on amortizable intangibles(6,909)(6,252)
Other intangibles, net$4,307 $4,964 
The trademark intangible has been attributed to the acquisition of the Douglas Elliman brand name which the Company plans to continue using. The fair value of the intangible asset associated with the Douglas Elliman trademark is determined using a “relief from royalty payments” method. This approach involves two steps: (i) estimating reasonable royalty rates for its Douglas Elliman trademark and (ii) applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trademark. The Company performed its impairment test for the year ended December 31, 2024, which did not result in additional impairment charges related to the Company’s trademark. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value, impairment charges could result in future periods, and such impairment charges could be material.
As of December 31, 2024 and 2023, other intangibles with finite lives included non-compete agreements and favorable lease assets related to business combinations.
For the years ended December 31, 2024, 2023, and 2022, respectively, amortization of other intangibles was $657, $702 and $755.
v3.25.1
NOTES PAYABLE
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
Notes payable consisted of the following:
December 31, 2024December 31, 2023
Convertible Notes, net of unamortized discount of $17,330 and $0
$32,670 $— 
Aggregate carrying value$32,670 $— 
*The fair value of the derivatives embedded within the 7.0% Convertible Note ($30,253 at December 31, 2024 and $0 at December 31, 2023 respectively), is separately classified as a derivative liability in the consolidated balance sheets.
7.0% Convertible Notes due 2029:

On July 2, 2024, the Company, Alter Domus (US) LLC, as collateral agent, and entities (the “Purchasers”) advised or managed by Kennedy Lewis Investment Management LLC (“KLIM”) entered into a Securities Purchase Agreement pursuant to which the Company agreed to issue and sell to the Purchasers, and the Purchasers agreed to purchase from the Company, $50,000 aggregate principal amount of the Company’s newly issued senior secured convertible promissory notes due July 2, 2029 (the “Convertible Notes”) in a private placement transaction in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Company intends to use the net proceeds from the sale of the Convertible Notes for general corporate purposes. The issuance and sale of the Convertible Notes contemplated by the Purchase Agreement were consummated on July 2, 2024.

The Convertible Notes bear interest at a rate of 7.0% per annum payable in cash, or, at the Company’s election, 8.0% per annum paid in kind, due semi-annually. The maturity date of the Convertible Notes is July 2, 2029.

The Purchasers have the right to elect at any time to convert the Convertible Notes into shares of the Company’s common stock at an initial conversion price equal to $1.50 per share of common stock, so long as the aggregate number of shares of common stock beneficially owned by such Purchaser (together with its affiliates) would not exceed 4.99% (the “Beneficial Ownership Limitation”) of the number of shares of common stock outstanding immediately after giving effect to the conversion, as such percentage ownership is determined in accordance with the terms of the Convertible Note. The Purchasers
have the right to increase or decrease the Beneficial Ownership Limitation upon no less than 61 days’ prior written notice to the Company, provided that the Beneficial Ownership Limitation may in no event exceed 24.99% of the number of shares of common stock outstanding immediately after giving effect to the conversion. The initial conversion price of the Convertible Notes represents a premium of approximately 19% to the last reported sale price of the common stock on the New York Stock Exchange on July 1, 2024. The conversion price will be subject to certain customary anti-dilution adjustments. Assuming the Convertible Notes are converted in full (without issuance of any make-whole shares) and based on the current number of shares of common stock outstanding, the Purchasers would beneficially own approximately 27% of the shares of common stock outstanding on an as-converted basis.

The Convertible Notes are senior secured obligations of the Company and are guaranteed by certain of the Company’s direct and indirect subsidiaries (the “Subsidiary Guarantors”) and secured by first priority security interests in substantially all of the assets of the Company and the Subsidiary Guarantors, subject to customary exceptions.

On or after July 2, 2027, the Company will have the right to redeem up to one-third of the initial outstanding principal and capitalized interest of the Convertible Notes (the “Redemption Amount”) in cash if the last reported sale price of the common stock equals or exceeds 200% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) in a 30-day trading period. On or after January 2, 2028, the Company will have the right to redeem the Redemption Amount in cash if the last reported sale price of the common stock equals or exceeds 225% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) in a 30-day trading period. On or after July 2, 2028, the Company will have the right to redeem the Redemption Amount in cash if the last reported sale price of the common stock equals or exceeds 250% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) in a 30-day trading period. The Company may not redeem more than the Redemption Amount in any rolling six-month period after July 2, 2027. In each case, such optional redemption would entitle the holder of the Convertible Notes to convert into shares of common stock calculated pursuant to a customary make-whole table prior to the applicable redemption date.

In the event of certain major transactions, the Company will be required to repay the Convertible Notes on the date on which such transaction occurs at a price equal to the greater of (i) the outstanding principal and capitalized interest on the Convertible Note plus a make-whole premium and (ii) the sum of (a) the fair market value of the as-converted amount of the Convertible Note for common stock plus (b) the fair market value of additional make-whole shares calculated pursuant to a customary make-whole table. In the event of a major transaction triggered by (i) the common stock or, following an earlier merger, consolidation or similar transaction, the equity securities of a successor entity, ceasing to be listed on a national trading market or (ii) the sale of the Company’s property management business, the Purchasers may decline to be repaid.

In addition, upon certain fundamental transactions that do not result in the foregoing major transactions, the right to convert the Convertible Notes into shares of common stock will be converted into the right to receive the shares of a successor entity, if any, or the Company and any additional consideration receivable as a result of such transaction.

The Purchase Agreement also contains certain affirmative and negative covenants (including restrictions on the Company’s ability to incur indebtedness, permit liens, make dividends or distributions, consummate investments and consummate certain affiliate transactions). In addition, pursuant to the Purchase Agreement, if the Company’s Consolidated Adjusted EBITDA (as defined in the Purchase Agreement) for any two consecutive fiscal quarters from and after the fiscal quarter commencing July 1, 2024 is less than $0, the Company will be required to maintain Liquidity (as defined in the Purchase Agreement) of at least $20,000 as of the end of each calendar month until such time as the Company’s Consolidated Adjusted EBITDA is greater than $0 at the end of any subsequent fiscal quarter. The Company was in compliance with all covenants as of December 31, 2024.

The Convertible Notes provide for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, the following: nonpayment of principal or interest, breach of covenants or other agreements in the Purchase Agreement and Convertible Notes, certain bankruptcy or insolvency events, the failure of the common stock to be eligible for listing or quotation on a national trading market and the failure of the Company to file certain required reports under the Exchange Act of 1934, as amended (the “Exchange Act”). Upon an event of default, the holders of the Convertible Notes may declare the outstanding principal amount of the Convertible Notes plus accrued and unpaid interest immediately due and payable. In addition, after the occurrence of any Event of Default that results in the eventual acceleration of any Convertible Notes, such Convertible Notes bear an additional rate of interest equal to 1.0% per annum.
Embedded Derivatives on the Convertible Debt:
The Company determined that the conversion feature meets the definition of a derivative liability. The Company separated the derivative liability from the host debt instrument based on the fair value of the derivative liability. In accordance with authoritative guidance on accounting for derivatives and hedging, the Company has bifurcated these embedded derivatives and estimated the fair value of the embedded derivative liability based on a third-party valuation. The resulting discount created by allocating a portion of the issuance proceeds to the embedded derivative is then amortized to interest expense over the term of the debt using the effective interest method. Changes to the fair value of these embedded derivatives are reflected quarterly in the Company’s consolidated statements of operations as “Change in fair value of derivatives embedded within convertible debt.” The value of the embedded derivatives is contingent on changes in interest rates, the Company’s stock price, stock price volatility, and the Company’s dividend yield over the term of the 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 is as follows:
Year ended
December 31,
20242023
Convertible Notes$983 $— 
Interest expense associated with embedded derivatives$983 $— 
A summary of non-cash changes in fair value of derivatives embedded within convertible debt is as follows:
Year ended
December 31,
20242023
Convertible Notes$14,978 $— 
(Gain) Loss on changes in fair value of derivatives embedded within convertible debt$14,978 $— 
Fair Values of Notes Payable and Other Obligations:
The estimated fair value of the Company’s notes payable has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk as described in Note 1. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.
The estimated fair value of the Company’s notes payable is as follows:
 December 31, 2024December 31, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Notes payable$32,670 $41,002 $— $— 
Notes payable and other obligations$32,670 $41,002 $— $— 
Notes payable is recorded on the consolidated balance sheets at amortized cost. The determinations of fair values disclosed above would be classified as Level 3 under the fair value hierarchy disclosed in Note 17 if such liabilities were recorded on the consolidated balance sheets at fair value.
v3.25.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Profit Sharing and 401(k) Plans:
The Company maintains two 401(k) plans for substantially all its U.S. employees which allow eligible employees to invest a percentage of their pre-tax compensation. The Company contributed to the 401(k) plans and expensed $766, $697 and $689 for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The amounts provided for income taxes were as follows:
 Year Ended December 31,
 202420232022
Current:   
U.S. Federal$— $— $1,039 
State and local140 391 1,271 
 140 391 2,310 
Deferred:   
U.S. Federal(108)(10,009)1,421 
State and local1,085 (5,435)2,772 
 977 (15,444)4,193 
Total$1,117 $(15,053)$6,503 
The consolidated balance sheets of the Company include deferred income tax assets and liabilities, which represent temporary differences in the application of accounting rules established by GAAP and income tax laws. The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows:
 December 31, 2024December 31, 2023
Deferred tax assets:
Basis differences on fixed and intangible assets$577 $471 
Basis differences in Notes Payable4,509 — 
Various U.S. federal and state tax loss carryforwards28,457 18,420 
Operating lease liabilities 4,764 5,141 
38,307 24,032 
Less: Valuation allowance(26,065)(7,026)
Net deferred tax assets$12,242 $17,006 
Deferred tax liabilities:
Basis differences on prepaid assets$(200)$(251)
Revenue recognition(377)(478)
Allowance for doubtful accounts(67)(68)
Basis differences on long-term investments— (46)
Basis differences on acquisition(7,769)(9,618)
Operating lease right-of-use assets (4,181)(4,490)
Other352 (1,078)
Net deferred tax liabilities$(12,242)$(16,029)
Net deferred tax assets (liabilities)$— $977 

Various U.S. federal and state net operating loss (“NOL”) carryforwards included in Deferred Tax Assets. Prior to 2019, the Company’s subsidiary, Douglas Elliman of California, Inc. (“DE California”), filed a consolidated U.S. income tax return that included its wholly owned U.S. subsidiaries. The tax effected standalone subsidiary federal and state NOL carryforwards attributable to DE California is $7,093 and $7,026 at December 31, 2024 and 2023, respectively. The deferred tax assets of Douglas Elliman of California, Inc. generated prior to March 1, 2019 are limited for use in the future to the extent of the taxable income of Douglas Elliman of California, Inc. under the “Separate Return Limitation Year” rules of Internal Revenue Code Section 381.The federal NOL carryforwards begin to expire in 2034 and losses generated in 2018 or later will carry forward indefinitely.
At December 31, 2024, the Company’s tax effected consolidated federal NOL carryforward was approximately $20,413 and tax effected consolidated state NOL carryforward was approximately $8,043. At December 31, 2023, the Company’s tax effected federal NOL carryforward was approximately $12,160 and the consolidated tax effected state NOL carryforward was approximately $6,260. (The NOL carryforwards of DE California are included in the Company’s tax effected federal and state NOL carryforwards at December 31, 2024 and 2023, respectively.)
Valuation Allowances. ASC 740, Income Taxes, requires the Company to establish a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all the deferred tax assets will not be realized. If such determination is made and future losses are incurred over the period in which the net deferred tax assets are deductible, the Company believes it will be more likely than not that the benefits of these deductible differences will not be realized, and as a result will be required to maintain a valuation allowance for the full amount of the deferred tax assets.
In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not that some portion of the deferred income tax will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to expiration of the net operation loss carryforwards.
At December 31, 2023, the Company had recorded a valuation allowance of $7,026 against the deferred tax asset related to the NOL carryforwards attributable to DE California because the utilization of its NOL carryforwards were limited by the Separate Return Limitation Year limitations of Internal Revenue Code Section 381 and, consequently, the Company had determined it was more likely than not that the deferred tax assets associated with these NOLs would not be realized because
DE California had a history of cumulative losses over the three previous years and, consequently, the Company was unable to utilize the NOLs because DE California would not be able to utilize the NOLs on a separate return basis.
During the year ended December 31, 2024, the Company evaluated its history of cumulative losses over the three previous years and determined it was more likely than not that its deferred tax assets would not be utilized. Therefore, at December 31, 2024, the Company has recorded a full valuation allowance against its net deferred tax assets of approximately $26,065. The change in valuation allowance during the year ended December 31, 2024 was $19,039.
Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:
 Year Ended December 31,
 202420232022
(Loss) income before provision for income taxes$(75,885)$(58,219)$104 
Federal income tax (benefit) expense at statutory rate(15,936)(12,226)22 
Increases (decreases) resulting from:  
State and local income taxes, net of federal income tax benefits(4,053)(3,811)2,213 
Impact of non-controlling interest144 129 163 
Non-deductible expenses1,178 2,333 1,715 
Excess tax benefits on stock-based compensation745 (857)812 
Loss carryforwards from tax consolidation of subsidiary— (609)(331)
Changes in valuation allowance, net of equity and tax audit adjustments19,039 609 1,221 
Other— (621)688 
Income tax expense (benefit)$1,117 $(15,053)$6,503 

The Company files U.S. and state and local income tax returns in jurisdictions with varying statutes of limitations. Liabilities for uncertain tax positions reflected as of December 31, 2024 and 2023 were not significant and it is not anticipated that they will materially change in the next 12 months. Although the outcome of tax audits is always uncertain, Douglas Elliman Realty, LLC believes that its tax positions will be sustained under audit.
v3.25.1
STOCK COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK COMPENSATION STOCK COMPENSATION
On December 31, 2021, the Company granted equity compensation under its 2021 Plan. The 2021 Plan was adopted on December 22, 2021 and approved by the Company’s stockholder on December 24, 2021. The 2021 Plan provides for the Company to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted shares, restricted stock units, performance share awards, other stock-based awards and cash-based awards. Shares available for issuance under the 2021 Plan are 5,952,996 shares as of December 31, 2024. The Company may satisfy its obligations under any award granted under the 2021 Plan by issuing new shares.
Restricted Stock Awards. The Company recognizes compensation expense using the fair value method. All awards are time-based awards which vest over a period that ranges between two and approximately four years. The Company recognizes compensation cost net of an estimated forfeiture rate ratably using the straight-line attribution method over the expected vesting period.
A summary of employee restricted stock award transactions is presented below:
SharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 20223,664,500 $10.95 
Granted94,500 $7.85 
Vested(1,001,438)$10.94 
Forfeited(26,250)$9.72 
Nonvested at December 31, 20222,731,312 $10.86 
Granted3,786,750 $3.08 
Vested (1)
(1,926,751)$6.97 
Forfeited— $— 
Nonvested at December 31, 20234,591,311 $6.07 
Granted7,532,023 $2.16 
Vested (1)
(1,724,495)$3.86 
Forfeited(4,365,500)$4.25 
Nonvested at December 31, 20246,033,339 $3.14 
_____________________________
(1)The total fair value of restricted stock awards vested during 2024 and 2023 was $3,243 and $4,877, respectively.
As of December 31, 2024, there was $17,857 of total unrecognized compensation costs related to nonvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.98 years.
v3.25.1
CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
The Company is involved in litigation in the normal course of its business. 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 “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 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 Settlement Agreement received final court approval and became effective as of that date.

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 Settlement Agreement, the Company paid into an escrow fund $7,750 on June 12, 2024, and agreed to pay two $5,000 contingent payments subject to certain financial contingencies on or before December 31, 2027 (collectively, the “Settlement Amount”). The contingent payments may be accelerated under certain circumstances. The Company recognized an expense of $17,750 for 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 United States 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, now including the Company, 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 case. As this case was brought by a putative national class of home buyers, it is not subsumed within the 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. The Company has not provided any amounts in the consolidated financial statements for unfavorable outcomes for these industry-wide home buyer antitrust class action lawsuits as management concluded that it is not probable that a loss has been incurred and is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any pending industry-wide home buyer antitrust class action lawsuits.

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 face criminal charges related to similar alleged conduct. Recently, the Company and its former Chief Executive Officer were named as defendants in one of these lawsuits. 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 intends to defend vigorously against these claims. The Company is aware that other claims may be asserted against it and possibly against certain former Company leadership arising out of the matters related to the two former real estate salespersons.
Litigation is subject to uncertainty, 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 years ended December 31, 2024, 2023 and 2022, the Company incurred legal expenses and costs totaling $41,522 (of which $17,750 is included within “Antitrust litigation settlement expense” and $23,772 is included within “General and administrative expenses” on the consolidated statements of operations), $7,549, and $7,064, respectively. The Company’s 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 consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
 Year Ended December 31,
 202420232022
Cash paid (received) during the period for:   
 Interest$1,453 $28 $177 
 Income taxes, net(5,152)(1,917)11,083 
Non-cash investing and financing activities:  
 Capital expenditures incurred but not paid21 287 1,070 
v3.25.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
On December 29, 2021, Vector Group completed the Distribution and the Company and Vector Group entered into a distribution agreement (the “Distribution Agreement”) and several ancillary agreements for the purpose of accomplishing the Distribution. The Distribution Agreement includes an agreement that the Company and Vector Group will provide each other with appropriate indemnities with respect to liabilities arising out of the business retained by Vector Group and the business transferred to Douglas Elliman by Vector Group. These agreements also govern the Company’s relationship with Vector Group after the Distribution and provide for the allocation of employee benefit, tax and some other liabilities and obligations attributable to periods prior to, at and after the Distribution. These agreements also include arrangements with respect to transition services (the “Transition Services Agreement”). The Company and Vector Group entered into a Transition Services Agreement with respect to transition services and other ongoing commercial relationships. Under the agreement, which expired on December 20, 2024, the Company paid Vector Group $4,084 in 2024, $4,200 in 2023, and $4,200 in 2022. The Company and Vector Group also entered into Aircraft Lease Agreements for the right to lease on a flight-by-flight basis certain aircraft owned by Vector Group. Under the agreements, which were cancelled on October 17, 2024, the Company paid Vector Group $1,830 in 2024, $2,124 in 2023, and $2,418 in 2022. Vector Group has agreed to indemnify the Company for certain tax matters under the Tax Disaffiliation Agreement. The Company received $589 in 2022 and recorded the amount in Investment and other income in its consolidated statements of operations for the year ended December 31, 2022 related to the tax indemnifications.
Following the Distribution and until October 7, 2024, there was an overlap between certain officers of the Company and Vector Group. The President and Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, and the General Counsel and Secretary of Douglas Elliman all served in the same role at Vector Group. Furthermore, three of the members of Douglas Elliman’s Board of Directors also served as directors of Vector Group until October 7, 2024.
The Company has been engaged by certain developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. The Company had gross commissions of approximately $17,068, $1,766 and $1,709 from these projects for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company and a member of its Board of Directors, who became the Company’s President and Chief Executive Officer on October 22, 2024 each owned a 50% interest in an entity the assets and business of which were sold in 2019. The Company received $654 in May 2022 as a final distribution of an earn-out payment based on the performance of the entity in 2020 and 2021. The Company recorded equity in earnings from this equity-method investment of $654 for the year ended December 31, 2022.
A son of the Company’s former President and Chief Executive Officer, who resigned on October 21, 2024, is an associate broker with the Company and he received commissions and other payments of $767, $1,570 and $1,490, respectively, in accordance with brokerage activities in 2024, 2023 and 2022, respectively.
The spouse of the former President and Chief Executive Officer of Douglas Elliman Realty, LLC, who was terminated on October 25, 2024, is a real estate agent whose license is held at a subsidiary of the Company, and who received commissions and other payments of $147, $329 and $230 in accordance with brokerage activities in 2024, 2023 and 2022, respectively.
The son-in-law of the Company’s former Executive Vice President and Chief Operating Officer, serves as Vice President, Enterprise Innovation and Managing Director of New Valley Ventures LLC, and received total compensation, which included salary, bonus and 401(k) matching awards of approximately $303, $369 and $352 in 2024, 2023 and 2022, respectively.
The Chairman of the Company’s Board of Directors is the Co-Founder, Co-Portfolio Manager and Co-Managing Partner of Kennedy Lewis Investment Management, which is the lender on the Company’s Convertible Notes. As of December 31, 2024, there were an aggregate of $50,000 of the Convertible Notes, which bear interest at 7% per annum in cash and 8% per annum paid in kind. The holders of the Convertible Notes have the right to elect at any time to convert the Convertible Notes into shares of the Company’s common stock at an initial conversion price of $1.50 per share of common stock, subject to the Beneficial Ownership Limitation. See Note 10 – Notes Payable.
Other. On December 20, 2024, the Company entered an office lease with an entity affiliated with Dr. Phillip Frost, who beneficially owns more than 5% of the Company’s common stock. The lease is for space in an office building in Miami, Florida and will expire on April 30, 2028. The amended lease provides for payments of $43 per month increasing to $48 per month.
v3.25.1
INVESTMENTS AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENTS INVESTMENTS AND FAIR VALUE MEASUREMENTS
The Company’s financial assets and liabilities subject to fair value measurements were as follows:
Fair Value Measurements as of December 31, 2024
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)
$85,535 $85,535 $— $— 
U. S. treasury bills (2)
52,744 52,744 — — 
Certificates of deposit (3)
507 — 507 — 
PropTech convertible trading debt securities1,254 — — 1,254 
Long-term investments
Long-term investment securities at fair value (4)
3,127 — — — 
Total long-term investments3,127 — — — 
    Total assets$143,167 $138,279 $507 $1,254 
Liabilities:
Fair value of derivatives embedded within convertible debt$30,253 $— $— $30,253 $(14,978)
Total liabilities$30,253 $— $— $30,253 $(14,978)
Nonrecurring fair value measurements
Long-term investments (5)
$— $— $(489)
$— $— $(489)
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,081 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets.
(2)$42,940 included in Cash and cash equivalents and $9,804 included in investment securities at fair value.
(3)$345 included in other current assets and $162 included in other assets on the consolidated balance sheets.
(4)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
(5)Long-term investments with a carrying amount of $489 were written down to their fair value of $0, resulting in an impairment charge of $489 as a part of investment and other income for the year ended December 31, 2024.
Fair Value Measurements as of December 31, 2023
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)
Assets:
Money market funds (1)
$59,595 $59,595 $— $— 
U. S. treasury bills (2)
51,200 51,200 — — 
Certificates of deposit (3)
507 — 507 — 
Long-term investments
PropTech convertible trading debt securities1,162 — — 1,162 
Long-term investment securities at fair value (4)
2,821 — — — 
Total long-term investments3,983 — — 1,162 
 Total assets$115,285 $110,795 $507 $1,162 
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $7,171 that is included in current restricted assets and $2,538 that is included in non-current restricted assets.
(2)Amounts included in Cash and cash equivalents on the consolidated balance sheets.
(3)Amounts included in other assets on the consolidated balance sheets.
(4)In accordance with 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 derivatives embedded within the convertible debt and the fair value of the convertible debt itself was derived using a binomial lattice valuation model. These derivatives have been classified as Level 3. Changes in the fair value of the derivatives embedded with the convertible debt are presented in the consolidated statements of operations. The value of the embedded derivatives is 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 are based on market observable inputs. The interest rate component of the value of the note is computed by calibrating the yield as of the issuance date, such that the value of the convertible note is equal to the principal net of the original issue discount. This yield is adjusted by the change in spreads from the discount curve equivalent to the Company’s implied credit rating.
The changes in the fair value of these Level 3 liabilities as of December 31, 2024 were as follows:
2024
Balance as of January 1$1,162 
   Issuance of convertible debt(15,275)
   Change in fair value of derivatives embedded within convertible debt(14,978)
Change in fair value of PropTech convertible trading debt securities92 
Balance as of December 31$(28,999)
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2024:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2024		Valuation TechniqueUnobservable InputRange (Actual)
PropTech convertible trading debt securities$1,254 Discounted cash flowInterest rate5 %
MaturityFeb 2025
Volatility46.82 %
Discount rate25.65 %
Fair value of derivatives embedded within convertible debt$30,253 Binomial Lattice ModelAssumed annual stock dividend— %
Assumed annual cash dividend— %
Stock price$1.67 
Volatility50 %
Risk-free rate4.36 %
Implied credit spread8.06 %
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2023:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2023		Valuation TechniqueUnobservable InputRange (Actual)
PropTech convertible trading debt securities$1,162 Discounted cash flowInterest rate5 %
MaturityFeb 2025
Volatility40.25 %
Discount rate30.37 %
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 subject to fair value measurements as of December 31, 2024 and 2023, respectively.
v3.25.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s reportable segments were Real Estate Brokerage and Corporate Activities and Other. Real Estate Brokerage consists of the residential real estate brokerage services through our subsidiary Douglas Elliman Realty, which operates one of the largest residential brokerage companies in the New York metropolitan area and also conducts residential real estate brokerage operations in Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia, Washington, D.C., Arizona, New Hampshire and Michigan. The Real Estate Brokerage segment also provides
ancillary services, such as property management, title and escrow services. The Corporate Activities and Other segment consists of the operations of our holding company which includes the Company’s investment business that invests in select PropTech opportunities through our New Valley Ventures subsidiary. The operations of Corporate Activities and Other also consists of corporate costs for leadership and other administrative functions. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews the results for the business segments to evaluate the performance of the segments and to make decisions regarding the allocation of capital. The CODM uses and compares segment results, which includes operating loss and investment and other income, to prior periods and, based on these results, assesses performance and identifies trends of ongoing operations within each segment. Comparable to the consolidated statement of operations, the CODM reviews operating results, including the costs and charges by segments to evaluate the performance of our businesses and related trends. The operating cost summary also includes stock-based compensation by segment.

The following schedules present the Company’s reportable segments and their contribution to the consolidated financial statements. Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2024, 2023, and 2022 was as follows:

Real Estate BrokerageCorporate Activities
and Other
2024
Revenues$995,627 $— 
Operating expenses:
Real estate agent commissions$743,819 $— 
Sales and marketing82,606 — 
Operations and support (1)
69,278 — 
General and administrative (1)
83,465 28,798 
Technology23,386 — 
Depreciation and amortization7,736 — 
Antitrust litigation settlement expense17,750 — 
Stock-based compensation (1)
4,325 2,249 
Restructuring616 425 
Segment operating loss$(37,354)$(31,472)
Real estate brokerage segment operating loss$(37,354)
Corporate activities and other segment operating loss(31,472)
Total segments’ operating loss$(68,826)
Interest expense(2,939)
Interest income5,533 
Equity in earnings (losses) from equity-method investments36 
Change in fair value of derivatives embedded with convertible debt(14,978)
Investment and other income5,289 
(Loss) income before provision for income tax$(75,885)
(1)     $5,510 of stock-based compensation is included within General and administrative expenses ($3,261 in Real Estate Brokerage segment and $2,249 in Corporate activities and other segment) and $1,064 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
    
Real Estate BrokerageCorporate Activities
and Other
2023
Revenues$955,578 $— 
Operating expenses:
Real estate agent commissions$706,162 $— 
Sales and marketing83,670 — 
Operations and support (1)
69,675 — 
General and administrative (1)
94,110 19,192 
Technology23,788 — 
Depreciation and amortization8,026 — 
Stock-based compensation (1)
4,539 8,536 
Restructuring2,377 — 
Segment operating loss$(36,769)$(27,728)
Real estate brokerage segment operating loss$(36,769)
Corporate activities and other segment operating loss(27,728)
Total segments’ operating loss$(64,497)
Interest expense(28)
Interest income5,841 
Equity in earnings (losses) from equity-method investments(168)
Investment and other income 633 
(Loss) income before provision for income tax$(58,219)
(1)    $12,145 of stock-based compensation is included within General and administrative expenses ($3,609 in Real Estate Brokerage segment and $8,536 in Corporate activities and other segment) and $930 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
Real Estate BrokerageCorporate Activities
and Other
2022
Revenues$1,153,177 $— 
Operating expenses:
Real estate agent commissions$836,803 $— 
Sales and marketing85,763 — 
Operations and support (1)
72,169 — 
General and administrative (1)
101,469 19,591 
Technology22,773 — 
Depreciation and amortization8,012 — 
Stock-based compensation (1)
4,195 6,943 
Segment operating income (loss)$21,993 $(26,534)
Real estate brokerage segment operating income$21,993 
Corporate activities and other segment operating loss(26,534)
Total segments’ operating loss$(4,541)
Interest expense(148)
Interest income1,927 
Equity in earnings (losses) from equity-method investments(563)
Investment and other income3,429 
(Loss) income before provision for income tax$104 
(1)     $10,361 of stock-based compensation is included within General and administrative expenses ($3,418 in Real Estate Brokerage segment and $6,943 in Corporate activities and other segment) and $777 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
The Company’s identifiable assets and capital expenditures by segment for December 31, 2024, 2023 and 2022 were as follows:
Real Estate BrokerageCorporate Activities
and Other		Total
Year Ended December 31, 2024
Identifiable assets (1)
$425,148 $68,740 $493,888 
Capital expenditures$5,534 $— $5,534 
Year Ended December 31, 2023
Identifiable assets (2)
$455,021 $38,398 $493,419 
Capital expenditures$6,143 $— $6,143 
Year Ended December 31, 2022
Identifiable assets (3)
$512,524 $37,878 $550,402 
Capital expenditures$8,537 $— $8,537 
(1)     Includes $1,401 and $619 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.
(2)     Includes $1,390 and $570 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.
(3)     Includes $1,366 and $263 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.
v3.25.1
ESCROW FUNDS IN HOLDING
 12 Months Ended
Dec. 31, 2024
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 $37,967 and $41,338 as of December 31, 2024 and December 31, 2023, respectively, and corresponding escrow funds in holding of the same amount. These deposits are not assets of Portfolio Escrow Inc., the subsidiary of the Company (and, therefore, are excluded from the accompanying consolidated balance sheets).
v3.25.1
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
DOUGLAS ELLIMAN INC.
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
(Dollars in Thousands)
DescriptionBalance at
Beginning
of Period		Additions
Charged to
Costs and
Expenses		DeductionsBalance
at End
of Period
Year Ended December 31, 2024    
Allowances for:    
Deferred tax valuation allowance$7,026 $19,039 $— $26,065 
Total$7,026 $19,039 $— $26,065 
Year Ended December 31, 2023    
Allowances for:    
Deferred tax valuation allowance$6,417 $609 $— $7,026 
Total$6,417 $609 $— $7,026 
Year Ended December 31, 2022    
Allowances for:    
Deferred tax valuation allowance$5,196 $1,221 $— $6,417 
Total$5,196 $1,221 $— $6,417 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net loss attributed to Douglas Elliman Inc. $ (76,316) $ (42,552) $ (5,622)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have a comprehensive approach to identifying and managing cybersecurity risks that involves our information technology security personnel, senior management, Audit Committee and Board of Directors. Our cybersecurity risk management function is integrated into our overall risk management system and processes.
Governance. The Board of Directors has formally tasked the Audit Committee with oversight responsibility to review cybersecurity and data privacy risks. The Audit Committee receives regular reports from management about cybersecurity matters. In addition to regular reporting, we have procedures by which potential cybersecurity incidents are reported in a timely manner to the Chief Technology Officer (CTO), who then notifies the Chief Executive Officer of cybersecurity incidents and they collectively determine if a specific incident warrants escalation to the Audit Committee and the Board of Directors. The
acting CTO is our Executive Vice President, Chief Financial Officer, Treasurer, and Secretary, who took over responsibilities in October 2024 upon the departure of the Company’s prior CTO. Our CTO manages cybersecurity at the corporate segment and oversees a team of dedicated cybersecurity personnel employed in our real estate brokerage segment, including a Chief Information Security Officer. Our governance procedures are generally designed to identify, assess, mitigate, prevent and, where required, respond to cybersecurity security incidents and threats in a timely manner to minimize the loss or compromise of information and assets and to facilitate incident resolution.
Cybersecurity incident identification and response. We use several processes and procedures to protect our data, systems and employees from cyber incidents, to reduce our overall cybersecurity risk profile, and to identify and respond to cybersecurity incidents in a timely manner. These processes and procedures leverage a variety of tools, including a security incident and event manager interface that uses behavioral analytics and provides live metrics and reports of attempted breaches and logs of firewalls, authentication attempts, emails, anti-malware, attempted intrusions and applications. We also conduct periodic tests to assess our processes and procedures and the threat landscape, which include, among other things, the engagement of third-party experts for external and internal penetration testing and system security assessments.
We have adopted an incident response plan that applies upon the occurrence of a cybersecurity incident involving a breach of our own information technology systems and applications. Pursuant to this response plan, if an incident occurs, a multi-disciplinary team is assembled that includes our CTO and the General Counsel of Douglas Elliman Realty LLC and, if appropriate, the CFO of Douglas Elliman Realty LLC, which in turn may leverage the expertise of third-party consultants, external legal counsel and other resources. The plan includes procedures designed to facilitate containment of, and responses to, a cybersecurity incident, which are based on the type of incident, the location of the incident and the breadth of the incident. The plan also establishes procedures for notifying any impacted parties, including our customers, law enforcement and regulatory authorities, third-party vendors and insurance providers. Our CTO will provide periodic updates to the Audit Committee and, when appropriate, the Board of Directors during this process.
After an incident, we would review and document the causes and effects of the incident, evaluate the remediation plan, and consider post-incident improvements. Where applicable, the CTO reports these findings to the Audit Committee and, when appropriate, the Board of Directors.
Processes to identify material risks associated with the use of third-party service providers. In addition to internal resources, we utilize third-party service providers to supplement and maintain our information technology systems. We have procedures to oversee and identify cybersecurity risks associated with our use of these third-party service providers, including procedures that apply if a cybersecurity incident occurs at a third-party service provider that results in our systems or data or our customers’ data being compromised. These processes and procedures include, among others, a diligence review conducted by our information technology team of substantially all of our external business partners and a focused review of any such third parties’ cybersecurity audit attestations, such as Service Organization Controls, NIST 800 alignments, ISO certifications, PCI DSS compliance or other recognized external reviews. In the case of a cybersecurity incident affecting a third-party, these procedures also govern interactions with personnel of the impacted third-party to determine the date, scope and effects of the cybersecurity incident, review the response and remediation measures taken by the third-party and conduct an inventory of potentially compromised data. Our notification process for a cybersecurity incident affecting a third-party is the same as the notification process that applies to a cybersecurity incident that affects our own information technology systems and applications.
Cybersecurity risks and previous incidents. We and certain of our third-party service providers have experienced, and expect to continue to experience, internal and external cybersecurity threats and incidents, which can result, and have resulted, in the misappropriation and unavailability of critical data and confidential or proprietary information (our own and that of third parties, including personally identifiable information) and the disruption of business operations. However, we have not been subject to cybersecurity incidents that, individually or in aggregate, have been material to our operations or financial condition, but we cannot provide assurance that they will not have a material impact in the future. See Item 1A. Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have a comprehensive approach to identifying and managing cybersecurity risks that involves our information technology security personnel, senior management, Audit Committee and Board of Directors. Our cybersecurity risk management function is integrated into our overall risk management system and processes.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Board of Directors has formally tasked the Audit Committee with oversight responsibility to review cybersecurity and data privacy risks. The Audit Committee receives regular reports from management about cybersecurity matters. In addition to regular reporting, we have procedures by which potential cybersecurity incidents are reported in a timely manner to the Chief Technology Officer (CTO), who then notifies the Chief Executive Officer of cybersecurity incidents and they collectively determine if a specific incident warrants escalation to the Audit Committee and the Board of Directors. The acting CTO is our Executive Vice President, Chief Financial Officer, Treasurer, and Secretary, who took over responsibilities in October 2024 upon the departure of the Company’s prior CTO. Our CTO manages cybersecurity at the corporate segment and oversees a team of dedicated cybersecurity personnel employed in our real estate brokerage segment, including a Chief Information Security Officer. Our governance procedures are generally designed to identify, assess, mitigate, prevent and, where required, respond to cybersecurity security incidents and threats in a timely manner to minimize the loss or compromise of information and assets and to facilitate incident resolution.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors has formally tasked the Audit Committee with oversight responsibility to review cybersecurity and data privacy risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives regular reports from management about cybersecurity matters. In addition to regular reporting, we have procedures by which potential cybersecurity incidents are reported in a timely manner to the Chief Technology Officer (CTO), who then notifies the Chief Executive Officer of cybersecurity incidents and they collectively determine if a specific incident warrants escalation to the Audit Committee and the Board of Directors. The acting CTO is our Executive Vice President, Chief Financial Officer, Treasurer, and Secretary, who took over responsibilities in October 2024 upon the departure of the Company’s prior CTO.
Cybersecurity Risk Role of Management [Text Block]
Cybersecurity incident identification and response. We use several processes and procedures to protect our data, systems and employees from cyber incidents, to reduce our overall cybersecurity risk profile, and to identify and respond to cybersecurity incidents in a timely manner. These processes and procedures leverage a variety of tools, including a security incident and event manager interface that uses behavioral analytics and provides live metrics and reports of attempted breaches and logs of firewalls, authentication attempts, emails, anti-malware, attempted intrusions and applications. We also conduct periodic tests to assess our processes and procedures and the threat landscape, which include, among other things, the engagement of third-party experts for external and internal penetration testing and system security assessments.
We have adopted an incident response plan that applies upon the occurrence of a cybersecurity incident involving a breach of our own information technology systems and applications. Pursuant to this response plan, if an incident occurs, a multi-disciplinary team is assembled that includes our CTO and the General Counsel of Douglas Elliman Realty LLC and, if appropriate, the CFO of Douglas Elliman Realty LLC, which in turn may leverage the expertise of third-party consultants, external legal counsel and other resources. The plan includes procedures designed to facilitate containment of, and responses to, a cybersecurity incident, which are based on the type of incident, the location of the incident and the breadth of the incident. The plan also establishes procedures for notifying any impacted parties, including our customers, law enforcement and regulatory authorities, third-party vendors and insurance providers. Our CTO will provide periodic updates to the Audit Committee and, when appropriate, the Board of Directors during this process.
After an incident, we would review and document the causes and effects of the incident, evaluate the remediation plan, and consider post-incident improvements. Where applicable, the CTO reports these findings to the Audit Committee and, when appropriate, the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] CTO. Our CTO manages cybersecurity at the corporate segment and oversees a team of dedicated cybersecurity personnel employed in our real estate brokerage segment, including a Chief Information Security Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The acting CTO is our Executive Vice President, Chief Financial Officer, Treasurer, and Secretary, who took over responsibilities in October 2024 upon the departure of the Company’s prior CTO. Our CTO manages cybersecurity at the corporate segment and oversees a team of dedicated cybersecurity personnel employed in our real estate brokerage segment, including a Chief Information Security Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] We have adopted an incident response plan that applies upon the occurrence of a cybersecurity incident involving a breach of our own information technology systems and applications. Pursuant to this response plan, if an incident occurs, a multi-disciplinary team is assembled that includes our CTO and the General Counsel of Douglas Elliman Realty LLC and, if appropriate, the CFO of Douglas Elliman Realty LLC, which in turn may leverage the expertise of third-party consultants, external legal counsel and other resources. The plan includes procedures designed to facilitate containment of, and responses to, a cybersecurity incident, which are based on the type of incident, the location of the incident and the breadth of the incident. The plan also establishes procedures for notifying any impacted parties, including our customers, law enforcement and regulatory authorities, third-party vendors and insurance providers. Our CTO will provide periodic updates to the Audit Committee and, when appropriate, the Board of Directors during this process.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation:
Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) is engaged in the real estate services and property technology investment business and is seeking to acquire or invest in additional real estate services and property technology (“PropTech”) companies. Douglas Elliman owns Douglas Elliman Realty, LLC, one of the largest residential brokerage companies in the New York metropolitan area. Douglas Elliman has 121 offices with approximately 6,200 real estate agents in the New York metropolitan area as well as in Florida, California, Connecticut, Massachusetts, Colorado, New Jersey, and Texas.
Prior to December 30, 2021, the Company was wholly owned by Vector Group Ltd. (“Vector Group” and collectively, with its consolidated subsidiaries, “Former Parent”). On December 29, 2021, Vector Group stockholders received one share of Douglas Elliman common stock for every two shares of Vector Group common stock held as of the close of business on December 20, 2021 (the “Distribution”).
The accompanying consolidated financial statements include the accounts and transactions of Douglas Elliman, as well as the entities in which Douglas Elliman directly or indirectly has a controlling financial interest. These entities include DER Holdings LLC and New Valley Ventures LLC (“New Valley Ventures”). DER Holdings LLC owns Douglas Elliman Realty, LLC and Douglas Elliman of California, Inc. New Valley Ventures consists of minority investments in innovative and cutting-edge PropTech companies. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
In presenting the 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 consolidated financial statements presented herein include the assets, liabilities, revenues, expenses and cash flows of DER Holdings LLC and New Valley 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 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges and valuation of intangible assets. Actual results could differ from those estimates.
Cash and Cash Equivalents Cash and Cash Equivalents:
Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents include short-term investments which have an original maturity of three months or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all the Company’s cash balances at December 31, 2024 are uninsured.
Reconciliation of Cash, Cash Equivalents and Restricted Cash Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Restricted cash amounts included in current assets and 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.
Investment Securities Investment Securities:
The Company classifies investments in debt securities as trading. Investments classified as trading are recorded at fair value, with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. The cost of securities sold is determined based on average cost.
Significant Concentrations of Credit Risk Significant Concentrations of Credit Risk:
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes are, high credit quality financial institutions.
Receivables Receivables:
Receivables primarily consist of commissions earned on sales transactions which closed prior to the Company’s year-end but for which the related commissions have not yet been received. The Company provides an allowance for credit losses on uncollectible receivables based principally on the specific identification method. There are no allowances for credit losses for commission receivables as of December 31, 2024 and December 31, 2023. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned.
Property and equipment, net Property and equipment, net:
Property and equipment, net are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 3 to 10 years for furniture and equipment.
The cost and related accumulated depreciation of property and equipment, net are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations.
The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred.
Investments accounted for under the equity-method of accounting Investments accounted for under the equity-method of accounting:
In accounting for its equity-method investments, the Company identified its participation in VIEs, which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest.
The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and
reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s).
Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project.
On a quarterly basis, the Company evaluates its equity-method investments to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.
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. The fair value of the intangible asset associated with the Douglas Elliman trademark is determined using a “relief from royalty payments” method. This approach involves two steps: (i) estimating reasonable royalty rates for its trademark associated with the Douglas Elliman trademark and (ii) applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trademark. As discussed in Note 9, in the three months ended September 30, 2024, the Company utilized third-party valuation specialists to prepare a quantitative assessment of its goodwill and trademark intangible assets, based on the current market conditions in the residential real estate brokerage industry which did not result in impairment charges related to its goodwill or trademark for the year ended December 31, 2024. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value and current market conditions deteriorate, impairment charges could result in future periods, and such impairment charges could be material.
Goodwill from acquisitions represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets. Factors that contribute to the recognition of goodwill in the Company’s acquisitions include (i) expected growth rates and profitability of the acquired companies, (ii) securing buyer-specific synergies that increase revenue and profits and are not otherwise available to market participants, (iii) significant cost savings opportunities, (iv) experienced workforce and (v) the Company’s strategies for growth in sales, income and cash flows.
Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below.
Impairment Long-Lived Assets Impairment of Long-Lived Assets:
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.
Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a
quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.
Leases Leases:
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets.
ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and are reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to combine lease and non-lease components for all underlying asset classes.
Stock Awards Stock Awards:The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at the grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of restricted stock awarded under the 2021 Management Incentive Plan (the “2021 Plan”) provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the restricted stock award. The Company recognizes payments of the dividend equivalent rights on these restricted stock awards on the Company’s consolidated balance sheets as reductions in additional paid-in capital ($0 and $307 for the years ended December 31, 2024 and 2023, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ equity.
Income Taxes Income Taxes:
The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable.
The Company accounts for uncertainty in income taxes by recognizing tax liabilities when, despite the Company’s belief that its tax return positions are supportable, the Company believes that certain positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense.
Contingencies Contingencies:
The Company and its subsidiaries record provisions in its consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
Distributions and Dividends on Common Stock Distributions and Dividends on Common Stock:
The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ equity to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to retained earnings (accumulated deficit). The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented.
Revenue Recognition Revenue Recognition:
Commissions and other brokerage income: Real estate commissions earned by the Company’s real estate brokerage businesses are recognized as revenue when the real estate sale is completed or lease agreement is executed, which is the point in time that the performance obligation is satisfied. Any commission and other payments received in advance are deferred until the satisfaction of the performance obligation. Corresponding agent commission expenses, including any advance commission or other direct expense payments, are deferred and recognized as agent commission expenses concurrently with related revenues. The accounting for these commissions and other brokerage income under Topic 606 are largely consistent with the previous accounting for these transactions under Topic 605, except for customer arrangements in the development marketing business and extended payments terms that exist in some commercial leasing contracts.
Property management: Property management revenue arrangements consist of providing operational and administrative services to manage a subject property. Fees for these services are typically billed and collected monthly. Property management service fees are recognized as revenue over time using the output method as the performance obligations under the customer arrangement are satisfied each month.
Ancillary services: Ancillary services revenue earned by the Company related primarily to title and escrow services. These services are recognized as revenue when the real estate sale is completed, which is the point in time that the performance obligation is satisfied.
Real estate agent commissions expense Real estate agent commissions expense:
Real estate agent commissions expense consists of commissions paid to the Company’s agents, who are independent contractors, upon the closing of a real estate transaction and fees paid to external brokerages for client referrals, which are recognized and paid upon the closing of a real estate transaction.
Sales and marketing expenses and General and administrative expenses Sales and marketing expenses:
Sales and marketing expenses consists primarily of marketing and advertising expenses, compensation and other personnel-related costs for employees supporting sales, marketing, expansion and related functions, occupancy-related costs and agent acquisition incentives. Advertising expense primarily includes the cost of marketing activities such as print advertising, online advertising and promotional items, which are expensed as incurred. Compensation and other personnel-related costs include salaries, benefits, bonuses and other compensation expense.
General and administrative expenses:
General and administrative expenses consists primarily of compensation, stock-based compensation expense and other personnel-related costs for executive management and administrative employees, including finance and accounting, legal, human resources and communications, the occupancy costs for its headquarters and other offices supporting its administrative functions, and transition services paid to its Former Parent for the use of office space and employees, professional services fees for legal and finance, insurance expenses and talent acquisition expenses.
Operations and support expenses Operations and support expenses:
Operations and support expenses consists primarily of compensation and other personnel-related costs for employees supporting agents, third-party consulting and professional services costs (not included in general and administrative or technology), fair value adjustments to contingent consideration for the Company’s acquisitions and other related expenses.
Technology expenses Technology expenses:
Technology expenses consist primarily of compensation and other personnel-related costs for employees in the product, engineering and technology functions, website hosting expenses, software licenses and equipment, third-party consulting costs, data licenses of PropTech and other related expenses associated with the implementation of our technology initiatives.
Restructuring Restructuring:Employee severance and benefits expensed for the year ended December 31, 2024 and 2023 relate entirely to the reduction in staff and are cash charges. All amounts expensed for the year ended December 31, 2024 and 2023 are included in Restructuring expense in the Company’s consolidated statements of operations. The following table presents the changes in the employee severance and benefits liability for the year ended December 31, 2024 and 2023.
Other Comprehensive Income Other Comprehensive Income:
The Company does not have any activity that results in Other Comprehensive Income; therefore, no statement of Comprehensive Income is included in the consolidated financial statements.
Subsequent Events Subsequent Events:
The Company has evaluated subsequent events through March 17, 2025, the date the financial statements were issued.
New Accounting Pronouncements New Accounting Pronouncements:
Accounting Standards Updates (“ASUs”) adopted in 2024:
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU requires that all public entities improve the reportable segment disclosure primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the guidance for the year ended December 31, 2024. Refer to Note 18 for additional information relating to the Company’s segment reporting.
ASUs to be adopted in future periods:
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and anticipates adopting the standard in the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – 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 periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and anticipates adopting the standard in the year ended December 31, 2026
SEC Rule Changes:
On March 6, 2024, the SEC passed rule changes that would have required registrants to provide certain climate-related information in their registration statements and annual reports. The rules required information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks would have also included disclosure of a registrant's greenhouse gas emissions. In addition, the rules would have required registrants to present certain climate-related financial metrics in their audited financial statements. On April 4, 2024, the SEC issued an order staying such proposed rule changes. The Company is currently evaluating the impact of the rule changes.
Earnings Per Share
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.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Components of Cash, Cash Equivalents and Restricted Cash
The components of “Cash, cash equivalents and restricted cash” in the consolidated statements of cash flows were as follows:
December 31,
2024		December 31,
2023		December 31,
2022
Cash and cash equivalents$135,657 $119,808 $163,859 
Restricted cash and cash equivalents included in current assets4,081 7,171 4,985 
Restricted cash and cash equivalents included in other assets2,483 2,538 2,538 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$142,221 $129,517 $171,382 
Schedule of Amounts Expensed for Restructuring The following table presents the changes in the employee severance and benefits liability for the year ended December 31, 2024 and 2023.
Employee Severance and Benefits
Severance liability balance at January 1, 2023
$— 
Severance expense2,377 
Severance payments(1,610)
Severance liability balance at December 31, 2023
$767 
Severance expense1,041 
     Severance payments(1,320)
  Severance liability balance at December 31, 2024
$488 
Schedule of Investments and Other Income
Investment and other income consists of the following:
Year Ended December 31,
202420232022
Net gains recognized on PropTech convertible trading debt securities.$92 $28 $2,184 
Net unrealized (losses) gains recognized on long-term investments at fair value68 (110)655 
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient5,129 715 — 
Other income— — 1 
Income related to Tax Disaffiliation indemnification— — 589 
Investment and other income$5,289 $633 $3,429 
v3.25.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
In the following table, revenue is disaggregated by major services line and primary geographical market:
Year Ended December 31, 2024
TotalNew York CityNortheastSoutheastWest
Revenues:
Commission and other brokerage income - existing home sales$878,775 $262,937 $189,625 $248,617 $177,596 
Commission and other brokerage income - development marketing67,782 27,171 396 35,871 4,344 
Property management revenue36,785 36,027 758 — — 
Escrow and title fees12,285 482 279 19 11,505 
Total revenue$995,627 $326,617 $191,058 $284,507 $193,445 

Year Ended December 31, 2023
TotalNew York CityNortheastSoutheastWest
Revenues:
Commission and other brokerage income - existing home sales$849,874 $271,586 $177,222 $226,231 $174,835 
Commission and other brokerage income - development marketing56,195 27,376 938 24,507 3,374 
Property management revenue35,542 34,798 744 — — 
Escrow and title fees13,967 1,860 745 — 11,362 
Total revenue$955,578 $335,620 $179,649 $250,738 $189,571 

Year Ended December 31, 2022
TotalNew York CityNortheastSoutheastWest
Revenues:
Commission and other brokerage income - existing home sales$1,028,480 $359,417 $207,932 $263,468 $197,663 
Commission and other brokerage income - development marketing71,405 53,773 654 13,867 3,111 
Property management revenue36,022 35,421 601 — — 
Escrow and title fees17,270 3,186 1,235 — 12,849 
Total revenue$1,153,177 $451,797 $210,422 $277,335 $213,623 
Schedule of Contract Balances
The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
December 31, 2024December 31, 2023
Receivables, which are included in receivables$1,789 $1,846 
Contract assets, net, which are included in other current assets10,935 6,030 
Contract assets, net, which are in other assets37,123 36,040 
Payables, which are included in other current liabilities1,302 1,357 
Contract liabilities, which are in current liabilities18,225 11,234 
Contract liabilities, which are in other liabilities63,765 51,178 
v3.25.1
CURRENT EXPECTED CREDIT LOSSES (Tables)
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Schedule of Rollforward of Allowance for Credit Losses
The following table summarizes changes in the allowance for credit losses for the year ended December 31, 2024:
January 1,
2024		Current Period ProvisionWrite-offsRecoveriesDecember 31,
2024
Allowance for credit losses:
Real estate broker agent receivables$5,575 $5,241 (1)$6,033 $— $4,783 
_____________________________
(1)The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s consolidated statements of operations.

The following table summarizes changes in the allowance for credit losses for the year ended December 31, 2023:
January 1,
2023		Current Period ProvisionWrite-offsRecoveriesDecember 31,
2023
Allowance for credit losses:
Real estate broker agent receivables$10,916 $4,712 (1)$10,053 $— $5,575 
_____________________________
(1)The current period provision for the real estate broker agent receivables is included in “General and administrative expenses” in the Company’s consolidated statements of operations.
v3.25.1
EARNINGS (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Net (loss) income for purposes of determining basic and diluted EPS
As a result, in its calculation of basic and dilutive EPS for the years ended December 31, 2024, 2023 and 2022, respectively, the Company did not adjust its net loss for the effect of these participating securities because the adjustment was negligible.
For the year ended December 31,
202420232022
Net loss attributed to Douglas Elliman Inc.$(76,316)$(42,552)$(5,622)
Income attributable to participating securities— (307)(704)
Net loss available to common stockholders attributed to Douglas Elliman Inc.$(76,316)$(42,859)$(6,326)
Schedule of Basic and diluted EPS calculation shares
Basic and diluted EPS were calculated using the following common shares for the years ended December 31, 2024, 2023 and 2022:
For the year ended December 31,
202420232022
Weighted-average shares for basic and diluted EPS83,502,500 82,247,015 81,614,485 
Schedule of Antidilutive Securities Excluded from Computation of Diluted EPS
The following was outstanding during the year ended December 31, 2024, 2023 and 2022, but were not included in the computation of diluted EPS because the effect was anti-dilutive:
For the year ended December 31,
202420232022
Weighted-average number of shares issuable upon conversion of debt33,333,333 — — 
Weighted-average conversion price$1.50 $— $— 
v3.25.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Expense and Supplemental Cash Flow Information
The components of lease expense were as follows:
Year Ended December 31,
202420232022
Operating lease cost$30,890 $33,721 $33,248 
Short-term lease cost802 1,188 1,064 
Variable lease cost4,143 4,234 4,144 
Less: Sublease income(148)(688)(579)
Total lease cost$35,687 $38,455 $37,877 
Supplemental cash flow information related to leases was as follows:
Year Ended December 31,
202420232022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases$32,596 $34,106 $36,956 
ROU assets obtained in exchange for lease obligations:
Operating leases13,878 12,768 14,856 
Schedule of Supplemental Balance Sheet Information
Supplemental consolidated balance sheet information related to leases was as follows:
December 31,December 31,
20242023
Weighted average remaining lease term in years:
Operating leases5.736.38
Weighted average discount rate:
Operating leases8.58 %8.63 %
Schedule of Maturities of Operating Lease Liabilities
As of December 31, 2024, maturities of lease liabilities were as follows:
Operating Leases
Year Ending December 31: 
2025$31,636 
202629,061 
202725,862 
202822,505 
202918,152 
Thereafter31,252 
Total lease payments158,468 
 Less imputed interest(34,861)
Total$123,607 
v3.25.1
LONG-TERM INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Long-term Investment Securities
Long-term investments consisted of the following:
December 31, 2024December 31, 2023
PropTech convertible trading debt securities$1,254 $1,162 
Long-term investment securities at fair value (1)
3,127 2,821 
PropTech investments at cost6,400 8,888 
PropTech investments under equity method619 570 
Total investments11,400 13,441 
Less PropTech current convertible trading debt securities (2)
1,254 — 
Less PropTech investments accounted for under the equity method (3)
619 570 
Total long-term investments$9,527 $12,871 
_____________________________
(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 consolidated balance sheets.
(3)    These amounts are included in “Equity-method investments” on the consolidated balance sheets.
Net gains recognized on long-term investment securities were as follows:
Year Ended December 31,
202420232022
Net realized gains recognized on PropTech convertible trading debt securities$92 $28 $2,184 
Net unrealized gains (losses) recognized on long-term investment securities at fair value68 (110)655 
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient5,129 715 — 
Net realized and unrealized gains recognized on long-term investment securities$5,289 $633 $2,839 
Summary of Unrealized and Realized Net Gains
The following is a summary of unrealized (losses) gains recognized in net income on long-term investment securities at fair value during the years ended December 31, 2024, 2023 and 2022, respectively:
Year Ended December 31,
202420232022
Net unrealized (losses) gains recognized on long-term investment securities$68 $(110)$655 
v3.25.1
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, net
Property and equipment, net consisted of the following:
December 31, 2024December 31, 2023
Leasehold improvements$53,360 $55,549 
Furniture and equipment39,082 41,088 
 92,442 96,637 
Less accumulated depreciation and amortization(54,742)(56,919)
 $37,700 $39,718 
v3.25.1
EQUITY METHOD INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Equity method investments consisted of the following:
December 31, 2024December 31, 2023
Ancillary services ventures$2,020 $1,960 
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangible Assets
The components of Goodwill and other intangible assets were as follows:
December 31,
2024		December 31,
2023
Goodwill$32,230  $32,230 
Indefinite-life intangibles:
Trademark - Douglas Elliman$68,000 $68,000 
Intangibles with a finite life, net4,307 4,964 
  Total other intangible assets, net$72,307 $72,964 
The carrying amounts of goodwill and intangibles with a finite life for 2024 were as follows:
Goodwill Intangibles with a finite life, net
Balance as of January 1, 2024$32,230 $4,964 
Amortization— (657)
Balance as of December 31, 2024$32,230 $4,307 

The carrying amounts of goodwill and intangibles with a finite life for 2023 were as follows:
Goodwill Intangibles with a finite life, net
Balance as of January 1, 2023$32,230 $5,666 
Amortization— (702)
Balance as of December 31, 2023$32,230 $4,964 
_____________________________
Schedule of Intangible Asset and Contract Liabilities Assumed
Other intangible assets and contract liabilities assumed were as follows:
Useful Lives in YearsDecember 31,
2024		December 31,
2023
Trademark - Douglas EllimanIndefinite$68,000 $68,000 
Other intangibles
1 - 10
11,216 11,216 
 11,216 11,216 
Less: Accumulated amortization on amortizable intangibles(6,909)(6,252)
Other intangibles, net$4,307 $4,964 
Schedule of Intangible Asset and Contract Liabilities Assumed
Other intangible assets and contract liabilities assumed were as follows:
Useful Lives in YearsDecember 31,
2024		December 31,
2023
Trademark - Douglas EllimanIndefinite$68,000 $68,000 
Other intangibles
1 - 10
11,216 11,216 
 11,216 11,216 
Less: Accumulated amortization on amortizable intangibles(6,909)(6,252)
Other intangibles, net$4,307 $4,964 
v3.25.1
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Notes Payable
Notes payable consisted of the following:
December 31, 2024December 31, 2023
Convertible Notes, net of unamortized discount of $17,330 and $0
$32,670 $— 
Aggregate carrying value$32,670 $— 
*The fair value of the derivatives embedded within the 7.0% Convertible Note ($30,253 at December 31, 2024 and $0 at December 31, 2023 respectively), is separately classified as a derivative liability in the consolidated balance sheets.
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 is as follows:
Year ended
December 31,
20242023
Convertible Notes$983 $— 
Interest expense associated with embedded derivatives$983 $— 
A summary of non-cash changes in fair value of derivatives embedded within convertible debt is as follows:
Year ended
December 31,
20242023
Convertible Notes$14,978 $— 
(Gain) Loss on changes in fair value of derivatives embedded within convertible debt$14,978 $— 
Schedule of Fair Value of Notes Payable
The estimated fair value of the Company’s notes payable is as follows:
 December 31, 2024December 31, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Notes payable$32,670 $41,002 $— $— 
Notes payable and other obligations$32,670 $41,002 $— $— 
v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Amounts Provided for Income Taxes
The amounts provided for income taxes were as follows:
 Year Ended December 31,
 202420232022
Current:   
U.S. Federal$— $— $1,039 
State and local140 391 1,271 
 140 391 2,310 
Deferred:   
U.S. Federal(108)(10,009)1,421 
State and local1,085 (5,435)2,772 
 977 (15,444)4,193 
Total$1,117 $(15,053)$6,503 
Schedule of Deferred Tax Assets and Liabilities The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows:
 December 31, 2024December 31, 2023
Deferred tax assets:
Basis differences on fixed and intangible assets$577 $471 
Basis differences in Notes Payable4,509 — 
Various U.S. federal and state tax loss carryforwards28,457 18,420 
Operating lease liabilities 4,764 5,141 
38,307 24,032 
Less: Valuation allowance(26,065)(7,026)
Net deferred tax assets$12,242 $17,006 
Deferred tax liabilities:
Basis differences on prepaid assets$(200)$(251)
Revenue recognition(377)(478)
Allowance for doubtful accounts(67)(68)
Basis differences on long-term investments— (46)
Basis differences on acquisition(7,769)(9,618)
Operating lease right-of-use assets (4,181)(4,490)
Other352 (1,078)
Net deferred tax liabilities$(12,242)$(16,029)
Net deferred tax assets (liabilities)$— $977 
Schedule of Effective Income Tax Rate Reconciliation
Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:
 Year Ended December 31,
 202420232022
(Loss) income before provision for income taxes$(75,885)$(58,219)$104 
Federal income tax (benefit) expense at statutory rate(15,936)(12,226)22 
Increases (decreases) resulting from:  
State and local income taxes, net of federal income tax benefits(4,053)(3,811)2,213 
Impact of non-controlling interest144 129 163 
Non-deductible expenses1,178 2,333 1,715 
Excess tax benefits on stock-based compensation745 (857)812 
Loss carryforwards from tax consolidation of subsidiary— (609)(331)
Changes in valuation allowance, net of equity and tax audit adjustments19,039 609 1,221 
Other— (621)688 
Income tax expense (benefit)$1,117 $(15,053)$6,503 
v3.25.1
STOCK COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Award Transactions
A summary of employee restricted stock award transactions is presented below:
SharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 20223,664,500 $10.95 
Granted94,500 $7.85 
Vested(1,001,438)$10.94 
Forfeited(26,250)$9.72 
Nonvested at December 31, 20222,731,312 $10.86 
Granted3,786,750 $3.08 
Vested (1)
(1,926,751)$6.97 
Forfeited— $— 
Nonvested at December 31, 20234,591,311 $6.07 
Granted7,532,023 $2.16 
Vested (1)
(1,724,495)$3.86 
Forfeited(4,365,500)$4.25 
Nonvested at December 31, 20246,033,339 $3.14 
_____________________________
(1)The total fair value of restricted stock awards vested during 2024 and 2023 was $3,243 and $4,877, respectively.
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
 Year Ended December 31,
 202420232022
Cash paid (received) during the period for:   
 Interest$1,453 $28 $177 
 Income taxes, net(5,152)(1,917)11,083 
Non-cash investing and financing activities:  
 Capital expenditures incurred but not paid21 287 1,070 
v3.25.1
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Company's Recurring 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 December 31, 2024
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)
$85,535 $85,535 $— $— 
U. S. treasury bills (2)
52,744 52,744 — — 
Certificates of deposit (3)
507 — 507 — 
PropTech convertible trading debt securities1,254 — — 1,254 
Long-term investments
Long-term investment securities at fair value (4)
3,127 — — — 
Total long-term investments3,127 — — — 
    Total assets$143,167 $138,279 $507 $1,254 
Liabilities:
Fair value of derivatives embedded within convertible debt$30,253 $— $— $30,253 $(14,978)
Total liabilities$30,253 $— $— $30,253 $(14,978)
Nonrecurring fair value measurements
Long-term investments (5)
$— $— $(489)
$— $— $(489)
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,081 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets.
(2)$42,940 included in Cash and cash equivalents and $9,804 included in investment securities at fair value.
(3)$345 included in other current assets and $162 included in other assets on the consolidated balance sheets.
(4)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
(5)Long-term investments with a carrying amount of $489 were written down to their fair value of $0, resulting in an impairment charge of $489 as a part of investment and other income for the year ended December 31, 2024.
Fair Value Measurements as of December 31, 2023
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)
Assets:
Money market funds (1)
$59,595 $59,595 $— $— 
U. S. treasury bills (2)
51,200 51,200 — — 
Certificates of deposit (3)
507 — 507 — 
Long-term investments
PropTech convertible trading debt securities1,162 — — 1,162 
Long-term investment securities at fair value (4)
2,821 — — — 
Total long-term investments3,983 — — 1,162 
 Total assets$115,285 $110,795 $507 $1,162 
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $7,171 that is included in current restricted assets and $2,538 that is included in non-current restricted assets.
(2)Amounts included in Cash and cash equivalents on the consolidated balance sheets.
(3)Amounts included in other assets on the consolidated balance sheets.
(4)In accordance with 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 Fair Value of the Level 3 Liabilities
The changes in the fair value of these Level 3 liabilities as of December 31, 2024 were as follows:
2024
Balance as of January 1$1,162 
   Issuance of convertible debt(15,275)
   Change in fair value of derivatives embedded within convertible debt(14,978)
Change in fair value of PropTech convertible trading debt securities92 
Balance as of December 31$(28,999)
Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2024:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2024		Valuation TechniqueUnobservable InputRange (Actual)
PropTech convertible trading debt securities$1,254 Discounted cash flowInterest rate5 %
MaturityFeb 2025
Volatility46.82 %
Discount rate25.65 %
Fair value of derivatives embedded within convertible debt$30,253 Binomial Lattice ModelAssumed annual stock dividend— %
Assumed annual cash dividend— %
Stock price$1.67 
Volatility50 %
Risk-free rate4.36 %
Implied credit spread8.06 %
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2023:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2023		Valuation TechniqueUnobservable InputRange (Actual)
PropTech convertible trading debt securities$1,162 Discounted cash flowInterest rate5 %
MaturityFeb 2025
Volatility40.25 %
Discount rate30.37 %
v3.25.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company’s Operations Before Taxes and Non-controlling Interests Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2024, 2023, and 2022 was as follows:
Real Estate BrokerageCorporate Activities
and Other
2024
Revenues$995,627 $— 
Operating expenses:
Real estate agent commissions$743,819 $— 
Sales and marketing82,606 — 
Operations and support (1)
69,278 — 
General and administrative (1)
83,465 28,798 
Technology23,386 — 
Depreciation and amortization7,736 — 
Antitrust litigation settlement expense17,750 — 
Stock-based compensation (1)
4,325 2,249 
Restructuring616 425 
Segment operating loss$(37,354)$(31,472)
Real estate brokerage segment operating loss$(37,354)
Corporate activities and other segment operating loss(31,472)
Total segments’ operating loss$(68,826)
Interest expense(2,939)
Interest income5,533 
Equity in earnings (losses) from equity-method investments36 
Change in fair value of derivatives embedded with convertible debt(14,978)
Investment and other income5,289 
(Loss) income before provision for income tax$(75,885)
(1)     $5,510 of stock-based compensation is included within General and administrative expenses ($3,261 in Real Estate Brokerage segment and $2,249 in Corporate activities and other segment) and $1,064 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
    
Real Estate BrokerageCorporate Activities
and Other
2023
Revenues$955,578 $— 
Operating expenses:
Real estate agent commissions$706,162 $— 
Sales and marketing83,670 — 
Operations and support (1)
69,675 — 
General and administrative (1)
94,110 19,192 
Technology23,788 — 
Depreciation and amortization8,026 — 
Stock-based compensation (1)
4,539 8,536 
Restructuring2,377 — 
Segment operating loss$(36,769)$(27,728)
Real estate brokerage segment operating loss$(36,769)
Corporate activities and other segment operating loss(27,728)
Total segments’ operating loss$(64,497)
Interest expense(28)
Interest income5,841 
Equity in earnings (losses) from equity-method investments(168)
Investment and other income 633 
(Loss) income before provision for income tax$(58,219)
(1)    $12,145 of stock-based compensation is included within General and administrative expenses ($3,609 in Real Estate Brokerage segment and $8,536 in Corporate activities and other segment) and $930 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
Real Estate BrokerageCorporate Activities
and Other
2022
Revenues$1,153,177 $— 
Operating expenses:
Real estate agent commissions$836,803 $— 
Sales and marketing85,763 — 
Operations and support (1)
72,169 — 
General and administrative (1)
101,469 19,591 
Technology22,773 — 
Depreciation and amortization8,012 — 
Stock-based compensation (1)
4,195 6,943 
Segment operating income (loss)$21,993 $(26,534)
Real estate brokerage segment operating income$21,993 
Corporate activities and other segment operating loss(26,534)
Total segments’ operating loss$(4,541)
Interest expense(148)
Interest income1,927 
Equity in earnings (losses) from equity-method investments(563)
Investment and other income3,429 
(Loss) income before provision for income tax$104 
(1)     $10,361 of stock-based compensation is included within General and administrative expenses ($3,418 in Real Estate Brokerage segment and $6,943 in Corporate activities and other segment) and $777 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
The Company’s identifiable assets and capital expenditures by segment for December 31, 2024, 2023 and 2022 were as follows:
Real Estate BrokerageCorporate Activities
and Other		Total
Year Ended December 31, 2024
Identifiable assets (1)
$425,148 $68,740 $493,888 
Capital expenditures$5,534 $— $5,534 
Year Ended December 31, 2023
Identifiable assets (2)
$455,021 $38,398 $493,419 
Capital expenditures$6,143 $— $6,143 
Year Ended December 31, 2022
Identifiable assets (3)
$512,524 $37,878 $550,402 
Capital expenditures$8,537 $— $8,537 
(1)     Includes $1,401 and $619 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.
(2)     Includes $1,390 and $570 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.
(3)     Includes $1,366 and $263 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2024
agent
office
Dec. 29, 2021
Accounting Policies [Abstract]    
Number of offices | office 121  
Number of real estate agents | agent 6,200  
Number of common stock received (in shares)   0.5
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 135,657 $ 119,808 $ 163,859  
Restricted cash and cash equivalents included in current assets 4,081 7,171 4,985  
Restricted cash and cash equivalents included in other assets 2,483 2,538 2,538  
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 142,221 $ 129,517 $ 171,382 $ 228,866
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Receivables (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Commissions and other brokerage income    
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]    
Allowance for bad debt $ 0 $ 0
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment Narrative (Details) - Furniture and equipment
Dec. 31, 2024
Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Awards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock | 2021 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Payments of dividend equivalent rights on restricted stock awards $ 0 $ 307
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Severance expense $ 1,041 $ 2,377 $ 0
Property management      
Segment Reporting Information [Line Items]      
Advertising costs $ 29,650 $ 27,296 $ 29,937
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Segment Restructuring Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]      
Severance expense $ 1,041 $ 2,377 $ 0
Real Estate Brokerage | Employee Severance      
Restructuring Reserve [Roll Forward]      
Severance liability beginning balance 767 0  
Severance expense 1,041 2,377  
Severance payments (1,320) (1,610)  
Severance liability ending balance $ 488 $ 767 $ 0
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investment Gains (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Net gains recognized on PropTech convertible trading debt securities. $ 92 $ 28 $ 2,184
Net unrealized (losses) gains recognized on long-term investments at fair value 68 (110) 655
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient 5,129 715 0
Other income 0 0 1
Income related to Tax Disaffiliation indemnification 0 0 589
Investment and other income $ 5,289 $ 633 $ 3,429
v3.25.1
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenues $ 995,627 $ 955,578 $ 1,153,177
New York City      
Disaggregation of Revenue [Line Items]      
Total revenues 326,617 335,620 451,797
Northeast      
Disaggregation of Revenue [Line Items]      
Total revenues 191,058 179,649 210,422
Southeast      
Disaggregation of Revenue [Line Items]      
Total revenues 284,507 250,738 277,335
West      
Disaggregation of Revenue [Line Items]      
Total revenues 193,445 189,571 213,623
Commission and other brokerage income - existing home sales      
Disaggregation of Revenue [Line Items]      
Total revenues 878,775 849,874 1,028,480
Commission and other brokerage income - existing home sales | New York City      
Disaggregation of Revenue [Line Items]      
Total revenues 262,937 271,586 359,417
Commission and other brokerage income - existing home sales | Northeast      
Disaggregation of Revenue [Line Items]      
Total revenues 189,625 177,222 207,932
Commission and other brokerage income - existing home sales | Southeast      
Disaggregation of Revenue [Line Items]      
Total revenues 248,617 226,231 263,468
Commission and other brokerage income - existing home sales | West      
Disaggregation of Revenue [Line Items]      
Total revenues 177,596 174,835 197,663
Commission and other brokerage income - development marketing      
Disaggregation of Revenue [Line Items]      
Total revenues 67,782 56,195 71,405
Commission and other brokerage income - development marketing | New York City      
Disaggregation of Revenue [Line Items]      
Total revenues 27,171 27,376 53,773
Commission and other brokerage income - development marketing | Northeast      
Disaggregation of Revenue [Line Items]      
Total revenues 396 938 654
Commission and other brokerage income - development marketing | Southeast      
Disaggregation of Revenue [Line Items]      
Total revenues 35,871 24,507 13,867
Commission and other brokerage income - development marketing | West      
Disaggregation of Revenue [Line Items]      
Total revenues 4,344 3,374 3,111
Property management revenue      
Disaggregation of Revenue [Line Items]      
Total revenues 36,785 35,542 36,022
Property management revenue | New York City      
Disaggregation of Revenue [Line Items]      
Total revenues 36,027 34,798 35,421
Property management revenue | Northeast      
Disaggregation of Revenue [Line Items]      
Total revenues 758 744 601
Property management revenue | Southeast      
Disaggregation of Revenue [Line Items]      
Total revenues 0 0 0
Property management revenue | West      
Disaggregation of Revenue [Line Items]      
Total revenues 0 0 0
Escrow and title fees      
Disaggregation of Revenue [Line Items]      
Total revenues 12,285 13,967 17,270
Escrow and title fees | New York City      
Disaggregation of Revenue [Line Items]      
Total revenues 482 1,860 3,186
Escrow and title fees | Northeast      
Disaggregation of Revenue [Line Items]      
Total revenues 279 745 1,235
Escrow and title fees | Southeast      
Disaggregation of Revenue [Line Items]      
Total revenues 19 0 0
Escrow and title fees | West      
Disaggregation of Revenue [Line Items]      
Total revenues $ 11,505 $ 11,362 $ 12,849
v3.25.1
REVENUE RECOGNITION - Contract Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract assets, net $ 37,123 $ 36,040
Contract liabilities 18,225 11,234
Contract liabilities, which are in other liabilities 63,765 51,178
Receivable    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract assets, net, which are included in other current assets 1,789 1,846
Other current assets    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract assets, net, which are included in other current assets 10,935 6,030
Other current liabilities    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract liabilities 1,302 1,357
Current liabilities    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract liabilities $ 18,225 $ 11,234
v3.25.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Increase (decrease) in contract assets $ 5,988,000 $ (1,296,000) $ 12,183,000
Contract liabilities 19,578,000 (516,000) 16,682,000
Additional contract assets 36,087,000    
Reduction of contract assets 30,099,000    
Contract liabilities increase 41,126,000    
Contract liability advance payments received from customer 21,548,000    
Revenue recognized for performance obligations satisfied or partially satisfied in prior periods 0 0 0
Revenue recognized on contract liabilities $ 14,449,000 16,675,000 15,896,000
Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Development marketing project period 4 years    
Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Development marketing project period 6 years    
Commercial Leasing Contracts      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Commercial leasing contracts extended payment term 12 months    
Increase (decrease) in contract assets $ (57,000)    
Cash collections 2,127,000    
Contract liabilities (55,000)    
Cash payments 1,566,000    
Consulting Administration and Net Commissions      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue recognized on contract liabilities $ 9,394,000 $ 16,080,000 $ 6,776,000
v3.25.1
REVENUE RECOGNITION - Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
$ in Thousands
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected revenue from contract liabilities $ 18,225
Expected revenue from contract liabilities recognition period 12 months
v3.25.1
CURRENT EXPECTED CREDIT LOSSES - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real estate broker agent receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Estimated credit losses $ 4,783 $ 5,575 $ 10,916
v3.25.1
CURRENT EXPECTED CREDIT LOSSES - Rollforward (Details) - Real estate broker agent receivables - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 5,575 $ 10,916
Current Period Provision 5,241 4,712
Write-offs 6,033 10,053
Recoveries 0 0
Ending balance $ 4,783 $ 5,575
v3.25.1
EARNINGS (LOSS) PER SHARE - Narrative (Details) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Common stock, shares issued (in shares)   88,853,150 87,925,412  
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01  
Stock dividend percentage       5.00%
Restricted Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average shares (in shares) 28,333      
v3.25.1
EARNINGS (LOSS) PER SHARE - Net Income (Loss) for Purposes of Determining Basic and Diluted EPS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net loss attributed to Douglas Elliman Inc. $ (76,316) $ (42,552) $ (5,622)
Income attributable to participating securities 0 (307) (704)
Net loss available to common stockholders attributed to Douglas Elliman Inc. $ (76,316) $ (42,859) $ (6,326)
v3.25.1
EARNINGS (LOSS) PER SHARE - Basic and Diluted Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Weighted-average shares for basic EPS (in shares) 83,502,500 82,247,015 81,614,485
Weighted-average shares for diluted EPS (in shares) 83,502,500 82,247,015 81,614,485
v3.25.1
EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Diluted EPS (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average conversion price (in dollars per share) $ 1.50 $ 0 $ 0
Weighted-average number of shares issuable upon conversion of debt      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average shares (in shares) 33,333,333 0 0
v3.25.1
LEASES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Lease renewal term 5 years    
Lease termination term 1 year    
Lease not yet commenced $ 460    
Rental expense 30,890 $ 33,721 $ 33,248
Non-cash lease expense 20,553 22,369 20,621
Interest accretion $ 10,337 11,352 12,627
Amortization and impairment   $ 22,369 $ 20,621
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms 9 years    
Operating lease terms 5 years    
v3.25.1
LEASES - Lease Expense and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 30,890 $ 33,721 $ 33,248
Short-term lease cost 802 1,188 1,064
Variable lease cost 4,143 4,234 4,144
Less: Sublease income (148) (688) (579)
Total lease cost 35,687 38,455 37,877
Cash paid for amounts included in measurement of lease liabilities:      
Operating cash flows from operating leases 32,596 34,106 36,956
ROU assets obtained in exchange for lease obligations:      
Operating leases $ 13,878 $ 12,768 $ 14,856
v3.25.1
LEASES - Supplemental Balance Sheet Information (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted average remaining lease term in years:    
Operating leases 5 years 8 months 23 days 6 years 4 months 17 days
Weighted average discount rate:    
Operating leases 8.58% 8.63%
v3.25.1
LEASES - Maturities of Operating and Financing Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Operating Leases  
2025 $ 31,636
2026 29,061
2027 25,862
2028 22,505
2029 18,152
Thereafter 31,252
Total lease payments 158,468
Less imputed interest (34,861)
Total $ 123,607
v3.25.1
LONG-TERM INVESTMENTS - Components of Investment Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
PropTech convertible trading debt securities $ 1,254 $ 1,162
Long-term investment securities at fair value 3,127 2,821
PropTech investments at cost 6,400 8,888
PropTech investments under equity method 619 570
Total investments 11,400 13,441
PropTech current convertible trading debt securities 1,254 0
Less PropTech investments accounted for under the equity method 619 570
Total long-term investments $ 9,527 $ 12,871
v3.25.1
LONG-TERM INVESTMENTS - Summary of Unrealized and Realized Net Gains (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Net gains recognized on PropTech convertible trading debt securities. $ 92 $ 28 $ 2,184
Net unrealized gains (losses) recognized on long-term investment securities at fair value 68 (110) 655
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient 5,129 715 0
Net realized and unrealized gains recognized on long-term investment securities $ 5,289 $ 633 $ 2,839
v3.25.1
LONG-TERM INVESTMENTS - Gross Realized Gains and Losses on Investment Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Net unrealized (losses) gains recognized on long-term investment securities $ 68 $ (110) $ 655
v3.25.1
LONG-TERM INVESTMENTS - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Realized gain $ 5,129,000 $ 715,000 $ 0
Unfunded commitments 588,000    
PropTech investments at cost 6,400,000 8,888,000  
Impairment 489,000 $ 0  
LiveEasy      
Schedule of Equity Method Investments [Line Items]      
Realized gain 4,601,000    
BILT      
Schedule of Equity Method Investments [Line Items]      
Realized gain $ 1,000,000    
Equity method ownership percentage 50.00%    
v3.25.1
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 92,442 $ 96,637  
Less accumulated depreciation and amortization (54,742) (56,919)  
Property and equipment, net 37,700 39,718  
Depreciation and amortization 7,079 7,324 $ 7,257
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 53,360 55,549  
Furniture and equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 39,082 $ 41,088  
v3.25.1
EQUITY METHOD INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]    
Ancillary services ventures $ 2,020 $ 1,960
Ancillary services ventures    
Schedule of Equity Method Investments [Line Items]    
Ancillary services ventures $ 2,020 $ 1,960
v3.25.1
EQUITY METHOD INVESTMENTS - Narrative (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Schedule of Investments [Line Items]  
Maximum exposure on guarantees $ 2,020
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%
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]      
Goodwill $ 32,230 $ 32,230 $ 32,230
Intangibles with a finite life, net 4,307 4,964 $ 5,666
Total other intangible assets, net 72,307 72,964  
Trademark - Douglas Elliman      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite life intangibles $ 68,000 $ 68,000  
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill      
Beginning balance $ 32,230 $ 32,230  
Ending balance 32,230 32,230 $ 32,230
Intangibles with a finite life, net      
Beginning balance 4,964 5,666  
Amortization (657) (702) (755)
Ending balance $ 4,307 $ 4,964 $ 5,666
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization $ 657 $ 702 $ 755
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Asset and Contract Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Other intangibles $ 11,216 $ 11,216  
Less: Accumulated amortization on amortizable intangibles (6,909) (6,252)  
Other intangibles, net 4,307 4,964 $ 5,666
Other intangibles      
Finite-Lived Intangible Assets [Line Items]      
Other intangibles $ 11,216 11,216  
Minimum | Other intangibles      
Finite-Lived Intangible Assets [Line Items]      
Useful Lives in Years 1 year    
Maximum | Other intangibles      
Finite-Lived Intangible Assets [Line Items]      
Useful Lives in Years 10 years    
Trademark - Douglas Elliman      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite life intangibles $ 68,000 $ 68,000  
v3.25.1
NOTES PAYABLE - Schedule of Notes Payable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jul. 02, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Unamortized discount $ 17,330   $ 0
Fair value of derivative embedded within convertible debt 30,253   0
Senior Secured Convertible Notes Due July 2029 | Convertible Debt      
Debt Instrument [Line Items]      
Convertible Notes, net of unamortized discount of $17,330 and $0 32,670   0
Aggregate carrying value 32,670   0
Fair value of derivative embedded within convertible debt $ 30,253   $ 0
Interest rate 7.00% 7.00%  
v3.25.1
NOTES PAYABLE - Narrative (Details)
Jul. 02, 2024
USD ($)
d
$ / shares
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]    
Outstanding letters of credit | $   $ 2,990,000
Senior Secured Convertible Notes Due July 2029 | Convertible Debt    
Debt Instrument [Line Items]    
Interest rate 7.00% 7.00%
Debt issued | $ $ 50,000  
Paid-in-kind interest 8.00%  
Conversion price (in dollars per share) | $ / shares $ 1.50  
Beneficial ownership limitation 4.99%  
Notice period 61 days  
Premium percentage of conversion price per share 19.00%  
Estimated beneficial ownership 27.00%  
Adjusted EBITDA two consecutive quarter trigger | $ $ 0  
Liquidity | $ 20,000,000  
Adjusted EBITDA | $ $ 0  
Default rate 1.00%  
Debt Instrument, Convertible, Conversion Percentage 33.30%  
Senior Secured Convertible Notes Due July 2029 | Convertible Debt | On or after July 2, 2027    
Debt Instrument [Line Items]    
Percentage of stock price 200.00%  
Trading days 20  
Consecutive trading days 30  
Senior Secured Convertible Notes Due July 2029 | Convertible Debt | On or after January 2, 2028    
Debt Instrument [Line Items]    
Percentage of stock price 225.00%  
Trading days 20  
Consecutive trading days 30  
Senior Secured Convertible Notes Due July 2029 | Convertible Debt | On or after July 2, 2028    
Debt Instrument [Line Items]    
Percentage of stock price 250.00%  
Trading days 20  
Consecutive trading days 30  
Senior Secured Convertible Notes Due July 2029 | Convertible Debt | Maximum    
Debt Instrument [Line Items]    
Beneficial ownership limitation 24.99%  
v3.25.1
NOTES PAYABLE - Non-Cash Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
(Gain) Loss on changes in fair value of derivatives embedded within convertible debt $ (14,978) $ 0 $ 0
Embedded Derivative Financial Instruments      
Debt Instrument [Line Items]      
Interest expense associated with embedded derivatives 983 0  
(Gain) Loss on changes in fair value of derivatives embedded within convertible debt 14,978 0  
Embedded Derivative Financial Instruments | Senior Secured Convertible Notes Due July 2029 | Convertible Debt      
Debt Instrument [Line Items]      
Interest expense associated with embedded derivatives 983 0  
(Gain) Loss on changes in fair value of derivatives embedded within convertible debt $ 14,978 $ 0  
v3.25.1
NOTES PAYABLE - Fair Value of Notes Payable and Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Carrying Value    
Debt Instrument [Line Items]    
Notes payable and other obligations $ 32,670 $ 0
Total 32,670 0
Fair Value    
Debt Instrument [Line Items]    
Notes payable and other obligations 41,002 0
Total $ 41,002 $ 0
v3.25.1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
plan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Retirement Benefits [Abstract]      
Number of plans | plan 2    
401 (k) plan cost recognized | $ $ 766 $ 697 $ 689
v3.25.1
INCOME TAXES - Schedule of Amounts Provided for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
U.S. Federal $ 0 $ 0 $ 1,039
State and local 140 391 1,271
Current Total 140 391 2,310
Deferred:      
U.S. Federal (108) (10,009) 1,421
State and local 1,085 (5,435) 2,772
Deferred Total 977 (15,444) 4,193
Income tax expense (benefit) $ 1,117 $ (15,053) $ 6,503
v3.25.1
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Basis differences on fixed and intangible assets $ 577 $ 471
Basis differences in Notes Payable 4,509 0
Various U.S. federal and state tax loss carryforwards 28,457 18,420
Operating lease liabilities 4,764 5,141
Deferred tax assets 38,307 24,032
Less: Valuation allowance (26,065) (7,026)
Net deferred tax assets 12,242 17,006
Deferred tax liabilities:    
Basis differences on prepaid assets (200) (251)
Revenue recognition (377) (478)
Allowance for doubtful accounts (67) (68)
Basis differences on long-term investments 0 (46)
Basis differences on acquisition (7,769) (9,618)
Operating lease right-of-use assets (4,181) (4,490)
Other 352 (1,078)
Net deferred tax liabilities (12,242) (16,029)
Net deferred tax assets $ 0 $ 977
v3.25.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]    
Valuation allowance $ 26,065 $ 7,026
Tax effected federal NOL 20,413 12,160
Tax effected state NOLs 8,043 6,260
Change in valuation allowance 19,039  
Subsidiaries    
Operating Loss Carryforwards [Line Items]    
Tax effected federal NOL $ 7,093 $ 7,026
v3.25.1
INCOME TAXES - Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
(Loss) income before provision for income taxes $ (75,885) $ (58,219) $ 104
Federal income tax (benefit) expense at statutory rate (15,936) (12,226) 22
Increases (decreases) resulting from:      
State and local income taxes, net of federal income tax benefits (4,053) (3,811) 2,213
Impact of non-controlling interest 144 129 163
Non-deductible expenses 1,178 2,333 1,715
Excess tax benefits on stock-based compensation 745 (857) 812
Loss carryforwards from tax consolidation of subsidiary 0 (609) (331)
Changes in valuation allowance, net of equity and tax audit adjustments 19,039 609 1,221
Other 0 (621) 688
Income tax expense (benefit) $ 1,117 $ (15,053) $ 6,503
v3.25.1
STOCK COMPENSATION - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
2021 Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares available for issuance (in shares) | shares 5,952,996
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total compensation cost not yet recognized | $ $ 17,857
Total compensation cost not yet recognized recognition period 1 year 11 months 23 days
Restricted Stock | 2023 Grants | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 2 years
Restricted Stock | 2023 Grants | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
v3.25.1
STOCK COMPENSATION - Summary of Restricted Stock Award Transactions (Details) - Restricted Stock - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Nonvested beginning balance (in shares) 4,591,311 2,731,312 3,664,500
Granted (in shares) 7,532,023 3,786,750 94,500
Vested (in shares) (1,724,495) (1,926,751) (1,001,438)
Forfeited (in shares) (4,365,500) 0 (26,250)
Nonvested ending balance (in shares) 6,033,339 4,591,311 2,731,312
Weighted Average Grant Date Fair Value      
Nonvested beginning balance (in dollars per share) $ 6.07 $ 10.86 $ 10.95
Granted (in dollars per share) 2.16 3.08 7.85
Vested (in dollars per share) 3.86 6.97 10.94
Forfeited (in dollars per share) 4.25 0 9.72
Nonvested ending balance (in dollars per share) $ 3.14 $ 6.07 $ 10.86
Fair value of restricted stock awards vested $ 3,243 $ 4,877  
v3.25.1
CONTINGENCIES (Details)
$ in Thousands
 12 Months Ended
Apr. 30, 2024
USD ($)
payment
Dec. 31, 2024
USD ($)
defendant
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]        
Antitrust litigation settlement expense   $ 17,750 $ 0 $ 0
Legal Fees   41,522 $ 7,549 $ 7,064
Antitrust litigation settlement expense        
Loss Contingencies [Line Items]        
Legal Fees   17,750    
General and administrative expenses        
Loss Contingencies [Line Items]        
Legal Fees   $ 23,772    
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 $ 7,750      
Contingent payments $ 5,000      
Number of contingent payments | payment 2      
Antitrust litigation settlement expense   $ 17,750    
v3.25.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid (received) during the period for:      
Interest $ 1,453 $ 28 $ 177
Income taxes, net (5,152) (1,917) 11,083
Non-cash investing and financing activities:      
Capital expenditures incurred but not paid $ 21 $ 287 $ 1,070
v3.25.1
RELATED PARTY TRANSACTIONS (Details)
 1 Months Ended 12 Months Ended
Dec. 20, 2024
USD ($)
Jul. 02, 2024
USD ($)
$ / shares
May 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
board_member
$ / shares
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
Related Party Transaction [Line Items]              
Investment and other income       $ 5,289,000 $ 633,000 $ 3,429,000  
Number of shared board members | board_member       3      
Equity in earnings (losses) from equity-method investments       $ 36,000 (168,000) (563,000)  
Senior Secured Convertible Notes Due July 2029 | Convertible Debt              
Related Party Transaction [Line Items]              
Debt issued   $ 50,000          
Interest rate   7.00%   7.00%      
Paid-in-kind interest   8.00%          
Conversion price (in dollars per share) | $ / shares   $ 1.50          
Directors | Senior Secured Convertible Notes Due July 2029 | Convertible Debt              
Related Party Transaction [Line Items]              
Debt issued       $ 50,000,000      
Interest rate       7.00%      
Paid-in-kind interest       8.00%      
Conversion price (in dollars per share) | $ / shares       $ 1.50      
Entity Sold In 2019              
Related Party Transaction [Line Items]              
Earn-out payment     $ 654,000        
Equity in earnings (losses) from equity-method investments           654,000  
Entity Sold In 2019 | Entity Sold In 2019              
Related Party Transaction [Line Items]              
Ownership percentage             50.00%
Entity Sold In 2019 | Entity Sold In 2019 | Directors              
Related Party Transaction [Line Items]              
Non-controlling interest             50.00%
Douglas Elliman Realty, LLC              
Related Party Transaction [Line Items]              
Proceeds from commissions received       $ 17,068,000 1,766,000 1,709,000  
Vector Group Ltd. | Transition Services Agreement              
Related Party Transaction [Line Items]              
Related party transaction, amounts of transaction       4,084,000 4,200,000 4,200,000  
Vector Group Ltd. | Aviation Agreements              
Related Party Transaction [Line Items]              
Related party transaction, amounts of transaction       1,830,000 2,124,000 2,418,000  
Vector Group Ltd. | Tax Indemnifications              
Related Party Transaction [Line Items]              
Investment and other income           589,000  
Douglas Elliman Realty, LLC | Commissions paid to son | President and Chief Executive Officer family              
Related Party Transaction [Line Items]              
Expenses from transactions with related party       767,000 1,570,000 1,490,000  
Douglas Elliman Realty, LLC | Commissions paid to spouse | President and Chief Executive Officer family              
Related Party Transaction [Line Items]              
Expenses from transactions with related party       147,000 329,000 230,000  
Douglas Elliman Realty, LLC | Commissions Paid To Son Of Executive Vice President and Chief Operating Officer | President and Chief Executive Officer family              
Related Party Transaction [Line Items]              
Expenses from transactions with related party       $ 303,000 $ 369,000 $ 352,000  
Dr. Phillip Frost | Beneficial owner (more than)              
Related Party Transaction [Line Items]              
Initial monthly lease payments $ 43,000            
Final monthly lease payments $ 48,000            
Dr. Phillip Frost | Douglas Elliman | Beneficial owner (more than)              
Related Party Transaction [Line Items]              
Non-controlling interest 5.00%            
v3.25.1
INVESTMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Measurements (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:      
PropTech convertible trading debt securities $ 1,254,000 $ 1,162,000  
Long-term investments      
Long-term investment securities at fair value 3,127,000 2,821,000  
Total long-term investments 3,127,000 3,983,000  
Liabilities:      
Total Gains (Losses) (14,978,000) 0 $ 0
Total long-term investments 9,527,000 12,871,000  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds      
Liabilities:      
Current restricted assets 4,081,000 7,171,000  
Non-current restricted assets 2,483,000 2,538,000  
Recurring      
Assets:      
PropTech convertible trading debt securities 1,254,000    
Long-term investments      
PropTech convertible trading debt securities   1,162,000  
Long-term investment securities at fair value 3,127,000 2,821,000  
Total long-term investments 3,127,000 3,983,000  
Total assets 143,167,000 115,285,000  
Liabilities:      
Fair value of derivatives embedded within convertible debt 30,253,000    
Total 30,253,000    
Total Gains (Losses) (14,978,000)    
Recurring | Money market funds      
Assets:      
Cash and cash equivalents 85,535,000 59,595,000  
Recurring | U. S. treasury bills      
Assets:      
Cash and cash equivalents 52,744,000 51,200,000  
Recurring | U. S. treasury bills | Cash and Cash Equivalents      
Assets:      
Cash and cash equivalents 42,940,000    
Recurring | U. S. treasury bills | Other current assets      
Assets:      
Cash and cash equivalents 9,804,000    
Recurring | Certificates of deposit      
Assets:      
Cash and cash equivalents 507,000 507,000  
Recurring | Certificates of deposit | Other current assets      
Assets:      
Cash and cash equivalents 345,000    
Recurring | Certificates of deposit | Other assets      
Assets:      
Cash and cash equivalents 162,000    
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Assets:      
PropTech convertible trading debt securities 0    
Long-term investments      
PropTech convertible trading debt securities   0  
Long-term investment securities at fair value 0 0  
Total long-term investments 0 0  
Total assets 138,279,000 110,795,000  
Liabilities:      
Fair value of derivatives 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 85,535,000 59,595,000  
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U. S. treasury bills      
Assets:      
Cash and cash equivalents 52,744,000 51,200,000  
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:      
PropTech convertible trading debt securities 0    
Long-term investments      
PropTech convertible trading debt securities   0  
Long-term investment securities at fair value 0 0  
Total long-term investments 0 0  
Total assets 507,000 507,000  
Liabilities:      
Fair value of derivatives 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) | U. S. treasury bills      
Assets:      
Cash and cash equivalents 0 0  
Recurring | Significant Other Observable Inputs (Level 2) | Certificates of deposit      
Assets:      
Cash and cash equivalents 507,000 507,000  
Recurring | Significant Unobservable Inputs (Level 3)      
Assets:      
PropTech convertible trading debt securities 1,254,000    
Long-term investments      
PropTech convertible trading debt securities   1,162,000  
Long-term investment securities at fair value 0 0  
Total long-term investments 0 1,162,000  
Total assets 1,254,000 1,162,000  
Liabilities:      
Fair value of derivatives embedded within convertible debt 30,253,000    
Total 30,253,000    
Recurring | Significant Unobservable Inputs (Level 3) | Money market funds      
Assets:      
Cash and cash equivalents 0 0  
Recurring | Significant Unobservable Inputs (Level 3) | U. S. treasury bills      
Assets:      
Cash and cash equivalents 0 0  
Recurring | Significant Unobservable Inputs (Level 3) | Certificates of deposit      
Assets:      
Cash and cash equivalents 0 $ 0  
Nonrecurring      
Long-term investments      
Total long-term investments 0    
Total assets 0    
Liabilities:      
Total Gains (Losses) 489,000    
Total long-term investments 489,000    
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Long-term investments      
Total long-term investments    
Total assets    
Nonrecurring | Significant Other Observable Inputs (Level 2)      
Long-term investments      
Total long-term investments    
Total assets    
Nonrecurring | Significant Unobservable Inputs (Level 3)      
Long-term investments      
Total long-term investments 0    
Total assets $ 0    
v3.25.1
INVESTMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Fair Value of the Level 3 Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] (Gain) Loss on changes in fair value of derivatives embedded within convertible debt
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Investment and other income
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance of derivative liability fair value $ 1,162
Issuance of convertible debt (15,275)
Change in fair value of derivatives embedded within convertible debt (14,978)
Change in fair value of PropTech convertible trading debt securities 92
Beginning balance of derivative liability fair value $ (28,999)
v3.25.1
INVESTMENTS AND FAIR VALUE MEASUREMENTS - Quantitative Information about Level 3 Fair Value Measurements (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
PropTech convertible trading debt securities $ 1,254 $ 1,162
Fair value of derivative embedded within convertible debt 30,253 0
Senior Secured Convertible Notes Due July 2029 | Convertible Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value of derivative embedded within convertible debt 30,253 0
Recurring    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
PropTech convertible trading debt securities 1,254  
Significant Unobservable Inputs (Level 3) | Recurring    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
PropTech convertible trading debt securities $ 1,254  
Significant Unobservable Inputs (Level 3) | Recurring | Volatility | Valuation Technique Binomial Lattice Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Liability, Measurement Input 0.50  
Significant Unobservable Inputs (Level 3) | Recurring | Measurement Input Stock Dividend | Valuation Technique Binomial Lattice Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Liability, Measurement Input 0  
Significant Unobservable Inputs (Level 3) | Recurring | Measurement Input Cash Dividend | Valuation Technique Binomial Lattice Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Liability, Measurement Input 0  
Significant Unobservable Inputs (Level 3) | Recurring | Stock price | Valuation Technique Binomial Lattice Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Liability, Measurement Input 1.67  
Significant Unobservable Inputs (Level 3) | Recurring | Risk-free rate | Valuation Technique Binomial Lattice Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Liability, Measurement Input 0.0436  
Significant Unobservable Inputs (Level 3) | Recurring | Measurement Input, Entity Credit Risk | Valuation Technique Binomial Lattice Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Liability, Measurement Input 0.0806  
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
PropTech convertible trading debt securities $ 1,254 $ 1,162
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities | Interest rate | Discounted cash flow    
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items]    
Convertible trading debt securities input 0.4682 0.4025
Significant Unobservable Inputs (Level 3) | Recurring | PropTech convertible trading debt securities | Discount rate | Discounted cash flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Convertible trading debt securities input 0.2565 0.3037
v3.25.1
SEGMENT INFORMATION - Operations Before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 995,627 $ 955,578 $ 1,153,177
Operating expenses:      
Sales and marketing 82,606 83,670 85,763
Depreciation and amortization 7,736 8,026 8,012
Antitrust litigation settlement expense 17,750 0 0
Stock-based Compensation 6,574 13,075 11,138
Restructuring 1,041 2,377 0
Operating loss (68,826) (64,497) (4,541)
Interest expense (2,939) (28) (148)
Interest income 5,533 5,841 1,927
Equity in earnings (losses) from equity-method investments 36 (168) (563)
Change in fair value of derivative embedded within convertible debt (14,978) 0 0
Investment and other income 5,289 633 3,429
(Loss) income before provision for income taxes (75,885) (58,219) 104
Identifiable assets 493,888 493,419 550,402
Capital expenditures 5,534 6,143 8,537
Equity-method investments 2,020 1,960  
General and administrative expenses      
Operating expenses:      
Stock-based Compensation 5,510 12,145 10,361
Operations and support      
Operating expenses:      
Stock-based Compensation 1,064 930 777
Real estate agent commissions      
Operating expenses:      
Costs related to sales 743,819 706,162 836,803
Technology      
Operating expenses:      
Costs related to sales 23,386 23,788 22,773
Real Estate Brokerage | General and administrative expenses      
Operating expenses:      
Stock-based Compensation 3,261 3,609 3,418
Corporate Activities and Other | General and administrative expenses      
Operating expenses:      
Stock-based Compensation 2,249 8,536 6,943
Operating Segments      
Operating expenses:      
Operating loss (68,826) (64,497) (4,541)
Operating Segments | Real Estate Brokerage      
Segment Reporting Information [Line Items]      
Revenues 995,627 955,578 1,153,177
Operating expenses:      
Sales and marketing 82,606 83,670 85,763
Operations and support (1) 69,278 69,675 72,169
General and administrative (1) 83,465 94,110 101,469
Depreciation and amortization 7,736 8,026 8,012
Antitrust litigation settlement expense 17,750    
Stock-based Compensation 4,325 4,539 4,195
Restructuring 616 2,377  
Operating loss (37,354) (36,769) 21,993
Identifiable assets 425,148 455,021 512,524
Capital expenditures 5,534 6,143 8,537
Equity-method investments 1,401 1,390 1,366
Operating Segments | Real Estate Brokerage | Real estate agent commissions      
Operating expenses:      
Costs related to sales 743,819 706,162 836,803
Operating Segments | Real Estate Brokerage | Technology      
Operating expenses:      
Costs related to sales 23,386 23,788 22,773
Operating Segments | Corporate Activities and Other      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Operating expenses:      
Sales and marketing 0 0 0
Operations and support (1) 0 0 0
General and administrative (1) 28,798 19,192 19,591
Depreciation and amortization 0 0 0
Antitrust litigation settlement expense 0    
Stock-based Compensation 2,249 8,536 6,943
Restructuring 425 0  
Operating loss (31,472) (27,728) (26,534)
Identifiable assets 68,740 38,398 37,878
Capital expenditures 0 0 0
Equity-method investments 619 570 263
Operating Segments | Corporate Activities and Other | Real estate agent commissions      
Operating expenses:      
Costs related to sales 0 0 0
Operating Segments | Corporate Activities and Other | Technology      
Operating expenses:      
Costs related to sales $ 0 $ 0 $ 0
v3.25.1
ESCROW FUNDS IN HOLDING (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Escrow funds on deposit $ 37,967 $ 41,338
v3.25.1
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 7,026 $ 6,417 $ 5,196
Additions Charged to Costs and Expenses 19,039 609 1,221
Deductions 0 0 0
Balance at End of Period 26,065 7,026 6,417
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 7,026 6,417 5,196
Additions Charged to Costs and Expenses 19,039 609 1,221
Deductions 0 0 0
Balance at End of Period $ 26,065 $ 7,026 $ 6,417