Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2023


DOUGLAS ELLIMAN INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware
(State or Other Jurisdiction of Incorporation)

001-41054

87-2176850

(Commission File Number)

(I.R.S. Employer Identification No.)

4400 Biscayne Boulevard

Miami

Florida

33137

(Address of Principal Executive Offices)

(Zip Code)

(305) 579-8000

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to 12(b) of the Act:


Title of each class:	Trading	Name of each exchange
	Symbol(s)	on which registered:
Common stock, par value $0.01 per share	DOUG	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

On November 7, 2023, Douglas Elliman Inc. (NYSE:DOUG) (the “Company” or “Douglas Elliman”) announced its financial results for the three and nine months ended September 30, 2023. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K and the related Exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure

The Company has prepared materials for presentation to investors. The materials are furnished (not filed) as Exhibit 99.2 to this Current Report on Form 8-K pursuant to Regulation FD.

Non-GAAP Financial Measures

Exhibit 99.2 contains the Non-GAAP Financial Measures discussed below.

Please refer to our Current Reports on Form 8-K dated May 11, 2023 and March 9, 2023 for reconciliations of financial measures prepared in accordance with GAAP to Non-GAAP Financial Measures.

Adjusted EBITDA attributed to Douglas Elliman, Adjusted Operating Expenses, and certain financial measures for periods presented, including the last twelve months (“LTM”) ended September 30, 2023, (the “Non-GAAP Financial Measures”), are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance. The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.

Management uses the Non-GAAP Financial Measures to review and assess operating performance of the Company's business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company's business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company's measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies.

EBITDA is defined as net income before, interest, taxes, non-controlling interest, depreciation and amortization. Non-GAAP Financial Measures include restructuring charges. For purposes of Adjusted EBITDA only, adjustments include equity in earnings from equity-method investments, stock-based compensation expense, and other, net.

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements, which involve risk and uncertainties. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue’” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar expressions are intended to identify forward-looking statements. The Company’s actual results could differ significantly from the results discussed in such forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those discussed under the heading “Risk Factors” in the Company’s Annual Report Report on Form 10-K for the year ended ended December 31, 2022 and, when filed, in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2023. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to (and expressly disclaims any obligation to) revise or update any forward-looking statement, whether as a result of new information, subsequent events, or otherwise (except as may be required by law), in order to reflect any event or circumstance which may arise after the date of this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.


Exhibit No.						Exhibit
99.1						Press Release issued on November 7, 2023, regarding financial results for the third quarter ended September 30, 2023.
99.2						Investor presentation of Douglas Elliman Inc. dated November 2023 (furnished pursuant to Regulation FD).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			DOUGLAS ELLIMAN INC.

			By:			/s/ J. Bryant Kirkland III
			Name:			J. Bryant Kirkland III
			Title:			Senior Vice President, Treasurer and Chief Financial Officer

Date: November 8, 2023

FOR IMMEDIATE RELEASE


Contact:						Stephen Larkin, Douglas Elliman Inc. 917-902-2503
						Emily Claffey/Benjamin Spicehandler, FGS Global,
						212-687-8080
						J. Bryant Kirkland III, Douglas Elliman Inc.
						305-579-8000

DOUGLAS ELLIMAN INC. REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS

Third Quarter 2023 Highlights:

•Consolidated revenues of $251.5 million, compared to $272.6 million in the prior year quarter

◦Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately $9.3 billion, compared to approximately $10.2 billion in the prior year quarter

◦Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.57 million

•Consolidated operating loss of $8.8 million and real estate brokerage segment operating loss of $2.0 million, compared to operating loss of $5.2 million and operating income of $1.5 million, respectively, in the prior year quarter

•Net loss attributed to Douglas Elliman of $4.9 million, or $0.06 per diluted common share, compared to net loss of $4.0 million, or $0.05 per diluted common share, in the prior year quarter

•Adjusted EBITDA attributed to Douglas Elliman loss of $3.0 million, compared to income of $124,000 in the prior year quarter.

•Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of $1.5 million, compared to $5.1 million in the prior year quarter

Year-to-Date 2023 Highlights:

•Consolidated revenues of $741.4 million, compared to $945.8 million in the prior year period

◦Douglas Elliman’s real estate brokerage segment’s gross transaction value was approximately $26.5 billion, compared to approximately $35.4 billion in the prior year period

◦Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.60 million

•Consolidated operating loss of $40.9 million and real estate brokerage segment operating loss of $20.3 million, compared to operating income of $17.3 million and $37.6 million, respectively, in the prior year period

•Net loss attributed to Douglas Elliman of $27.7 million, or $0.34 per diluted common share, compared to net income of $12.8 million, or $0.15 per diluted common share, in the prior year period

•Adjusted EBITDA attributed to Douglas Elliman loss of $23.2 million compared to income of $32.1 million in the prior year period

•Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment loss of $9.0 million compared to income of $47.2 million in the prior year period

MIAMI, FL, November 7, 2023 - Douglas Elliman Inc. (NYSE:DOUG) today announced financial results for the three and nine months ended September 30, 2023.

“Douglas Elliman delivered another strong quarterly performance despite a challenging macroeconomic environment, thanks in large part to stable pricing in our luxury markets, the competitive advantage of our development marketing business and our dedicated team of world-class agents,” said Howard M. Lorber, Chairman and Chief Executive Officer of Douglas Elliman. “Douglas Elliman’s differentiated platform and the underlying strength of our business make us well-positioned to weather the current challenging market conditions as we remain focused on capitalizing on our competitive advantages to drive long-term growth and value for stockholders.”

GAAP Financial Results

Three months ended September 30, 2023. Third quarter 2023 revenues were $251.5 million, compared to revenues of $272.6 million in the third quarter of 2022. The Company recorded an operating loss of $8.8 million in the third quarter of 2023, compared to an operating loss of $5.2 million in the third quarter of 2022. Net loss attributed to Douglas Elliman for the third quarter of 2023 was $4.9 million, or $0.06 per diluted common share, compared to net loss of $4.0 million, or $0.05 per diluted common share, in the third quarter of 2022.

Nine months ended September 30, 2023. For the nine months ended September 30, 2023, revenues were $741.4 million, compared to revenues of $945.8 million for the nine months ended September 30, 2022. The Company recorded an operating loss of $40.9 million for the nine months ended September 30, 2023, compared to operating income of $17.3 million for the nine months ended September 30, 2022. Net loss attributed to Douglas Elliman for the nine months ended September 30, 2023 was $27.7 million, or $0.34 per diluted common share, compared to net income of $12.8 million, or $0.15 per diluted common share, for the nine months ended September 30, 2022.

Non-GAAP Financial Measures

Non-GAAP financial measures include adjustments for stock-based compensation, equity in losses (earnings) from equity method investments, restructuring, and other, net (for purposes of Adjusted EBITDA). Reconciliations of non-GAAP financial measures to the comparable GAAP financial results for the three and nine months ended September 30, 2023 and 2022 and the last twelve months ended September 30, 2023 are included in Tables 2, 3 and 4.

Three months ended September 30, 2023 compared to the three months ended September 30, 2022

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were a loss of $3.0 million for the third quarter of 2023, compared to income of $124,000 for the third quarter of 2022.

Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $1.5 million for the third quarter of 2023, compared to $5.1 million for the third quarter of 2022.

Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was $4.7 million, or $0.06 per diluted share, for the third quarter of 2023, compared to Adjusted Net Loss attributed to Douglas Elliman of $4.0 million, or $0.05 per diluted share, for the third quarter of 2022.

Nine months ended September 30, 2023 compared to the nine months ended September 30, 2022

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were a loss of $23.2 million for the nine months ended September 30, 2023, compared to income of $32.1 million for the nine months ended September 30, 2022.

Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were a loss of $9.0 million for the nine months ended September 30, 2023, compared to income of $47.2 million for the nine months ended September 30, 2022.

Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was $26.4 million, or $0.32 per diluted share, for the nine months ended September 30, 2023, compared to Adjusted Net Income attributed to Douglas Elliman of $12.2 million, or $0.14 per diluted share, for the nine months ended September 30, 2022.

Gross Transaction Value

For the three months ended September 30, 2023, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $9.3 billion, compared to approximately $10.2 billion for the three months ended September 30, 2022. For the three months ended September 30, 2023, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.57 million.

For the nine months ended September 30, 2023, Douglas Elliman Realty, LLC achieved gross transaction value of approximately $26.5 billion compared to approximately $35.4 billion for the nine months ended September 30, 2022. For the nine months ended September 30, 2023, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.60 million.

Consolidated Balance Sheet

Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of $126.3 million at September 30, 2023. This significant liquidity places the Company in a position of strength in the market.

Conference Call to Discuss Third Quarter 2023 Results

As previously announced, the Company will host a conference call and webcast to discuss its third quarter 2023 results on Wednesday, November 8, 2023 at 8:30 a.m. (ET).

Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2023-Results-Conference-Call. Please join the webcast at least 10 minutes prior to the start time.

A replay of the call will be available shortly after the call ends on November 8, 2023 through November 22, 2023 at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2023-Results-Conference-Call.

Non-GAAP Financial Measures

Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net (Loss) Income attributed to Douglas Elliman, and financial measures for the last twelve months (“LTM”) ended September 30, 2023 (referred to as the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance.

The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.

Management uses the Non-GAAP Financial Measures as measures to review and assess operating performance of the Company’s business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies. Attached hereto as Tables 2, 3 and 4 is information relating to the Company’s Non-GAAP Financial Measures for the three and nine months ended September 30, 2023 and 2022 and the last twelve months ended September 30, 2023.

About Douglas Elliman Inc.

Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York, Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia, and Washington, D.C. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman is available on its website, investors.elliman.com.

Investors and others should note that we may post information about Douglas Elliman on our website at investors.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore,

we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at investors.elliman.com and on our social media accounts.

Forward-Looking and Cautionary Statements

This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.

Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our Annual Report on Form 10-K for the year ended December 31, 2022 and, when filed, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. We undertake no responsibility to publicly update or revise any forward-looking statement, except as required by applicable law.

[Financial Tables Follow]

TABLE 1

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

CONDENSED COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Revenues:
Commissions and other brokerage income	$	239,255	$	259,977	$	703,780	$	903,917
Property management	8,697		8,541		26,849		27,786
Other ancillary services	3,596		4,070		10,813		14,144
Total revenues	251,548		272,588		741,442		945,847

Expenses:
Real estate agent commissions	185,845		195,836		546,749		686,440
Sales and marketing	20,770		22,703		64,170		64,145
Operations and support	17,121		18,218		53,338		55,872
General and administrative	28,817		33,522		92,371		99,227
Technology	5,602		5,527		17,777		16,809
Depreciation and amortization	1,999		1,968		6,031		6,033


Restructuring	215		—		1,932		—
Operating (loss) income	(8,821)		(5,186)		(40,926)		17,321

Other income (expenses):
Interest income, net	1,785		493		4,260		564
Equity in earnings (losses) from equity-method investments	10		(895)		(143)		(477)

Investment and other income	27		1,055		109		3,026
(Loss) income before provision for income taxes	(6,999)		(4,533)		(36,700)		20,434
Income tax (benefit) expense	(1,869)		(290)		(8,552)		8,173

Net (loss) income	(5,130)		(4,243)		(28,148)		12,261

Net loss attributed to non-controlling interest	264		280		439		532

Net (loss) income attributed to Douglas Elliman Inc.	$	(4,866)	$	(3,963)	$	(27,709)	$	12,793

Per basic common share:

Net (loss) income applicable to common shares attributed to Douglas Elliman Inc.	$	(0.06)	$	(0.05)	$	(0.34)	$	0.15

Per diluted common share:

Net (loss) income applicable to common shares attributed to Douglas Elliman Inc.	$	(0.06)	$	(0.05)	$	(0.34)	$	0.15

TABLE 2

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited)

(Dollars in Thousands)


	LTM		Year Ended		Three Months Ended				Nine Months Ended
	September 30,		December 31,		September 30,				September 30,
	2023		2022		2023		2022		2023		2022

Net (loss) income attributed to Douglas Elliman Inc.	$	(46,124)	$	(5,622)	$	(4,866)	$	(3,963)	$	(27,709)	$	12,793
Interest income, net	(5,475)		(1,779)		(1,785)		(493)		(4,260)		(564)
Income tax (benefit) expense	(10,222)		6,503		(1,869)		(290)		(8,552)		8,173
Net (loss) income attributed to non-controlling interest	(684)		(777)		(264)		(280)		(439)		(532)
Depreciation and amortization	8,010		8,012		1,999		1,968		6,031		6,033
EBITDA	$	(54,495)	$	6,337	$	(6,785)	$	(3,058)	$	(34,929)	$	25,903

Equity in losses (earnings) from equity-method investments (a)	229		563		(10)		895		143		477
Stock-based compensation expense (b)	12,328		11,138		3,442		3,165		9,666		8,476
Restructuring	1,932		—		215		—		1,932		—
Other, net	(512)		(3,429)		(27)		(1,055)		(109)		(3,026)
Adjusted EBITDA	(40,518)		14,609		(3,165)		(53)		(23,297)		31,830
Adjusted EBITDA attributed to non-controlling interest	183		342		138		177		63		222
Adjusted EBITDA attributed to Douglas Elliman Inc.	$	(40,335)	$	14,951	$	(3,027)	$	124	$	(23,234)	$	32,052

Operating (loss) income by Segment:
Real estate brokerage	$	(35,975)	$	21,993	$	(1,992)	$	1,503	$	(20,349)	$	37,619
Corporate and other	(26,813)		(26,534)		(6,829)		(6,689)		(20,577)		(20,298)
Total	$	(62,788)	$	(4,541)	$	(8,821)	$	(5,186)	$	(40,926)	$	17,321

Real estate brokerage segment
Operating (loss) income	$	(35,975)	$	21,993	$	(1,992)	$	1,503	$	(20,349)	$	37,619
Depreciation and amortization	8,010		8,012		1,999		1,968		6,031		6,033
Stock-based compensation	4,272		4,195		1,175		1,419		3,355		3,278
Restructuring	1,932		—		215		—		1,932		—
Adjusted EBITDA	(21,761)		34,200		1,397		4,890		(9,031)		46,930
Adjusted EBITDA attributed to non-controlling interest	183		342		138		177		63		222
Adjusted EBITDA attributed to Douglas Elliman Inc.	$	(21,578)	$	34,542	$	1,535	$	5,067	$	(8,968)	$	47,152

Corporate and other segment
Operating loss	$	(26,813)	$	(26,534)	$	(6,829)	$	(6,689)	$	(20,577)	$	(20,298)
Stock-based compensation	8,056		6,943		2,267		1,746		6,311		5,198
Adjusted EBITDA attributed to Douglas Elliman Inc.	$	(18,757)	$	(19,591)	$	(4,562)	$	(4,943)	$	(14,266)	$	(15,100)

a.Represents equity in earnings recognized from the Company’s investment in certain real estate businesses that are accounted for under the equity method and are not consolidated in the Company’s financial results.

b.Represents amortization of stock-based compensation. $4,272, $1,175, $1,419, $3,355, $3,278, and $4,195 are attributable to the Real estate brokerage segment for the last twelve months ended September 30, 2023, the three and nine months ended September 30, 2023, and 2022, and the year ended December 31, 2022, respectively. $8,056, $2,267, $1,746, $6,311, $5,198, and $6,943 are attributable to the Corporate and other segment for the last twelve months ended September 30, 2023, the three and nine months ended September 30, 2023 and 2022, and the year ended December 31, 2022, respectively.

TABLE 3

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED NET (LOSS) INCOME

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Net (loss) income attributed to Douglas Elliman Inc.	$	(4,866)	$	(3,963)	$	(27,709)	$	12,793

Restructuring	215		—		1,932		—
Income related to Tax Disaffiliation indemnification	—		(28)		—		(581)
Total adjustments	215		(28)		1,932		(581)

Tax expense related to adjustments	(66)		—		(589)		—
Adjusted net (loss) income attributed to Douglas Elliman Inc.	$	(4,717)	$	(3,991)	$	(26,366)	$	12,212

Per diluted common share:

Adjusted net (loss) income applicable to common shares attributed to Douglas Elliman Inc.	$	(0.06)	$	(0.05)	$	(0.32)	$	0.14

TABLE 4

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

RECONCILIATION OF REVENUES

(Unaudited)

(Dollars in Thousands, Except for Gross Transaction Value)


	LTM		Year Ended		Three Months Ended				Nine Months Ended
	September 30,		December 31,		September 30,				September 30,
	2023		2022		2023		2022		2023		2022
Revenues:
Commissions and other brokerage income	$	899,748	$	1,099,885	$	239,255	$	259,977	$	703,780	$	903,917
Property management	35,085		36,022		8,697		8,541		26,849		27,786
Other ancillary services	13,939		17,270		3,596		4,070		10,813		14,144
Total revenues	$	948,772	$	1,153,177	$	251,548	$	272,588	$	741,442	$	945,847

Gross transaction value (in billions)	$	34.0	$	42.9	$	9.3	$	10.2	$	26.5	$	35.4
Total transactions	21,360		26,573		5,913		6,796		16,584		21,797

June 2021 / Confidential Investor Presentation November 2023

2 Disclaimer This document and any related oral presentation do not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any securities or other instruments of Douglas Elliman Inc. (“Douglas Elliman Inc.”, “DOUG” or “the Company”) or its subsidiaries and nothing contained herein or its presentation shall form the basis of any offer, contract or commitment whatsoever. The distribution of this document and any related oral presentation in certain jurisdictions may be restricted by law and persons into whose possession this document or any related oral presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. The information contained herein does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. You are solely responsible for seeking independent professional advice in relation to the information and any action taken on the basis of the information. The following presentation may contain "forward-looking statements,” including any statements that may be contained in the presentation that reflect the Company’s expectations or beliefs with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of the Company, impact its expected free cash flow and the other risk factors described in Douglas Elliman Inc.’s annual report on Form 10-K for the year ended December 31, 2022 and, when filed with the SEC, quarterly report on Form 10-Q for the quarterly period ended September 30, 2023. Please also refer to Douglas Elliman Inc.'s Current Report on Form 8-K, filed on November 8, 2023 (Commission File Number 1-41054) for information, including cautionary and explanatory language, relating to Non-GAAP Financial Measures in this presentation labeled "Adjusted". Results actually achieved may differ materially from expected results included in these forward-looking statements as a result of these or other factors. Due to such uncertainties and risks, potential investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date on which such statements are made. The Company disclaims any obligation to, and does not undertake to, update or revise any forward- looking statements in this presentation, except as required by law.

3 Investment Highlights Unique Investment Opportunity in Tech-Enabled Residential Real Estate Brokerage with Comprehensive Suite of Real Estate Solutions, Industry-leading Brand Name and Talented Team of Employees and Agents Cutting-edge property technology supportive of agent recruitment, retention and productivity Strong platform for long- term growth Comprehensive solution provides for multiple revenue streams and monetization of valuable agent relationships Experienced management team with substantial real estate expertise and experience managing through market cycles Industry-leading brand name with a strong presence in most major U.S. and global luxury markets Attractive financial profile with strong balance sheet

4 Founded in 1911 as a pioneer in the real estate industry that has continued to challenge the status quo through innovation and high-quality service provided by best-in-class real estate agents  Leading brand associated with service, luxury and forward thinking operating in markets that are primarily densely populated international finance and technology hubs offering housing inventory at premium price points Core residential real estate brokerage and world-class development marketing and sales business (“DEDM”) complemented with ancillary services including property management, title and escrow services Comprehensive suite of technology-enabled real estate solutions that bring efficiency, market intelligence and competitive advantage to our agents while supporting agent recruitment, retention and productivity Technology powered by leading providers and investments in innovative PropTech companies keep our agents on the cutting edge with solutions that can be quickly integrated into our infrastructure, while also allowing us to remain asset-light Strong balance sheet and experience managing through market cycles, well-positioned to capitalize on opportunities in the U.S. residential real estate market Douglas Elliman at a Glance

5 Douglas Elliman’s Geographical Footprint ~6,900 affiliated agents across approximately 120 U.S. offices Alliance with Knight Frank provides an international network of an additional 367 offices across, 52 countries and approximately 17,000 agents #5 Nationally One of the Largest in New York California(3) Colorado(2) Texas Florida(5) New York City New York New Jersey Massachusetts(1) Connecticut GTV: $3.9b Market Share: 5.7% GTV: $793m Market Share: 35.7% GTV: $1.4b GTV: $11.1b Market Share: 18.3% New York City GTV: $9.6b Market Share: 18.7% NY Suburbs(4) GTV: $5.8b Market Share: 14.4% Massachusetts GTV: $449m Market Share: 12.0% Source: Miller Samuel reports. Note: Market share and rankings represent twelve months ended September 30, 2023 based on gross transaction value (“GTV”). Figures based on transaction close date. GTV in each selected region represents the twelve months ended September 30, 2023. Market share is defined as the dollar value of a transaction where Douglas Elliman is represented on either side of the transaction divided by the total dollar volume of transactions in a market. If Douglas Elliman is representing both sides of the transaction, the volume from one side of the transaction is counted. 1) Includes Boston. Market share information does not include 2022 expansion market of Nantucket. 2) Includes Aspen and Snowmass Village. Does not include 2022 expansion into Basalt. 3) Includes Los Angeles (Westside and Downtown), Malibu, Malibu Beach, Orange County and San Diego County. Does not include 2022 expansion into Newport Beach. 4) Includes Long Island, North Fork, Hamptons, Greenwich and Westchester County. Market share does not include New Jersey or 2022 expansion into New Canaan, CT. 5) Includes Boca Raton / Highland Beach, Coral Gables, Delray Beach, Fort Lauderdale, Palm Beach Gardens, Jupiter, Manalapan, Miami, Palm Beach, St. Petersburg, Tampa, Wellington and West Palm Beach. Market share information does not include 2022 expansion markets of Vero Beach and Ponte Vedra Beach. Entered Market in 2022 Nevada D.C. Metro Entered market in 2022 Washington, D.C .

6 Comprehensive Solution Provides for Multiple Revenue Streams • DEDM offers expertise in sales, leasing and marketing for new developments throughout key markets in the United States and internationally Development Marketing and Sales Platform • Advising sellers: Assist in pricing a property and preparing it for sale, advertising, showing to prospective buyers and negotiating terms of sale and closing transaction • Advising buyers: Locating / showing properties and assisting in negotiating terms of sale and closing transaction Residential Real Estate Brokerage • Acts in the capacity of a title insurance agent and sells title insurance to property buyers and mortgage lenders • Leading escrow services provider in select markets including holding escrow funds trust account, delivering documents for property recording and releasing funds to the seller and appropriate parties Title Insurance & Escrow Services • Full range of fee-based management services for cooperative, condominium and rental apartment buildings in New York City, Nassau County, Long Island City and Westchester County Residential Property Management Services

7 LTM 9/30/2023 Average(8): $1,591.4 Industry-leading Brand Name with a Strong Presence in U.S. Luxury Markets $1,616.3 $1,088.7 $699.0 $365.9 Douglas Elliman Compass Anywhere eXp Realty Highest Transaction Values in the Industry Average Selling Price (2022)(7) ($ thousands) Leading Presence in Large Luxury Markets  Markets are primarily international finance and technology hubs that are densely populated and offer inventory at premium prices  Large national presence augmented by our alliance with Knight Frank, providing an international network of an additional 367 offices across 52 countries with approximately 17,000 agents  Significant market share in several luxury markets including New York, Florida, California, Texas and Colorado, among others  Douglas Elliman is the fifth largest brokerage nationally and one of the largest in New York by sales volume 19% 20% 11% 1% 22% 0% 19% 14% 18% 6% 36% 12% NYC NY Suburbs Florida California Colorado Boston 2017 LTM 9/30/2023 Market Share by Volume(1) (2) 1) Source: Miller Samuel reports. Market share is defined as the dollar value of a transaction where Douglas Elliman is represented on either side of the transaction divided by the total dollar volume of transactions in a market. If Douglas Elliman is representing both sides of the transaction, the volume from one side of the transaction is counted. 2) Includes Long Island, North Fork, Hamptons, Greenwich and Westchester County. Does not include New Jersey or 2022 expansion into New Canaan, CT. 3) Includes Boca Raton / Highland Beach, Coral Gables, Delray Beach, Fort Lauderdale, Palm Beach Gardens, Jupiter, Manalapan, Miami, Palm Beach, St. Petersburg, Tampa, Wellington and West Palm Beach. Does not include 2022 expansion markets of Vero Beach and Ponte Vedra Beach. 4) Includes Los Angeles (Westside and Downtown), Malibu, Malibu Beach, Orange County and San Diego County. Does not include 2022 expansion into Newport Beach. 5) Includes Aspen and Snowmass Village. Does not include 2022 expansion into Basalt. 6) Includes Boston. Does not include 2022 expansion market of Nantucket. 7) Represents average selling price for publicly traded real estate brokerage firms by volume. 8) Represents average for the twelve months ended September 30, 2023. (3) (4) (5) (6)

8 Cutting-edge Technology Supportive of Agent Recruitment, Retention and Productivity Powered by industry leading technology capabilities developed by innovative PropTech leaders and start-ups • Premier, customizable, mobile-friendly and cloud-based agent portal that integrates all agent resources in one user-friendly suite • Fully mobile-friendly, allowing agents to manage their business anytime, anywhere and on any device, in coordination with Elliman Everywhere platform • AI integrated data assets that back automated and simplified agent workflows that incorporate expansive data-rich dashboards and reports StudioPro • Comprehensive platform which includes a customer relationship management system, digital transaction management and custom DIY marketing templates • Provides agents one place to manage their network, initiate marketing via email, social or print – and even close deals

9 * New Valley Ventures PropTech Investee Company MyDouglas | Complete Set of Capabilities Capabilities Solutions Artificial Intelligence (“AI”) and Predictive Analytics Team Management Agent Social Media • Learning Management System • MyDouglas Team Views • Team Deal Management Agent Brand Management VideoBolt – One-Click Video Creation/Virtual Tours • Elliman.com • Custom Property Websites Listing Management CMA • Home Valuation • MyDouglas – Listing Analytics • Digital Ad Campaigns • StudioPro – Open House Management • Regional Listings Insights Current Clients and Customers StudioPro – CRM • StudioPro – Email Marketing • StudioPro – Marketing Center • Client Portal Services Performance Analytics YTD Total GCI Deals and Volume Summary • Commission Check Tracking Deal Management StudioPro – Transaction Management • Title and Escrow Services • MLS Services – Collaborative Home Search • StudioPro – Listing Tour • Scheduling and Coordination • Digitized eSignature • eNotary service Post-Closing Client and Customer Stewardship Home Services • Client Portal • New Development Marketing • Digital Board Packages (NYC only)

10 Open Architecture Technology Infrastructure Open Architecture Technology Infrastructure, Kept State-of-the-art Through Strategic Investments in Early Stage PropTech Companies with Technology Purpose-built for the Real Estate Industry Key Benefits of Our Technology Strategy Recent PropTech Investments Financial program that gives real estate agents instant access to future commissions Rewards program which allows renters to earn points on payments Dashboard for real estate agents’ marketing, CRM and transaction management “Do-It-Yourself” video creation app to enable agents to create high-end video content White label client- facing digital concierge service Automated artificial intelligence platform to aid in home buying Benefits to Agents Benefits to Douglas Elliman • Access to a variety of platforms that cater to agents’ preferred way of doing business – Presented as one integrated platform • Cloud-native, plug & play modular infrastructure, leveraging AI across multi platforms at the same time – Allows new features and functionality to be rolled out quickly with scalability and vendor optionality • Differentiated and early access to new technology • Ability to service clients post-transaction • MyLearning platform enables agents and employees with online tools for growth and development • Better ROI than in-house development – In-house development is costly, takes longer to bring new tech to market and rarely generates the most cutting-edge solutions – Innovation best fostered in smaller, purpose-built technology firms that operate outside of large corporations • Valuation growth of break-through tech firms • Mission critical technology outsourced to best-in-class technology firms – Website hosting, agent portal, deal & listing management, marketing systems and back-office systems • Gain access to distribution network of approximately 6,900 agents nation-wide • Maintain independence and ability to scale and innovate at “start-up speed” • Incentivizes management of young firms to grow broadly, creating industry-wide solutions that go beyond the needs of just one brokerage Benefits to PropTech Firms Platform that has fleets of electric vehicles that can be shared Platform generates hand- written notes on behalf of sales-oriented professionals

11 • Further grow leadership position in New York while entering and expanding into adjoining markets where the Douglas Elliman brand has strong awareness and brand equity, including Florida, California, Texas, Colorado and Massachusetts • Recent entry into the DC Metro, Las Vegas, Austin, Dallas, St. Petersburg and Nantucket markets, whose combined annual transaction value is approximately $50 billion • Disciplined regional expansion to protect our luxury brand and keep focus on premium markets Strong Platform for the Long Term Continue Executing on DEDM Long-term Growth Strategy Expand Footprint into Adjoining Markets Expand Ancillary Services to Enhance Client Experience and Drive Growth • Highly successful hybrid platform of matching experienced new development experts with skilled brokerage professionals provides differentiated expertise and real-time market intelligence to clients • Established pipeline provides clear path to expansion into new markets (e.g., Texas) and provides opportunities for medium to long-term growth • Technology to be key differentiator in terms of adoption by agents, delivery to clients and disruption of traditional business models $64.3 $72.9 $47.4 $81.9 $71.4 $54.9 2018 2019 2020 2021 2022 LTM 9/30/2023 DEDM Revenue ($ millions) COVID-19 Impact Ancillary Offerings Current Future Renovation Staging Security Market Expansion Opportunity Less than $4bn $4bn - $15bn Greater than $15bn Charleston Clearwater Denver Jacksonville Nashville Raleigh-Durham Charlotte Sacramento County Salt Lake City San Antonio San Francisco Santa Fe Scottsdale Tampa Annual Transaction Value 14 markets representing approximately $111bn of Combined Annual Transaction Value(1) 1) Source: Miller Samuel and other industry reports. Aggregate annual transaction volume based on fourth quarter 2022 annualized figures for selected expansion regions. Property Management Title Insurance Escrow Home Services

12 California Texas Florida Overview • Purchased Teles Properties in 2017 • Purchased interest in Texas brokerage in 2021 • High profile recruitment of teams in Naples, Vero Beach, Fort Lauderdale and Ponte Vedra Beach in 2021 and 2022 Benefits to Douglas Elliman • Ability to expand in southern California’s luxury markets, such as Beverly Hills, Newport and Brentwood • Added more than $100M Gross Commission Income (“GCI”) and over 600 agents and 13 offices • Ability to expand in luxury markets in Texas such as Houston, Dallas and Austin both in residential sales and new development marketing • Added more than $40M GCI, and approximately 300 agents in seven offices • Ability to expand in luxury markets in southwest and north Florida • Added approximately $30M GCI Strong Platform for the Long Term (Cont.) Continue to Recruit Best-in- Class Agents Opportunistically Pursue Acquisitions and Aqui-hires 90% 94% 87% 90% 2020 2021 2022 LTM 9/30/2023 1) Retention, in any particular period, is calculated as the quotient of the prior period revenue generated by agents retained in the subject year period divided by the prior year period revenue generated by all agents, whether or not retained. We use retention as a measure of the stability of the agents that are on the Douglas Elliman platform. • We will continue to seek through M&A attractive groups of agents from core and adjacent markets that fit with our brand and strengthen our business Retention(1) High profile recruitmentHigh retention Long-tenured agents • We consistently achieve a high retention of agents

13 $201.5 $194.0 $15.2 $23.7 $35.4 $35.1 $14.4 2019 LTM 9/30/2023 Other OpEx Technology Activity Driven Operating Expenses Acquisitions Strong Platform for the Long Term (Cont.) Invest in Compelling PropTech Opportunities that Facilitate Growth and Differentiation Relentlessly Pursue Operational Efficiencies • Grow New Valley Ventures and create a portfolio of PropTech companies that, through our investment and commercial relationships, have access to our operating businesses/distribution, as well as our know-how and experience, to grow their own businesses, while also propelling our growth and competitive differentiation • Invest strategically in early-stage PropTech companies that equip our stakeholders with early and differentiated access to cutting-edge and industry-leading technology built in entrepreneurial environments • Enable us to benefit from potential adjacent revenue streams and valuation growth of breakthrough PropTech firms • Focus on efficiency to continue following recent expense reduction initiatives – $7.5 million of expense savings realized from 2019 to LTM 9/30/2023(2) – 3.7% reduction occurred during inflationary period of 18.3%(4) Real Estate Brokerage Segment Adjusted Operating Expenses(1) ($ millions) 1) Total operating expenses were $787.6 million for the year ended December 31, 2019, $1.158 billion for the year ended December 31, 2022, and $782.4 million and $928.5 million for the nine months ended September 30, 2023 and 2022, respectively. Real Estate Brokerage Segment Adjusted Operating Expenses is a Non- GAAP Measure and a reconciliation from operating expenses to Real Estate Brokerage Segment Adjusted Operating Expenses is included on page 22. Excludes real estate commissions, direct expenses related to ancillary services, depreciation and amortization, loss on disposal of assets, non-cash stock compensation and expenses associated with the Corporate and other segment. 2) Represents other operating expenses. 3) Discretionary compensation and advertising expenses (associated with level of business). 4) U.S. CPI Urban Consumers increased from 255.159 to 301.81 from June 30, 2019 to March 31, 2023 (midpoint of each period). (3) $267.2$252.1

DOUGLAS ELLIMAN FINANCIAL OVERVIEW

15 Attractive Financial Profile 1) As of September 30, 2023. Please see page 20, “Consolidated Balance Sheet" of Douglas Elliman Inc. Disciplined expense management drives significant operating leverage Legacy brand and agent network offering unrivaled expertise in luxury markets Operating leverage and limited capital expenditure requirements drive cash flow conversion, supporting future long- term growth initiatives Strong balance sheet with approximately $126 million of cash and cash equivalents(1)

16 Financial Summary 1) Operating (loss) income for the real estate brokerage segment was $(49.3) million, $102.1 million, $22 million and $(36) million for the years ended December 31, 2020, 2021 and 2022 and for the nine months ended September 30, 2023, respectively. Please refer to page 21 for a reconciliation from net income to Adjusted EBITDA attributed to Douglas Elliman Inc. for the real estate brokerage segment. Revenue Capital Expenditures ($ millions) $6.1 $4.1 $8.5 $7.7 2020 2021 2022 LTM 9/30/2023 $774.0 $1,353.1 $1,153.2 $948.8 2020 2021 2022 LTM 9/30/2023 Adjusted EBITDA for Real Estate Brokerage Segment (1) $22.1 $110.7 $34.5 ($21.6) 2.9% 8.2% 3.0% (2.2%) 2020 2021 2022 LTM 9/30/2023 Adj. EBITDA Adj. EBITDA Margin

17 Business Mix $18.2 $22.4 $24.6 $25.4 $28.1 $28.8 $29.1 $51.2 $42.9 $34.0 LTM 9/30/2023 Revenue Gross Transaction Value ($ billions) $844.8M $54.9M $35.1M $13.9M $949M Commissions and Other Brokerage Income – Existing Home Sales Commissions and Other Brokerage Income – Development Marketing Property Management Other Ancillary Services

APPENDIX

19 Combined Consolidated Statement of Operations Year Ended Nine Months Ended 12/31/2020 12/31/2021 12/31/2022 9/30/2023 9/30/2022 LTM 9/30/2023 Revenues: Commissions and other brokerage income $733,751 $1,292,416 $1,099,885 $703,780 $903,917 $899,748 Property management 35,115 37,345 36,022 26,849 27,786 35,085 Other ancillary services 5,121 23,377 17,270 10,813 14,144 13,939 Total revenues $773,987 $1,353,138 $1,153,177 $741,442 $945,847 $948,772 Expenses: Real estate agent commissions 546,948 985,523 836,803 546,749 686,440 697,112 Sales and marketing 64,097 77,174 85,763 64,170 64,145 85,788 Operations and support 49,895 71,641 72,946 53,338 55,872 70,412 General and administrative 76,134 92,798 131,421 92,371 99,227 124,565 Technology 14,858 15,343 22,773 17,777 16,809 23,741 Depreciation and amortization 8,537 8,561 8,012 6,031 6,033 8,010 Loss on disposal of assets 1,169 - - - - - Impairments of goodwill and intangible assets 58,252 - - - - - Restructuring 3,382 - - 1,932 - 1,932 Operating (loss) income $(49,285) $102,098 $(4,541) $(40,926) $17,321 $(62,788) Other income: Interest income 190 83 1,779 4,260 564 5,475 Equity in (losses) earnings from equity-method investments (225) (278) (563) (143) (477) (229) Change in fair value of contingent liability 2,149 (1,647) - - - - Investment and other income (loss) 843 529 3,429 109 3,026 512 Income (loss) income before provision for income taxes $(46,328) $100,785 $104 $(36,700) $20,434 $(57,030) Income tax expense (benefit) 44 2,133 6,503 (8,552) 8,173 (10,222) Net (loss) income $(46,372) $98,652 $(6,399) $(28,148) $12,261 $(46,808) Net loss attributed to non-controlling interest - 186 777 439 532 684 Net (loss) income attributed to Douglas Elliman Inc. $(46,372) $98,838 $(5,622) $(27,709) $12,793 $(46,124) Per diluted common share: Net (loss) income attributed to Douglas Elliman Inc. $(0.57) $1.21 $(0.08) $(0.34) $0.15 $(0.57) ($ thousands, except per share amounts)

20 Consolidated Balance Sheet September 30, December 31, 2023 2022 ASSETS: Current assets: Cash and cash equivalents $126,340 $163,859 Receivables 26,824 22,162 Agent receivables, net 13,978 12,826 Income taxes receivable, net 6,154 7,547 Restricted cash and cash equivalents 5,011 4,985 Other current assets 18,732 13,680 Total current assets $197,039 $225,059 Property, plant and equipment, net 40,724 41,717 Operating lease right-of-use assets 112,067 117,773 Long-term investments at fair value 13,129 12,932 Contract assets, net 34,099 38,913 Goodwill 32,230 32,230 Other intangible assets, net 73,139 73,666 Equity-method investments 1,984 1,629 Other assets 6,695 6,483 Total assets $511,106 $550,402 LIABILITIES AND STOCKHOLDERS’ EQUITY: Current liabilities: Current operating lease liabilities $22,153 $22,328 Accounts payable 4,753 5,456 Commissions payable 25,215 22,117 Accrued salaries and benefits 9,981 18,228 Contract liabilities 10,500 8,222 Other current liabilities 20,380 13,607 Total current liabilities $92,982 $89,958 Deferred income taxes, net 5,756 14,467 Non-current operating lease liability 114,371 120,508 Contract liabilities 50,178 54,706 Other liabilities 77 306 Total liabilities $263,364 $279,945 Commitments and contingencies - - Stockholders’ equity Common stock and additional paid-in-capital 279,353 273,920 Accumulated deficit (32,709) (5,000) Non-controlling interest 1,098 1,537 Total stockholders’ equity $247,742 $270,457 Total liabilities and stockholders’ equity $511,106 $550,402 ($ thousands)

21 1) Represents equity in (earnings) losses recognized from Douglas Elliman’s investment in equity method investments that are accounted for under the equity method and are not consolidated in Douglas Elliman’s financial results. 2) Represents restructuring related to Douglas Elliman Realty, LLC’s realignment of administrative support functions, office locations and business model. 3) Represents non-cash intangible asset impairment charges related to the goodwill and trademark of Douglas Elliman Realty, LLC. 4) Represents amortization of stock-based compensation. $4,195 is attributable to the Real estate brokerage segment and $6,943 is attributable to the Corporate and other segment for the year ended December 31, 2022. $3,355 and $3,278, respectively, is attributable to the Real estate brokerage segment for the nine months ended September 30, 2023 and 2022 and $6,311 and $5,198, respectively, is attributable to the Corporate and other segment for the nine months ended September 30, 2023 and 2022, respectively. Adjusted EBITDA Reconciliation Year Ended Nine Months Ended 12/31/2020 12/31/2021 12/31/2022 9/30/2023 9/30/2022 LTM 9/30/2023 Net income (loss) $(46,372) $98,838 $(5,622) $(27,709) $12,793 $(46,124) Interest income, net (190) (83) (1,779) (4,260) (564) (5,475) Income tax expense (benefit) 44 2,133 6,503 (8,552) 8,173 (10,222) Net loss attributed to non- controlling interest - (186) (777) (439) (532) (684) Depreciation and amortization 8,537 8,561 8,012 6,031 6,033 8,010 Equity in (earnings) losses from equity method investments(1) 225 278 563 143 477 229 Restructuring(2) 3,382 - - 1,932 - 1,932 Loss on disposal of assets 1,169 - - - - - Impairments of goodwill and other intangible assets(3) 58,252 - - - - - Change in fair value of contingent liability (2,149) 1,647 - - - - Stock-based compensation expense(4) - - 11,138 9,666 8,476 12,328 Other, net (843) (529) (3,429) (109) (3,026) (512) Adjusted EBITDA attributed to non-controlling interest - 40 342 63 222 183 Adjusted EBITDA attributed to Douglas Elliman $22,055 $110,699 $14,951 $(23,234) $32,052 $(40,335) Operating Income by Segment Real estate brokerage $(49,285) $102,098 $21,993 $(20,349) $37,619 $(35,975) Corporate and other - - (26,534) (20,577) (20,298) (26,813) Total $(49,285) $102,098 $(4,541) $(40,926) $17,321 $(62,788) Adjusted EBITDA Attributed to Douglas Elliman by Segment Real estate brokerage $22,055 $110,699 $34,542 $(8,968) $47,152 $(21,578) Corporate and other - - (19,591) (14,266) (15,100) (18,757) Total $22,055 $110,699 $14,951 $(23,234) $32,052 $(40,335) Number of transactions 22,686 32,400 26,573 16,584 21,797 21,360 ($ thousands)

22 Adjusted Operating Expenses Reconciliation Year Ended Year Ended Nine Months ended Nine Months Ended LTM 12/31/2019 12/31/2022 9/30/2023 9/30/2022 9/30/2023 Total Operating Expenses(1) $787,588 $1,157,718 $782,368 $928,526 $1,011,560 Items excluded from total expenses to determine Real Estate Brokerage Segment Adjusted Operating Expenses Real estate agent commissions (525,233) (836,803) (546,749) (686,440) (697,112) Variable expenses related to ancillary services(2) (1,461) (7,355) (4,808) (6,026) (6,137) Depreciation and amortization (8,638) (8,012) (6,031) (6,033) (8,010) Loss on disposal of assets(3) (136) (11) (37) (11) (37) Restructuring - - (1,932) - (1,932) Non-cash stock compensation - real estate brokerage segment - (4,195) (3,355) (3,278) (4,272) Operating expenses - Corporate and other segment - (26,534) (20,577) (20,298) (26,813) Real Estate Brokerage Segment Adjusted Operating Expenses $252,120 $274,808 $198,879 $206,440 $267,247 ($ thousands) 1) Operating expenses include expenses reflected in the Company's Combined Consolidated Statements of Operations (for all periods presented) under the category "Expenses" and classified as "Real estate agent commissions", "Sales and marketing", "Operations and support", "General and administrative", "Technology“ and "Depreciation and amortization.” 2) Included in "Operations and support" in the Company's Combined Consolidated Statements of Operations for all periods presented. 3) Included in "General and administrative” on the Company's Combined Consolidated Statements of Operations for all periods presented.

Document and Entity Information Document	Nov. 07, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 07, 2023
Entity Registrant Name	DOUGLAS ELLIMAN INC.
Entity Central Index Key	0001878897
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41054
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	DOUG
Security Exchange Name	NYSE
Entity Emerging Growth Company	false