On this page of StockholderLetter.com we present the latest annual shareholder letter from Douglas Elliman Inc. — ticker symbol DOUG. Reading current and past DOUG letters to shareholders can bring important insights into the investment thesis.

 •  4/30/2026 Letter Continued (Full PDF)
 •  6/16/2023 DOUG Stockholder Letter
 •  7/11/2024 DOUG Stockholder Letter
 •  4/30/2025 DOUG Stockholder Letter
 •  More "Real Estate" Category Stockholder Letters
 •  DOUG Benford's Law Stock Score = 87

DOUG Shareholder/Stockholder Letter Transcript:

April 30, 2026
Dear Fellow Stockholder,
In a year that was marked by the continuation of elevated U.S. mortgage rates, low housing
inventory, and soft transaction volumes, we were able to take decisive steps in 2025, including
strategic realignment and disciplined financial management, that we believe have enabled us to
make meaningful progress on our long-term vision: to be the leading independent luxury real
estate brokerage, driven by innovation, talent, and a relentless focus on our clients and agents.
The groundwork we laid during 2025     in particular, selling our property management
division and eliminating the overhang of the in-the-money convertible debt, expanding our
brand internationally, and making investments in artificial intelligence that is helping our
agents do what they do best     positions us for accelerated growth and value creation in
2026 and beyond.
While I am incredibly proud of what we have accomplished thus far and believe Douglas
Elliman is well positioned for long-term growth and success, our work is not yet done. Our
strengthened balance sheet and enhanced operational capabilities give us flexibility to enter new
markets, scale our innovative offerings, and attract top talent, and we believe 2026 will mark the
beginning of a new growth phase for our Company. Below are some highlights of 2025 and our
plans for the year ahead.
A Strengthened Financial Position
In 2025, we further strengthened our financial foundation, increased our revenues and
strategically managed expenses.
    We increased revenues to $1.03 billion in 2025, up from $995.6 million in 2024.
    Our net income increased to $15.2 million in 2025, up from a net loss of $76.3 million
in 2024.
    Our Adjusted EBITDA improved to a loss of $14.0 million in 2025, up from a loss of
$24.1 million in 2024.
    Our industry-leading average price per transaction increased from $1.67 million to
$1.86 million per homesale, and this strength drove about $39.8 billion in total sales
volume, up from $36.4 billion in 2024.
Looking to the future, our Development Marketing Division continues to contribute to our
momentum, with approximately $25.3 billion in gross transaction value currently being
marketed and another $7.5 billion expected to come to market through December 2026.
Douglas Elliman   s balance sheet remained healthy at year-end, with approximately $115.5
million of cash and cash equivalents at December 31, 2025, and, as a result of our redemption
of our outstanding convertible notes in October 2025, no long-term debt. We believe our
balance sheet gives Douglas Elliman a competitive advantage by providing optionality to
expand into new markets, where appropriate, and strengthen our services platform as
opportunities arise in our ever-changing industry.
Driving Sustainable Growth
During 2025, we expanded our brand internationally, and more recently entered into the
French Alps and Canada, building on our successful launches in Bordeaux, the French

Riviera, and Monaco. In 2025, we also launched Elliman Capital, an in-house mortgage
platform designed to streamline the home financing process for clients seeking both
traditional and non-traditional loan products. For the year ahead, we are squarely focused
on unlocking the full potential of our platform by capitalizing on our core strengths and
pursuing significant growth opportunities.
    Targeted Expansion and Recruitment: We continue to actively pursue
opportunities to deepen our footprint in existing markets while strategically entering
new, high-potential regions.
    Expansion of Core Service Offerings: Following our launch of Elliman Capital in
2025, we more recently launched Elliman Yachts, offering yacht acquisition advisory
and brokerage services and bespoke yacht charters globally through a strategic
relationship. We are continuing to seek to expand and optimize our ancillary real
estate services that allow our agents and our other businesses to enhance the client
experience and drive growth in revenues and earnings.
    Investing in Agent Experience: Our global network of agents remains the
cornerstone of our success and we plan to continue to make investments in market
intelligence, technology and agent resources.
    In 2025, we launched Elli AI, a first-of-its-kind, AI-powered assistant app
designed to streamline the daily workflow of our agents. Elli AI enables naturallanguage MLS searches, generates branded reports and lifestyle maps, and
aggregates real-time data from MLS, public records, and the web     giving our
agents the insights they need to deliver truly personalized, data-driven service.
    We recently launched a new market data report program, which will provide
agents and clients with timely, transparent insights tailored to our markets.
    Our ongoing rollout of agent-centric technology     including Elliman Private
Listings, and enhanced marketing tools     ensures our professionals remain at
the forefront of the industry.
Confidence in Our Future
In addition to our world-class brand, we have many opportunities to generate value for our
stockholders. Our strengthened balance sheet and enhanced operational capabilities give
us flexibility to enter new markets, scale our innovative offerings, and attract top talent. My
team and I are focused on unlocking these opportunities in the year ahead.
I am confident that by staying true to our principles     luxury, service, innovation and
excellence     we will deliver value to our stockholders, agents, employees, and clients.
Thank you for your continued trust and partnership.
Sincerely,
Michael S. Liebowitz
President and Chief Executive Officer

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For The Fiscal Year Ended December 31, 2025
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

DOUGLAS ELLIMAN INC.
(Exact name of registrant as specified in its charter)

Delaware
1-41054
87-2176850
(State or other jurisdiction of incorporation or
organization)
Commission File Number
(I.R.S. Employer Identification No.)
4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Common stock, par value $0.01 per share
Trading Symbol(s)
DOUG
Name of each exchange on which registered:
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes    No
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. o Yes    No
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended (the    Exchange Act   ), during the preceding 12 months (or for such shorter period that the Registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes o No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (   232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
submit such files).    Yes o No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of
   accelerated filer and large accelerated filer    in Rule 12b-2 of the Exchange Act.
reporting
Growth
Accelerated filer
    Large accelerated filer    
    Non-accelerated filer     Smaller
    Emerging
company
Company
Indicate by check mark whether the registrant has filed a report on and attestation to its management   s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report.   
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements.    
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant   s executive officers during the relevant recovery period pursuant to    240.10D-1(b)    
Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.     Yes    No
The aggregate market value of the common stock held by non-affiliates of Douglas Elliman Inc. as of June 30, 2025 was approximately $191.1
million.
At March 11, 2026, Douglas Elliman Inc. had 88,217,442 shares of common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE:
Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K is incorporated by reference from the definitive Proxy Statement for the
2026 Annual Meeting of Stockholders or an amendment to this Annual Report on Form 10-K 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.

4/30/2026 Letter Continued (Full PDF)

 

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