Douglas Elliman Loses $23M In Q2

Douglas Elliman’s fortunes flipped for the worse in the second quarter.

The company lost nearly $23 million in the second quarter, significantly more than the $2 million it lost in the same period last year, Elliman announced on Thursday. The increase in losses came after the firm reported a notable improvement in its bottom line in the first quarter, when it lost just $6 million compared to $42 million at the same time in the previous year.

Elliman’s revenue also fell in the second quarter, following several months of growth. The firm reported $270 million in revenue, down from $285 million a year ago.

Elliman posted a loss of $800,000 in adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — compared to a $2.9 million loss in the second quarter last year. The firm ended the period with $136 million in cash.

The firm has routinely touted its new development marketing segment as a significant contributor to its future revenue. In the first quarter, Elliman had roughly $28 billion worth of gross transaction value in its pipeline, with most of it tied up in projects in South Florida.

About $6 billion of that gross transaction value is slated to hit the market through September 2026, which would add to revenues in the second half of 2025 through 2031, the firm’s chief financial officer, J. Bryant Kirkland, said on the company’s earnings call on Friday.

Elliman also added a New York City project to its pipeline in the second quarter. In July, the company announced that one of its top-producing teams, Noble Black & Partners, would head sales at Rotem Rosen’s Billionaires’ Row project known as Malabar Residences.

CEO Michael Liebowitz is beginning to deliver on some of the promises he made when he assumed the top role at the brokerage late last year. In his first months on the job, the chief executive pledged to launch the Elliman brand on an international stage and to bring on new lines of business outside of home selling.

“Moving forward, we continue to evaluate complementary transactions and ancillary businesses such as title, escrow, insurance brokerage, and property management,” Liebowitz said on the earnings call.

The results come after a cooled period for the housing market, with challenges like elevated mortgage rates and concerns over President Donald Trump’s tariff policies announced in April affecting activity across markets.

“We experienced a challenging period in May to early June when our results were negatively impacted by exogenous economic pressures and industry-specific headwinds,” Kirkland said. “Heightened volatility in international financial markets driven by geopolitical uncertainties, including global economic policies, created a sense of caution among buyers and sellers.”

During the first half of the year, the firm was on the hook for $17 million in litigation and settlement-related expenses. The company attributed the cost to “industry-wide antitrust class action lawsuits and other matters related to employees and agents,” according to a filing with the Securities and Exchange Commission.

Elliman in June ended its 15-year partnership with the London-based firm, Knight Frank, with plans to introduce its own international arm with a focus on luxury markets across Latin America, the Middle East, Europe and Asia.

Last month, the company launched its own mortgage platform, Elliman Capital, in Florida with plans to expand the service to other states.

Anywhere Real Estate was previously reported to have approached the firm with a merger offer that valued Elliman at around $4 a share, roughly double its stock price at the time. Rumors of the impending takeover, which circulated in late May, temporarily boosted the company’s stock price, though it’s since leveled off.

Elliman’s share price was $2.75 at market closing on Thursday.