Douglas Elliman Loses $25M In Q3

Douglas Elliman notched another quarter of losses as its executives touted the company’s independence amid heightened consolidation.

The firm lost nearly $25 million in the third quarter, which was less than the $27 million it lost in the same period last year, according to a filing with the Securities and Exchange Commission.

Though slight, the year-over-year improvement in its losses comes after the company reported a significant backslide in the second quarter, when it lost $23 million compared to just $2 million in 2024.

CEO Michael Liebowitz has championed the firm recently, saying it is “not for sale” despite rumors of a takeover bid from Anywhere Real Estate earlier this year. (A deal to buy Elliman never materialized, and Anywhere instead merged with Compass in a seismic agreement announced in September.)

“While others in the industry are pursuing consolidation and platform integration, we remain committed to deepening our leadership in the luxury segment, a category that is synonymous with our brand,” Liebowitz said on the company’s earnings call on Tuesday.

Last quarter, Elliman brought in $263 million in revenue, down from $266 million last year. It logged an adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — of $2.7 million, up from $2.3 million in the same period in 2024.

Elliman’s brokerage division reported $10 billion in gross transaction value last quarter, marking a modest increase from the $9.8 billion it achieved in the same period last year. The firm’s average price per transaction was roughly $1.8 million. It earned roughly $250 million in revenue from commissions and other brokerage income, down from $254 million in the third quarter of 2024.

“Taking a step back, 2025 has been a pivotal transitional year for Douglas Elliman so far,” Liebowitz said on the call. He added that the year — the company’s first in two decades without former CEO and chairman Howard Lorber at the helm — “marked a bold evolution in our brand and our business model.”

Since assuming the top post at the company late last year, Liebowitz promised a “new future” for Elliman, following a period of mounting losses and controversy over Lorber’s sudden retirement. At the time, Liebowitz said the firm’s fresh era would include a focus on investing in ancillary businesses such as mortgage, title and property management, as well as an international expansion.

So far, Liebowitz has delivered on some of those promises, including launching an in-house mortgage platform, Elliman Capital, in July, about a month after it ended its 15-year partnership with Knight Frank and vowed to expand internationally under its own brand.

Last week, the firm announced it was opening 14 offices across the South of France and Monaco, backed by two dozen agents in the region, including Philippe Curutchet, Fredrik Lilloe, and Edward de Mallet Morgan.

However, Liebowitz appeared to backtrack on some of his earlier claims last month, when the firm announced the $85 million sale of its property management division to Associa.

After releasing news of the sale, Liebowitz billed the move as the company doubling down on its plan to be an “asset-light, pure play brokerage,” a sentiment he echoed on the earnings call.

The deal allowed Elliman to eliminate its outstanding debt from Kennedy Lewis, which loaned the company $50 million last summer. At the end of October, following the sale, Elliman’s executives said the firm had about $122 million in cash and cash equivalents.

“We are now uniquely positioned both financially and strategically to pursue further geographic expansion, technological advancement, and strategic acquisitions from a position of strength,” Liebowitz said on the call.

Along with its earnings results, Elliman also reported a shakeup in its board members. With the elimination of the Kennedy Lewis debt, the firm’s appointee to the board, David Chene, resigned. Two other board members, Patrick Bartels and Scott Vogel, also resigned.

In their stead, Elliman appointed Perry Weitz, a real estate investor and founder of the New York City-based law firm Weitz & Luxenberg.

The firm also touted its development marketing business with a pipeline of more than $25 billion in gross transaction value, according to chief financial officer J. Bryant Kirkland. He added that $16.6 billion of that pipeline is in Florida, and $6 billion worth of inventory is expected to hit the market between now and October.

Kirkland added that in the third quarter, agents with the firm brokered more than 330 deals for $5 million or more. Eighty-seven of those deals were for more than $10 million.

“These results clearly demonstrate Douglas Elliman remains the definitive name in luxury real estate,” said Kirkland.