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Douglas Elliman Inc. (DOUG+8.82%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $995.6 million for the year, an increase from $955.6 million in 2023. This increase was primarily driven by higher commissions and brokerage income.
Operating expenses rose to $1,064.5 million in 2024 from $1,020.1 million in 2023, with the increase mainly attributed to higher real estate agent commissions and litigation expenses.
The company reported an operating loss of $68.8 million for 2024, compared to a loss of $64.5 million in the prior year. The increase in operating loss was primarily due to litigation settlement expenses.
Douglas Elliman's net loss for the year was $76.3 million, compared to a net loss of $42.6 million in 2023. The company attributed this to increased litigation expenses and a change in fair value of derivatives embedded within convertible debt.
The company ended the year with cash and cash equivalents of $135.7 million, up from $119.8 million at the end of 2023.
Douglas Elliman's real estate brokerage segment reported revenues of $995.6 million and an operating loss of $37.4 million for 2024.
The corporate activities and other segment, which includes the company's investment business, reported an operating loss of $31.5 million.
Douglas Elliman continues to focus on its real estate services and PropTech investments, with investments in various PropTech companies and funds valued at approximately $11.4 million as of December 31, 2024.
The company has identified litigation and regulatory actions as significant risks, including ongoing antitrust class action lawsuits related to brokerage commissions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Douglas Elliman Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.