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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s reportable segments were Real Estate Brokerage and Corporate Activities and Other. Real Estate Brokerage consists of the residential real estate brokerage services through our subsidiary Douglas Elliman Realty, which operates one of the largest residential brokerage companies in the New York metropolitan area and also conducts residential real estate brokerage operations in Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia, Washington, D.C., Arizona, New Hampshire and Michigan. The Real Estate Brokerage segment also provides ancillary services, such as property management, title and escrow services. The Corporate Activities and Other segment consists of the operations of our holding company which includes the Company’s investment business that invests in select PropTech opportunities through our New Valley Ventures subsidiary. The operations of Corporate Activities and Other also consists of corporate costs for leadership and other administrative functions. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews the results for the business segments to evaluate the performance of the segments and to make decisions regarding the allocation of capital. The CODM uses and compares segment results, which includes operating loss and investment and other income, to prior periods and, based on these results, assesses performance and identifies trends of ongoing operations within each segment. Comparable to the consolidated statement of operations, the CODM reviews operating results, including the costs and charges by segments to evaluate the performance of our businesses and related trends. The operating cost summary also includes stock-based compensation by segment. The following schedules present the Company’s reportable segments and their contribution to the consolidated financial statements. Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2024, 2023, and 2022 was as follows:
| Real Estate Brokerage |  | Corporate Activities and Other
2024 |  |  |
Revenues | $ | 995,627 |  |  | $ | — |
Operating expenses: |  |  |
Real estate agent commissions | $ | 743,819 |  |  | $ | — |
Sales and marketing | 82,606 |  |  | — |
Operations and support (1) | 69,278 |  |  | — |
General and administrative (1) | 83,465 |  |  | 28,798 |
Technology | 23,386 |  |  | — |
Depreciation and amortization | 7,736 |  |  | — |
Antitrust litigation settlement expense | 17,750 |  |  | — |
Stock-based compensation (1) | 4,325 |  |  | 2,249 |
Restructuring | 616 |  |  | 425 |
Segment operating loss | $ | (37,354) |  |  | $ | (31,472) |
Real estate brokerage segment operating loss |  |  | $ | (37,354) |
Corporate activities and other segment operating loss |  |  | (31,472) |
Total segments’ operating loss |  |  | $ | (68,826) |
Interest expense |  |  | (2,939) |
Interest income |  |  | 5,533 |
Equity in earnings (losses) from equity-method investments |  |  | 36 |
Change in fair value of derivatives embedded with convertible debt |  |  | (14,978) |
Investment and other income |  |  | 5,289 |
(Loss) income before provision for income tax |  |  | $ | (75,885) |
(1) $5,510 of stock-based compensation is included within General and administrative expenses ($3,261 in Real Estate Brokerage segment and $2,249 in Corporate activities and other segment) and $1,064 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
| Real Estate Brokerage |  | Corporate Activities and Other
2023 |  |  |
Revenues | $ | 955,578 |  |  | $ | — |
Operating expenses: |  |  |
Real estate agent commissions | $ | 706,162 |  |  | $ | — |
Sales and marketing | 83,670 |  |  | — |
Operations and support (1) | 69,675 |  |  | — |
General and administrative (1) | 94,110 |  |  | 19,192 |
Technology | 23,788 |  |  | — |
Depreciation and amortization | 8,026 |  |  | — |
Stock-based compensation (1) | 4,539 |  |  | 8,536 |
Restructuring | 2,377 |  |  | — |
Segment operating loss | $ | (36,769) |  |  | $ | (27,728) |
Real estate brokerage segment operating loss |  |  | $ | (36,769) |
Corporate activities and other segment operating loss |  |  | (27,728) |
Total segments’ operating loss |  |  | $ | (64,497) |
Interest expense |  |  | (28) |
Interest income |  |  | 5,841 |
Equity in earnings (losses) from equity-method investments |  |  | (168) |
Investment and other income |  |  | 633 |
(Loss) income before provision for income tax |  |  | $ | (58,219) |
(1) $12,145 of stock-based compensation is included within General and administrative expenses ($3,609 in Real Estate Brokerage segment and $8,536 in Corporate activities and other segment) and $930 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations.
| Real Estate Brokerage |  | Corporate Activities and Other
2022 |  |  |
Revenues | $ | 1,153,177 |  |  | $ | — |
Operating expenses: |  |  |
Real estate agent commissions | $ | 836,803 |  |  | $ | — |
Sales and marketing | 85,763 |  |  | — |
Operations and support (1) | 72,169 |  |  | — |
General and administrative (1) | 101,469 |  |  | 19,591 |
Technology | 22,773 |  |  | — |
Depreciation and amortization | 8,012 |  |  | — |
Stock-based compensation (1) | 4,195 |  |  | 6,943 |
Segment operating income (loss) | $ | 21,993 |  |  | $ | (26,534) |
Real estate brokerage segment operating income |  |  | $ | 21,993 |
Corporate activities and other segment operating loss |  |  | (26,534) |
Total segments’ operating loss |  |  | $ | (4,541) |
Interest expense |  |  | (148) |
Interest income |  |  | 1,927 |
Equity in earnings (losses) from equity-method investments |  |  | (563) |
Investment and other income |  |  | 3,429 |
(Loss) income before provision for income tax |  |  | $ | 104 |
(1) $10,361 of stock-based compensation is included within General and administrative expenses ($3,418 in Real Estate Brokerage segment and $6,943 in Corporate activities and other segment) and $777 is included within the Real Estate Brokerage’s segment’s Operations and support expenses on the consolidated statements of operations. The Company’s identifiable assets and capital expenditures by segment for December 31, 2024, 2023 and 2022 were as follows:
| Real Estate Brokerage |  | Corporate Activities and Other |  | Total
Year Ended December 31, 2024 |  |  |  |  |
Identifiable assets (1) | $ | 425,148 |  |  | $ | 68,740 |  |  | $ | 493,888 |
Capital expenditures | $ | 5,534 |  |  | $ | — |  |  | $ | 5,534 |
Year Ended December 31, 2023 |  |  |  |  |
Identifiable assets (2) | $ | 455,021 |  |  | $ | 38,398 |  |  | $ | 493,419 |
Capital expenditures | $ | 6,143 |  |  | $ | — |  |  | $ | 6,143 |
Year Ended December 31, 2022 |  |  |  |  |
Identifiable assets (3) | $ | 512,524 |  |  | $ | 37,878 |  |  | $ | 550,402 |
Capital expenditures | $ | 8,537 |  |  | $ | — |  |  | $ | 8,537 |
(1) Includes $1,401 and $619 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively. (2) Includes $1,390 and $570 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively. (3) Includes $1,366 and $263 in equity method investments for Real Estate Brokerage segment and Corporate Activities and Other segment, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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