Douglas Elliman

Douglas Elliman reported a quarterly loss of nearly $42 million, exacerbated by a settlement charge of $17.75 million for antitrust litigation over broker commissions. Chairman Howard Lorber emphasized that the settlement is not an admission of liability but a move to mitigate future uncertainties. The firm’s losses have persisted for seven consecutive quarters, with adjusted EBITDA at negative $18.2 million. Revenue totaled over $200 million, down from $214 million a year ago. Despite market challenges like higher mortgage rates and low inventory, Lorber anticipates a rebound in the second half of 2024 due to increased listing volume. The company remains focused on cost-cutting measures to restore profitability.