Douglas Elliman Inc.DOUG
Douglas Elliman Inc. Goodwill & Intangibles Disclosure
GOODWILL AND OTHER INTANGIBLE ASSETS
The components of Goodwill and other intangible assets were as follows:
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Goodwill | $ | 32,226 | $ | 32,230 | ||||||||||
| Indefinite-life intangibles: | ||||||||||||||
| Trademark - Douglas Elliman | $ | 68,000 | $ | 68,000 | ||||||||||
| Intangibles with a finite life, net | 3,655 | 4,307 | ||||||||||||
| Total other intangible assets, net | $ | 71,655 | $ | 72,307 | ||||||||||
The carrying amounts of goodwill and intangibles with a finite life for 2025 were as follows:
| Goodwill | Intangibles with a finite life, net | |||||||||||||
Balance as of January 1, 2025 | $ | 32,230 | $ | 4,307 | ||||||||||
Disposal of business1 | (4) | — | ||||||||||||
| Amortization | — | (652) | ||||||||||||
Balance as of December 31, 2025 | $ | 32,226 | $ | 3,655 | ||||||||||
1 Relates to the DEPM Sale for the year ended December 31, 2025. For more information, see Note 1(ab) “Sale of Douglas Elliman Property Management.”
The carrying amounts of goodwill and intangibles with a finite life for 2024 were as follows:
| Goodwill | Intangibles with a finite life, net | |||||||||||||
Balance as of January 1, 2024 | $ | 32,230 | $ | 4,964 | ||||||||||
| Amortization | — | (657) | ||||||||||||
Balance as of December 31, 2024 | $ | 32,230 | $ | 4,307 | ||||||||||
_____________________________
Goodwill is evaluated for impairment annually or whenever the Company identifies certain triggering events or circumstances that would more likely than not reduce the fair value of the Company below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate fluctuations, and loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.
As part of our annual impairment test, as of October 1, 2025, the Company utilized third-party valuation specialists to prepare a quantitative assessment of its goodwill and trademark intangible assets, based on the current market conditions in the residential real estate brokerage industry which did not result in impairment charges related to its goodwill or trademark for the year ended December 31, 2025.
For the goodwill testing, the Company utilized an income approach (a discounted cash flows method) and a market approach (a guideline public company method) to estimate the fair value of the Douglas Elliman business. The estimated fair value of the trademark indefinite-life intangible asset related to the Douglas Elliman brand name was determined using an approach that values the Company’s cash savings from having a royalty-free license compared to the market rate it would pay for access to use the trade name.
The third-party quantitative assessments of the goodwill and trademark intangible asset reflected management’s assumptions regarding revenue growth rates, economic and market trends including current expectations of the market, changes to cost structures and other expectations about the anticipated short-term and long-term operating results of the Company.
If the Company fails to achieve the financial projections used in the quantitative assessments of fair value and current market conditions deteriorate, impairment charges could result in future periods, and such impairment charges could be material.
Other intangible assets were as follows:
| Useful Lives in Years | December 31, 2025 | December 31, 2024 | |||||||||||||||
| Trademark - Douglas Elliman | Indefinite | $ | 68,000 | $ | 68,000 | ||||||||||||
| Other intangibles | 1 - 10 | 7,818 | 11,216 | ||||||||||||||
| 7,818 | 11,216 | ||||||||||||||||
| Less: Accumulated amortization on amortizable intangibles | (4,163) | (6,909) | |||||||||||||||
| Other intangibles, net | $ | 3,655 | $ | 4,307 | |||||||||||||
The trademark intangible has been attributed to the acquisition of the Douglas Elliman brand name which the Company plans to continue using. The fair value of the intangible asset associated with the Douglas Elliman trademark is determined using a “relief from royalty payments” method. This approach involves two steps: (i) estimating reasonable royalty rates for its Douglas Elliman trademark and (ii) applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trademark. The Company performed its impairment test for the year ended December 31, 2025, which did not result in an impairment charge related to the Company’s trademark. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value, impairment charges could result in future periods, and such impairment charges could be material.
As of December 31, 2025 and 2024, other intangibles with finite lives included non-compete agreements and favorable lease assets related to business combinations.
For the years ended December 31, 2025, 2024, and 2023, respectively, amortization of other intangibles was $652, $657 and $702.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 8, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 31, 2022 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.