Douglas Elliman Inc. - DOUG STOCK NEWS

Tongo, a FinTech company focused on the commission economy, has successfully raised $7 million in seed funding to enhance its offerings in the real estate sector. This funding, contributing to a total of $11 million raised to date, will be utilized to expand its product and team. Tongo's innovative solution allows real estate agents to access future commissions through a debit-style card, providing crucial liquidity. The funding round was led by MetaProp along with other notable investors, highlighting the potential for Tongo to transform financial products for commission-based professionals.

Douglas Elliman Inc. (NYSE: DOUG) has declared a quarterly cash dividend of $0.05 per share, which will be payable on September 29, 2022. Shareholders on record as of September 15, 2022 will receive this dividend. Douglas Elliman is recognized as one of the largest residential brokerage companies in the United States, with operations across several states including New York, Florida, and California. The company's dividend declaration reflects its commitment to providing income to its shareholders.

Douglas Elliman Realty, a major independent real estate brokerage, continues its longstanding partnership with The Hampton Classic Horse Show, sponsoring the $74,000 Douglas Elliman Grand Prix Qualifier on September 2. They have been an official sponsor since 1996, showcasing their commitment to the equestrian community. Alongside the event, the brokerage has released its Fall 2022 Equestrian magazine, highlighting luxury equestrian properties across various U.S. markets. The Classic attracts about 50,000 attendees, making it a key opportunity for Elliman to engage with clientele.

Douglas Elliman Realty has appointed the Erin Boisson Aries Team, along with Mario Stocco and Francisco Rizo, as exclusive marketing representatives for The Reserve at Mayakoba, a new luxury residential development in Mexico's Riviera Maya. This project, developed by Sancus Capital Partners and Inmobilia, will feature 72 residences across eight towers with various amenities and security features. Prices for these homes range from $620,100 to $2,200,000. The initiative aims to elevate luxury living while preserving the local landscape.

Douglas Elliman reports strong sales performance at The Ritz-Carlton Residences, New York, NoMad, with 50% of the luxury penthouses sold before the hotel opening. All contracts were signed at full asking price, achieving record prices per square foot in the area. The limited collection features top-floor penthouses designed by Rafael Viñoly, ranging from $4 million to $7.2 million. The hotel emphasizes a flexible ownership model, and residents benefit from expert management by The Ritz-Carlton. Eight penthouses remain available, highlighting high demand and market interest.

Douglas Elliman Realty announced the addition of top-producing agent Jonathan Stein and his team, based at the 111 Fifth Avenue office in New York City. In 2021, Stein had over $100 million in closed and in-contract sales, with his team bringing $28 million in listings to Douglas Elliman. Stein is recognized for significant deals, including a $14.5 million apartment at 140 Franklin Street. The firm's leadership praised Stein's record and professionalism, anticipating his continued success within their network.

Douglas Elliman achieved consolidated revenues of $364.4 million in Q2 2022, down 7.0% from the previous year, marking the second-highest quarterly revenue in company history. Year-to-date revenues totaled $673.3 million, an increase of 1.3%. However, net income declined to $10.2 million or $0.13 per diluted share from $39.5 million or $0.51 last year. The real estate brokerage segment reported a gross transaction value of $13.6 billion for Q2. Adjusted EBITDA was $19.2 million, down significantly from $45.3 million in Q2 2021.

Vector Group reported a 14.7% increase in consolidated revenues, totaling $387.2 million for Q2 2022, driven by strong volume in the tobacco segment.

Net income fell to $39.2 million or $0.25 per diluted share, down from $93.3 million or $0.60 per diluted share in the same period last year.

Despite a 16.2% rise in unit volume, tobacco segment operating income declined by 14.4%. The company maintained strong liquidity with cash and equivalents totaling $323.9 million.

Douglas Elliman Inc. (NYSE: DOUG) will host a conference call and webcast to discuss its second quarter 2022 results on August 5, 2022, at 7:30 a.m. ET. Investors can join by calling (888) 330-2506 with conference ID 46689 or via live webcast. A replay will be available from August 5 to August 19 through the same dial-in number. Douglas Elliman operates one of the largest residential brokerages in the U.S., covering multiple markets including New York and California.