VECTOR GROUP LTD VGR → Douglas Elliman Inc. DOUG
| Parent | VECTOR GROUP LTD VGR |
|---|---|
| Spinco | Douglas Elliman Inc. DOUG |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Douglas Elliman share for every 2 Vector Group shares |
| Ratio note | Vector shares underlying option and restricted stock awards also participated. |
| Checked against EDGAR | 2026-08-22 |
Data trap
This separation was not documented the usual way. A Form 10 was filed and never amended; the distribution was actually registered on a Securities Act Form S-1 and the operative document is a prospectus, not an information statement. Anything that looks for a final Form 10 amendment or an Ex-99.1 information statement finds nothing for this deal. Note also a five-share discrepancy between the completion filing's 77,720,631 and the annual report's equity statement, and that shares underlying parent equity awards also received the distribution, so the count does not tie to the parent's ordinary shares outstanding.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2021-11-08Separation announced
- 2021-11-10Form 10 filed
- —Form 10 last amended
- —Form 10 effective
- 2021-12-20Record date
- —When-issued trading opens
- 2021-12-29Distribution
- 2022-03-01First standalone earnings
- —Index inclusion announced
Performance since separation
| Douglas Elliman Inc. since separation | -83.29% |
|---|---|
| VECTOR GROUP LTD over the same window | stopped trading before the window closed |
| S&P 500 (SPY) over the same window | +60.37% |
| Russell 2000 (IWM) over the same window | +34.52% |
| Excess over the S&P 500 | -143.66% |
| Excess over the Russell 2000 | -117.81% |
Measured from the first regular-way close on or after the distribution — 2021-12-30 at 11.55 — to 2026-08-21 at 1.93. Window: 4.6 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2021-11-10 · 0001193125-21-325449Form 10 registration statement; never amended and superseded in practice by a Securities Act prospectus
- 424B3filed 2021-12-17 · 0001193125-21-359593Definitive spin-off prospectus dated December 16, 2021 — the authoritative source for the ratio, the record date and the effective time
- 8-Kfiled 2021-12-30 · 0001193125-21-369792Completion: distribution effective 11:59 p.m. New York time on December 29, 2021; 77,720,631 shares issued; NYSE trading began December 30
Notes
Vector Group's separation of its residential brokerage business, Douglas Elliman, from its tobacco operations. Classified unclassified only because the registrant codes are unhelpful; in substance this separates two entirely unrelated industries. Classified non_focus_increasing, contrary to the intuitive read: Douglas Elliman itself is a genuine single-industry real-estate-services carve-out, but the filing's own words show Vector does not become a focused pure-play — it explicitly continues operating both tobacco (Liggett) and real estate investment (New Valley) after the separation, the same two-industry mix as before minus the brokerage piece. A one-sided narrowing doesn't clear the bar this site applies elsewhere. Vector capitalized Douglas Elliman with roughly $200 million of net cash rather than extracting a dividend. Management overlap is extensive: the CEO, COO, CFO and General Counsel are each the same person at both companies post-separation.