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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38329

NEWMARK GROUP, INC.

(Exact name of Registrant as specified in its charter)


Delaware						81-4467492
(State or other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

125 Park Avenue

New York, New York 10017

(212) 372-2000

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Class A Common Stock, $0.01 par value

NMRK

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.


Class						Outstanding at November 7, 2025
Class A Common Stock, par value $0.01 per share						159,126,874 shares
Class B Common Stock, par value $0.01 per share						21,285,533 shares

NEWMARK GROUP, INC.

TABLE OF CONTENTS


		Page

	Glossary of Terms, Abbreviations, and Acronyms	1

PART I - FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (unaudited)	13
	Condensed Consolidated Balance Sheets	13
	Condensed Consolidated Statements of Operations	14
	Condensed Consolidated Statements of Comprehensive Income	15
	Condensed Consolidated Statements of Changes in Equity	16
	Condensed Consolidated Statements of Cash Flows	18
	Notes to Condensed Consolidated Financial Statements	20
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	62
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	89
ITEM 4.	CONTROLS AND PROCEDURES	89

PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	91
ITEM 1A.	RISK FACTORS	91
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	91
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	91
ITEM 4.	MINE SAFETY DISCLOSURES	91
ITEM 5.	OTHER INFORMATION	91
ITEM 6.	EXHIBITS	91

GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS

The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report:


						DEFINITION

2023 Gosin Employment Agreement						The Amended and Restated Employment Agreement between Barry Gosin and Newmark OpCo and Newmark Holdings entered into on February 10, 2023

2024 Gosin Employment Agreement						The Second Amended and Restated Employment Agreement between Barry Gosin and Newmark OpCo and Newmark Holdings entered into on August 7, 2024

2025 Proxy Statement						Proxy statement for the Company’s 2025 Annual Meeting of Stockholders

6.125% Senior Notes						The Company’s 6.125% Senior Notes which were issued on November 6, 2018, in an original principal amount of $550.0 million and matured on November 15, 2023

7.500% Senior Notes						The Company’s 7.500% Senior Notes due on January 12, 2029, issued on January 12, 2024, in an original principal amount of $600.0 million

AI						Artificial intelligence, including machine learning and generative artificial intelligence

ASU						FASB accounting standards update

Audit Committee						Audit Committee of the Board

Berkeley Point						Berkeley Point Financial LLC, a wholly owned subsidiary of the Company acquired on September 8, 2017, which does business as part of the Newmark multifamily capital markets business

BGC						(i) Following the closing of the Corporate Conversion, BGC Group and, where applicable, its consolidated subsidiaries and (ii) prior to the closing of the Corporate Conversion, BGC Partners and, where applicable, its consolidated subsidiaries

BGC Class A common stock						BGC Class A common stock, par value $0.01 per share

BGC Class B common stock						BGC Class B common stock, par value $0.01 per share

BGC common stock						BGC Class A common stock and BGC Class B common stock, collectively

BGC Entity Group						BGC Partners, BGC Holdings, BGC U.S. OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Entity Group), collectively

BGC Group						BGC Group, Inc. (Nasdaq: BGC) and, where applicable, its consolidated subsidiaries

BGC Holdings						BGC Holdings, L.P., an entity which, prior to the Corporate Conversion, was owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners

BGC Holdings Distribution						Pro rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Holdings to its partners of all of the exchangeable limited partnership interests in Newmark Holdings owned by BGC Holdings immediately prior to the distribution

BGC Partners						BGC Partners, Inc., which acquired us on October 14, 2011, facilitated the Newmark IPO on December 14, 2017 and completed the Spin-Off that led to us becoming a separate publicly traded company on November 30, 2018, and, where applicable, its consolidated subsidiaries. On July 1, 2023, BGC Partners, Inc. completed its Corporate Conversion and became a wholly owned subsidiary of its public holding company successor, BGC Group, Inc.

BGC U.S. OpCo						Prior to the Separation, BGC Partners, L.P., an operating partnership which held the U.S. businesses of BGC, including Newmark Entity Group, and which is owned jointly, following the closing of the Corporate Conversion, by BGC Partners and the successor to BGC Holdings

BH2						Newmark BH2 LLP, a London-based real estate advisory firm

Board or Board of Directors						Board of Directors of the Company



Bylaws						Amended and Restated Bylaws of Newmark Group, Inc.



CAGR						Compound annual growth rate

Cantor						Cantor Fitzgerald, L.P. and, where applicable, its consolidated subsidiaries

Cantor Credit Agreement						Unsecured credit agreement entered into with Cantor on November 30, 2018, as amended by the First Cantor Credit Agreement Amendment on December 20, 2023

Cantor Entity Group						Cantor and its consolidated subsidiaries (other than any member of the BGC Entity Group or the Newmark Entity Group), Mr. Howard W. Lutnick and/or any of his immediate family members as so designated by Mr. Lutnick and any trusts or other entities controlled by Mr. Lutnick

Cantor Units						Limited partnership interests of Newmark Holdings or, prior to the Corporate Conversion, Newmark Holdings or BGC Holdings, held by the Cantor Entity Group, which Newmark Holdings units are exchangeable into shares of Newmark Class A common stock or Newmark Class B common stock and which BGC Holdings units were exchangeable into shares of BGC Class A common stock or BGC Class B common stock, as applicable

Capital Markets						Includes fees from commercial mortgage origination, net (which includes loan originations related fees and sales premiums, net as well as fees from mortgage brokerage and debt placement), investment sales (which consists of fees for real property sales, equity placement, and equity advisory transactions), and OMSR revenues

CARES Act						The Coronavirus Aid, Relief, and Economic Security Act

CCRE						Cantor Commercial Real Estate Company, L.P.

CCRE Lending						Cantor Commercial Real Estate Lending, L.P., a wholly owned subsidiary of Real Estate LP

CECL						Current Expected Credit Losses

Certificate of Incorporation						Second Amended and Restated Certificate of Incorporation of Newmark

CF Secured						CF Secured, LLC

CF&Co						Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor

CFE						Cantor Fitzgerald Europe

CFGM						CF Group Management, Inc., the managing general partner of Cantor

CFS11						CFS11 Holdings, LLC, a subsidiary of Cantor

CIO						Chief Information Officer

CISO						Chief Information Security Officer



Class A properties						Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence

Class B properties						Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building cannot compete with Class A properties at the same price

Class C properties						Buildings competing for tenants requiring functional space at rents below the area average

Commission-based revenues						Includes Leasing and Other Commissions, fees from commercial mortgage origination, net, investment sales, and V&A. So named because revenue-generating professionals in these businesses earn a substantial portion or all of their compensation based on their production

Company						Newmark Group, Inc. and, where applicable, its consolidated subsidiaries

Company debt securities						The 6.125% Senior Notes, 7.500% Senior Notes, and any future debt securities issued by the Company

Compensation Committee						Compensation Committee of the Board


Contractual revenues, contractual services or contractual business						Includes business for which the Company has a contract with a client that is generally for a year or longer. Contractual business, when quantified, includes all revenues related to landlord (or agency) representation leasing, loan servicing (including escrow interest income), outsourcing (including property management, facilities management, and asset management), and lease administration. It also includes certain fees under contract produced by the Company’s flexible workspace and tenant representation service lines

Contribution Ratio						Ratio of shares of Newmark Common Stock that were outstanding compared to the shares of BGC common stock outstanding as of immediately prior to the Newmark IPO (not including any shares of our common stock sold in the Newmark IPO); this ratio was set initially at a fraction equal to one divided by 2.2

Corporate Conversion						A series of mergers and related transactions pursuant to which, effective at 12:02 AM Eastern Time on July 1, 2023, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group, transforming the organizational structure of the BGC businesses from an “Up-C” structure to a simplified “Full C-Corporation” structure

CoStar						CoStar Group Inc.



Credit Agreement						The Company’s unsecured senior revolving credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, most recently amended and restated on April 26, 2024

Credit Facility						The credit facility pursuant to the Credit Agreement, as amended and restated, with a current maximum revolving loan balance of $600.0 million, which the Company has the right to increase up to $800.0 million subject to certain conditions being met, and a maturity date of April 26, 2027, bearing interest at either SOFR or a defined base rate plus additional margin

Delayed Draw Term Loan						The previously outstanding credit facility pursuant to the Delayed Draw Term Loan Credit Agreement, with an aggregate principal amount of $420.0 million (which could have been increased, subject to certain terms and conditions, to up to $550.0 million) and a maturity date of November 14, 2026, which bore interest at SOFR or a defined base rate plus additional margin

Delayed Draw Term Loan Credit Agreement						The Company’s credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, dated as of August 10, 2023

Deskeo						Space Management (d/b/a “Deskeo”)

DGCL						Delaware General Corporation Law

Employees						Includes both employees and those real estate brokers who qualify as statutory non-employees under Internal Revenue Code Section 3508

EPS						Earnings Per Share

Equity Plan						Amended and Restated Newmark Group, Inc. Long Term Incentive Plan

ESG						Environmental, social and governance, including sustainability or similar items

EU						European Union

Exchange Act						Securities Exchange Act of 1934, as amended

Exchange Agreement						Exchange agreement which provides (i) BGC Partners, (ii) Cantor, (iii) any entity controlled by either of them or by Mr. Howard W. Lutnick, and (iv) Mr. Lutnick, his spouse, his estate, any of his descendants, any of his relatives, or any trust established for his benefit or for the benefit of his spouse, any of his descendants or any of his relatives, the right to exchange shares of Newmark Class A common stock into Newmark Class B common stock on a one-to-one basis up to the number then authorized but unissued



Exchange Ratio						The ratio by which a Newmark Holdings limited partnership interest for which an exchange right has been granted can be exchanged for a number of shares of Newmark Class A common stock

Fannie Mae						The Federal National Mortgage Association

Fannie Mae DUS						The Fannie Mae Delegated Underwriting and Servicing Program

FASB						Financial Accounting Standards Board


FHA						The Federal Housing Administration

FHFA						The Federal Housing Finance Agency

First Cantor Credit Agreement Amendment						First Amendment to the Cantor Credit Agreement entered into on December 20, 2023

FOMC						Federal Open Market Committee

Forward Sales Contract						An agreement to deliver mortgages to third-party investors at a fixed price

Founding Partner interests, Founding Partner units or FPUs						Founding/Working Partners units in Newmark Holdings or, prior to the closing of the Corporate Conversion, Newmark Holdings or BGC Holdings, that are generally redeemed upon termination of employment

Founding Partners						Individuals who became limited partners of Newmark Holdings in connection with the Separation who held BGC Holdings founding partner interests immediately prior to the Separation (provided that members of the Cantor Entity Group and the BGC Entity Group are not Founding Partners)

Freddie Mac						The Federal Home Loan Mortgage Corporation

Freddie Mac Strip						A three basis point servicing fee and/or up to a one-basis point surveillance fee on certain Freddie Mac loans after the loan is securitized in a Freddie Mac pool

Freddie Mac TAH						The Freddie Mac Targeted Affordable Housing Program







GDP						Gross domestic product

GDPR						General Data Protection Regulation

Gerald Eve						Gerald Eve LLP, a London-based real estate advisory firm acquired on March 10, 2023

Ginnie Mae						The Government National Mortgage Association

GSE or GSEs						Government-sponsored enterprises (Fannie Mae and Freddie Mac)



HDUs						LPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’s consolidated balance sheets

HUD						U.S. Department of Housing and Urban Development

HUD LEAN						HUD’s mortgage insurance program for senior housing

HUD MAP						HUD’s Multifamily Accelerated Processing

Investment Company Act						Investment Company Act of 1940, as amended

Knotel						Knotel, Inc.

Kastle Barometer						Security provider Kastle Systems tracks the number of employees in ten of the largest U.S. metropolitan areas that are physically in offices and reports that number every work week as a percentage of the typical number physically present during the first three weeks of February 2020

Leasing and Other Commissions						Includes fees from landlord (or “agency”) representation and tenant (or “occupier”) representation

LEED						Leadership in Energy and Environmental Design

LIBOR						London Inter-Bank Offered Rate

Limited Partnership Unit Holders						The individuals who became limited partners of Newmark Holdings in connection with the Separation and who held BGC Holdings limited partnership units immediately prior to the Separation and certain individuals who became or become limited partners of Newmark Holdings from time to time after the Separation and who provide services to the Newmark Entity Group

LPA Amendment						An amendment, dated as of March 10, 2023, to the Newmark Holdings limited partnership agreement


LPUs, limited partnership units, or limited partnership interests						Certain limited partnership units in Newmark Holdings or, prior to the closing of the Corporate Conversion, BGC Holdings, held by certain employees of BGC or Newmark and other persons who have provided services to BGC or Newmark, which units may include APSIs, APSUs, AREUs, ARPSUs, HDUs, U.K. LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, RPUs, and SPUs, along with future types of limited partnership units in Newmark Holdings

Management Services						Newmark’s recurring businesses that are not part of the Company’s Servicing and Asset Management platform

Management Services, Servicing Fees and Other						Includes all pass through revenues, as well as fees from Newmark’s Servicing and Asset Management business, OS, property management, its flexible workspace platform, V&A, and other service lines including consulting, title and escrow services, and underwriting and due diligence. This term may be used interchangeably with “recurring revenues,” “recurring businesses” and “resilient businesses”

MBA						Mortgage Bankers’ Association

McCall & Almy						McCall & Almy, Inc.

Merkel CIC Agreement						Change of Control Agreement that Stephen Merkel entered into with the Company on February 18, 2025

MPC						Monetary Policy Committee of the Bank of England

MSCI						MSCI Real Assets (formerly known as Real Capital Analytics, or “RCA”)

MSRs						Mortgage servicing rights

Nasdaq						Nasdaq, Inc. (formerly known as NASDAQ OMX Group, Inc.)


Newmark						Newmark Group, Inc., and where applicable, its consolidated subsidiaries. Also referred to as the “Company,” “we,” “us,” or “our”

Newmark & Co.						Newmark & Company Real Estate, Inc., which for the purposes of this document is defined as all of the companies acquired by BGC Partners on October 14, 2011. Comparisons in this document to our 2011 revenues are based on unaudited full year 2011 revenues for Newmark & Co.

Newmark Class A common stock						Newmark Class A common stock, par value $0.01 per share

Newmark Class B common stock						Newmark Class B common stock, par value $0.01 per share

Newmark Common Stock						Newmark Class A common stock and Newmark Class B common stock, collectively

Newmark Entity Group						Newmark, Newmark Holdings, Newmark OpCo and their respective consolidated subsidiaries, collectively

Newmark Holdings						Newmark Holdings, L.P., which is owned jointly by Newmark, Cantor, Newmark’s employee partners and other partners

Newmark Holdings limited partnership agreement						Amended and Restated Agreement of Limited Partnership of Newmark Holdings, dated as of December 13, 2017

Newmark IPO						The initial public offering of 23 million shares of Newmark Class A common stock at a price of $14.00 per share in December 2017

Newmark OpCo						Newmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the businesses of Newmark

Newmark Research						A Newmark service providing real estate market reports and analysis to our professionals and clients

Newmark Revolving Loans						Certain loans that Cantor has agreed to make from time to time to Newmark pursuant to the First Cantor Credit Agreement Amendment in an aggregate outstanding principal amount of up to $150.0 million, on substantially the same terms as other loans under such agreement, except that until April 15, 2024, the Newmark Revolving Loans would bear interest at a rate equal to 25 basis points less than the interest rate borne by the revolving loans made pursuant to the Credit Facility


Newmark S11						Newmark S11 Holdings, LLC

NHL						Newmark Holdings Limited

NOL						Net operating loss



N Units						Non-distributing partnership units of Newmark Holdings that may not be allocated any item of profit or loss, and may not be made exchangeable into shares of Newmark Class A common stock, including NREUs and NPSUs



OBBBA						One Big Beautiful Bill Act

OECD						Organisation for Economic Co-operation and Development

Official Bank Rate						The rate the Bank of England charges banks and financial institutions for loans with a maturity of one day

OMSRs						Originated mortgage servicing rights, which represent the fair value of expected net future cash flows from servicing recognized at commitment, net

Open Realty						Open Realty Advisors, LLC and Open Realty Properties, LLC, which operate together as a retail real estate advisory firm

OS						Occupier Solutions, which was formerly known as Global Corporate Services, encompasses Newmark’s consulting and outsourcing services lines focused on corporate and other occupiers

Preferred Distribution						Allocation of net profits of BGC Holdings or Newmark Holdings to holders of Preferred Units, at a rate of either 0.6875% (i.e., 2.75% per calendar year) or such other amount as set forth in the award documentation

Preferred Units						Preferred partnership units in Newmark Holdings or, prior to the closing of the Corporate Conversion, BGC Holdings, such as PPSUs, which are settled for cash, rather than made exchangeable into shares of Class A common stock, are only entitled to a Preferred Distribution, and are not included in BGC’s or Newmark’s fully diluted share count

Preqin						Preqin Ltd.

Producers						Customer-facing, revenue-generating professionals, including brokers, salespersons, front-office personnel, and originators, who are directly compensated based wholly or in part on the revenues they contribute to generating

Purchaser Trusts						Certain trusts controlled by Mr. Brandon G. Lutnick as trustee with decision making control which closed the purchase of all the voting shares of CFGM on October 6, 2025

Rateable Value						The U.K.’s Valuation Office Agency calculates a rateable value for each business property in England and Wales. A rateable value is an estimate of what it would cost to rent a property for a year, on a set valuation date. The property is assumed to be vacant, in reasonable repair, and available to be rented on the open market. It is also assumed that the tenant pays for the business rates taxes, repairs and insurance. The valuation date is set by law and helps make valuations consistent



Real Estate LP						CF Real Estate Finance Holdings, L.P.

RealFoundations						RealFoundations, Inc. and its subsidiaries, a global professional services firm focused solely on the real estate industry through its management consulting and managed services business, based in Dallas, Texas, and acquired by Newmark on October 3, 2025

REIT						Real estate investment trust

RSUs						BGC or Newmark restricted stock units, paid or payable in shares of BGC Class A common stock or Newmark Class A common stock, respectively, held by certain employees of BGC or Newmark and other persons who have provided services to BGC or Newmark, or issued in connection with certain acquisitions

SEC						U.S. Securities and Exchange Commission

Securities Act						Securities Act of 1933, as amended

Separation						Principal corporate transactions pursuant to the Separation and Distribution Agreement, by which the BGC Entity Group transferred to the Newmark Entity Group the assets and liabilities of the BGC Entity Group relating to BGC’s real estate services business, and related transactions, including the distribution of Newmark Holdings units to holders of units in BGC Holdings and the assumption and repayment of certain BGC indebtedness by Newmark


Separation and Distribution Agreement						The Separation and Distribution Agreement entered into prior to the completion of the Newmark IPO by Cantor, Newmark, Newmark Holdings, Newmark OpCo, BGC Partners, BGC Holdings, BGC U.S. OpCo and, for certain limited purposes described therein, BGC Global Holdings, L.P., dated December 13, 2017, as amended from time to time, and as amended on November 8, 2018 and amended and restated on November 23, 2018





Servicing and Asset Management						Newmark’s Servicing and Asset Management business includes loan servicing and asset management fees, as well as interest income on loans held for sale, escrow interest, and yield maintenance fees

Share Repurchase and Unit Purchase Authorization						The Company’s stock repurchase authorization, which has no expiration date and was most recently reapproved by the Board and by the Audit Committee in November 2024 for repurchases up to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities

Signature Transactions						Newmark acted as the exclusive financial advisor to the FDIC on 2023 the sale of approximately $60 billion of loans formerly owned by Signature Bridge Bank, N.A. The FDIC acted in its capacity as receiver for Signature Bridge Bank, N.A. The portfolio encompassed more than 5,000 housing, retail, office, mixed-use, and bridge financing loans. A portion of the loans did not relate to real estate. The book value of the overall loan portfolio was approximately $60 billion when Newmark was retained as an advisor by the FDIC and approximately $53 billion when the Company began marketing the loans, while the completed transactions had a combined notional value of $39.5 billion. The latter figure consisted of $21.7 billion of equity placements recorded as part of the Company’s investment sales volumes and $17.8 billion of loan sales recorded as mortgage brokerage and debt placement

SOFR						Secured Overnight Financing Rate

Spin-Off						The pro rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Partners to its stockholders of all of the shares of Newmark Common Stock owned by BGC Partners immediately prior to the effective time of the Spin-Off, completed on November 30, 2018

Spring11						Spring11 Holdings, L.P.

SPV						Special purpose vehicle

Standing Policy						In March 2018, Newmark’s Compensation Committee and Audit Committee approved Mr. Howard W. Lutnick’s right, subject to certain conditions, to accept or waive opportunities offered to other executive officers to monetize or otherwise provide liquidity with respect to some or all of their limited partnership units of Newmark Holdings or to accelerate the lapse of or eliminate any restrictions on equity awards

TAM						Total addressable market

TDRs						Troubled debt restructurings

Total Debt						Newmark’s quarterly volumes from mortgage brokerage and GSE/FHA originations together



Trophy Building						A subset of Class A for a high-profile, prestigious, and often iconic commercial property located in a prime market area. These buildings are typically of exceptional quality and design, with state-of-the-art systems, high-end finishes, and amenities that exceed the standards of typical Class A buildings. Trophy buildings are often landmarks within their cities and attract the most prestigious tenants and command the highest rents in their respective markets. They are considered the best-in-class for office or mixed-use space and are highly sought after by institutional investors due to their status and stable cash flows

U-3						The number of unemployed individuals as a percentage of the entire labor force; considered the official unemployment rate by the U.S. Department of Labor

UBT						Unincorporated Business Tax

U.K.						United Kingdom

U.S. GAAP or GAAP						Generally Accepted Accounting Principles in the United States of America

V&A						Valuation and Advisory


VIE						Variable interest entity, a legal structure in which an investor can exert control over an entity without holding a majority of its voting rights. This control is typically established through contractual agreements rather than direct ownership

Working Partners or Newmark Holdings Working Partners						The individuals who became limited partners of Newmark Holdings in connection with the Separation and who held BGC Holdings working partner interests immediately prior to the Separation, and certain individuals who became or become limited partners of Newmark Holdings from time to time from and after the Separation and who provide services to the Newmark Entity Group

WHERE YOU CAN FIND MORE INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are available to the public from the SEC’s website at www.sec.gov.

Our website address is www.nmrk.com. Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4 and 5 and Schedules 13D filed on behalf of Cantor, CFGM, our directors and our executive officers; and amendments to those documents. Our website also contains additional information with respect to our industry and business. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Quarterly Report on Form 10-Q.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “possible,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “intends,” and similar expressions are intended to identify forward-looking statements.

Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below:

•macroeconomic and other challenges and uncertainties, including those resulting from the conflict between Ukraine and Russia, conflicts in the Middle East and other ongoing or new conflicts in those or other regions, downgrades of U.S. Treasuries, fluctuating global interest rates, current or expected inflation rates and the Federal Reserve’s responses thereto, stagflation, fluctuations in the value of global currencies, including the U.S. dollar, liquidity concerns regarding and changes in capital requirements for banking and financial institutions, changes in the economy, the commercial real estate services industry and the global financial markets, employment levels, global trade relations, new or increased tariffs imposed by the U.S. and foreign governments and other factors driving trade uncertainty, supply chain disruptions, changes in government spending, recession fears, infrastructure spending, and energy costs, including such changes’ effect on demand for commercial real estate and capital markets transaction volumes, office space, levels of new lease activity and renewals, distressed non-GSE commercial mortgages, frequency of loan defaults and forbearance and associated losses, and fluctuations in the mortgage-backed securities markets, as well as potential changes in these factors;

•challenges relating to our repositioning of certain aspects of our business to adapt to and better address the needs of our clients in the future as a result of the acceleration of pre-existing long-term social and economic trends, fluctuating interest rates and market uncertainty, and other legal, cultural and political events and conflicts, and governmental measures taken in response thereto, uncertainty in the timing of stabilization of interest rates and the recovery of transaction volumes, changes in the mix of demand for commercial real estate space, decreased demand for urban office and retail space generally which may not be offset by increased demand for suburban office, data center, fulfillment, and distribution centers and life sciences facilities or otherwise, and which could materially reduce demand for commercial space and have a material adverse effect on the nature of and demand for our commercial real estate services, including the time and expense related to such repositioning, as well as risks related to declines in real estate values, including due to sales of loans previously held by failed financial institutions, increases in commercial real estate lending rates, and the volume of committed investment capital;

•market conditions and volatility, fluctuations in transaction volumes, including changes in leasing and lending activity and debt volumes, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, increases or decreases in deficits and the impact of changing government tax rates, repatriation rules, changes to U.S. trade or immigration policy and the impact of such policy changes on our and our clients’ businesses, deductibility of interest, and other changes to monetary policy, changing regulatory requirements or changes in legislation, regulations and priorities, possible turmoil across regional banks and certain global investment banks, possible disruptions in transactions, and potential downturns including recessions, and similar effects, which may not be predictable in future periods;

•potential deterioration of equity and debt capital markets for commercial real estate and related services, potential unavailability of traditional sources of financing and a need for alternative sources, and our ability to access the capital markets as needed or on reasonable terms and conditions;

•pricing, commissions and fees, and market position with respect to any of our products and services and those of our competitors, some of which may have greater financial and operational resources than we do;

•the effect of industry concentration and reorganization, reduction of customers and consolidation;

•uncertainties related to our integration of any businesses, including their systems, technology and employees, that we may acquire and the synergies and revenue growth generated from these and other acquisitions as we build out our international and domestic businesses;

•liabilities in connection with our business, including appraisal and valuation, sales and leasing and property and facilities management activities, that exceed our insurance coverage;

•liquidity, regulatory requirements and the impact of credit market events, political events and conflicts and actions taken by governments and businesses in response thereto on the credit markets and interest rates;

•our relationship and transactions with Cantor and its affiliates, including CF&Co and CCRE, Newmark’s structure, including Newmark Holdings, which is owned by Newmark, Cantor, Newmark’s employee partners and other partners, and Newmark OpCo, which is owned by Newmark and Newmark Holdings, the timing and impact of any actual or future changes to our organization or structure, any challenges to our interpretation or application

of tax laws to our structure, any related party transactions, conflicts of interest, or loans to or from Newmark or Cantor, Newmark Holdings or Newmark OpCo, including the balances and interest rates thereof from time to time and any convertible or equity features of any such loans, repurchase agreements and joint ventures, and CF&Co’s acting as our placement agent in connection with certain capital markets transactions;

•competition for and retention of brokers and other producers, managers and key employees, our ability to integrate newly hired producers, and the duration of the period between when we hire producers and when they achieve full productivity;

•the impact on our stock price from any future reduction of our dividend or future changes in our capital deployment priorities, including repurchases of shares, purchases of limited partnership interests, and our dividend policy, and in Newmark Holdings’ distributions to partners;

•the effect of any layoffs, furloughs, salary cuts, and lower commissions or bonuses on the repayment of partner loans;

•our ability to maintain or develop relationships with independently owned offices or partners in our businesses;

•the effect on our businesses of any extraordinary transactions, mergers, acquisitions, business combinations, dispositions, divestitures, restructurings, or reorganizations, including potential dilution, taxes, costs, and other impacts;

•our ability to effectively deploy our sources of liquidity to repurchase shares or limited partnership interests, pay any excise tax that may be imposed on the repurchase of shares, reduce our debt, and invest in growing our business;

•risks related to changes in our relationships with the GSEs and HUD and related changes in the credit markets;

•risks related to changes in the administration of the GSEs, including changes in the terms of or removal from applicable conservatorships and changes in their capabilities, and in their requirements for participating in their programs and any impact on transaction volume;

•risks related to any reduction or elimination of governmental programs that provide support for mortgage loans;

•risks related to the reduction in staffing at U.S. governmental agencies;

•risks inherent in doing business in and expanding into international markets or with international partners, including economic or geopolitical conditions or uncertainties, the actions of governments or central banks, the risks of possible nationalization and/or foreign ownership restrictions, compliance with anti-corruption laws, import and export control laws, economic and trade sanctions programs and impacts to cross-border trade and travel, expropriation, price controls, capital controls, foreign currency fluctuations, regulatory and tax requirements, economic and/or political instability, geographic, time zone, language and cultural differences among personnel in different areas of the world, exchange controls and other restrictive government actions, the outbreak of hostilities, the pursuit of trade, border control or other related policies by the U.S. and/or other countries, economic volatility in the U.K. and Europe, political and other tensions between the U.S. and China, the conflict between Ukraine and Russia, conflicts in the Middle East and other ongoing or new conflicts or other international tensions, hostilities and instability in those or other regions, as well as potential changes in these factors;

•political and/or civil unrest in the U.S. or abroad, including demonstrations, riots, boycotts, and tensions with law enforcement, the impact of elections, or other social and political developments, labor unrest, the impact of U.S. government shutdowns, including the shutdown that began on October 1, 2025 or political impasses, and uncertainties regarding the debt ceiling, the federal budget, and the deployment of federal funds, including on HUD, as well as potential changes in these factors;

•the impact of terrorist acts, acts of war or other violence, as well as disasters or weather-related or similar events, including hurricanes, and heat waves as well as power failures, communication and transportation disruptions, and other interruptions of utilities or other essential services, and the impact of pandemics and other international health incidents;

•the effect on our businesses, our clients, the markets in which we operate and the economy in general of changes in U.S. and foreign tax and other laws, including but not limited to the OBBBA, changes in tax rates, interpretations of tax law, the impact of potential changes to U.K. tax rates and amendments to the application of National Insurance rules which may impact our subsidiaries organized as limited liability partnerships in the U.K. and their members, repatriation rules, and deductibility of interest, potential policy and regulatory changes in other countries, sequestrations, responses to global inflation rates, and other potential changes to tax and other policies resulting from elections and changes in governments;

•the impact of any claims or litigation related to compensation, or other transactions with our current and former executive officers;

•the effect on our business of leadership changes and the resulting transition following the confirmation of Mr. Howard W. Lutnick, our former Executive Chairman and principal executive officer, as U.S. Secretary of Commerce, our dependence upon our key employees, as well as the competing demands on the time of certain of our key employees who also provide services to Cantor, BGC and various other ventures and investments sponsored by Cantor or otherwise, our ability to build out successful succession plans, the impact of absence due

to illness or leave of certain officers or employees and our ability to attract, retain, motivate and integrate new employees, and our ability to enforce post-employment restrictive covenants on awards previously granted to certain of our key employees and future awards or otherwise;

•extensive regulation of our business and clients, changes in regulations relating to commercial real estate and other industries, changes in environmental regulations, including regulations relating to climate change and greenhouse gas emissions, and risks relating to U.S. and foreign tax and compliance matters, including regulatory examinations, inspections, audits, investigations and enforcement actions, unavailability of certain tax credits or reliefs or additional tax liabilities or assessments, and any resulting costs, increased financial and capital requirements, enhanced oversight, remediation, fines, penalties, sanctions, and changes to or restrictions or limitations on specific activities, operations, and compensatory arrangements, and growth opportunities, including acquisitions, hiring, and new businesses, products, or services, as well as risks related to our taking actions to ensure that we and our subsidiaries are not deemed investment companies under the Investment Company Act;

•factors related to specific transactions or series of transactions as well as risks related to potential counterparty failure;

•costs and expenses of developing, maintaining and protecting our intellectual property, utilizing third-party software licensed under “open source” licenses, as well as employment, regulatory and other litigation and proceedings and their related costs, including costs and expenses related to acquisitions and other matters, including judgments, fines, or settlements paid, reputational risk, requirements that we stop selling or redesign affected products or services, rebrand or restrict our products or services or pay damages to satisfy indemnification commitments with our customers, and the impact thereof on our financial results and cash flows in any given period;

•certain other financial risks, including the possibility of future losses, indemnification obligations, assumed liabilities, reduced cash flows from operations, increased leverage, reduced availability under our various credit facilities, and the need for short- or long-term borrowings, including from Cantor, our ability to refinance our indebtedness, including in the credit markets, on acceptable rates, and our ability to satisfy eligibility criteria for government-sponsored loan programs and changes to interest rates and market liquidity or our access to other sources of cash relating to acquisitions, dispositions, or other matters, potential liquidity and other risks relating to our ability to maintain continued access to credit and the availability of financing necessary to support ongoing business needs on terms acceptable to us, if at all, and risks associated with the resulting leverage, including potentially causing a reduction in our credit ratings and associated outlooks and increased borrowing costs;

•risks associated with the temporary or longer-term investment of our available cash, including in Newmark OpCo, defaults or impairments of the Company’s investments (including investments in non-marketable securities), joint venture interests, stock loans or cash management vehicles and collectability of loan balances owed to us by partners, employees, Newmark OpCo or others;

•the impact of any reduction in the willingness of commercial property owners to outsource their property management needs;

•our ability to enter and succeed in new markets or develop new products or services and to induce clients to use these products or services and to secure and maintain market share;

•our ability to enter into marketing and strategic alliances or business combinations and attract investors or partners or engage in restructuring, rebranding or other transactions, including mergers, acquisitions, dispositions, divestitures, reorganizations, partnering opportunities and joint ventures, the anticipated benefits of any such transactions, relationships or growth and the future impact of any such transactions, relationships or growth on other businesses and financial results for current or future periods, the integration of any completed acquisitions and the use of proceeds of any completed dispositions or divestitures, the impact of amendments and/or terminations of any strategic arrangements, and the value of any hedging entered into in connection with consideration received or to be received in connection with such dispositions and any transfers thereof;

•our estimates or determinations of potential value with respect to various assets or portions of the Company’s business, including with respect to the accuracy of the assumptions or the valuation models or multiples used;

•the impact of near- or off-shoring on our business, including on our ability to manage turnover and hire, train, integrate and retain personnel, including brokerage professionals, salespeople, managers, and other professionals;

•our ability to effectively manage any growth that may be achieved, including outside of the U.S., while ensuring compliance with all applicable financial reporting, internal control, legal compliance, and regulatory requirements;

•our ability to identify and remediate any material weaknesses or significant deficiencies in internal controls that could affect our ability to properly maintain books and records, prepare financial statements and reports in a timely manner, control policies, practices and procedures, operations and assets, assess and manage the Company’s operational, regulatory and financial risks, and integrate acquired businesses and brokers, salespeople, managers and other professionals;

•information technology risks, including capacity constraints, failures, or disruptions in our systems or those of clients, counterparties, or other parties with which we interact, increased demands on such systems and on the telecommunications infrastructure from remote working, including cyber security risks and incidents, compliance

with regulations requiring data minimization and protection and preservation of records of access and transfers of data, privacy risk and exposure to potential liability and regulatory focus;

•the expansion of our cybersecurity processes to include new businesses, or the integration of the cybersecurity processes of acquired businesses, including internationally;

•the impact of AI on the economy, our industry, our business and the businesses of our clients and vendors;

•the effectiveness of our governance, risk management, and oversight procedures and the impact of any potential transactions or relationships with related parties;

•the impact of our ESG or “sustainability” ratings on decisions by clients, investors, potential clients and other parties with respect to our business, investments in us, our borrowing opportunities or the market for and trading price of our Class A common stock or Company debt securities, or other matters, as well as the impact and potential cost to us of any policies, legislation, or initiatives in opposition to our ESG or “sustainability” policies;

•the fact that the prices at which shares of our Class A common stock are or may be sold in offerings or other transactions may vary significantly, and purchasers of shares in such offerings or other transactions, as well as existing stockholders, may suffer significant dilution if the price they paid for their shares is higher than the price paid by other purchasers in such offerings or transactions; and

•the effect on the markets for and trading prices of our Class A common stock due to market factors, as well as of various offerings and other transactions, including offerings of our Class A common stock and convertible or exchangeable debt or other securities, repurchases of shares of our Class A common stock and purchases or redemptions of Newmark Holdings limited partnership interests or other equity interests in us or our subsidiaries, any exchanges by Cantor of shares of our Class A common stock for shares of our Class B common stock, any exchanges or redemptions of limited partnership units and issuances of shares of our Class A common stock in connection therewith, including in corporate or partnership restructurings, payment of dividends on our Class A common stock and distributions on limited partnership interests of Newmark Holdings and Newmark OpCo, convertible arbitrage, hedging, and other transactions engaged in by us or holders of outstanding shares, debt or other securities, share sales and stock pledges, stock loans, and other financing transactions by holders of shares or units (including by Cantor executive officers, partners, employees or others), including of shares acquired pursuant to employee benefit plans, unit exchanges and redemptions, corporate or partnership restructurings, acquisitions, conversions of shares of our Class B common stock and other convertible securities into shares of our Class A common stock, and distributions of our Class A common stock by Cantor to its partners.

The foregoing risks and uncertainties, as well as those risks and uncertainties set forth in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024, may cause actual results and events to differ materially from the forward-looking statements. The information included herein is given as of the filing date of this Quarterly Report on Form 10-Q with the SEC, and future results or events could differ significantly from these forward-looking statements. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

PART I

ITEM 1. FINANCIAL STATEMENTS

NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(unaudited)


	September 30, 2025		December 31, 2024

Assets:
Current assets:
Cash and cash equivalents	$	224,091	$	197,691
Restricted cash and short-term investments	114,682		107,174

Loans held for sale, at fair value	1,400,208		774,905
Receivables, net	584,839		604,601
Receivables from related parties	—		326
Other current assets (see Note 16)	118,829		87,976
Total current assets	2,442,649		1,772,673
Goodwill	782,482		770,886
Mortgage servicing rights, net	508,100		517,579
Loans, forgivable loans and other receivables from employees and partners, net	856,516		769,395
Right-of-use assets	469,382		500,464
Fixed assets, net	157,077		166,729
Other intangible assets, net	50,320		64,468
Other assets (see Note 16)	193,956		147,926
Total assets	$	5,460,482	$	4,710,120
Liabilities, Redeemable Partnership Interests, and Equity:
Current liabilities:
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises	$	1,350,390	$	754,308
Accrued compensation	391,030		448,183
Accounts payable, accrued expenses and other liabilities (see Note 25)	626,027		577,940


Payables to related parties	4,786		—
Total current liabilities	2,372,233		1,780,431
Long-term debt	746,478		670,673
Right-of-use liabilities	459,469		489,832
Other long-term liabilities (see Note 25)	250,875		231,115
Total liabilities	3,829,055		3,172,051
Commitments and contingencies (see Note 27)
Redeemable partnership interests	11,516		13,900
Equity:
Class A common stock, par value of $0.01 per share: 1,000,000,000 shares authorized; 243,408,589 and 224,490,246 shares issued at September 30, 2025 and December 31, 2024, respectively, and 157,491,836 and 149,506,832 shares outstanding at September 30, 2025 and December 31, 2024, respectively	2,434		2,245
Class B common stock, par value of $0.01 per share: 500,000,000 shares authorized; 21,285,533 shares issued and outstanding at September 30, 2025 and December 31, 2024, convertible into Class A common stock	212		212
Additional paid-in capital	965,678		753,001
Retained earnings	1,249,200		1,207,285

Treasury stock at cost: 85,916,753 and 74,983,414 shares of Class A common stock at September 30, 2025 and December 31, 2024, respectively	(852,154)		(745,931)
Accumulated other comprehensive loss	2,585		(11,287)
Total stockholders’ equity	1,367,955		1,205,525
Noncontrolling interests	251,956		318,644
Total equity	1,619,911		1,524,169
Total liabilities, redeemable partnership interests, and equity	$	5,460,482	$	4,710,120

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.

NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Management Services, Servicing Fees and Other	$	318,127	$	282,623	$	900,417	$	802,335
Leasing and Other Commissions	244,008		214,581		689,344		581,937
Capital Markets	301,325		188,708		698,305		481,514


Total revenues	863,460		685,912		2,288,066		1,865,786
Expenses:
Compensation and employee benefits	510,216		392,277		1,364,771		1,097,994
Equity-based compensation and allocations of net income to limited partnership units and FPUs	81,124		48,749		215,610		125,678
Total compensation and employee benefits	591,340		441,026		1,580,381		1,223,672
Operating, administrative and other	175,340		151,942		480,326		437,622
Fees to related parties	8,185		7,638		25,549		21,847
Depreciation and amortization	45,460		44,576		134,429		129,430
Total operating expenses	820,325		645,182		2,220,685		1,812,571
Other income (loss), net	42,024		321		43,004		5,944
Income (loss) from operations	85,159		41,051		110,385		59,159
Interest expense, net	(7,974)		(7,863)		(25,480)		(23,341)
Income (loss) before income taxes and noncontrolling interests	77,185		33,188		84,905		35,818
Provision (benefit) for income taxes	18,731		8,847		12,887		14,378
Consolidated net income (loss)	58,454		24,341		72,018		21,440
Less: Net income (loss) attributable to noncontrolling interests	12,300		6,547		13,809		5,620
Net income (loss) available to common stockholders	$	46,154	$	17,794	$	58,209	$	15,820
Per share data:
Basic earnings per share
Net income (loss) available to common stockholders	$	46,154	$	17,794	$	58,209	$	15,820
Basic earnings per share	$	0.26	$	0.10	$	0.33	$	0.09
Basic weighted-average shares of common stock outstanding	177,230		170,088		177,717		172,767
Fully diluted earnings per share
Net income (loss) for fully diluted shares	$	63,983	$	26,151	$	80,085	$	22,968
Fully diluted earnings per share	$	0.25	$	0.10	$	0.32	$	0.09
Fully diluted weighted-average shares of common stock outstanding	251,674		254,970		253,179		255,376

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.

NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Consolidated net income (loss)	$	58,454	$	24,341	$	72,018	$	21,440
Foreign currency translation adjustments	(2,505)		10,186		16,642		5,124
Comprehensive income (loss), net of tax	55,949		34,527		88,660		26,564
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	11,898		8,585		16,579		6,648
Comprehensive income (loss) available to common stockholders	$	44,051	$	25,942	$	72,081	$	19,916

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.

NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except share and per share amounts)

(unaudited)


	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance, July 1, 2025	$	2,403	$	212	$	916,386	$	(852,154)	$	1,208,373	$	4,688	$	233,547	$	1,513,455
Consolidated net income	—		—		—		—		46,154		—		12,300		58,454
Foreign currency translation adjustments	—		—		—		—		—		(2,103)		(402)		(2,505)
Dividends to common stockholders	—		—		—		—		(5,327)		—		—		(5,327)
Earnings distributions to limited partnership interests and other noncontrolling interests	—		—		—		—		—		—		(8,320)		(8,320)
Grant of exchangeability, redemption and issuance of Class A common stock, 3,139,327 shares	31		—		37,179		—		—		—		12,378		49,588
Contributions of capital to and from Cantor for equity-based compensation	—		—		(784)		—		—		—		(10)		(794)
Restricted stock units compensation	—		—		12,897		—		—		—		2,463		15,360

Balance, September 30, 2025	2,434		212		965,678		(852,154)		1,249,200		2,585		251,956		1,619,911


	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance, January 1, 2025	$	2,245	$	212	$	753,001	$	(745,931)	$	1,207,285	$	(11,287)	$	318,644	$	1,524,169
Consolidated net income	—		—		—		—		58,209		—		13,809		72,018
Foreign currency translation adjustments	—		—		—		—		—		13,872		2,770		16,642

Dividends to common stockholders	—		—		—		—		(16,294)		—		—		(16,294)


Exchange of Cantor Units for Newmark Class A common stock, 7,221,277 shares	72		—		90,030		—		—		—		(90,102)		—
Earnings distributions to limited partnership interests and other noncontrolling interests	—		—		—		—		—		—		(14,200)		(14,200)
Grant of exchangeability, redemption and issuance of Class A common stock, 11,697,066 shares	117		—		91,917		—		—		—		35,798		127,832
Contributions of capital to and from Cantor for equity-based compensation	—		—		(1,811)		—		—		—		(202)		(2,013)
Repurchase of 10,839,674 shares of Class A Common Stock	—		—		—		(105,039)		—		—		(20,484)		(125,523)
Forfeiture of Class A common stock, 93,665 shares	—		—		23		(941)		—		—		(172)		(1,090)
Restricted stock units compensation	—		—		29,907		—		—		—		5,663		35,570

Other	—		—		2,611		(243)		—		—		432		2,800
Balance, September 30, 2025	$	2,434	$	212	$	965,678	$	(852,154)	$	1,249,200	$	2,585	$	251,956	$	1,619,911


	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance, July 1, 2024	$	2,165	$	212	$	703,299	$	(648,820)	$	1,154,280	$	(8,607)	$	320,434	$	1,522,963
Consolidated net income	—		—		—		—		17,794		—		6,547		24,341
Foreign currency translation adjustments	—		—		—		—		—		8,148		2,038		10,186
Dividends to common stockholders	—		—		—		—		(5,105)		—		—		(5,105)
Purchase of limited partnership interests	—		—		(9,066)		—		—		—		(2,218)		(11,284)
Earnings distributions to limited partnership interests and other noncontrolling interests	—		—		—		—		—		—		(12,358)		(12,358)
Grant of exchangeability, redemption and issuance of Class A common stock, 3,384,588 shares	34		—		41,457		—		—		—		14,235		55,726
Contributions of capital to and from Cantor for equity-based compensation	—		—		(16,607)		—		—		—		(4,063)		(20,670)
Repurchase of 6,779,828 shares of Class A Common Stock	—		—		—		(71,949)		—		—		(17,601)		(89,550)
Forfeiture of Class A common stock, 26,879 shares	—		—		—		(254)		—		—		(62)		(316)
Restricted stock units compensation	—		—		4,037		—		—		—		988		5,025
Balance, September 30, 2024	$	2,199	$	212	$	723,120	$	(721,023)	$	1,166,969	$	(459)	$	307,940	$	1,478,958


	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance, January 1, 2024	$	2,095	$	212	$	657,736	$	(569,235)	$	1,166,675	$	(4,555)	$	325,754	$	1,578,682
Consolidated net income	—		—		—		—		15,820		—		5,620		21,440
Foreign currency translation adjustments	—		—		—		—		—		4,096		1,028		5,124

Dividends to common stockholders	—		—		—		—		(15,526)		—		—		(15,526)
Purchase of limited partnership interests	—		—		(9,066)		—		—		—		(2,218)		(11,284)

Earnings distributions to limited partnership interests and other noncontrolling interests	—		—		—		—		—		—		(14,658)		(14,658)
Grant of exchangeability, redemption and issuance of Class A common stock, 9,994,868 shares	104		—		79,300		—		—		—		30,444		109,848
Contributions of capital to and from Cantor for equity-based compensation	—		—		(16,960)		—		—		—		(4,148)		(21,108)
Repurchase of 15,745,930 shares of Class A Common Stock	—		—		—		(146,654)		—		—		(35,564)		(182,218)
Forfeiture of Class A common stock, 263,268 shares	—		—		410		(5,134)		—		—		(1,141)		(5,865)
Restricted stock units compensation	—		—		11,700		—		—		—		2,823		14,523

Balance, September 30, 2024	$	2,199	$	212	$	723,120	$	(721,023)	$	1,166,969	$	(459)	$	307,940	$	1,478,958


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Dividends declared per share of common stock	$	0.03	$	0.03	$	0.09	$	0.09
Dividends declared and paid per share of common stock	$	0.03	$	0.03	$	0.09	$	0.09

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.

NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)


	Nine Months Ended September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$	72,018	$	21,440
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains on originated mortgage servicing rights	(77,432)		(63,798)
Depreciation and amortization	134,429		129,430


Provision (benefit) for credit losses on the financial guarantee liability	5,172		(1,317)
Provision (reversal) for doubtful accounts	8,116		(371)
Equity-based compensation and allocation of net income to limited partnership units and FPUs	215,610		125,678
Employee loan amortization and other non-cash compensation expense	111,213		91,772
Deferred tax provision (benefit)	(10,105)		(136)
Non-cash changes in acquisition related earn-outs	587		(4,033)

Unrealized (gains) on loans held for sale	(32,088)		(29,937)








Loan originations—loans held for sale	(7,163,694)		(5,291,238)
Loan sales—loans held for sale	6,570,479		4,822,339
Other	5,224		(9,074)
Consolidated net income (loss), adjusted for non-cash and non-operating items	(160,471)		(209,245)
Changes in operating assets and liabilities:
Receivables, net	11,646		79,990
Loans, forgivable loans and other receivables from employees and partners, net	(177,316)		(209,771)
Right-of-use assets	31,082		56,290
Receivable from related parties	326		—
Other assets	(50,714)		(45,242)
Accrued compensation	(105,836)		(98,091)
Right-of-use liability	(35,275)		(64,320)
Accounts payable, accrued expenses and other liabilities	35,257		78,475
Payables to related parties	4,786		(599)
Net cash used in operating activities	(446,515)		(412,513)
CASH FLOWS FROM INVESTING ACTIVITIES:






Purchase of non-marketable investments	—		(312)
Payments for intangible assets	—		(1,500)

Purchases of fixed assets	(19,678)		(25,490)


Purchase of restricted short-term investments	(215,282)		—
Proceeds from maturity of restricted short-term investments	105,000		—
Net cash used in investing activities	(129,960)		(27,302)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from warehouse facilities	7,163,694		5,291,238
Principal payments on warehouse facilities	(6,567,613)		(4,804,069)





Borrowing of debt	420,000		835,000
Repayment of debt	(345,000)		(610,000)



Purchase of limited partnership interests	—		(11,284)
Treasury stock repurchases	(125,523)		(182,219)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests	(27,985)		(32,325)
Dividends to stockholders	(16,294)		(15,526)
Payments on acquisition earn-outs	(943)		—
Deferred financing costs	(1,682)		(5,368)
Net cash provided by financing activities	498,654		465,447
Net increase (decrease) in cash and cash equivalents and restricted cash	(77,821)		25,632
Cash and cash equivalents and restricted cash at beginning of period	304,865		258,706
Cash and cash equivalents and restricted cash at end of period	$	227,044	$	284,338


	Nine Months Ended September 30,
	2025		2024
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	53,778	$	29,767
Taxes	$	31,884	$	46,601
Supplemental disclosure of non-cash operating, investing and financing activities:
Right-of-use assets and liabilities	$	69,991	$	42,005
Deferred tax asset	$	20,601	$	—
Tax receivable agreement liability	$	17,511	$	—

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.

NEWMARK GROUP, INC.

Notes to the Condensed Consolidated Financial Statements

(unaudited)

(1) Organization and Basis of Presentation

Newmark Group, Inc., a Delaware corporation, was formed as NRE Delaware, Inc. on November 18, 2016. Newmark changed its name to Newmark Group, Inc. on October 18, 2017. Newmark Holdings, L.P. is a consolidated subsidiary of Newmark for which Newmark is the general partner. Newmark and Newmark Holdings jointly own Newmark Partners, L.P., the operating partnership. Newmark is a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers. Newmark offers a diverse array of integrated services and products designed to meet the full needs of its clients. Newmark’s investor/owner services and products include capital markets, which consists of investment sales and commercial mortgage origination (including the placement of debt, equity raising, structured finance, and loan sales on behalf of third parties), landlord (or agency) representation leasing, valuation and advisory, property management and flexible workspace solutions for owners, a leading commercial real estate technology platform and capabilities for owners, due diligence consulting and other advisory services, GSEs and FHA multifamily lending and loan servicing, limited and special loan servicing and asset management, and business rates for U.K. property owners. Newmark’s corporate or occupier services and products include tenant representation leasing, OS, which provides integrated client solutions typically under long-term agreements, including project management, transaction management, lease administration, and facilities management, as well as corporate consulting services with respect to clients’ needs across real estate and supply chain optimization, site selection, workplace strategy, and occupancy, flexible workspace solutions for occupiers, and business rates for U.K. occupiers. Newmark has relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies.

(a) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in conformity with U.S. GAAP. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

“Equity-based compensation and allocations of net income to limited partnership units and FPUs” reflects the following items related to cash and equity-based compensation:

•Charges with respect to the grant of shares of common stock or limited partnership units, including in connection with the redemption of non-exchangeable limited partnership units, including PSUs;

•Charges with respect to grants of exchangeability, such as the right of holders of limited partnership units with no capital accounts, such as PSUs, to exchange the units into shares of common stock, or HDUs, as well as the cash paid in the settlement of the related Preferred Units to pay withholding taxes owed by the unit holder upon such exchange;

•Preferred Units granted in connection with the grant of certain limited partnership units, such as PSUs, that may be granted exchangeability to cover the withholding taxes owed by the unit holder, rather than issuing the gross amount of shares to employees, subject to cashless withholding of shares to pay applicable withholding taxes;

•Charges related to the amortization of RSUs and REUs; and

•Allocations of net income to limited partnership units and FPUs, including the Preferred Distribution.

Intercompany balances and transactions within Newmark have been eliminated. Transactions between Cantor and Newmark pursuant to services agreements with Cantor (see Note 23 — “Related Party Transactions”), representing valid receivables and liabilities of Newmark which are periodically cash settled, have been included on the accompanying unaudited condensed consolidated financial statements as either receivables from or payables to related parties.

Newmark receives administrative services to support its operations, and in return, Cantor allocates certain of its expenses to Newmark. Such expenses represent costs related to, but not limited to, treasury, legal, accounting, information technology, payroll administration, human resources, incentive compensation plans and other services. These costs, together with an allocation of Cantor’s overhead costs, are included as Fees to related parties on the accompanying unaudited condensed consolidated statements of operations. Where it is possible to specifically attribute such expenses to activities of Newmark, these amounts have been expensed directly to Newmark. Allocation of all other such expenses is based on services agreements with Cantor which reflect the utilization of services provided or benefits received by Newmark during the periods presented on a consistent basis, such as headcount, square footage, revenue, etc. Management believes the assumptions underlying the stand-alone financial statements, including the assumptions regarding allocated expenses, reasonably reflect the utilization of services provided to or the benefit received by Newmark during the periods presented. However, these shared expenses may not

represent the amounts that would have been incurred had Newmark operated independently from Cantor. Actual costs that would have been incurred if Newmark had performed the services itself would depend on multiple factors, including organizational structure and strategic decisions in various areas, including information technology and infrastructure (see Note 23 — “Related Party Transactions” for an additional discussion of expense allocations).

Transfers of cash, except as related to the Cantor Credit Agreement, both to and from Cantor, as well as any amounts due to Newmark from BGC, are included in “Receivables from related parties” or “Payables to related parties” on the accompanying unaudited condensed consolidated balance sheets and in the operating section on the accompanying unaudited condensed consolidated statements of cash flows.

The accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal and recurring adjustments) that, in the opinion of management, are necessary for a fair presentation of the accompanying unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of comprehensive income, unaudited condensed consolidated statements of cash flows and unaudited condensed consolidated statements of changes in equity of Newmark for the periods presented.

(b) Recently Adopted Accounting Pronouncements

In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting provided optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU was effective upon issuance and generally could be applied through December 31, 2022. Because the relief in ASC 848, Reference Rate Reform may not cover a period of time during which a significant number of modifications may take place, the amendments in ASU No. 2022-06 deferred the sunset date from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. The ASU was effective upon issuance. The adoption of this guidance did not have an impact on the accompanying unaudited condensed consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance was issued in response to requests from investors for companies to disclose more information about their financial performance at the segment level. The ASU does not change how a public entity identifies its operating segments, aggregates them or applies the quantitative thresholds to determine its reportable segments. The standard requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis, and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures previously required under ASC 280. Newmark adopted the standard on the required effective date for the financial statements issued for the annual reporting periods beginning on January 1, 2024 and applies the guidance for the interim periods beginning on January 1, 2025. The adoption of this guidance did not have an impact on the accompanying unaudited condensed consolidated financial statements. Refer to Note 3 — “Summary of Significant Accounting Policies” for Newmark’s segment information disclosures.

In March 2024, the FASB issued ASU No. 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard is intended to reduce the complexity in determining whether profits interests and similar awards are in the scope of ASC 718 and to reduce diversity in practice. The new guidance applies to all reporting entities that grant profits interest awards or similar awards to employees or nonemployees in exchange for goods or services. The ASU adds an example to ASC 718 that illustrates how to apply the scope guidance to determine whether a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or another accounting standard. Newmark adopted the standard on the required effective date beginning on January 1, 2025 using a prospective transition method for profits interest awards granted or modified on or after the effective date. The adoption of this guidance did not have a material impact on the accompanying unaudited condensed consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. The Conceptual Framework establishes concepts that the Board considers in developing standards. The ASU was issued to remove references to the Conceptual Framework in the Codification. The FASB noted that references to the Concepts Statements in the Codification could have implied that the Concepts Statements are authoritative. Also, some of the references removed were to Concepts Statements that are superseded. Newmark adopted the standard on the required effective date beginning on January 1, 2025 using a prospective transition method for all new transactions recognized on or after the effective date. The adoption of this guidance did not have a material impact on the accompanying unaudited condensed consolidated financial statements.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The standard is expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. The effective date for the guidance will be the date on which the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027 the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The new guidance will become effective for Newmark’s financial statements issued for annual reporting periods beginning on January 1, 2025, will require prospective presentation with an option for entities to apply it retrospectively for each period presented, and early adoption is permitted. Management is continuing its implementation effort of the new guidance, including drafting new financial statement disclosures required by the standard and developing appropriate internal controls. The adoption of the new guidance is not expected to have an impact on the accompanying unaudited condensed consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard improves financial reporting and responds to investor input that additional expense detail is fundamental to understanding the performance of an entity, assessing its prospects for future cash flows, and comparing its performance over time and with that of other companies. The new guidance requires public business entities to disclose in the notes to financial statements specified information about certain costs and expenses at each interim and annual reporting period, including the amounts of employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. Specified expenses, gains or losses that are already disclosed under existing U.S. GAAP will be required by the ASU to be included in the disaggregated income statement expense line item disclosures, and any remaining amounts will need to be described qualitatively. Separate disclosures of total selling expenses and an entity’s definition of those expenses will also be required. The new guidance will become effective for Newmark’s financial statements issued for annual reporting periods beginning on January 1, 2027 and interim reporting periods beginning on January 1, 2028, will require either prospective or retrospective presentation, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The standard revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. The amendments differ from current U.S. GAAP because, for certain transactions, they replace the requirement that the primary beneficiary of a VIE is always the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The ASU does not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance will become effective for Newmark beginning on January 1, 2027, will require a prospective transition method for business combinations that occur after the initial adoption date, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

In May 2025, the FASB issued ASU No. 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The standard was issued to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments refine key aspects of the guidance, including the definition of “performance condition” as well as the measurement requirements and the treatment of forfeitures. Other changes include clarification that the measurement of share-based consideration payable to a customer is addressed by ASC 718, Compensation—Stock Compensation before and after the grant date. The new guidance will become effective for Newmark beginning on January 1, 2027, can be adopted using either a modified retrospective or full retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard, which is optional, addresses challenges faced by stakeholders when applying ASC 326, Financial Instruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The amendments allow all entities to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. The new guidance will become effective for Newmark beginning on January 1, 2026, can be adopted using a prospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to address stakeholder feedback that the current guidance for software costs is outdated and not relevant given the evolution of software development. The standard clarifies and modernizes the accounting for costs related to internal-use software. The guidance removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. The standard includes additional disclosure requirements as they are currently applied to property and equipment. The new guidance will become effective for Newmark beginning on January 1, 2028, can be adopted using either a prospective, modified retrospective or full retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU addresses stakeholders’ concerns about the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract, and the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments add a derivative scope exception for certain contracts with underlyings that are based on the operations or activities of one of the parties to the contract. The standard also clarifies the applicability of ASC 606 and its interaction with other ASC topics (including ASC 815 on derivatives and hedging and ASC 321 on equity securities), in the accounting for share-based noncash consideration (such as warrants or shares) received from a customer for the transfer of goods or services. The ASU is expected to provide investors with more comparable information and reduce accounting complexity and related reporting costs for preparers and auditors. The new guidance will become effective for Newmark beginning on January 1, 2027, can be adopted using either a prospective or modified retrospective method, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the accompanying unaudited condensed consolidated financial statements.

SEC Rule on Climate-Related Disclosures

In March 2024, the SEC adopted the final rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, that would require registrants to provide climate-related disclosures in a note to the audited financial statements. The disclosures would include certain effects of severe weather events and other natural conditions, including the aggregate amounts and where in the financial statements they are presented. If carbon offsets or renewable energy credits or certificates (RECs) are deemed a material component of the registrant’s plans to achieve its disclosed climate-related targets, registrants would be required to disclose information about the offsets and RECs. Registrants would also be required to disclose whether and how (1) exposures to risks and uncertainties associated with, or known impacts from, severe weather events and other natural conditions and (2) any disclosed climate-related targets or transition plans materially impacted the estimates and assumptions used in preparing the financial statements. Finally, registrants would be required to disclose additional contextual information about the above disclosures, including how each financial statement effect was derived and the accounting policy decisions made to calculate the effects, for the most recently completed fiscal year and, if previously disclosed or required to be disclosed, for the historical fiscal year for which audited consolidated financial statements are included in the filing. In April 2024, the SEC released an order staying the rules pending judicial review of all of the petitions challenging the rules and in March 2025, the SEC voted to end its defense of the rules. Absent these developments, the rules would have been effective for Newmark on May 28, 2024 and phased in starting in 2025. Management is continuing to monitor the developments pertaining to the rules and any resulting potential impacts on the accompanying unaudited condensed consolidated financial statements.

(2) Limited Partnership Interests in Newmark Holdings and BGC Holdings

Newmark is a holding company with no direct operations and conducts substantially all of its operations through its operating subsidiaries. Virtually all of Newmark’s consolidated net assets and net income are those of consolidated VIEs. Newmark Holdings is a consolidated subsidiary of Newmark for which Newmark is the general partner. Newmark and Newmark Holdings jointly own Newmark OpCo, the operating partnership. In connection with the Separation and BGC Holdings Distribution, holders of BGC Holdings partnership interests received partnership interests in Newmark Holdings,

described below. These collectively represented all of the limited partnership interests in BGC Holdings and Newmark Holdings at the time.

As a result of the Separation, the limited partnership interests in Newmark Holdings were distributed to the holders of limited partnership interests in BGC Holdings, whereby each holder of BGC Holdings limited partnership interests at that time received a corresponding Newmark Holdings limited partnership interest, determined by the Contribution Ratio, which was equal to a BGC Holdings limited partnership interest multiplied by one divided by 2.2, divided by the Exchange Ratio. Initially, the Exchange Ratio equaled one, so that each Newmark Holdings limited partnership interest was exchangeable for one share of Newmark Class A common stock; however, such Exchange Ratio is subject to adjustment. For reinvestment, acquisition or other purposes, Newmark may determine on a quarterly basis to distribute to its stockholders a smaller percentage of its income than Newmark Holdings distributes to its equity holders (excluding tax distributions from Newmark Holdings) of the cash that it received from Newmark OpCo. In such circumstances, the Separation and Distribution Agreement provides that the Exchange Ratio will be reduced to reflect the amount of additional cash retained by Newmark as a result of the distribution of such smaller percentage, after the payment of taxes. As of September 30, 2025, the Exchange Ratio equaled 0.9258.

On November 15, 2022, BGC Group, BGC Partners, and BGC Holdings and other affiliated entities entered into a corporate conversion agreement, which was amended as of March 29, 2023, in order to reorganize and simplify the organizational structure of the BGC entities by converting BGC Partners from an “Up-C” to a “Full C-Corporation” through the Corporate Conversion. On July 1, 2023, the Corporate Conversion was completed. As a result of the Corporate Conversion, BGC Group became the public holding company for, and successor to, BGC Partners, and its Class A common stock began trading on Nasdaq, in place of BGC Partners’ Class A common stock, under the ticker symbol “BGC.” Upon completion of the Corporate Conversion, the former stockholders of BGC Partners, Inc. and the former limited partners of BGC Holdings, L.P. now participate in the economics of the BGC businesses through BGC Group, Inc. There are no longer any BGC Holdings units outstanding.

As a result of a series of transactions prior to and in anticipation of the Corporate Conversion, all BGC Holdings units held by Newmark employees were redeemed or exchanged, in each case, for shares of BGC Class A common stock.

Redeemable Partnership Interests

Founding/Working Partners have limited partnership interests in Newmark Holdings. Newmark accounts for FPUs outside of permanent capital as “Redeemable partnership interests” on the accompanying unaudited condensed consolidated balance sheets. This classification is applicable to FPUs because these units are redeemable upon termination of a partner, including a termination of employment, which can be at the option of the partner and not within the control of the issuer. On June 30, 2023, in connection with the Corporate Conversion, all FPUs of BGC Holdings were redeemed or exchanged. The Corporate Conversion had no impact on FPUs held by partners of Newmark Holdings.

FPUs generally receive quarterly allocations of net income. Upon termination of employment or otherwise ceasing to provide substantive services, the FPUs are generally redeemed, and the unit holders are no longer entitled to participate in the quarterly allocations of net income. These quarterly allocations of net income are contingent upon services being provided by the unit holder and are reflected as a component of compensation expense under “Equity-based compensation and allocations of net income to limited partnership units and FPUs” on the accompanying unaudited condensed consolidated statements of operations to the extent they relate to FPUs held by Newmark employees. There is no compensation expense related to FPUs held by BGC employees.

Limited Partnership Units

Certain employees of Newmark hold limited partnership interests in Newmark Holdings (e.g., REUs, RPUs, PSUs, PSIs, HDUs, and LPUs, collectively the limited partnership units). Prior to the Corporate Conversion, any active employees of Newmark who held limited partnership interests in BGC Holdings had those units redeemed or exchanged for cash or restricted or unrestricted shares of BGC Class A common stock. The Corporate Conversion had no impact on LPUs in Newmark Holdings held by BGC employees.

Prior to the Separation, certain employees of both BGC and Newmark generally received limited partnership units in BGC Holdings. As a result of the Separation, these employees were distributed limited partnership units in Newmark Holdings equal to a BGC Holdings limited partnership unit multiplied by the Contribution Ratio. In addition, in the BGC Holdings Distribution, these employees also received additional limited partnership units in Newmark Holdings. Subsequent to the Separation, Newmark employees generally have been granted limited partnership units in Newmark Holdings.

Generally, such limited partnership units receive quarterly allocations of net income and generally are contingent upon services being provided by the unit holders. As prescribed in U.S. GAAP guidance the quarterly allocations of net income on BGC Holdings and Newmark Holdings limited partnership units held by Newmark employees are reflected as a component of compensation expense under “Equity-based compensation and allocations of net income to limited partnership units and FPUs”

on the accompanying unaudited condensed consolidated statements of operations, and the quarterly allocations of net income on Newmark Holdings limited partnership units held by BGC employees are reflected as a component of “Net income (loss) attributable to noncontrolling interests” on the accompanying unaudited condensed consolidated statements of operations. From time to time, Newmark issues limited partnership units as part of the consideration for acquisitions.

Certain of these limited partnership units held by Newmark employees entitle the holders to receive post-termination payments equal to the notional amount of the units in four equal yearly installments after the holder’s termination. These limited partnership units are accounted for as post-termination liability awards and are included on the accompanying unaudited condensed consolidated balance sheets as part of “Accrued compensation,” and in accordance with U.S. GAAP guidance, Newmark records compensation expense for the awards based on the change in value at each reporting date on the accompanying unaudited condensed consolidated statements of operations as part of “Equity-based compensation and allocations of net income to limited partnership units and FPUs.”

Certain Newmark employees hold Preferred Units. Each quarter, the net profits of Newmark Holdings are allocated to such units at a rate of either 0.6875% (which is 2.75% per calendar year) or such other amount as set forth in the award documentation. These allocations are deducted before the calculation and distribution of the quarterly partnership distribution for the remaining partnership units and are generally contingent upon services being provided by the unit holder. The Preferred Units are not entitled to participate in partnership distributions other than with respect to the Preferred Distribution. Preferred Units may not be made exchangeable into Newmark’s Class A common stock and are only entitled to the Preferred Distribution, and accordingly are not included in Newmark’s fully diluted share count. The quarterly allocations of net income on Preferred Units are reflected in compensation expense under “Equity-based compensation and allocations of net income to limited partnership units and FPUs” on the accompanying unaudited condensed consolidated statements of operations. After deduction of the Preferred Distribution, the remaining partnership units generally receive quarterly allocation of net income based on their weighted-average pro rata share of economic ownership of the operating subsidiaries. In addition, Preferred Units are granted in connection with the grant of certain limited partnership units, such as PSUs, that may be granted exchangeability to cover the withholding taxes owed by the unit holder, rather than issuing the gross amount of shares to employees, subject to cashless withholding of shares to pay applicable withholding taxes.

Certain Newmark employees hold “N Units” that do not participate in quarterly partnership distributions and are not allocated any items of profit or loss. N Units become distribution earning limited partnership units either on a discretionary basis or ratably over a vesting term, if certain revenue thresholds are met at the end of each vesting term.

Cantor Units

Cantor holds limited partnership interests in Newmark Holdings. Cantor Units are reflected as a component of “Noncontrolling interests” on the accompanying unaudited condensed consolidated balance sheets. Cantor receives quarterly allocations of net income (loss) which are reflected as a component of “Net income (loss) attributable to noncontrolling interests” on the accompanying unaudited condensed consolidated statements of operations.

General

Certain of the limited partnership interests, as described above, have been granted exchangeability into BGC Class A common stock, prior to the Corporate Conversion, or shares of Newmark Class A common stock, and additional limited partnership interests may become exchangeable for Newmark Class A common stock. At the time exchangeability is granted, Newmark recognizes an expense based on the fair value of the award on that date, which is included in “Equity-based compensation and allocations of net income to limited partnership units and FPUs” on the accompanying unaudited condensed consolidated statements of operations. In addition, certain limited partnership interests have been granted the right to exchange into a Newmark partnership unit with a capital account, such as HDUs. HDUs have a stated capital account which is initially based on the closing trading price of Newmark Class A common stock at the time the HDU is granted and are included in “Accrued compensation” on the accompanying unaudited condensed consolidated balance sheets. HDUs participate in quarterly partnership distributions and are not exchangeable into shares of Newmark Class A common stock. Limited partnership interests held by Cantor in Newmark Holdings as of September 30, 2025 are exchangeable for up to 18.3 million shares of Newmark Class B common stock, which are convertible into Newmark Class A common stock. Limited partnership interests in Newmark Holdings held by a partner or Cantor may become exchangeable for a number of shares of Newmark Class A or Class B common stock equal to the number of limited partnership interests multiplied by the Exchange Ratio at that time. As of September 30, 2025, the Exchange Ratio equaled 0.9258.

Each quarter, net income (loss) is allocated between the limited partnership interests and the common stockholders. In quarterly periods in which Newmark has a net loss, the loss is allocated to Cantor and reflected as a component of “Net income (loss) attributable to noncontrolling interests” on the accompanying unaudited condensed consolidated statements of operations. In subsequent quarters in which Newmark has net income, the initial allocation of income to the limited partnership interests is allocated to Cantor, and reflected in, “Net income (loss) attributable to noncontrolling interests,” to recover any losses taken in

earlier quarters, with the remaining income allocated to the limited partnership interests. This loss allocation process between limited partners and Cantor has no material impact on the net income (loss) allocated to common stockholders.

(3) Summary of Significant Accounting Policies

For a detailed discussion about Newmark’s significant accounting policies, see Note 3 — “Summary of Significant Accounting Policies” in Newmark’s consolidated financial statements included in Part II, Item 8 of Newmark’s Annual Report on Form 10-K for the year ended December 31, 2024. There were no significant changes made to Newmark’s significant accounting policies during the three and nine months ended September 30, 2025.

Revenue Recognition:

Management Services, Servicing Fees and Other:

Management services revenues include property management, facilities management, project management and valuation and appraisal. Management fees are recognized at the time the related services have been performed, unless future contingencies exist. This also includes revenue from the licensing of flexible workspaces to its customers by Knotel and Deskeo. In addition, in regard to management and facility service contracts, the owner of the property will typically reimburse Newmark for certain expenses that are incurred on behalf of the owner, which comprise primarily on-site employee salaries and related benefit costs. The amounts which are to be reimbursed per the terms of the services contract are recognized as revenue in the same period as the related expenses are incurred. In certain instances, Newmark subcontracts property management services to independent property managers, in which case Newmark passes a portion of its property management fee on to the subcontractor, and Newmark retains the balance. Accordingly, Newmark records these fees gross of the amounts paid to subcontractors, and the amounts paid to subcontractors are recognized as expenses in the same period.

Newmark also uses third party service providers in the provision of its services to customers. In instances where a third-party service provider is used, Newmark performs an analysis to determine whether it is acting as a principal or an agent with respect to the services provided. To the extent that Newmark determines that it is acting as a principal, the revenue and the expenses incurred are recorded on a gross basis. In instances where Newmark has determined that it is acting as an agent, the revenue and expenses are presented on a net basis within the revenue line item.

In some instances, Newmark performs services for customers and incurs out-of-pocket expenses as part of delivering those services. Newmark’s customers agree to reimburse Newmark for those expenses, and those reimbursements are part of the contract’s transaction price. Consequently, these expenses and the reimbursements of such expenses from the customer are presented on a gross basis because the services giving rise to the out-of-pocket expenses do not transfer a good or service. The reimbursements are included in the transaction price when the costs are incurred, and the reimbursements are due from the customer.

Servicing fees are earned for servicing mortgage loans and are recognized on an accrual basis over the lives of the related mortgage loans. Also included in servicing fees are the fees earned on prepayments, interest and placement fees on borrowers’ escrow accounts and other ancillary fees. Other revenues include interest income on loans held for sale.

Leasing and Other Commissions:

Commissions from real estate lease brokerage transactions are typically recognized at a point in time on the date the lease is signed, if deemed not subject to significant reversal. The date the lease is signed represents the transfer of control and satisfaction of the performance obligation as the tenant has been secured. Commission payments may be due entirely upon lease execution or may be paid in installments upon the resolution of a future contingency (e.g., tenant move-in or payment of first month’s rent).

Capital Markets:

Capital markets consists of investment sales, commercial mortgage brokerage and OMSR revenue. Investment sales revenue from real estate sales brokerage and equity placement transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and revenue recognition is deferred until all contingencies are satisfied. Commercial

mortgage origination revenue is generated from loan origination fees, sales premiums, mortgage brokerage, debt placement, loan sales, and the estimated fair value of the expected net servicing cash flows. The fair value of expected net future cash flows from servicing and loan originations and related fees and sales premiums, net, is recognized when a derivative asset or liability is recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The derivative is recorded at fair value and includes loan origination fees, sales premiums, and the estimated fair value of the expected net servicing cash flows. The revenue is recognized net of related fees and commissions to third-party brokers. Mortgage brokerage and debt placement revenue is earned and recognized when the sale of a property closes, and title passes from seller to buyer.

Cash and cash equivalents, restricted cash and short-term investments:

Restricted cash and short-term investments represents cash and short-term investments set aside for amounts pledged for the benefit of Fannie Mae and Freddie Mac to secure the Company’s financial guarantee liabilities. The Company’s restricted short-term investments consist of U.S. Treasury Bills with maturities between three months and one year. These investments are held to maturity and reported at amortized cost. The Company’s restricted cash consists of cash balances and restricted short-term investments with a maturity of less than three months. Restricted cash and short-term investments consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Restricted cash	$	2,953	$	107,174
Restricted short-term investments	111,729		—
Restricted cash and short-term investments	$	114,682	$	107,174

Restricted cash and short-term investments had a cost basis and fair value as follows (in thousands):


	Cost Basis		Fair Value
Restricted cash	$	2,953	$	2,953
Restricted short-term investments (greater than three months maturity)	$	111,729	$	113,626
September 30, 2025	$	114,682	$	116,579

The Company’s restricted short-term investments in U.S. Treasury Bills are classified as Level 1 in the fair value hierarchy. Fair value is determined using quoted prices from active markets. No significant adjustments were made to these inputs. There were no transfers among Level 1, Level 2 and Level 3 for the three and nine months ended September 30, 2025 and 2024, respectively.

Cash and cash equivalents and restricted cash on the accompanying unaudited condensed consolidated statements of cash flows consisted of the following (in thousands):


	September 30, 2025		September 30, 2024
Cash and cash equivalents	$	224,091	$	178,583
Restricted Cash	2,953		105,755
Cash and cash equivalents and restricted cash	$	227,044	$	284,338

Goodwill and Other Intangible Assets, net:

Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. As prescribed in U.S. GAAP guidance on Intangibles—Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized, but instead are periodically tested for impairment. The Company reviews goodwill and other indefinite-lived intangible assets for impairment on an annual basis during the fourth quarter of each fiscal year or whenever an event occurs or circumstances change that could reduce the fair value of a reporting unit below its carrying amount. When reviewing goodwill for impairment, Newmark first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill.

Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. Definite-lived intangible assets arising from business combinations include trademarks and trade names, non-contractual customers, license agreements, non-compete agreements, and contractual customers.

Current Expected Credit Losses:

In accordance with the guidance in ASC 326, Newmark presents its financial assets that are measured at amortized cost, net of an allowance for credit losses, which represents the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets carried at amortized cost and credit exposures on off-balance sheet

financial guarantees, as well as changes to expected lifetime credit losses during the period, are recognized in earnings. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset in scope, the CECL methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than under prior U.S. GAAP. The CECL methodology’s impact on expected credit losses, among other things, reflects Newmark’s view of the current state of the economy, forecasted macroeconomic conditions and Newmark’s portfolios.

Financial Guarantee Liability:

Newmark has adopted ASC 326 which impacted the expected credit loss reserving methodology for the financial guarantee liability provided under the Fannie Mae DUS and Freddie Mac TAH program. The expected credit loss is modeled based on Newmark’s historical loss experience adjusted to reflect current economic conditions. A significant amount of judgment is required in the determination of the appropriate reasonable and supportable period, the methodology used to incorporate current and future macroeconomic conditions, determination of the probability of and exposure at default or non-payment, current delinquency status, loan size, terms, amortization types, and the forward-looking view of the primary risk drivers (debt-service coverage ratio and loan-to-value), all of which are ultimately used in measuring the quantitative components of the reserve. Beyond the reasonable and supportable period, Newmark estimates expected credit losses using its historical loss rates. In addition, Newmark reviews the reserves periodically and makes adjustments for certain external and internal qualitative factors, which may increase or decrease the reserves for credit losses. In order to estimate credit losses, assumptions about current and future economic conditions are incorporated into the model using multiple economic scenarios that are weighted to reflect the conditions at each measurement date. During the three and nine months ended September 30, 2025, there was an increase in the CECL related balance of $1.7 million and $5.2 million, respectively, primarily related to an increase in origination volumes in the Company’s Fannie Mae business. During the three and nine months ended September 30, 2024, there was a decrease in the CECL related balance of $3.0 million and $1.7 million, respectively. The balance of the financial guarantee liabilities was $31.5 million and $26.3 million as of September 30, 2025 and December 31, 2024, respectively, and is included in “Other long-term liabilities” on the accompanying unaudited condensed consolidated balance sheets.

Receivables, net:

Newmark has accrued commissions receivable from real estate brokerage transactions, management services and other receivables from contractual management assignments. Receivables are presented net of the CECL allowance as discussed above and are included in “Receivables, net” on the accompanying unaudited condensed consolidated balance sheets. For its CECL reserve, Newmark segregated its receivables into certain pools based on similar risk characteristics and further defined a range of potential loss rates for each pool based on aging. Newmark designed its methodology to allow for a range of loss rates in each pool such that changes in forward-looking conditions can be incorporated into the estimate. Each pool is assigned a loss rate that incorporates management’s view of current conditions and forward-looking conditions that inform the level of expected credit losses in each pool. The credit loss estimate includes specifically identified amounts for which payment has become unlikely. During the three and nine months ended September 30, 2025, there was a decrease in the CECL related provision of $1.2 million and $2.0 million, respectively. During the three and nine months ended September 30, 2024, there was an increase (decrease) in the CECL related provision of $19.0 thousand and $(1.8) million, respectively. The balance of the reserve was $12.4 million and $14.4 million, respectively, as of September 30, 2025 and December 31, 2024 and is included in “Receivables, net” on the accompanying unaudited condensed consolidated balance sheets.

Loans, Forgivable Loans and Other Receivables from Employees and Partners, net:

Newmark has entered into various agreements with certain of its employees and partners, whereby these individuals receive loans which may be either wholly or in part repaid from the distribution earnings that the individual receives on some or all of their limited partnership units and from proceeds of the sales of the employees’ shares of our Class A common stock or may be forgiven over a period of time. The forgivable portion of these loans is not included in Newmark’s estimate of expected credit losses when employees meet the conditions for forgiveness through their continued employment over the specified time period and is recognized as compensation expense over the life of the loan. The amounts due from terminated employees that Newmark does not expect to collect are included in the allowance for credit losses. As of both September 30, 2025 and December 31, 2024, the balance of this reserve was $8.8 million and was included in “Loans, forgivable loans and other receivables from employees and partners, net” on the accompanying unaudited condensed consolidated balance sheets.

From time to time, Newmark may also enter into agreements with employees and partners to grant bonus and salary advances or other types of loans. These advances and loans are repayable in the time frame outlined in the underlying agreements. Newmark reviews loan balances each reporting period for collectability. If Newmark determines that the collectability of a portion of the loan balances is not expected, Newmark recognizes a reserve against the loan balances as

compensation expense.

Other Income (loss), Net

Other income (loss), net is comprised of gains (losses) on equity method investments which represent our pro rata share of the net gains (losses) on investments over which we have significant influence but which we do not control, mark-to-market gains or losses on marketable and non-marketable investments, and settlements from litigation unrelated to our operations. Other income (loss), net was $42.0 million of income for the three months ended September 30, 2025 consisted primarily of $42.3 million received from insurers pursuant to the previously disclosed settlement from a previously disclosed derivative lawsuit. The amount consisted of $50.0 million of proceeds net of $7.7 million of plaintiff’s counsel legal fees. Other income (loss), net of $0.3 million of income for the three months ended September 30, 2024 primarily consisted of recoveries from forfeited shares of restricted Newmark Class A common stock.

Segment and Geographic Information:

Segment Information

Newmark’s operations consist of one reportable segment, real estate services, as the Company is managed on a consolidated basis. Newmark is a real estate services firm offering services to commercial real estate tenants, investors, owners, occupiers, and developers. Newmark’s services include leasing and corporate advisory, investment sales and real estate finance, consulting, origination and servicing of commercial mortgage loans, valuation, project and development management and property and facility management. As of September 30, 2025, the Company has identified the Chief Executive Officer as the chief operating decision maker, who uses revenues and net income to evaluate the results of the business. The chief operating decision maker also uses revenues to allocate resources and compensation.

For the three and nine months ended September 30, 2025, the Company had total revenue of $863.5 million and $2,288.1 million, respectively (which included $14.1 million and $31.4 million, respectively, of interest income on loans held for sale). For the three and nine months ended September 30, 2024, the Company had total revenue of $685.9 million and $1,865.8 million, respectively (which included $9.9 million and $22.8 million, respectively, of interest income on loans held for sale).

For the three months ended September 30, 2025 and 2024, the Company’s significant expenses included $591.3 million and $441.0 million, respectively, of Compensation and employee benefits (which included $81.1 million and $48.7 million, respectively, of Equity-based compensation and allocations of net income to limited partnership units and FPUs) and $229.0 million and $204.2 million, respectively, of non-compensation related operating expenses (which included $45.5 million and $44.6 million, respectively, of depreciation and amortization and $8.2 million and $7.6 million, respectively, of fees to related parties). For the nine months ended September 30, 2025 and 2024, the Company’s significant expenses included $1,580.4 million and $1,223.7 million, respectively, of Compensation and employee benefits (which included $215.6 million and $125.7 million, respectively, of Equity-based compensation and allocations of net income to limited partnership units and FPUs) and $640.3 million and $588.9 million, respectively, of non-compensation related operating expenses (which included $134.4 million and $129.4 million, respectively, of depreciation and amortization and $25.5 million and $21.8 million, respectively, of fees to related parties). For the three months ended September 30, 2025 and 2024, the Company had Interest expense, net of $8.0 million and $7.9 million, respectively, and other income (loss) of $42.0 million and $0.3 million, respectively, and these are included on the accompanying unaudited condensed consolidated statements of operations. For the nine months ended September 30, 2025 and 2024, the Company had Interest expense, net of $25.5 million and $23.3 million, respectively, and other income (loss) of $43.0 million and $5.9 million, respectively, and these are included on the accompanying unaudited condensed consolidated statements of operations.

As of September 30, 2025 and December 31, 2024, the Company had total assets of $5.5 billion and $4.7 billion, respectively. See the Company’s consolidated balance sheets for more information.

The chief operating decision-maker evaluates the operating results and revenue of Newmark regardless of geographic location as total real estate services and allocates resources accordingly. Newmark recognized revenues as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Management Services, Servicing Fees and Other	$	318,127	$	282,623	$	900,417	$	802,335
Leasing and Other Commissions	244,008		214,581		689,344		581,937
Capital Markets	301,325		188,708		698,305		481,514


Revenues	$	863,460	$	685,912	$	2,288,066	$	1,865,786

Geographic Information

The Company offers products and services in the U.S., U.K., Asia, Other Europe, and Other Americas. Information regarding revenues is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024			2025		2024
U.S.	$	756,928	$	594,139		$	1,998,576	$	1,607,862
U.K.	61,242		51,006			165,858		147,283
Other (1)	45,290		40,767			123,632		110,641


Revenues	$	863,460	$	685,912		$	2,288,066	$	1,865,786

(1) Other includes Asia, Other Europe and Other Americas.

(4) Earnings Per Share and Weighted-Average Shares Outstanding

U.S. GAAP guidance — Earnings (Loss) Per Share provides guidance on the computation and presentation of earnings (loss) per share. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding and contingent shares for which all necessary conditions have been satisfied except for the passage of time. Net income (loss) is allocated to Newmark’s outstanding common stock, FPUs, limited partnership units and Cantor Units (see Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings”).

The following is the calculation of Newmark’s basic EPS (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024			2025		2024
Basic earnings per share:
Net income (loss) available to common stockholders	$	46,154	$	17,794		$	58,209	$	15,820
Basic weighted-average shares of common stock outstanding	177,230		170,088			177,717		172,767
Basic earnings per share	$	0.26	$	0.10		$	0.33	$	0.09

Fully diluted EPS is calculated utilizing net income (loss) available to common stockholders plus net income allocations to the limited partnership interests in Newmark Holdings as the numerator. The denominator comprises Newmark’s weighted-average number of outstanding shares of Newmark common stock and, if dilutive, the weighted-average number of limited partnership interests and other contracts to issue shares of common stock, stock options and RSUs. The limited partnership interests generally are potentially exchangeable into shares of Newmark Class A common stock and are entitled to remaining earnings after the deduction for the Preferred Distribution; as a result, they are included in the fully diluted EPS computation to the extent that the effect would be dilutive.

The following is the calculation of Newmark’s fully diluted EPS (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024			2025		2024
Fully diluted earnings per share:
Net income (loss) available to common stockholders	$	46,154	$	17,794		$	58,209	$	15,820
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax	17,829		8,357			21,876		7,148
Net income (loss) for fully diluted shares	$	63,983	$	26,151		$	80,085	$	22,968
Weighted-average shares:
Common stock outstanding	177,230		170,088			177,717		172,767


Partnership units(1)	68,316		79,371			70,549		77,792
RSUs (Treasury stock method)	5,714		5,138			4,576		4,398
Newmark exchange shares	414		373			337		419
Fully diluted weighted-average shares of common stock outstanding	251,674		254,970			253,179		255,376
Fully diluted earnings per share	$	0.25	$	0.10		$	0.32	$	0.09

(1)Partnership units collectively include FPUs, limited partnership units, and Cantor Units (see Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings” for more information).

For both the three and nine months ended September 30, 2025, 43.6 thousand potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. For the three and nine months ended September 30, 2024, 0.1 million and 0.3 million potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive.

(5) Stock Transactions and Unit Purchases

As of September 30, 2025, Newmark has two classes of authorized common stock: Class A common stock and Class B common stock.

Class A Common Stock

Each share of Newmark Class A common stock is entitled to one vote. Newmark has 1.0 billion authorized shares of Class A common stock at $0.01 par value per share.

Changes in shares of Newmark’s Class A common stock outstanding were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024		2025	2024
Shares outstanding at beginning of period	154,352,509	150,384,929		149,506,832	152,639,359
Share issuances:
LPU redemption/exchange	2,675,722	2,969,977		15,726,341	8,137,918
Issuance of Class A common stock for Newmark RSUs	463,605	414,611		2,635,130	1,856,950

Other	—	(26,879)		463,207	74,513
Treasury stock repurchases	—	(6,779,828)		(10,839,674)	(15,745,930)
Shares outstanding at end of period	157,491,836	146,962,810		157,491,836	146,962,810

Class B Common Stock

Each share of Newmark Class B common stock is entitled to 10 votes and is convertible at any time into one share of Newmark Class A common stock.

As of both September 30, 2025 and December 31, 2024, there were 21.3 million shares of Newmark Class B common stock outstanding.

Share Repurchases and Unit Purchases

On November 4, 2024, Newmark’s Board re-authorized share repurchases of Newmark Class A common stock and purchases of limited partnership interests in Newmark’s subsidiaries by Newmark in an aggregate amount up to $400.0 million, which authorization has no expiration date.

From time to time, Newmark may actively repurchase shares and/or purchase units. During the three months ended September 30, 2025, Newmark did not make any repurchases of shares or units. During the nine months ended September 30, 2025, Newmark repurchased 10.8 million shares of Newmark Class A common stock at an average price of $11.58 per share. During the three and nine months ended September 30, 2024, Newmark repurchased 6.8 million and 15.7 million shares of Newmark Class A common stock at an average price of $13.21 per share and $11.56 per share, respectively. On September 23, 2024, the Company purchased 795,376 of Barry Gosin’s previously awarded LPUs (consisting of 123,336 APSUs, 611,167 PSUs, and 60,873 SPUs) at a price per unit of $14.19 (which was $15.34, the closing price of a share of the Company’s Class A common stock on September 23, 2024, multiplied by the then-current exchange ratio of 0.9248). There were no additional unit purchases for the three and nine months ended September 30, 2024. As of September 30, 2025, Newmark had $246.4 million remaining under its Share Repurchase and Unit Purchase Authorization.

The following table details Newmark’s share repurchases for cash under the current program. The gross share repurchases of Newmark’s Class A common stock during the nine months ended September 30, 2025 were as follows (in thousands, except shares and per share amounts):


	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Units and Shares That May Yet Be Repurchased/ Purchased Under the Program













Repurchases
January 1, 2025 - March 31, 2025	—	$	—
April 1, 2025 - June 30, 2025(1)	10,839,674	$	11.58
July 2025	—	$	—
August 2025	—	$	—
September 2025	—	$	—

Total Repurchases	10,839,674	$	11.58	$	246,397

(1) On May 16, 2025, Mr. Howard W. Lutnick agreed to sell 10.8 million shares of Newmark Class A common stock beneficially owned by him to Newmark at a price of $11.58 per share pursuant to the Company’s Share Repurchase and Unit Purchase Authorization. Such repurchase closed on May 19, 2025, and was approved by the Audit Committee. See Note 23 — “Related Party Transactions — Transactions with Executive Officers and Directors — Howard W. Lutnick, Former Executive Chairman — Sale of Newmark Class A Common Stock to the Company” for further information.

Redeemable Partnership Interests

The changes in the carrying amount of FPUs follow (in thousands):


	September 30, 2025		December 31, 2024
Balance at beginning of period:	$	13,900	$	16,244
Income allocation	816		1,428
Distributions of income	(1,391)		(1,196)

Issuance and other	(1,809)		(2,576)
Balance at end of period	$	11,516	$	13,900

(6) Investments

Investments Carried Under Measurement Alternatives

Newmark has acquired investments in entities for which it does not have the ability to exert significant influence over operating and financial policies.

The carrying values of these investments were $5.0 million and $5.2 million as of September 30, 2025 and December 31, 2024, respectively, and are included in “Other assets” on the accompanying unaudited condensed consolidated balance sheets. Newmark did not recognize any realized gains (losses) for the three and nine months ended September 30, 2025. Newmark recognized unrealized gains (losses) of $0.0 million and $(0.2) million related to these investments for the three and nine months ended September 30, 2025, respectively. Newmark did not recognize any realized and unrealized gains (losses) related to these investments for both the three and nine months ended September 30, 2024. The changes in value are included as a part of “Other income (loss), net” on the accompanying unaudited condensed consolidated statements of operations. Additionally, the Company made no additional investments during the three and nine months ended September 30, 2025, and the Company invested $0.0 million and $0.3 million during the three and nine months ended September 30, 2024, respectively.

(7) Capital and Liquidity Requirements

Newmark is subject to various capital requirements in connection with seller/servicer agreements that Newmark has entered into with the various GSEs. Failure to maintain minimum capital requirements could result in Newmark’s inability to originate and service loans for the respective GSEs and could have a direct material adverse effect on the accompanying unaudited condensed consolidated financial statements. Management believes that, as of September 30, 2025 and December 31, 2024, Newmark had met all capital requirements. As of September 30, 2025 and December 31, 2024, the most restrictive capital requirement was the net worth requirement of Fannie Mae. Newmark exceeded the minimum requirement by $380.5 million and $370.2 million, respectively, as of September 30, 2025 and December 31, 2024.

Certain of Newmark’s agreements with Fannie Mae allow Newmark to originate and service loans under the Fannie Mae DUS program. These agreements require Newmark to maintain sufficient collateral to meet Fannie Mae’s restricted and operational liquidity requirements based on a pre-established formula. Certain of Newmark’s agreements with Freddie Mac allow Newmark to service loans under a legacy credit risk Freddie Mac TAH program that is no longer active. These agreements require Newmark to pledge sufficient collateral to meet Freddie Mac’s liquidity requirement of 8% of the

outstanding principal of Freddie Mac TAH loans under this program serviced by Newmark. Management believes that, as of September 30, 2025 and December 31, 2024, Newmark had met all liquidity requirements.

In addition, as a servicer for Fannie Mae, Ginnie Mae and FHA, Newmark is required to advance to investors any uncollected principal and interest due from borrowers. Outstanding borrower advances were $2.6 million and $0.5 million as of September 30, 2025 and December 31, 2024, respectively, and are included in “Other assets” on the accompanying unaudited condensed consolidated balance sheets.

(8) Loans Held for Sale, at Fair Value

Loans held for sale, at fair value represent originated loans that are typically financed by short-term warehouse facilities (see Note 17 — “Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises”) and sold within 45 days from the date the mortgage loan is funded. Newmark initially and subsequently measures all loans held for sale at fair value on the accompanying unaudited condensed consolidated balance sheets. The fair value measurement falls within the definition of a Level 2 measurement (significant other observable inputs) within the fair value hierarchy. Electing to use fair value allows a better offset of the change in the fair value of the loans and the change in fair value of the derivative instruments used as economic hedges. Loans held for sale had a cost basis and fair value as follows (in thousands):


	September 30, 2025		December 31, 2024
Cost Basis	$	1,368,120	$	764,667
Fair Value	1,400,208		774,905

As of September 30, 2025 and December 31, 2024, all of the loans held for sale were either under commitment to be purchased by Freddie Mac or had confirmed Forward Sales Contracts for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage-backed securities that will be secured by the underlying loans. As of both September 30, 2025 and December 31, 2024, there were no loans held for sale that were 90 days or more past due or in nonaccrual status.

Newmark records interest income on loans held for sale, in accordance with the terms of the individual loans, during the period prior to sale. Interest income on loans held for sale is included in “Management services, servicing fees and other” on the accompanying unaudited condensed consolidated statements of operations. Gains (losses) for fair value adjustments on loans held for sale is included in “Capital markets” on the accompanying unaudited condensed consolidated statements of operations. Interest income and gains (losses) for fair value adjustments on loans held for sale were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest income on loans held for sale	$	14,116	$	9,941	$	31,414	$	22,756
Gains (losses) recognized on change in fair value on loans held for sale	(7,105)		13,881		32,088		29,937

(9) Derivatives

Newmark accounts for its derivatives at fair value and recognizes all derivatives as either assets or liabilities on the accompanying unaudited condensed consolidated balance sheets. In its normal course of business, Newmark enters into commitments to extend credit for mortgage loans at a specific rate (rate lock commitments) and commitments to deliver these loans to third-party investors at a fixed price (Forward Sales Contracts).

The fair value of derivative contracts, computed in accordance with Newmark’s netting policy, is set forth below (in thousands):


	September 30, 2025						December 31, 2024
Derivative contract	Assets		Liabilities		Notional Amounts(1)		Assets		Liabilities		Notional Amounts(1)
Rate lock commitments	$	8,259	$	1,636	$	367,428	$	1,010	$	1,350	$	81,717

Forward Sales Contracts	4,608		16,640		1,735,548		7,491		3,253		846,384
Total	$	12,867	$	18,276	$	2,102,976	$	8,501	$	4,603	$	928,101

(1)Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of Newmark’s derivative activity, and do not represent anticipated losses.

The changes in fair value of rate lock commitments and Forward Sales Contracts related to mortgage loans are reported as part of “Capital markets” on the accompanying unaudited condensed consolidated statements of operations. The

changes in fair value of rate lock commitments are disclosed net of $0.7 million and $0.2 million of expenses for the three months ended September 30, 2025 and 2024, respectively, and $1.8 million and $1.0 million of expenses for the nine months ended September 30, 2025 and 2024, respectively, which expenses are reported as part of “Compensation and employee benefits” on the accompanying unaudited condensed consolidated statements of operations.

Gains and losses on derivative contracts, which are included on the accompanying unaudited condensed consolidated statements of operations, were as follows (in thousands):


	Location of gains (losses) recognized in income for derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Derivatives not designed as hedging instruments:

Rate lock commitments	Capital markets	4,661		1,870		8,422		5,006
Rate lock commitments	Compensation and employee benefits	(697)		(160)		(1,799)		(993)
Forward Sale Contracts	Capital markets	1,158		(11,653)		(12,032)		(13,830)
Total		$	5,122	$	(9,943)	$	(5,409)	$	(9,817)

Derivative assets and derivative liabilities are included in “Other current assets” and “Accounts payable, accrued expenses and other liabilities,” on the accompanying unaudited condensed consolidated balance sheets.

(10) Revenues from Contracts with Customers

The following table presents Newmark’s total revenues separately for its revenues from contracts with customers and other sources of revenues (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues from contracts with customers:
Leasing and Other Commissions	$	244,008	$	214,581	$	689,344	$	581,937
Investment sales	159,860		99,223		359,341		261,777
Mortgage brokerage and debt placement	68,834		42,195		171,156		97,555
Management Services	242,250		211,977		690,974		604,177
Total	$	714,952	$	567,976	$	1,910,815	$	1,545,446
Other sources of revenue(1):
Fair value of expected net future cash flows from servicing recognized at commitment, net	$	40,508	$	26,220	$	86,657	$	65,759
Loan originations related fees and sales premiums, net	32,123		21,070		81,151		56,423
Servicing fees and other	75,877		70,646		209,443		198,158
Total	$	863,460	$	685,912	$	2,288,066	$	1,865,786

(1)Although these items have customers under contract, they were recorded as other sources of revenue as they were excluded from the scope of ASC 606.

Disaggregation of Revenues

Newmark’s chief operating decision-maker, regardless of geographic location, evaluates the operating results, including revenues, of Newmark as total real estate services (see Note 3 — “Summary of Significant Accounting Policies” for further discussion).

Contract Balances

The timing of Newmark’s revenue recognition may differ from the timing of payment by its customers. Newmark records a receivable when revenue is recognized prior to payment and Newmark has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, Newmark records deferred revenue until the performance obligations are satisfied.

Newmark’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue is recorded as a contract liability. Deferred revenue at September 30, 2025 and December 31, 2024 was $0.7 million and $1.3 million, respectively. For the three and nine months ended September 30, 2025, Newmark recorded deferred revenue of $0.2 million and $0.4 million, respectively, and recognized revenue of $0.6 million and $1.0 million, respectively, that was recorded as deferred revenue in a previous period. For the three and nine months ended September 30, 2024, Newmark recorded deferred revenue of $0.3 million and $0.4 million,

respectively, and recognized revenue of $0.04 million and $1.3 million, respectively, that was recorded as deferred revenue in a previous period.

For Knotel and Deskeo, the Company’s remaining performance obligations that represent contracted customer revenues, that have not yet been recognized as revenue as of September 30, 2025 and that will be recognized as revenue in future periods over the life of the customer contracts in accordance with ASC 606, are approximately $165.3 million. Over half of the remaining performance obligations as of September 30, 2025 are scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, which extends through 2029.

Approximate future cash flows to be received over the next five years as of September 30, 2025 are as follows (in thousands):


2025	$	32,993
2026	88,610
2027	30,257
2028	11,719
2029	1,741
Thereafter	—
Total	$	165,320

(11) Capital markets

Capital markets revenues are derived from the following activities (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Investment Sales	$	159,860	$	99,223	$	359,341	$	261,777
Fair Value of Expected Net Future Cash Flows from Servicing Recognized at Commitment, Net	40,508		26,220		86,657		65,759
Loan Originations Related Fees and Sales Premiums, Net	32,123		21,070		81,151		56,423
Mortgage Brokerage and Debt Placement	68,834		42,195		171,156		97,555
Total	$	301,325	$	188,708	$	698,305	$	481,514

(12) Mortgage Servicing Rights, Net

The changes in the carrying amount of MSRs were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Mortgage Servicing Rights	2025		2024		2025		2024
Beginning Balance	$	502,022	$	516,805	$	520,487	$	534,390
Additions	38,425		23,948		77,432		63,798


Amortization	(30,143)		(29,863)		(87,615)		(87,298)
Ending Balance	$	510,304	$	510,890	$	510,304	$	510,890

Valuation Allowance
Beginning Balance	$	(2,031)	$	(2,602)	$	(2,908)	$	(3,187)
Decrease (increase)	(173)		(1,326)		704		(741)
Ending Balance	$	(2,204)	$	(3,928)	$	(2,204)	$	(3,928)
Net Balance	$	508,100	$	506,962	$	508,100	$	506,962

Servicing fees are included in “Management services, servicing fees and other” on the accompanying unaudited condensed consolidated statements of operations and were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Servicing fees	$	46,358	$	43,489	$	136,224	$	127,620
Escrow interest and placement fees	14,533		16,104		39,267		45,850
Ancillary fees	871		1,110		2,538		1,932
Total	$	61,762	$	60,703	$	178,029	$	175,402

Newmark’s primary servicing portfolio with recorded MSRs as of September 30, 2025 and December 31, 2024 was $71.7 billion and $67.4 billion, respectively. Newmark’s limited servicing portfolio with recorded MSRs as of September 30, 2025 and December 31, 2024 was $4.3 billion and $6.5 billion, respectively. Also, Newmark is the named special servicer for a number of commercial mortgage-backed securitizations. Upon certain specified events (such as, but not limited to, loan defaults and loan assumptions), the administration of the loan is transferred to Newmark. Newmark’s special servicing portfolio was $1.7 billion and $2.5 billion at September 30, 2025 and December 31, 2024, respectively.

The estimated fair value of the MSRs as of September 30, 2025 and December 31, 2024 was $647.4 million and $658.1 million, respectively.

Fair values are estimated using a valuation model that calculates the present value of the future net servicing cash flows. The cash flows assumptions used are based on assumptions Newmark believes market participants would use to value the portfolio. Significant assumptions include estimates of the cost of servicing per loan, discount rate, earnings rate on escrow deposits and prepayment speeds.

The discount rates used in measuring fair value for the nine months ended September 30, 2025 and year ended December 31, 2024 were between 6.1% and 13.5% and varied based on investor type. An increase in discount rate of 100 basis points or 200 basis points would result in a decrease in fair value by $15.7 million and $30.7 million, respectively, as of September 30, 2025, and by $16.6 million and $32.5 million, respectively, as of December 31, 2024.

(13) Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):


Balance, January 1, 2024	$	776,547


Measurement period and currency translation adjustments	(5,661)
Balance, December 31, 2024	$	770,886

Divestiture	(4,001)
Measurement period and currency translation adjustments	15,597
Balance, September 30, 2025	$	782,482

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets. Newmark completed its annual goodwill impairment testing for the year ended December 31, 2024, which did not result in a goodwill impairment.

Other intangible assets consisted of the following (in thousands, except weighted-average life):


	September 30, 2025
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	12,850	$	—	$	12,850	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	12,561		(12,561)		—		0.0
Non-contractual customers	24,031		(18,159)		5,872		4.2

Non-compete agreements	12,501		(9,046)		3,455		3.2
Contractual customers	61,558		(39,699)		21,859		2.2
Other	4,632		(3,738)		894		6.8
Total	$	133,523	$	(83,203)	$	50,320	2.6


	December 31, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	12,850	$	—	$	12,850	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	12,423		(11,628)		795		0.5
Non-contractual customers	30,131		(19,280)		10,851		7.1

Non-compete agreements	12,423		(8,131)		4,292		3.8
Contractual customers	59,527		(30,517)		29,010		2.9
Other	4,611		(3,331)		1,280		8.3
Total	$	137,355	$	(72,887)	$	64,468	3.9

Intangible amortization expense was $3.8 million and $4.5 million for the three months ended September 30, 2025 and 2024, respectively, and $12.0 million and $13.4 million for the nine months ended September 30, 2025 and 2024, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations. Impairment charges are included in intangible amortization expense.

The estimated future amortization of definite life intangible assets as of September 30, 2025 was as follows (in thousands):


2025	$	3,592
2026	11,767
2027	8,398
2028	4,341
2029	2,682
Thereafter	1,300
Total	$	32,080

(14) Fixed Assets, Net

Fixed assets, net consisted of the following (in thousands):



	September 30, 2025		December 31, 2024
Leasehold improvements, furniture and fixtures, and other fixed assets	$	263,869	$	254,337
Software, including software development costs	72,788		64,680
Computer and communications equipment	43,246		41,144
Total, cost	379,903		360,161
Accumulated depreciation and amortization	(222,826)		(193,432)
Total, net	$	157,077	$	166,729

Depreciation expense was $9.9 million and $9.6 million for the three months ended September 30, 2025 and 2024, respectively, and $35.5 million and $30.3 million for the nine months ended September 30, 2025 and 2024, respectively. Newmark recorded impairment charges of $0.1 million and $1.1 million for the three months ended September 30, 2025 and 2024, respectively, and $6.6 million and $3.1 million for the nine months ended September 30, 2025 and 2024, respectively. Impairment charges are included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.

Capitalized software development costs were $2.1 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $6.3 million and $5.2 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization of software development costs totaled $2.0 million and $0.9 million for the three months ended September 30, 2025 and 2024, respectively, and $6.0 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.

(15) Leases

Newmark has operating leases for real estate and equipment. These leases have remaining lease terms ranging from one to sixteen years, some of which include options to extend the leases in one- to ten-year increments. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. Certain leases also include periods covered by an option to terminate the lease if Newmark is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and, where relevant, variable rental payments tied to an index, such as the Consumer Price Index. Payments for leases in place before the date of adoption of ASC 842, Leases were determined based on previous leases guidance. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement is recognized as incurred. All leases were classified as operating leases as of September 30, 2025.

Pursuant to the accounting policy election, leases with an initial term of twelve months or less are not recognized on the balance sheet. The short-term lease expense over the period reasonably reflects the Company’s short-term lease commitments.

ASC 842, Leases requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancellation provisions, and determining the discount rate.

The Company determines whether an arrangement is a lease or includes a lease at the contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from, and can direct the use of, the identified asset for a period of time, the Company accounts for the identified asset as a lease. The Company has elected the practical expedient to not separate lease and non-lease components for all leases other than real estate leases. The primary non-lease component that is combined with a lease component represents operating expenses such as utilities, maintenance or management fees.

As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption date of the new ASC 842, Leases standard in determining the present value of lease payments for existing leases. The Company has elected to use a portfolio approach for the incremental borrowing rate, applying corporate bond rates to the leases. The Company calculated the appropriate rates with reference to the lease term and lease currency. The Company uses information available at the lease commencement date to determine the discount rate for any new leases.

Total lease liability as of September 30, 2025 was $563.0 million, of which $321.1 million of lease liability was within our flexible workspace business. In addition, Newmark had contracted future customer revenues and sub-lease income primarily related to its flexible workspace business as of September 30, 2025 amounting to approximately $176.9 million.

Total lease liability as of December 31, 2024 was $598.3 million, of which $409.5 million of lease liability was within our flexible workspace business. In addition, Newmark had contracted future customer revenues and sub-lease income primarily related to its flexible workspace business as of December 31, 2024 amounting to approximately $158.2 million.

Operating lease costs were $30.0 million and $33.5 million for the three months ended September 30, 2025 and 2024, respectively, and $101.0 million and $99.0 million for the nine months ended September 30, 2025 and 2024, respectively, and are included in “Operating, administrative and other” expense on the accompanying unaudited condensed consolidated statements of operations. Operating cash flows for the nine months ended September 30, 2025 and 2024 included payments of $101.1 million and $98.3 million for operating lease liabilities, respectively. As of both September 30, 2025 and December 31, 2024, Newmark did not have any leases that have not yet commenced but that create significant rights and obligations. For the three months ended September 30, 2025 and 2024, Newmark had short-term lease expense of $0.4 million and $0.1 million, respectively. For the nine months ended September 30, 2025 and 2024, Newmark had short-term lease expense of $1.1 million and $0.4 million, respectively. For the three months ended September 30, 2025 and 2024, Newmark had sublease income of $1.3 million and $0.7 million, respectively. For the nine months ended September 30, 2025 and 2024, Newmark had sublease income of $3.2 million and $2.2 million, respectively. For the three and nine months ended September 30, 2025 and 2024, respectively, Newmark did not record lease impairment charges. The Company evaluated its operating lease Right-of-use assets and determined that certain lease assets were abandoned during the nine months ended September 30, 2025. As a result of the abandonment of certain lease assets, the Company released accrued liabilities which resulted in a credit of $13.3 million to “Operating, administrative and other” expense on the accompanying unaudited condensed consolidated statements of operations.

The weighted-average discount rate as of September 30, 2025 and December 31, 2024 was 5.26% and 5.02%, respectively, and the remaining weighted-average lease term was 6.3 years and 5.7 years, respectively.

As of September 30, 2025 and December 31, 2024, Newmark had operating lease Right-of-use assets of $469.4 million and $500.5 million, respectively, and operating lease Right-of-use liabilities of $103.5 million and $108.4 million, respectively, recorded in “Accounts payable, and accrued expenses and other liabilities,” and $459.5 million and $489.8 million, respectively, recorded in “Right-of-use liabilities,” on the accompanying unaudited condensed consolidated balance sheets.

Rent expense, including the operating lease costs above, was $47.4 million and $44.6 million for the three months ended September 30, 2025 and 2024, respectively, and $135.4 million and $127.6 million for the nine months ended September 30, 2025 and 2024, respectively. Rent expense is included in “Operating, administrative and other” on the accompanying unaudited condensed consolidated statements of operations.

Newmark is obligated for minimum rental payments under various non-cancelable operating leases, principally for office space, expiring at various dates through 2041. Certain of these leases contain escalation clauses that require payment of additional rent to the extent of increases in certain operating or other costs.

Minimum lease payments under these arrangements, net of payments to be received under a sublease, were as follows (in thousands):



	September 30, 2025		December 31, 2024
2025	$	34,662	$	135,303
2026	123,223		126,261
2027	113,140		116,031
2028	101,291		102,148
2029	78,429		78,970
Thereafter	229,534		132,026
Total lease payments	$	680,279	$	690,739
Less: Interest	128,866		104,992
Present value of lease liability	$	551,413	$	585,747

(16) Other Current Assets and Other Assets

Other current assets consisted of the following (in thousands):



	September 30, 2025		December 31, 2024
Derivative assets	$	12,867	$	8,501

Prepaid expenses	65,749		51,481
Other taxes	11,503		2,973
Rent and other deposits	22,173		20,333
Other	6,537		4,688
Total	$	118,829	$	87,976

Other assets consisted of the following (in thousands):



	September 30, 2025		December 31, 2024
Deferred tax assets (1)	$	129,361	$	98,912

Non-marketable investments	5,031		5,213

Other tax receivables	13,682		8,900
Advances on long-term contracts	5,229		10,550
Other	40,653		24,351
Total	$	193,956	$	147,926

(1) Deferred tax assets includes $20.6 million of a tax receivable relating to the tax receivable agreement with Cantor. There is an offsetting related liability to Cantor of $17.5 million included in other long-term liabilities on the condensed consolidated balance sheets.

(17) Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises

Newmark uses its warehouse facilities and repurchase agreements to fund mortgage loans originated under its various lending programs. Outstanding borrowings against these lines are collateralized by an assignment of the underlying mortgages and third-party purchase commitments and are recourse only to our wholly owned subsidiary, Berkeley Point Capital, LLC.

Newmark had the following lines available and borrowings outstanding (in thousands, except the stated spread to one-month SOFR):


	Committed Lines		Uncommitted Lines		Balance at September 30, 2025		Balance at December 31, 2024		Stated Spread to One-Month SOFR	Rate Type
Warehouse facility due May 5, 2026	$	450,000	$	300,000	$	473,402	$	35,841	130 bps	Variable

Warehouse facility due September 25, 2026	200,000		200,000		115,790		143,470		130 bps	Variable

Warehouse facility due October 4, 2025 (1)(2)	800,000		600,000		724,805		416,908		130 bps	Variable

Fannie Mae repurchase agreement, open maturity	—		500,000		36,393		158,089		115 bps	Variable
Total	$	1,450,000	$	1,600,000	$	1,350,390	$	754,308

(1)The warehouse line was renewed on October 4, 2025. The maturity date was extended to October 3, 2026.

(2)The warehouse line was temporarily increased by $100.0 million to $900.0 million for the period June 30, 2025 to August 14, 2025.

Pursuant to the terms of the warehouse facilities, Newmark is required to meet several financial covenants. Newmark was in compliance with all covenants as of both September 30, 2025 and December 31, 2024.

The borrowing rates on the warehouse facilities are based on short-term SOFR plus applicable margins. Due to the short-term maturity of these instruments, the carrying amounts approximate fair value.

(18) Debt

Debt consisted of the following (in thousands):



	September 30, 2025		December 31, 2024



7.500% Senior Notes	$	596,478	$	595,673
Credit Facility	150,000

NEWMARK GROUP, INC. 10-Q