$NMRK

NEWMARK GROUP, INC.

CIK:0001690680|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total Revenues	$ 888,419,000	$ 759,112,000	$ 1,734,939,000	$ 1,424,606,000
Expenses:
Compensation and employee benefits	539,704,000	455,044,000	1,055,311,000	854,556,000
Equity-based compensation and allocations of net income to limited partnership units and FPUs	68,116,000	60,140,000	136,512,000	134,486,000
Total compensation and employee benefits	607,820,000	515,184,000	1,191,823,000	989,042,000
Operating, administrative and other	186,137,000	151,010,000	367,581,000	304,987,000
Fees to related parties	8,088,000	7,794,000	16,612,000	17,364,000
Depreciation and amortization	45,979,000	42,611,000	92,211,000	88,969,000
Total operating expenses	848,024,000	716,599,000	1,668,227,000	1,400,362,000
Other income (loss), net	16,000.0	230,000	660,000	980,000
Income (loss) from operations	40,411,000	42,743,000	67,372,000	25,224,000
Interest expense, net	(7,414,000)	(9,023,000)	(14,328,000)	(17,506,000)
Income (loss) before income taxes and noncontrolling interests	32,997,000	33,720,000	53,044,000	7,718,000
Provision (benefit) for income taxes	9,581,000	4,209,000	13,013,000	(5,844,000)
Consolidated net income (loss)	23,416,000	29,511,000	40,031,000	13,562,000
Less: Net income (loss) attributable to noncontrolling interests	3,718,000	8,692,000	5,914,000	1,509,000
Net income (loss) available to common stockholders	19,698,000	20,819,000	34,117,000	12,053,000
Basic earnings per share
Net income (loss) available to common stockholders	$ 19,698,000	$ 20,819,000	$ 34,117,000	$ 12,053,000
Basic earnings per share (in dollars per share)	$ 0.11	$ 0.12	$ 0.19	$ 0.07
Basic weighted-average shares of common stock outstanding (in shares)	178,598	179,560	180,611	177,965
Fully diluted earnings per share
Net income (loss) for fully diluted shares	$ 27,139,000	$ 28,773,000	$ 46,749,000	$ 16,101,000
Fully diluted earnings per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.18	$ 0.06
Fully diluted weighted-average shares of common stock outstanding (in shares)	251,863	252,614	253,943	253,670
Management Services, Servicing Fees and Other
Revenues:
Total Revenues	$ 351,153,000	$ 298,397,000	$ 695,184,000	$ 582,290,000
Leasing and Other Commissions
Revenues:
Total Revenues	278,030,000	237,262,000	528,062,000	445,336,000
Capital Markets
Revenues:
Total Revenues	$ 259,236,000	$ 223,453,000	$ 511,693,000	$ 396,980,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$ 40,031	$ 13,562
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains on originated mortgage servicing rights	(54,333)	(39,007)
Depreciation and amortization	92,211	88,969
Provision (benefit) for credit losses on the financial guarantee liability	4,845	3,475
Provision (reversal) for doubtful accounts	3,393	5,639
Equity-based compensation and allocation of net income to limited partnership units and FPUs	136,512	134,486
Employee loan amortization and other non-cash compensation expense	71,544	71,236
Deferred tax provision (benefit)	(195)	(774)
Non-cash changes in acquisition related earn-outs	399	388
Unrealized (gains) on loans held for sale	(14,769)	(39,193)
Loan originations—loans held for sale	(4,723,923)	(3,895,933)
Loan sales—loans held for sale	4,721,510	3,360,791
Other	689	469
Consolidated net income (loss), adjusted for non-cash and non-operating items	277,914	(295,892)
Changes in operating assets and liabilities:
Receivables, net	(30,764)	32,148
Loans, forgivable loans and other receivables from employees and partners, net	(100,996)	(157,926)
Right-of-use assets	39,334	5,482
Receivable from related parties	0	326
Other assets	(15,273)	(38,635)
Accrued compensation	(35,216)	(143,245)
Right-of-use liability	(44,574)	(7,509)
Accounts payable, accrued expenses and other liabilities	20,638	34,278
Payables to related parties	3,806	11,827
Net cash provided by (used in) operating activities	114,869	(559,146)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for acquisitions, net of cash acquired and proceeds from divestitures	(2,448)	0
Purchase of non-marketable investments	(500)	0
Payments for convertible debt and other contract assets	(72,100)	0
Purchases of fixed assets	(30,997)	(11,946)
Purchase of restricted short-term investments	(123,778)	0
Proceeds from maturity of restricted short-term investments	118,000	0
Net cash provided by (used in) investing activities	(111,823)	(11,946)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from warehouse facilities	4,723,923	3,895,933
Principal payments on warehouse facilities	(4,707,218)	(3,359,378)
Borrowing of debt	285,000	420,000
Repayment of debt	(90,000)	(220,000)
Treasury stock repurchases	(151,144)	(125,523)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests	(17,144)	(22,852)
Dividends to stockholders	(16,153)	(10,966)
Payments on acquisition earn-outs	0	(943)
Deferred financing costs	(593)	(450)
Net cash provided by (used in) financing activities	26,671	575,821
Net increase (decrease) in cash and cash equivalents and restricted cash	29,717	4,729
Cash and cash equivalents and restricted cash at beginning of period	233,906	304,865
Cash and cash equivalents and restricted cash at end of period	263,623	309,594
Cash paid during the period for:
Interest	27,303	27,659
Taxes	22,626	29,128
Supplemental disclosure of non-cash operating, investing and financing activities:
Right-of-use assets and liabilities	38,336	65,331
Deferred tax asset	0	20,601
Tax Receivable Agreement liability	$ 0	$ 17,511

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 259,700	$ 229,109
Restricted cash and short-term investments	127,701	120,176
Loans held for sale, at fair value	930,484	913,302
Other current assets (see Note 17)	121,687	114,050
Total current assets	2,099,678	2,005,042
Goodwill	799,575	802,040
Mortgage servicing rights, net	512,991	517,994
Loans, forgivable loans and other receivables from employees and partners, net	909,044	862,204
Right-of-use assets	409,086	447,765
Fixed assets, net	160,946	156,490
Other intangible assets, net	70,842	76,336
Other assets (see Note 17)	226,060	151,296
Total assets	5,188,222	5,019,167
Current liabilities:
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises	909,145	892,439
Accrued compensation	405,760	440,337
Accounts payable, accrued expenses and other liabilities (see Note 26)	599,015	572,294
Payables to related parties	5,641	1,835
Total current liabilities	1,919,561	1,906,905
Long-term debt	867,283	671,746
Right-of-use liabilities	397,427	437,205
Other long-term liabilities (see Note 26)	254,923	251,507
Total liabilities	3,439,194	3,267,363
Commitments and contingencies (see Note 28)
Redeemable partnership interests	10,173	12,049
Equity:
Additional paid-in capital	1,086,127	998,903
Retained earnings	1,329,712	1,311,748
Treasury stock at cost: 96,545,653 and 86,125,782 shares of Class A common stock at June 30, 2026 and December 31, 2025, respectively	(982,101)	(854,565)
Accumulated other comprehensive loss	66	2,808
Total stockholders’ equity	1,436,575	1,461,574
Noncontrolling interests	302,280	278,181
Total equity	1,738,855	1,739,755
Total liabilities, redeemable partnership interests, and equity	5,188,222	5,019,167
Nonrelated Party
Current assets:
Receivables, net	660,106	628,405
Class A Common Stock
Equity:
Common stock value	2,559	2,468
Class B Common Stock
Equity:
Common stock value	$ 212	$ 212