Newmark Group Inc.

11/10/2026 | Press release | Distributed by Public on 11/11/2026 11:57

Q3 (NMRK Q3 26 Excel Supplement Final 10 Q)

Table of Contents

Newmark Group, Inc. - Quarterly Financial Data Supplement 3Q26
Table of Contents
Page
Condensed Consolidated Balance Sheets 2
Condensed Consolidated Statements of Operations 3
Revenue Detail 4
GAAP and Adjusted Earnings Expense and Other Income Detail 5
Reconciliation of GAAP Income to Adjusted Earnings and GAAP Fully Diluted EPS to Post-tax Adjusted EPS 6
Historical Reconciliation of GAAP Income (Loss) to Adjusted Earnings and GAAP Fully Diluted EPS to Post-tax Adjusted EPS 7
Reconciliation of GAAP Income to Adjusted EBITDA 8
Historical Reconciliation of GAAP Income (Loss) to Adjusted EBITDA 9
Fully Diluted Weighted-Average Share Count for GAAP and Adjusted Earnings 10
Historical Equity-based Compensation and Allocations of Net Income to Limited Partnership Units and FPUs 11
Capital Markets Volumes 12
Condensed Consolidated Statements of Cash Flows 13
Details of Certain Components of "Net Cash Provided By (Used In) Operating Activities" 14
Reconciliation of GAAP Net Cash Provided by (Used in) Operating Activities to Free Cash Flow and Adjusted Free Cash Flow 15
Analysis of Operating Cash Flow (Excluding Activity from Loan Originations and Sales) Compared with Adjusted EBITDA 16
Note: Certain tables throughout this document may not reconcile due to rounding. Throughout this document, certain other reclassifications may have been made to previously reported amounts to conform to the current presentation and to show results on a consistent basis across periods. Unless otherwise stated, any such changes would have had no impact on consolidated total revenues or earnings under GAAP or for Adjusted Earnings, all else being equal. Certain numbers in the tables or elsewhere throughout this document may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.

US GAAP Bal Sheet PR

Newmark Group, Inc. (NMRK)
Consolidated Balance Sheets
($'s in thousands - unaudited)
September 30, 2026 December 31, 2025
Assets
Current Assets:
Cash and cash equivalents $ 239,983 $ 229,109
Restricted cash and short-term investments 131,263 120,176
Loans held for sale, at fair value 1,322,078 913,302
Receivables, net 743,723 628,405
Receivable from related parties - 0 - 0
Other current assets 200,537 114,050
Total current assets 2,637,584 2,005,042
Goodwill 808,332 802,040
Mortgage servicing rights, net 513,840 517,994
Loans, forgivable loans and other receivables from employees and partners, net 887,479 862,204
Right-of-use assets 434,886 447,765
Fixed assets, net 167,389 156,490
Other intangible assets, net 82,643 76,336
Other assets 228,050 151,296
Total assets $ 5,760,203 $ 5,019,167
Liabilities, Redeemable Partnership Interest, and Equity:
Current Liabilities:
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises $ 1,309,105 $ 892,439
Accrued compensation 457,734 440,337
Accounts payable, accrued expenses and other liabilities 649,758 572,294
Payables to related parties 6,439 1,835
Total current liabilities 2,423,036 1,906,905
Long-term debt 877,508 671,746
Right-of-use liabilities 426,626 437,205
Other long-term liabilities 256,710 251,507
Total liabilities 3,983,880 3,267,363
Equity:
Total equity (1) 1,776,323 1,751,804
Total liabilities, redeemable partnership interest, and equity $ 5,760,203 $ 5,019,167
(1) Includes "redeemable partnership interests," "noncontrolling interests" and "total stockholders' equity."

US GAAP P&L PR

Newmark Group, Inc. (NMRK)
Consolidated Statements of Operations
($'s in thousands, except per share data - unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
Revenues: 2026 2025 2026 2025 2025
Management Services, Servicing Fees and Other $ 376,346 $ 318,127 $ 1,071,531 $ 900,417
Leasing and Other Commissions 308,648 244,008 836,709 689,344
Capital Markets 288,201 301,325 799,894 698,305
Total revenues 973,195 863,460 2,708,134 2,288,066
Expenses:
Compensation and employee benefits 576,161 510,216 1,631,472 1,364,771
Equity-based compensation and allocations of net income to limited partnership units and FPUs 60,380 81,124 196,892 215,610
Total compensation and employee benefits 636,541 591,340 1,828,364 1,580,381
Operating, administrative and other 198,409 175,340 565,990 480,326
Fees to related parties 9,227 8,185 25,839 25,549
Depreciation and amortization 45,065 45,460 137,276 134,429
Total non-compensation expenses 252,701 228,985 729,105 640,304
Total operating expenses 889,242 820,325 2,557,469 2,220,685
Other income, net:
Other income, net 1,227 42,024 1,887 43,004
Total other income, net 1,227 42,024 1,887 43,004
Income (loss) from operations 85,180 85,159 152,552 110,385
Interest expense, net (8,220) (7,974) (22,548) (25,480)
Income (loss) before income taxes and noncontrolling interests 76,960 77,185 130,004 84,905
Provision (benefit) for income taxes 17,972 18,731 30,985 12,887
Consolidated net income (loss) 58,988 58,454 99,019 72,018
Less: Net income (loss) attributable to noncontrolling interests 10,055 12,300 15,969 13,809
Net income (loss) available to common stockholders $ 48,933 $ 46,154 $ 83,050 $ 58,209
Per share data:
Basic earnings per share
Net income (loss) available to common stockholders $ 48,933 $ 46,154 $ 83,050 $ 58,209
Basic earnings per share $ 0.27 $ 0.26 $ 0.46 $ 0.33
Basic weighted-average shares of common stock outstanding 179,834 177,230 180,297 177,717
Fully diluted earnings per share
Net income (loss) for fully diluted shares $ 67,351 $ 63,983 $ 114,100 $ 80,085
Fully diluted earnings per share $ 0.27 $ 0.25 $ 0.45 $ 0.32
Fully diluted weighted-average shares of common stock outstanding 252,710 251,674 253,476 253,179
Dividends declared per share of common stock $ 0.06 $ 0.03 $ 0.15 $ 0.09
Dividends paid per share of common stock $ 0.06 $ 0.03 $ 0.15 $ 0.09

Revenue Detail

Newmark Group, Inc. (NMRK)
Revenue Detail
($'s in thousands - unaudited)
2020 2021 2022 2023 2024 2025 2026
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
Detail of revenues as presented in the Statement of Operations:
Valuation & Advisory (V&A) $ 28,116 $ 19,934 $ 25,176 $ 33,889 $ 107,115 $ 32,698 $ 35,524 $ 41,967 $ 46,562 $ 156,751 $ 45,328 $ 44,798 $ 37,519 $ 36,278 $ 163,921 $ 33,322 $ 32,842 $ 38,204 $ 39,475 $ 143,844 $ 35,013 $ 37,461 $ 39,345 $ 48,467 $ 160,286 $ 43,812 $ 48,818 $ 48,598 $ 55,755 $ 196,983 $ 53,857 $ 57,602 $ 60,670 $ 172,129
Other management services fee revenues (1) 30,936 28,483 22,169 20,540 102,128 26,229 48,228 55,823 66,369 196,649 61,940 64,031 63,093 63,635 252,700 63,287 75,784 78,544 82,070 299,683 84,232 83,944 89,056 98,042 355,274 90,416 97,843 103,098 114,147 405,504 114,870 116,436 119,548 350,854
Pass through revenues (2) (4) 66,519 56,680 60,152 74,917 258,268 87,640 95,663 100,843 96,312 380,458 77,793 72,568 63,244 62,839 276,444 63,347 67,570 73,949 76,642 281,508 74,176 77,373 83,576 82,317 317,442 83,893 83,944 90,554 93,222 351,613 101,434 103,069 119,230 323,733
Servicing fees and other revenues (5) 39,575 36,512 39,331 43,207 158,625 41,183 40,094 45,836 54,743 181,856 48,059 52,288 58,523 57,550 216,420 52,337 64,464 63,052 65,989 245,842 63,513 64,000 70,646 75,538 273,697 65,772 67,792 75,877 80,693 290,134 73,868 74,046 76,899 224,813
Management Services, Servicing Fees and Other $ 165,146 $ 141,609 $ 146,828 $ 172,553 $ 626,136 $ 187,750 $ 219,509 $ 244,469 $ 263,986 $ 915,714 $ 233,120 $ 233,685 $ 222,379 $ 220,302 $ 909,485 $ 212,293 $ 240,660 $ 253,749 $ 264,176 $ 970,877 $ 256,934 $ 262,778 $ 282,623 $ 304,364 $ 1,106,699 $ 283,893 $ 298,397 $ 318,127 $ 343,817 $ 1,244,233 $ 344,031 $ 351,153 $ 376,347 $ 1,071,531
Leasing and Other Commissions $ 140,439 $ 120,079 $ 114,947 $ 138,377 $ 513,842 $ 147,433 $ 184,346 $ 231,532 $ 263,631 $ 826,942 $ 198,952 $ 212,825 $ 219,903 $ 200,193 $ 831,874 $ 193,306 $ 203,611 $ 203,268 $ 239,410 $ 839,595 $ 158,799 $ 208,557 $ 214,581 $ 275,679 $ 857,617 $ 208,074 $ 237,262 $ 244,008 $ 313,218 $ 1,002,562 $ 250,031 $ 278,030 $ 308,648 $ 836,709
Investment sales $ 112,576 $ 47,163 $ 74,298 $ 169,935 $ 403,972 $ 101,545 $ 142,233 $ 208,786 $ 305,180 $ 757,744 $ 152,113 $ 209,053 $ 131,731 $ 113,518 $ 606,416 $ 71,993 $ 77,604 $ 94,707 $ 136,972 $ 381,276 $ 70,823 $ 91,731 $ 99,223 $ 155,907 $ 417,684 $ 92,858 $ 106,623 $ 159,860 $ 200,051 $ 559,392 $ 140,666 $ 164,599 $ 171,855 $ 477,120
OMSR revenues (2) (3) 29,347 42,128 60,947 62,392 194,814 28,716 25,815 33,644 48,230 136,405 29,472 31,499 27,386 21,570 109,927 14,099 23,046 20,997 23,940 82,082 16,144 23,395 26,220 34,412 100,171 21,403 24,747 40,508 36,176 122,834 29,180 26,557 36,719 92,456
Loan originations related fees and sales premiums, net 21,075 26,943 30,246 37,836 116,100 18,678 15,446 26,385 28,568 89,077 18,300 17,963 21,455 16,854 74,572 11,963 21,593 19,084 16,965 69,604 16,699 18,653 21,071 35,222 91,645 22,080 26,946 32,123 29,604 110,753 25,413 23,513 29,156 78,082
Mortgage brokerage and debt placement 15,347 5,796 8,659 20,333 50,135 19,858 42,522 43,309 74,871 180,560 46,290 50,326 41,792 34,845 173,253 17,146 19,330 24,478 65,979 126,933 27,100 28,260 42,195 67,131 164,685 37,186 65,137 68,834 83,093 254,250 57,198 44,567 50,471 152,236
Capital Markets $ 178,345 $ 122,030 $ 174,150 $ 290,496 $ 765,021 $ 168,797 $ 226,016 $ 312,124 $ 456,849 $ 1,163,786 $ 246,175 $ 308,841 $ 222,364 $ 186,787 $ 964,168 $ 115,201 $ 141,573 $ 159,266 $ 243,856 $ 659,896 $ 130,766 $ 162,039 $ 188,708 $ 292,672 $ 774,186 $ 173,527 $ 223,453 $ 301,325 $ 348,924 $ 1,047,229 $ 252,457 $ 259,236 $ 288,201 $ 799,894
Total revenues $ 483,930 $ 383,718 $ 435,924 $ 601,426 $ 1,904,998 $ 503,980 $ 629,871 $ 788,126 $ 984,466 $ 2,906,443 $ 678,247 $ 755,351 $ 664,646 $ 607,282 $ 2,705,527 $ 520,799 $ 585,844 $ 616,283 $ 747,442 $ 2,470,368 $ 546,499 $ 633,375 $ 685,912 $ 872,715 $ 2,738,502 $ 665,494 $ 759,112 $ 863,460 $ 1,005,959 $ 3,294,024 $ 846,519 $ 888,419 $ 973,195 $ 2,708,134
Fee revenues detail:
Fees from management services, servicing, and other $ 98,627 $ 84,929 $ 86,676 $ 97,636 $ 367,868 $ 100,110 $ 123,846 $ 143,626 $ 167,674 $ 535,256 $ 155,327 $ 161,117 $ 159,135 $ 157,463 $ 633,042 $ 148,945 $ 173,090 $ 179,800 $ 187,534 $ 689,369 $ 182,758 $ 185,405 $ 199,047 $ 222,047 $ 789,256 $ 200,000 $ 214,453 $ 227,572 $ 250,595 $ 892,620 $ 242,595 $ 248,084 $ 257,116 $ 747,795
Leasing and Other Commissions 140,439 120,079 114,947 138,377 513,842 147,433 184,346 231,532 263,631 826,942 198,952 212,825 219,903 200,193 831,874 193,306 203,611 203,268 239,410 839,595 158,799 208,557 214,581 275,679 857,617 208,074 237,262 244,008 313,218 1,002,562 250,031 278,030 308,648 836,709
Capital Markets - fee revenues only 148,998 79,902 113,203 228,104 570,207 140,081 200,201 278,480 408,619 1,027,381 216,703 277,342 194,978 165,217 854,240 101,102 118,527 138,269 219,916 577,814 114,622 138,644 162,488 258,260 674,015 152,124 198,706 260,818 312,748 924,396 223,279 232,679 251,483 707,441
Total fee revenues $ 388,064 $ 284,910 $ 314,826 $ 464,117 $ 1,451,917 $ 387,624 $ 508,393 $ 653,638 $ 839,924 $ 2,389,579 $ 570,982 $ 651,284 $ 574,016 $ 522,873 $ 2,319,155 $ 443,353 $ 495,228 $ 521,337 $ 646,860 $ 2,106,777 $ 456,179 $ 532,606 $ 576,116 $ 755,986 $ 2,320,888 $ 560,198 $ 650,421 $ 732,398 $ 876,561 $ 2,819,578 $ 715,905 $ 758,793 $ 817,247 $ 2,291,945
Non-fee revenues detail: (2) (4)
OMSR revenues $ 29,347 $ 42,128 $ 60,947 $ 62,392 $ 194,814 $ 28,716 $ 25,815 $ 33,644 $ 48,230 $ 136,405 $ 29,472 $ 31,499 $ 27,386 $ 21,570 $ 109,927 $ 14,099 $ 23,046 $ 20,997 $ 23,940 $ 82,082 $ 16,144 $ 23,395 $ 26,220 $ 34,412 $ 100,171 $ 21,403 $ 24,747 $ 40,508 $ 36,176 $ 122,834 $ 29,180 $ 26,557 $ 36,719 $ 92,456
Pass through revenues 66,519 56,680 60,152 74,917 258,268 87,640 95,663 100,843 96,312 380,458 77,793 72,568 63,244 62,839 276,444 63,347 67,570 73,949 76,642 281,508 74,176 77,373 83,576 82,317 317,442 83,893 83,944 90,554 93,222 351,613 101,434 103,069 119,230 323,733
Total non-fee revenues $ 95,866 $ 98,808 $ 121,099 $ 137,309 $ 453,082 $ 116,356 $ 121,478 $ 134,487 $ 144,542 $ 516,863 $ 107,265 $ 104,067 $ 90,630 $ 84,409 $ 386,371 $ 77,446 $ 90,616 $ 94,946 $ 100,582 $ 363,590 $ 90,320 $ 100,768 $ 109,796 $ 116,729 $ 417,613 $ 105,296 $ 108,691 $ 131,062 $ 129,398 $ 474,447 $ 130,614 $ 129,626 $ 155,949 $ 416,189
Detail of revenues as presented in certain investor presentations:
Valuation & Advisory (V&A) $ 28,116 $ 19,934 $ 25,176 $ 33,889 $ 107,115 $ 32,698 $ 35,524 $ 41,967 $ 46,562 $ 156,751 $ 45,328 $ 44,798 $ 37,519 $ 36,278 $ 163,921 $ 33,322 $ 32,842 $ 38,204 $ 39,475 $ 143,844 $ 35,013 $ 37,461 $ 39,345 $ 48,467 $ 160,286 $ 43,812 $ 48,818 $ 48,598 $ 55,755 $ 196,983 $ 53,857 $ 57,602 $ 60,670 $ 172,129
Leasing and Other Commissions 140,439 120,079 114,947 138,377 513,842 147,433 184,346 231,532 263,631 826,942 198,952 212,825 219,903 200,193 831,874 193,306 203,611 203,268 239,410 839,595 158,799 208,557 214,581 275,679 857,617 208,074 237,262 244,008 313,218 1,002,562 250,031 278,030 308,648 836,709
Investment sales 112,576 47,163 74,298 169,935 403,972 101,545 142,233 208,786 305,180 757,744 152,113 209,053 131,731 113,518 606,416 71,993 77,604 94,707 136,972 381,276 70,823 91,731 99,223 155,907 417,684 92,858 106,623 159,860 200,051 559,392 140,666 164,599 171,855 477,120
Loan originations related fees and sales premiums, net 21,075 26,943 30,246 37,836 116,100 18,678 15,446 26,385 28,568 89,077 18,300 17,963 21,455 16,854 74,572 11,963 21,593 19,084 16,965 69,604 16,699 18,653 21,071 35,222 91,645 22,080 26,946 32,123 29,604 110,753 25,413 23,513 29,156 78,082
Mortgage brokerage and debt placement 15,347 5,796 8,659 20,333 50,135 19,858 42,522 43,309 74,871 180,560 46,290 50,326 41,792 34,845 173,253 17,146 19,330 24,478 65,979 126,933 27,100 28,260 42,195 67,131 164,685 37,186 65,137 68,834 83,093 254,250 57,198 44,567 50,471 152,236
Commission-based revenues (6) $ 317,553 $ 219,915 $ 253,326 $ 400,370 $ 1,191,164 $ 320,212 $ 420,071 $ 551,979 $ 718,812 $ 2,011,074 $ 460,983 $ 534,965 $ 452,400 $ 401,688 $ 1,850,036 $ 327,730 $ 354,980 $ 379,741 $ 498,801 $ 1,561,252 $ 308,434 $ 384,662 $ 416,415 $ 582,406 $ 1,691,917 $ 404,010 $ 484,786 $ 553,423 $ 681,721 $ 2,123,940 $ 527,165 $ 568,311 $ 620,800 $ 1,716,276
Fees from management services, servicing, and other, excluding V&A (7) 70,511 64,995 61,499 63,747 260,752 67,412 88,322 101,660 121,032 378,426 110,000 116,320 121,616 121,186 469,122 115,623 140,249 141,595 148,058 545,525 147,745 147,945 159,701 173,580 628,971 156,189 165,635 178,975 194,840 695,639 188,738 190,481 196,446 575,665
Non-fee revenues (2) (4) 95,866 98,808 121,099 137,309 453,082 116,356 121,478 134,487 144,542 516,863 107,265 104,067 90,630 84,409 386,371 77,446 90,616 94,946 100,582 363,590 90,320 100,768 109,796 116,729 417,613 105,296 108,691 131,062 129,398 474,447 130,614 129,626 155,949 416,189
Total revenues $ 483,930 $ 383,718 $ 435,924 $ 601,426 $ 1,904,998 $ 503,980 $ 629,871 $ 788,126 $ 984,466 $ 2,906,443 $ 678,247 $ 755,351 $ 664,646 $ 607,282 $ 2,705,527 $ 520,799 $ 585,844 $ 616,283 $ 747,442 $ 2,470,368 $ 546,499 $ 633,375 $ 685,912 $ 872,715 $ 2,738,502 $ 665,494 $ 759,112 $ 863,460 $ 1,005,959 $ 3,294,024 $ 846,519 $ 888,419 $ 973,195 $ 2,708,134
(1) Management services fee revenues includes Facilities Management, Property Management, Project Management, Consulting, Valuation & Advisory, and Underwriting.
(2) Pass through revenues have no impact on the Company's GAAP or non-GAAP earnings measures, while non-cash OMSR revenues and non-cash MSR amortization are excluded from the calculations of Adjusted EBITDA and Adjusted Earnings. See the tabs with reconciliations of GAAP net income to Adjusted Earnings and to Adjusted EBITDA for historical non-cash OMSR revenues and non-cash MSR amortization.
(3) Non-cash gains attributable to originated mortgage servicing rights, which represent the fair value of expected net future cash flows from servicing recognized at commitment, net.
(4) Pass through revenues represent fully reimbursable compensation and non-compensation expenses recorded as part of Newmark's management services business.
(5) Servicing fees include mortgage servicing fees, asset management fees, escrow interest and placement fees, and ancillary fees. "Other revenues" include interest income on loans held-for-sale.
(6) Commission-based revenues include Leasing and other commissions, Investment sales, Mortgage brokerage and debt placement, Loan originations related fees and sales premiums, net, and Valuation and Advisory.
(7) Includes fees from management services, asset management, mortgage servicing, and interest income on loans held for sale.
(8) Servicing fees increased by $4.0 million to $51.2 million for the three months ended September 30, 2026 from $47.3 million for the three months ended September 30, 2025, offset by a decrease in escrow interest income and interest income on loans held for sale of $2.9 million to $25.7 million for the three months ended September 30, 2026 from $28.6 million for the three months ended September 30, 2025.

Expense and Other Income Detail

Newmark Group, Inc. (NMRK)
GAAP & Adjusted Earnings Expense and Other Income Detail
($'s in thousands - unaudited)
2020 2021 2022 2023 2024 2025 2026
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
GAAP Expense Summary:
Compensation and employee benefits $ 300,258 $ 230,518 $ 253,908 $ 362,676 $ 1,147,360 $ 289,074 $ 541,397 $ 444,409 $ 554,008 $ 1,828,888 $ 382,583 $ 426,617 $ 388,903 $ 356,680 $ 1,554,783 $ 328,351 $ 346,930 $ 371,250 $ 442,607 $ 1,489,138 $ 328,195 $ 377,523 $ 392,276 $ 500,405 $ 1,598,400 $ 399,512 $ 455,045 $ 510,216 $ 582,701 $ 1,947,473 $ 515,607 $ 539,704 $ 576,161 $ 1,631,472
Equity-based compensation and allocations of net income to limited partnership units and FPUs 12,914 10,860 50,770 56,215 130,759 14,248 267,532 33,962 40,601 356,344 16,900 41,988 44,088 35,338 138,314 35,648 19,609 29,548 54,941 139,747 51,442 25,486 48,750 59,720 185,398 74,346 60,140 81,124 66,435 282,045 68,396 68,116 60,380 196,892
Total compensation and employee benefits $ 313,172 $ 241,378 $ 304,678 $ 418,891 $ 1,278,119 $ 303,322 $ 808,929 $ 478,371 $ 594,609 $ 2,185,232 $ 399,483 $ 468,605 $ 432,991 $ 392,018 $ 1,693,097 $ 363,999 $ 366,539 $ 400,798 $ 497,548 $ 1,628,884 $ 379,638 $ 403,009 $ 441,026 $ 560,125 $ 1,783,798 $ 473,858 $ 515,184 $ 591,340 $ 649,136 $ 2,229,518 $ 584,003 $ 607,820 $ 636,541 $ 1,828,364
Total non compensation expense 144,133 95,163 97,526 121,349 458,171 134,478 171,658 186,910 206,095 699,141 180,175 182,302 173,042 193,642 729,161 165,604 195,687 188,637 180,194 730,122 189,459 195,284 204,156 209,441 798,339 209,905 201,415 228,985 233,249 873,553 236,200 240,204 252,701 729,105
Total expenses for GAAP $ 457,305 $ 336,541 $ 402,204 $ 540,240 $ 1,736,290 $ 437,800 $ 980,587 $ 665,281 $ 800,704 $ 2,884,373 $ 579,658 $ 650,907 $ 606,033 $ 585,660 $ 2,422,258 $ 529,603 $ 562,226 $ 589,435 $ 677,742 $ 2,359,006 $ 569,097 $ 598,293 $ 645,182 $ 769,566 $ 2,582,137 $ 683,763 $ 716,599 $ 820,325 $ 882,386 $ 3,103,073 $ 820,203 $ 848,024 $ 889,242 $ 2,557,469
GAAP Other Income/(loss) and Other Expenses:
Other income/(loss) $ 1,438 $ (36,389) $ 108,608 $ (58,367) $ 15,290 $ (2,210) $ 1,086,812 $ 102,720 $ 45,173 $ 1,232,495 $ (86,001) $ (15,303) $ (128) $ 3,730 $ (97,701) $ (3,010) $ 3,925 $ 3,203 $ 9,735 $ 13,853 $ (14) $ 5,637 $ 321 $ 732 $ 6,676 $ 750 $ 230 $ 42,024 $ 45 $ 43,049 $ 644 $ 16 $ 1,227 $ 1,887
Tax provision/(benefit) $ 4,797 $ 88 $ 33,273 $ (1,165) $ 36,993 $ 10,579 $ 142,182 $ 53,811 $ 36,386 $ 242,958 $ 4,004 $ 18,426 $ 13,294 $ 6,330 $ 42,053 $ (3,056) $ 6,719 $ 8,356 $ 29,084 $ 41,103 $ (3,516) $ 9,046 $ 8,847 $ 31,406 $ 45,783 $ (10,053) $ 4,209 $ 18,731 $ 33,187 $ 46,074 $ 3,431 $ 9,581 $ 17,972 $ 30,984
Net income (loss) attributable to noncontrolling interests $ 6,056 $ 330 $ 24,176 $ (1,346) $ 29,217 $ 11,473 $ 145,447 $ 34,707 $ 35,779 $ 227,406 $ 352 $ 13,273 $ 9,946 $ 5,699 $ 29,270 $ (5,999) $ 4,800 $ 4,206 $ 16,793 $ 19,800 $ (10,062) $ 9,135 $ 6,547 $ 18,637 $ 24,257 $ (7,183) $ 8,692 $ 12,300 $ 15,451 $ 29,260 $ 2,196 $ 3,718 $ 10,055 $ 15,969
Adjusted Earnings Expense Summary:
Total compensation and employee benefits $ 299,693 $ 228,675 $ 248,762 $355,944 $ 1,133,074 $ 288,147 $ 351,662 $ 427,909 $ 551,386 $ 1,619,104 $ 381,303 $ 425,872 $ 388,435 $ 357,085 $ 1,552,695 $ 327,492 $ 346,892 $ 368,347 $ 441,286 $ 1,484,017 $ 327,264 $ 377,293 $ 391,792 $ 500,219 $ 1,596,568 $ 398,657 $ 454,412 $ 501,906 $ 580,598 $ 1,935,573 $ 515,417 $ 538,583 $ 574,781 $ 1,628,781
Total non compensation expense 115,493 68,110 71,593 81,013 336,209 116,622 138,137 158,935 169,009 582,703 149,499 148,243 135,939 140,044 573,725 134,410 161,021 147,274 151,195 593,900 152,961 159,390 164,532 169,356 646,239 174,127 181,110 193,040 193,998 742,275 197,923 202,145 214,101 614,169
Total expenses for adjusted earnings $ 415,186 $ 296,785 $ 320,355 $ 436,957 $ 1,469,283 $ 404,769 $ 489,799 $ 586,844 $ 720,395 $ 2,201,807 $ 530,802 $ 574,115 $ 524,374 $ 497,129 $ 2,126,420 $ 461,902 $ 507,913 $ 515,621 $ 592,481 $ 2,077,917 $ 480,225 $ 536,683 $ 556,324 $ 669,575 $ 2,242,807 $ 572,784 $ 635,522 $ 694,946 $ 774,596 $ 2,677,848 $ 713,340 $ 740,728 $ 788,882 $ 2,242,950
Detail of Expenses as Presented in Certain Investor Presentations:
Commission-based compensation $ 157,166 $ 110,993 $ 126,240 $ 204,231 $ 598,630 $ 162,376 $ 217,225 $ 282,966 $ 370,342 $ 1,032,909 $ 234,521 $ 275,739 $ 234,025 $ 208,263 $ 952,548 $ 166,921 $ 175,164 $ 188,655 $ 252,029 $ 782,769 $ 150,160 $ 193,078 $ 208,538 $ 291,272 $ 843,048 $ 205,384 $ 254,392 $ 286,978 $ 336,852 $ 1,083,606 $ 269,114 $ 293,327 $ 316,162 $ 878,603
Support and operational expenses - comp 96,687 77,898 77,948 97,997 350,530 93,012 101,050 112,502 142,258 448,822 109,013 114,319 117,089 108,335 448,756 122,472 136,158 141,787 145,266 545,683 136,141 144,094 142,555 161,276 584,066 149,100 157,041 168,775 191,891 666,807 194,922 195,030 206,415 596,367
Pass-through fees related to management services revenues - comp 45,840 39,784 44,574 53,716 183,914 32,759 33,387 32,441 38,786 137,373 37,769 35,814 37,321 40,487 151,391 38,099 35,570 37,905 43,990 155,564 40,963 40,121 40,699 47,671 169,454 44,173 42,979 46,153 51,855 185,160 51,381 50,226 52,204 153,811
Total compensation and employee benefits $ 299,693 $ 228,675 $ 248,762 $ 355,944 $ 1,133,074 $ 288,147 $ 351,662 $ 427,909 $ 551,386 $ 1,619,104 $ 381,303 $ 425,872 $ 388,435 $ 357,085 $ 1,552,695 $ 327,492 $ 346,892 $ 368,347 $ 441,286 $ 1,484,017 $ 327,264 $ 377,293 $ 391,792 $ 500,219 $ 1,596,568 $ 398,657 $ 454,412 $ 501,906 $ 580,598 $ 1,935,573 $ 515,417 $ 538,583 $ 574,781 $ 1,628,781
Support and operational expenses - non-comp (1) 94,814 51,210 56,014 59,817 261,855 61,741 75,862 90,533 111,483 339,619 109,475 111,982 110,017 117,692 449,166 109,162 129,022 111,230 118,544 467,958 119,747 122,138 121,658 134,711 498,254 134,408 140,145 148,639 152,631 575,823 147,875 149,302 147,075 444,252
Pass-through fees related to management services revenues - non-comp 20,679 16,900 15,579 21,196 74,354 54,881 62,275 68,402 57,526 243,084 40,024 36,261 25,922 22,352 124,559 25,248 31,999 36,044 32,651 125,942 33,214 37,252 42,874 34,645 147,985 39,719 40,965 44,401 41,367 166,452 50,048 52,843 67,026 169,917
Total non compensation expense (1) 115,493 68,110 71,593 81,013 336,209 116,622 138,137 158,935 169,009 582,703 149,499 148,243 135,939 140,044 573,725 134,410 161,021 147,274 151,195 593,900 152,961 159,390 164,532 169,356 646,239 174,127 181,110 193,040 193,998 742,275 197,923 202,145 214,101 614,169
Total expenses for adjusted earnings (1) $ 415,186 $ 296,785 $ 320,355 $ 436,957 $ 1,469,283 $ 404,769 $ 489,799 $ 586,844 $ 720,395 $ 2,201,807 $ 530,802 $ 574,115 $ 524,374 $ 497,129 $ 2,126,420 $ 461,902 $ 507,913 $ 515,621 $ 592,481 $ 2,077,917 $ 480,225 $ 536,683 $ 556,324 $ 669,575 $ 2,242,807 $ 572,784 $ 635,522 $ 694,946 $ 774,596 $ 2,677,848 $ 713,340 $ 740,728 $ 788,882 $ 2,242,950
Adjusted Earnings Other Income/(loss) and Other Expenses:
Other income (loss) $ 15 $ (3,878) $ (7,527) $ (9) $ (11,399) $ 3,392 $ (3,406) $ 1,475 $ 1,382 $ 2,843 $ 22 $ 170 $ 156 $ 2,886 $ 3,234 $ 3,628 $ 5,005 $ 5,664 $ (85) $ 14,212 $ (1) $ - $ 4 $ 92 $ 95 $ 27 $ 27 $ - $ - $ 54 $ - $ - $ - $ -
Tax provision (benefit) $ 5,839 $ 4,571 $ 5,634 $ 16,797 $ 32,840 $ 11,249 $ 17,291 $ 30,481 $ 42,721 $ 101,742 $ 20,264 $ 27,448 $ 20,108 $ 7,843 $ 75,663 $ 6,166 $ 7,595 $ 12,186 $ 19,848 $ 45,799 $ 6,436 $ 9,756 $ 12,784 $ 22,306 $ 51,282 $ 8,988 $ 12,543 $ 14,458 $ 16,556 $ 52,545 $ 14,270 $ 16,717 $ 18,037 $ 49,024
Net income (loss) attributable to noncontrolling interests $ 455 $ 213 $ (9) $ 544 $ 1,203 $ 659 $ 746 $ 959 $ 1,114 $ 3,478 $ 34 $ (111) $ 638 $ 237 $ 798 $ (689) $ (439) $ (292) $ (327) $ (1,747) $ (949) $ (507) $ (235) $ (500) $ (2,192) $ (482) $ (419) $ (284) $ (157) $ (1,342) $ (616) $ (535) $ (721) $ (1,872)
(1) Pass through management services revenues have no impact on the Company's GAAP or non-GAAP earnings measures, while non-cash OMSR revenues and non-cash MSR amortization are excluded from the calculations of Adjusted EBITDA and Adjusted Earnings. See the tabs with reconciliations of GAAP net income to Adjusted Earnings and to Adjusted EBITDA for historical non-cash OMSR revenues and non-cash MSR amortization.

Recon of GAAP to AE PR

Newmark Group, Inc. (NMRK)
Reconciliation of GAAP Net income (loss) to Common Stockholders to Adjusted Earnings before Noncontrolling Interests and Taxes and
GAAP Fully Diluted EPS to Post-tax Adjusted EPS
($'s in thousands, except per share data or unless noted - unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
GAAP net income (loss) available to common stockholders $ 48,933 $ 46,154 $ 83,050 $ 58,209
Provision (benefit) for income taxes (1) 17,972 18,731 30,985 12,887
Net income (loss) attributable to noncontrolling interests (2) 10,055 12,300 15,969 13,809
GAAP income (loss) before income taxes and noncontrolling interests $ 76,960 $ 77,185 $ 130,004 $ 84,905
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPUs (3) 60,380 81,124 196,892 215,610
Other compensation adjustments (4) 1,380 8,308 2,687 9,796
Total Compensation adjustments 61,760 89,432 199,579 225,406
Non-Compensation expense adjustments:
Amortization of intangibles (5) 3,300 3,794 10,881 12,008
MSR amortization(6) 31,212 31,745 90,548 86,910
Other non-compensation adjustments (7) 4,087 404 13,502 (6,889)
Total Non-Compensation expense adjustments 38,599 35,943 114,931 92,029
Non-cash adjustment for OMSR revenues (8) (36,719) (40,508) (92,456) (86,657)
Other (income) loss, net:
Other non-cash, non-dilutive, and /or non-economic items and Nasdaq (9) (1,227) (42,024) (1,887) (42,950)
Total Other (income) loss, net (1,227) (42,024) (1,887) (42,950)
Total pre-tax adjustments 62,413 42,843 220,167 187,828
Adjusted Earnings before noncontrolling interests and taxes ("Pre-tax Adjusted Earnings") $ 139,373 $ 120,028 $ 350,171 $ 272,733
GAAP net income (loss) available to common stockholders: $ 48,933 $ 46,154 $ 83,050 $ 58,209
Allocation of net income (loss) to noncontrolling interests (10) 10,776 12,584 17,841 14,994
Total pre-tax adjustments (from above) 62,413 42,843 220,167 187,828
Income tax adjustment to reflect adjusted earnings taxes (1) (65) 4,273 (18,041) (23,102)
Post-tax Adjusted Earnings to fully diluted shareholders ("Post-tax Adjusted Earnings") $ 122,057 $ 105,854 $ 303,018 $ 237,930
Per Share Data:
GAAP fully diluted earnings per share $ 0.27 $ 0.25 $ 0.45 $ 0.32
Allocation of net income (loss) to noncontrolling interests 0.00 0.00 0.01 0.00
Total pre-tax adjustments (from above) 0.25 0.17 0.87 0.74
Income tax adjustment to reflect adjusted earnings taxes 0.00 0.02 (0.07) (0.09)
Other (0.04) (0.02) (0.06) (0.03)
Post-tax Adjusted Earnings per share ("Adjusted Earnings EPS") $ 0.48 $ 0.42 $ 1.20 $ 0.94
Fully diluted weighted-average shares of common stock outstanding 252,710 251,674 253,476 253,179
(1) Newmark's GAAP provision (benefit) for income taxes is calculated based on an annualized methodology. Newmark includes additional tax-deductible items when calculating the provision (benefit) for taxes with respect to Adjusted Earnings using an annualized methodology. These include tax-deductions related to equity-based compensation, and certain net-operating loss carryforwards. The adjustment in the tax provision to reflect Adjusted Earnings is shown below (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
GAAP provision (benefit) for income taxes $ 18.0 $ 18.7 $ 31.0 $ 12.9
Income tax adjustment to reflect Adjusted Earnings 0.1 (4.3) 18.0 23.1
Provision for income taxes for Adjusted Earnings $ 18.1 $ 14.4 $ 49.0 $ 36.0
(2) Primarily represents portion of Newmark's net income pro-rated for Cantor and BGC's employees ownership percentage and the noncontrolling portion of Newmark's net income in subsidiaries.
(3) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Issuance of common stock and exchangeability expenses (i) $ 39.9 $ 46.0 $ 148.3 $ 135.1
Limited partnership units amortization 1.8 7.5 5.2 23.9
RSU amortization Expense 7.9 15.3 25.1 41.7
Total equity-based compensation $ 49.6 $ 68.8 $ 178.6 $ 200.7
Allocations of net income 10.8 12.3 18.3 14.9
Equity-based compensation and allocations of net income to limited partnership units and FPUs $ 60.4 $ 81.1 $ 196.9 $ 215.6
(i) Includes $21.1 million of GAAP charges related to the exchange and redemption of units held by Newmark's former Executive Chairman, Howard W. Lutnick in Q1 2025.
(4) Includes compensation expenses related to severance charges as a result of the cost savings initiatives of $0.8 million and $1.2 million for the three months ended September 30, 2026 and 2025, respectively, and $1.6 million and $2.9 million for the nine months ended September 30, 2026 and 2025, respectively. Also includes commission charges related to non-cash GAAP gains attributable to OMSR revenues of $(0.4) million and $(0.4) million for the three months ended September 30, 2026 and 2025, respectively, and $(1.1) million and $(0.6) million for the nine months ended September 30, 2026 and 2025, respectively. Also includes acquisition related compensation expenses of $0.5 million and $1.6 million for the three and nine months ended September 30, 2026, respectively. For both the three and nine months ended September 30, 2026 and 2025, this also includes asset impairments not considered a part of ongoing operations of $0.5 million and $7.1 million, respectively.
(5) Includes Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions.
(6) Adjusted Earnings calculations exclude non-cash GAAP amortization of mortgage servicing rights (which Newmark refers to as "MSRs"). Subsequent to the initial recognition at fair value, MSRs are carried at the lower of amortized cost or fair value and amortized in proportion to the net servicing revenues expected to be earned. However, it is expected that any cash received with respect to these servicing rights, net of associated expenses, will increase Adjusted Earnings in future periods.
(7) The components of other non-compensation adjustments are as follows (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Lease expense (credits) related to liquidating entities $ - 0 $ (0.3) $ 1.8 $ (14.7)
Asset impairments 0.3 0.1 5.9 6.6
Unaffiliated third party professional fees and expenses related to legal matters 0.4 0.3 0.4 3.2
Settlements (proceeds) from litigation 0.1 0.1 0.6 (3.6)
Acquisition costs 3.1 - 4.1 -
Fair value adjustments related to acquisition earnouts 0.2 0.2 0.7 1.6
$ 4.1 $ 0.4 $ 13.5 $ (6.9)
(8) Adjusted Earnings calculations exclude non-cash GAAP gains attributable to originated mortgage servicing rights (which Newmark refers to as "OMSRs"). Under GAAP, Newmark recognizes OMSRs equal to the fair value of servicing rights retained on mortgage loans originated and sold.
(9) Includes income related to other recoveries and various other GAAP items of $0.6 million and $0.0 million for the three months ended September 30, 2026 and 2025, respectively, and $1.3 million and $0.9 million for the nine months ended September 30, 2026 and 2025, respectively. Also includes realized gains (losses) on disposition of assets of $0.6 million and $(0.3) million for both the three and nine months ended September 30, 2026 and 2025, respectively. Also includes the net $42.3 million received from insurers pursuant to the previously disclosed settlement of a stockholder derivative litigation for the three and nine months ended September 30, 2025.
(10) Excludes the noncontrolling portion of Newmark's net income (loss) in subsidiaries which are not wholly owned.

Hist. Recon GAAP to AE Detail

Newmark Group, Inc. (NMRK)
Historical Reconciliation of GAAP Income (Loss) to Adjusted Earnings & GAAP Fully Diluted EPS to Post-tax Adjusted EPS
($'s in thousands, except per share data - unaudited)
2020 2021 2022 2023 2024 2025 2026
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
Net income (loss) available to common stockholders $ 8,182 $ 314 $ 75,349 $ (3,781) $ 80,060 $ 33,105 $ 439,744 $ 128,549 $ 149,331 $ 750,728 $ 362 $ 48,519 $ 27,964 $ 6,427 $ 83,275 $ (10,350) $ 6,429 $ 9,947 $ 36,548 $ 42,574 $ (16,254) $ 14,280 $ 17,794 $ 45,411 $ 61,234 $ (8,766) $ 20,819 $ 46,154 $ 67,979 $ 126,186 $ 14,419 $ 19,698 $ 48,933 $ 83,050
Provision (benefit) for income taxes 4,797 88 33,272 (1,165) 36,993 10,579 142,182 53,811 36,386 242,958 4,004 18,426 13,294 6,330 42,054 (3,056) 6,719 8,356 29,084 41,103 (3,516) 9,046 8,847 31,406 45,783 (10,053) 4,209 18,731 33,187 46,074 3,431 9,581 17,972 30,984
Net income (loss) attributable to noncontrolling interest in subsidiaries 6,056 330 24,176 (1,346) 29,217 11,473 145,447 34,707 35,779 227,406 352 13,273 9,946 5,699 29,270 (5,999) 4,800 4,206 16,793 19,800 (10,062) 9,135 6,547 18,637 24,257 (7,183) 8,692 12,300 15,451 29,260 2,196 3,718 10,055 15,969
GAAP income (loss) before income taxes and noncontrolling interests $ 19,032 $ 732 $ 132,798 $ (6,292) $ 146,270 $ 55,157 $ 727,373 $ 217,067 $ 221,496 $ 1,221,092 $ 4,718 $ 80,218 $ 51,204 $ 18,456 $ 154,599 $ (19,405) $ 17,948 $ 22,509 $ 82,425 $ 103,477 $ (29,832) $ 32,461 $ 33,188 $ 95,454 $ 131,271 $ (26,002) $ 33,720 $ 77,185 $ 116,617 $ 201,520 $ 20,046 $ 32,997 $ 76,960 $ 130,003
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation $ 12,365 $ 9,877 $ 21,549 $ 56,508 $ 100,298 $ 3,615 $ 253,239 $ 20,797 $ 23,511 $ 301,162 $ 16,752 $ 34,201 $ 39,213 $ 32,271 $ 122,437 $ 35,407 $ 19,487 $ 26,472 $ 43,438 $ 124,805 $ 51,212 $ 24,941 $ 43,523 $ 44,069 $ 163,744 $ 74,166 $ 57,752 $ 68,837 $ 50,434 $ 251,189 $ 65,515 $ 63,561 $ 49,544 $ 178,620
Allocations of net income to limited partnership units and FPUs 549 983 29,221 (292) 30,461 10,633 14,293 13,166 17,090 55,183 147 7,787 4,875 3,067 15,876 241 122 3,076 11,503 14,942 231 545 5,227 15,651 21,654 180 2,389 12,286 16,002 30,857 2,881 4,555 10,836 18,272
Other compensation adjustments 564 1,843 5,147 6,727 14,281 917 189,734 16,491 2,618 209,760 1,279 744 469 (406) 2,086 872 39 2,953 1,321 5,185 930 229 487 186 1,832 856 633 8,308 2,104 11,901 189 1,118 1,380 2,687
Total Compensation adjustments $ 13,478 $ 12,703 $ 55,917 $ 62,942 $ 145,040 $ 15,165 $ 457,266 $ 50,454 $ 43,219 $ 566,104 $ 18,178 $ 42,732 $ 44,557 $ 34,932 $ 140,399 $ 36,520 $ 19,648 $ 32,501 $ 56,208 $ 144,877 $ 52,372 $ 25,715 $ 49,237 $ 59,906 $ 187,230 $ 75,202 $ 60,774 $ 89,431 $ 68,540 $ 293,947 $ 68,585 $ 69,234 $ 61,760 $ 199,579
Non-Compensation expense adjustments:
Amortization of intangibles $ 1,643 $ 1,667 $ 1,744 $ 1,958 $ 7,012 $ 1,666 $ 2,420 $ 2,416 $ 2,361 $ 8,863 $ 2,594 $ 4,846 $ 3,471 $ 3,402 $ 14,313 $ 3,448 $ 4,589 $ 4,590 $ 4,472 $ 17,099 $ 4,439 $ 4,430 $ 4,522 $ 6,410 $ 19,801 $ 4,162 $ 4,053 $ 3,794 $ 4,088 $ 16,097 $ 4,146 $ 3,435 $ 3,300 $ 10,881
MSR amortization 39,471 23,864 22,601 25,315 111,252 15,067 22,684 20,103 31,937 89,791 26,216 25,580 28,703 28,577 109,076 26,204 27,885 26,706 29,082 109,877 28,147 27,218 30,424 28,902 114,691 26,996 28,170 31,745 31,885 118,795 29,847 29,489 31,212 90,548
Other non-compensation adjustments (12,480) 1,536 1,585 13,060 3,701 1,132 8,420 5,461 2,793 17,806 1,865 3,631 4,929 21,621 32,046 1,525 2,192 10,016 (4,555) 9,178 3,911 4,247 4,676 4,771 17,605 4,619 (11,912) 404 3,279 (3,610) 4,280 5,136 4,087 13,503
Total Non-Compensation expense adjustments $ 28,634 $ 27,067 $ 25,931 $ 40,333 $ 121,965 $ 17,865 $ 33,524 $ 27,980 $ 37,091 $ 116,460 $ 30,675 $ 34,057 $ 37,103 $ 53,600 $ 155,435 $ 31,177 $ 34,666 $ 41,312 $ 28,999 $ 136,154 $ 36,497 $ 35,895 $ 39,622 $ 40,083 $ 152,097 $ 35,777 $ 20,311 $ 35,943 $ 39,252 $ 131,283 $ 38,273 $ 38,060 $ 38,599 $ 114,932
Non-cash adjustment for OMSR Revenue (29,347) (42,128) (60,947) (62,392) (194,814) (28,716) (25,815) (33,644) (48,230) (136,405) (29,472) (31,499) (27,386) (21,570) (109,927) (14,099) (23,046) (20,997) (23,940) (82,082) (16,144) (23,395) (26,220) (34,412) (100,171) (21,403) (24,747) (40,508) (36,176) (122,833) (29,180) (26,557) (36,719) (92,456)
Other (income) losses
Other non-cash, non-dilutive, and /or non-economic items and Nasdaq (1) (1,310) 32,511 (116,135) 58,482 (26,452) 5,602 (1,090,192) (101,245) (43,791) (1,229,626) 86,023 15,473 284 (845) 100,935 6,638 1,076 2,460 (9,820) 354 13 (5,636) (317) (641) (6,581) (723) (204) (42,024) (45) (42,996) (644) (16) (1,227) (1,887)
Total Other (income) losses (1,310) 32,511 (116,135) 58,482 (26,452) 5,602 (1,090,192) (101,245) (43,791) (1,229,626) 86,023 15,473 284 (845) 100,935 6,638 1,076 2,460 (9,820) 354 13 (5,636) (317) (641) (6,581) (723) (204) (42,024) (45) (42,996) (644) (16) (1,227) (1,887)
Total pre-tax adjustments 11,455 30,153 (95,234) 99,365 45,739 9,916 (625,217) (56,455) (11,711) (683,467) 105,404 60,763 54,558 66,117 286,842 60,236 32,344 55,276 51,447 199,303 72,738 32,579 62,322 64,936 232,575 88,853 56,133 42,842 71,571 259,400 77,034 80,721 62,413 220,168
Adjusted Earnings before noncontrolling interests and taxes $ 30,487 $ 30,885 $ 37,564 $ 93,073 $ 192,009 $ 65,073 $ 102,156 $ 160,612 $ 209,785 $ 537,625 $ 110,122 $ 140,981 $ 105,762 $ 84,573 $ 441,441 $ 40,831 $ 50,292 $ 77,785 $ 133,872 $ 302,780 $ 42,906 $ 65,040 $ 95,510 $ 160,390 $ 363,846 $ 62,851 $ 89,853 $ 120,027 $ 188,188 $ 460,920 $ 97,080 $ 113,718 $ 139,373 $ 350,171
GAAP net income (loss) available to common stockholders $ 8,182 $ 314 $ 75,348 $ (3,781) $ 80,060 $ 33,105 $ 439,744 $ 128,549 $ 149,331 $ 750,728 $ 362 $ 48,519 $ 27,964 $ 6,427 $ 83,275 $ (10,350) $ 6,429 $ 9,947 $ 36,548 $ 42,574 $ (16,254) $ 14,280 $ 17,794 $ 45,411 $ 61,234 $ (8,766) $ 20,819 $ 46,154 $ 67,979 $ 126,186 $ 14,419 $ 19,698 $ 48,933 $ 83,050
Allocation of net income (loss) to noncontrolling interest in subsidiaries 5,601 118 24,185 (1,890) 28,014 10,814 144,703 33,748 34,665 223,929 318 13,384 9,308 5,462 28,472 (5,310) 5,239 4,498 17,120 21,546 (9,113) 9,642 6,782 19,137 26,449 (6,701) 9,111 12,584 15,608 30,601 2,812 4,253 10,776 17,841
Total pre-tax adjustments (from above) 11,455 30,153 (95,234) 99,365 45,739 9,916 (625,217) (56,455) (11,711) (683,467) 105,404 60,763 54,558 66,117 286,842 60,236 32,344 55,276 51,447 199,303 72,738 32,579 62,322 64,936 232,575 88,853 56,134 42,842 71,571 259,400 77,034 80,721 62,413 220,168
Income tax adjustment to reflect adjusted earnings taxes (1,759) (4,478) 27,639 (17,961) 5,497 (673) 124,891 23,330 (6,333) 141,215 (16,259) (9,023) (6,815) (1,513) (33,610) (9,223) (875) (3,830) 9,236 (4,691) (9,953) (709) (3,937) 9,099 (5,500) (19,041) (8,334) 4,273 16,631 (6,471) (10,839) (7,136) (65) (18,040)
Post-tax Adjusted Earnings to fully diluted shareholders $ 23,477 $ 26,107 $ 31,939 $ 75,733 $ 159,310 $ 53,162 $ 84,121 $ 129,172 $ 165,952 $ 432,405 $ 89,825 $ 113,643 $ 85,015 $ 76,493 $ 364,981 $ 35,353 $ 43,137 $ 65,891 $ 114,351 $ 258,733 $ 37,419 $ 55,792 $ 82,961 $ 138,583 $ 314,754 $ 54,345 $ 77,729 $ 105,853 $ 171,788 $ 409,717 $ 83,426 $ 97,536 $ 122,057 $ 303,019
Per Share Data:
GAAP fully diluted earnings per share $ 0.03 $ (0.01) $ 0.39 $ (0.03) $ 0.39 $ 0.16 $ 2.13 $ 0.63 $ 0.74 $ 3.80 $ - 0 $ 0.26 $ 0.15 $ 0.04 $ 0.46 $ (0.06) $ 0.04 $ 0.06 $ 0.21 $ 0.24 $ (0.09) $ 0.08 $ 0.10 $ 0.26 $ 0.34 $ (0.05) $ 0.11 $ 0.25 $ 0.37 $ 0.68 $ 0.08 $ 0.11 $ 0.27 $ 0.45
Less: Allocations of net income to limited partnership units and FPUs, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
Exchangeable preferred limited partnership units non-cash preferred dividends 0.01 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total pre-tax adjustments (from above) 0.04 0.11 (0.36) 0.38 0.17 0.04 (2.29) (0.22) (0.05) (2.59) 0.42 0.25 0.22 0.28 1.17 0.25 0.13 0.22 0.21 0.81 0.28 0.13 0.24 0.26 0.91 0.35 0.22 0.17 0.28 1.02 0.30 0.32 0.25 0.87
Income tax adjustment to reflect adjusted earnings taxes (0.01) (0.02) 0.10 (0.07) 0.02 0.00 0.46 0.09 (0.02) 0.53 (0.06) (0.04) (0.03) (0.01) (0.14) (0.04) 0.00 (0.02) 0.04 (0.02) (0.04) 0.00 (0.02) 0.04 (0.02) (0.07) (0.03) 0.02 0.07 (0.02) (0.04) (0.03) 0.00 (0.07)
Other 0.01 0.00 (0.02) 0.00 0.00 (0.01) 0.01 0.00 (0.02) (0.12) 0.00 (0.01) 0.00 0.01 0.00 (0.01) 0.01 0.00 0.00 0.01 (0.01) 0.01 0.01 0.00 0.01 (0.02) 0.01 (0.02) (0.04) (0.07) (0.01) (0.01) (0.04) (0.06)
Post-tax Adjusted Earnings per share $ 0.09 $ 0.10 $ 0.12 $ 0.29 $ 0.60 $ 0.20 $ 0.31 $ 0.50 $ 0.65 $ 1.64 $ 0.36 $ 0.46 $ 0.35 $ 0.32 $ 1.49 $ 0.15 $ 0.18 $ 0.27 $ 0.46 $ 1.05 $ 0.15 $ 0.22 $ 0.33 $ 0.55 $ 1.23 $ 0.21 $ 0.31 $ 0.42 $ 0.68 $ 1.62 $ 0.33 $ 0.39 $ 0.48 $ 1.20
Fully diluted weighted-average shares of common stock outstanding 263,646 265,640 266,793 264,868 264,851 271,194 273,555 257,791 254,318 263,954 252,815 247,985 243,469 236,304 245,177 239,886 244,954 247,240 249,795 246,343 255,424 255,604 254,970 253,065 255,152 255,300 252,614 251,674 254,264 253,437 256,041 251,863 252,710 253,476
Dividends declared per share of common stock $ 0.10 $ 0.01 $ 0.01 $ 0.01 $ 0.13 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.04 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.06 $ 0.06 $ 0.15
Dividends paid per share of common stock $ 0.10 $ 0.01 $ 0.01 $ 0.01 $ 0.13 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.04 $ 0.01 $ 0.03 $ 0.03 $ 0.03 $ 0.10 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.12 $ 0.03 $ 0.06 $ 0.06 $ 0.15

EBITDA-PR

Newmark Group, Inc. (NMRK)
Reconciliation of GAAP Income (Loss) to Adjusted EBITDA
($'s in thousands, unless noted - unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
GAAP net income (loss) available to common stockholders $ 48,933 $ 46,154 $ 83,050 $ 58,209
Adjustments:
Net income (loss) attributable to noncontrolling interests(1) 10,055 12,300 15,969 13,809
Provision (benefit) for income taxes 17,972 18,731 30,985 12,887
OMSR revenue(2) (36,719) (40,508) (92,456) (86,657)
MSR amortization(3) 31,212 31,745 90,548 86,910
Other depreciation and amortization(4) 13,853 13,715 46,727 47,518
Equity-based compensation and allocations of net income to limited partnership units and FPUs (5) 60,380 81,124 196,892 215,610
Other adjustments (6) 4,679 8,180 9,316 (3,289)
Other non-cash, non-dilutive, non-economic items and Nasdaq for Adjusted EBITDA (7) (1,227) (42,024) (1,887) (42,950)
Interest expense (8) 17,229 15,805 47,557 46,344
Adjusted EBITDA ("AEBITDA") $ 166,367 $ 145,222 $ 426,701 $ 348,391
(1) Primarily represents a portion of Newmark's net income pro-rated for Cantor and BGC employees ownership percentage and the noncontrolling portion of Newmark's net income in subsidiaries.
(2) Non-cash gains attributable to originated mortgage servicing rights.
(3) Non-cash amortization of mortgage servicing rights in proportion to the net servicing revenues expected to be earned.
(4) Includes fixed asset depreciation and impairment of $10.6 million and $9.9 million for the three months ended September 30, 2026 and 2025, respectively, and $35.8 million and $35.5 million for the nine months ended September 30, 2026 and 2025, respectively. Also, includes intangible asset amortization related to acquisitions of $3.3 million and $3.8 million for the three months ended September 30, 2026 and 2025, respectively, and $10.9 million and $12.0 million for the nine months ended September 30, 2026 and 2025, respectively.
(5) Please refer to Footnote 3 under Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests and GAAP Fully Diluted EPS to Post-tax Adjusted EPS for additional information about the components of "Equity-based compensation and allocations of net income to limited partnership units and FPUs".
(6) The components of other adjustments are as follows (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Severance charges $ 0.8 $ 1.6 $ 1.6 $ 3.3
Assets impairment not considered a part of ongoing operations 0.5 7.1 0.5 7.1
Commission charges related to non-GAAP gains attributable to OMSR revenues and others (0.4) (0.4) (1.1) (0.6)
Fair value adjustments related to acquisition earnouts 0.2 0.2 0.7 1.6
Acquisition costs 3.7 -0 5.7 -0
Lease expense (credits) related to liquidating entities -0 (0.3) 1.8 (14.7)
$ 4.7 $ 8.2 $ 9.3 $ (3.3)
(7) Please refer to Footnote 9 under Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests and Taxes and GAAP Fully Diluted EPS to Post-tax Adjusted EPS for additional information about the components of Other non-cash, non-dilutive, non-economic items.
(8) This represents gross interest expense related to corporate debt and amortization of debt issue costs. These expenses are included in "Interest expense, net" in the Consolidated Statements of Operations net against interest income on employee loans and bank deposits.

Historical EBITDA Trend Detail

Newmark Group, Inc. (NMRK)
Historical Reconciliation of GAAP Income (Loss) to Adjusted EBITDA
($'s in thousands - unaudited)
2020 2021 2022 2023 2024 2025 2026
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
GAAP net income (loss) available to common stockholders $ 8,182 $ 314 $ 75,349 $ (3,781) $ 80,060 $ 33,105 $ 439,744 $ 128,549 $ 149,331 $ 750,728 $ 362 $ 48,519 $ 27,964 $ 6,427 $ 83,276 $ (10,350) $ 6,429 $ 9,947 $ 36,548 $ 42,574 $ (16,254) $ 14,280 $ 17,794 $ 45,411 $ 61,234 $ (8,766) $ 20,819 $ 46,154 $ 67,979 $ 126,186 $ 14,419 $ 19,698 $ 48,933 $ 83,050
Adjustments:
Net income (loss) attributable to noncontrolling interest in subsidiaries 6,056 330 24,176 (1,346) 29,217 11,473 145,447 34,707 35,779 227,406 352 13,273 9,946 5,699 29,270 (5,999) 4,800 4,206 16,793 19,800 (10,062) 9,135 6,547 18,637 24,257 (7,183) 8,692 12,300 15,451 29,260 2,196 3,718 10,055 15,969
Provision (benefit) for income taxes 4,797 88 33,272 (1,165) 36,993 10,579 142,182 53,811 36,386 242,958 4,004 18,426 13,294 6,330 42,054 (3,056) 6,719 8,356 29,084 41,103 (3,516) 9,046 8,847 31,406 45,783 (10,053) 4,209 18,731 33,187 46,074 3,431 9,581 17,972 30,984
OMSR Revenue (29,347) (42,128) (60,947) (62,392) (194,814) (28,716) (25,815) (33,644) (48,230) (136,405) (29,472) (31,499) (27,386) (21,570) (109,927) (14,099) (23,046) (20,997) (23,940) (82,082) (16,144) (23,395) (26,220) (34,412) (100,171) (21,403) (24,747) (40,508) (36,176) (122,833) (29,180) (26,557) (36,719) (92,456)
MSR Amortization 39,471 23,864 22,601 25,315 111,252 15,067 22,684 20,103 31,937 89,791 26,216 25,580 28,703 28,577 109,076 26,204 27,885 26,706 29,082 109,877 28,147 27,218 30,424 28,902 114,691 26,996 28,170 31,745 31,885 118,795 29,847 29,489 31,212 90,548
Other Depreciation and Amortization 6,568 5,082 7,026 11,265 29,941 5,986 8,184 8,780 8,987 31,937 9,259 13,345 15,655 18,480 56,739 12,626 14,149 14,757 14,812 56,344 15,819 13,660 14,153 15,967 59,598 19,362 14,441 13,715 14,989 62,507 16,385 16,490 13,853 46,728
Equity-based compensation 12,365 9,877 21,549 56,508 100,298 3,615 253,239 20,797 23,511 301,162 16,752 34,201 39,213 32,271 122,437 35,407 19,487 26,472 43,438 124,805 51,212 24,941 43,523 44,069 163,744 74,166 57,752 68,837 50,434 251,189 65,515 63,561 49,544 178,620
Allocations of net income to limited partnership units 549 983 29,221 (292) 30,461 10,633 14,293 13,166 17,090 55,183 147 7,787 4,875 3,067 15,876 241 122 3,076 11,503 14,942 231 545 5,227 15,651 21,654 180 2,389 12,286 16,002 30,857 2,881 4,555 10,836 18,272
Other adjustments (12,229) 3,394 5,642 14,209 11,016 1,582 10,420 3,262 5,380 20,645 3,363 4,048 81 13,642 21,134 4,186 1,528 9,150 (5,385) 9,479 1,799 1,693 (2,382) 3,574 4,684 2,194 (13,663) 8,181 5,959 2,671 2,254 2,383 4,679 9,316
Other non-cash, non-dilutive, non-economic items and Nasdaq (1) (1,310) 32,512 (116,135) 58,851 (26,082) 3,252 (900,030) (85,271) (43,791) (1,025,840) 86,023 15,161 284 (845) 100,623 6,638 1,076 2,460 2,930 13,105 13 (5,636) (318) (641) (6,581) (723) (204) (42,024) (45) (42,995) (644) (16) (1,227) (1,887)
Interest expense 10,904 11,756 11,244 10,696 44,600 10,344 10,271 10,276 9,007 39,898 9,491 10,626 9,877 10,126 40,120 11,124 13,749 12,156 11,389 48,418 12,238 14,785 15,051 14,341 56,415 14,432 16,107 15,805 14,365 60,708 14,065 16,263 17,229 47,557
Adjusted EBITDA ("AEBITDA") $ 46,006 $ 46,070 $ 52,998 $ 107,867 $ 252,941 $ 76,920 $ 120,619 $ 174,536 $ 225,387 $ 597,462 $ 126,497 $ 159,467 $ 122,506 $ 102,204 $ 510,678 $ 62,922 $ 72,898 $ 96,289 $ 166,199 $ 398,309 $ 63,483 $ 86,272 $ 112,646 $ 182,905 $ 445,308 $ 89,202 $ 113,964 $ 145,222 $ 214,029 $ 562,418 $ 121,169 $ 139,165 $ 166,367 $ 426,701
(1) In the detailed reconciliation tables contained within this document and in the Company's most recent financial results press release, the "Impact of Nasdaq" is included as part of the line item "Other non-cash, non-dilutive, non-economic items and Nasdaq for Adjusted EBITDA."

FD WACSO GAAP & AE PR

Newmark Group, Inc. (NMRK)
Fully Diluted Weighted-Average Share Count for GAAP and Adjusted Earnings
(in thousands - unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Common stock outstanding 179,834 177,230 180,297 177,717
Limited partnership units 48,222 48,092 48,135 48,977
Cantor units 19,012 18,334 18,957 19,588
Founding partner units 1,526 1,890 1,529 1,984
RSUs 3,791 5,714 4,202 4,576
Newmark exchange shares 325 414 356 336
Fully diluted weighted-average share count for GAAP 252,710 251,674 253,476 253,179
Adjusted Earnings Adjustments:
Common stock outstanding - 0 - 0 - 0 - 0
Limited partnership units - 0 - 0 - 0 - 0
Cantor units - 0 - 0 - 0 - 0
Founding partner units - 0 - 0 - 0 - 0
RSUs - 0 - 0 - 0 - 0
Newmark exchange shares - 0 - 0 - 0 - 0
Fully diluted weighted-average share count for Adjusted Earnings 252,710 251,674 253,476 253,179

Historical Equity-based Comp

Newmark Group, Inc. (NMRK)
Equity-based Compensation & Allocations of Net Income to Limited Partnership Units and FPUs
($'s in thousands - unaudited)
2020 2021 2022 2023 2024 2025 2026
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD
Issuance of common stock and exchangeability expenses $ 8,119 $ 306 $ 13,243 $ 47,373 $ 69,041 $ 1,218 $ 282,569 $ 14,414 $ 14,517 $ 312,718 $ 8,983 $ 26,875 $ 33,330 $ 23,120 $ 92,308 $ 24,583 $ 9,897 $ 19,121 $ 28,252 $ 85,918 $ 36,106 $ 11,852 $ 30,059 $ 32,956 $ 110,973 $ 52,279 $ 36,953 $ 45,970 $ 30,595 $ 165,797 $ 58,284 $ 50,140 $ 39,924 $ 148,348
Limited partnership units amortization 1,895 6,011 4,902 5,885 18,693 (600) (33,779) 2,323 3,705 (28,351) 3,274 1,760 181 3,108 8,323 4,861 3,369 1,532 8,570 14,267 7,347 7,169 8,470 217 23,203 9,539 6,782 7,541 10,446 34,308 (2,323) 5,679 1,815 5,171
RSU amortization 2,351 3,560 3,404 3,250 12,565 2,997 4,449 4,059 5,289 16,794 4,496 5,566 5,702 6,043 21,807 5,963 6,221 5,819 6,616 24,620 7,758 5,920 4,994 10,896 29,568 12,348 14,017 15,326 9,393 51,084 9,554 7,742 7,805 25,101
Total equity-based compensation 12,365 9,877 21,549 56,508 100,298 3,615 253,239 20,797 23,511 301,162 16,752 34,201 39,213 32,271 122,437 35,407 19,487 26,472 43,438 124,805 51,212 24,941 43,523 44,069 163,744 74,166 57,752 68,837 50,434 251,189 65,515 63,561 49,544 178,620
Allocation of net income (loss) to limited partnership units and FPUs 549 983 29,221 (292) 30,461 10,633 14,293 13,166 17,090 55,183 147 7,787 4,875 3,067 15,876 241 122 3,076 11,503 14,942 231 545 5,227 15,651 21,654 180 2,389 12,286 16,002 30,857 2,881 4,555 10,836 18,272
Equity-based compensation and allocations of net income to limited partnership units and FPUs $ 12,914 $ 10,860 $ 50,770 $ 56,215 $ 130,759 $ 14,248 $ 267,532 $ 33,962 $ 40,601 $ 356,344 $ 16,900 $ 41,988 $ 44,088 $ 35,338 $ 138,314 $ 35,648 $ 19,609 $ 29,548 $ 54,941 $ 139,747 $ 51,442 $ 25,486 $ 48,750 $ 59,720 $ 185,398 $ 74,346 $ 60,141 $ 81,123 $ 66,436 $ 282,046 $ 68,396 $ 68,116 $ 60,380 $ 196,891

Volumes

Newmark Group, Inc. (NMRK)
Quarterly & TTM Volumes
($'s in millions)
2024 Quarterly Volumes 2025 Quarterly Volumes QTD YTD TTM
Newmark Volumes (excluding Signature) 2020 2021 2022 2023 Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 2025 Q1 26 Q2 26 Q3 26 YTD 2026 Q3 26 vs Q3 25 Change % Q3 26 vs Q3 25 Change % Q3 25 Q3 26 Q3 26 vs Q3 25 Change %
Total GSE/FHA Origination Volume 11,304 9,024 7,789 7,064 1,391 1,813 2,098 3,113 8,416 1,948 2,106 3,424 3,332 10,811 2,663 2,173 2,880 7,716 $ (544) -15.9% $ 238 3.2% 10,591 11,048 $ 457 4.3%
Mortgage Brokerage and Debt Placement 12,296 41,323 38,015 17,880 6,050 6,329 8,836 14,963 36,178 8,249 17,014 21,626 16,955 63,844 18,987 13,328 12,956 45,271 (8,670) -40.1% (1,618) -3.5% 61,852 62,226 374 0.6%
Total Debt $ 23,600 $ 50,347 $ 45,804 $ 24,945 $ 7,441 $ 8,142 $ 10,934 $ 18,077 $ 44,593 $ 10,197 $ 19,121 $ 25,050 $ 20,287 $ 74,655 $ 21,650 $ 15,501 $ 15,836 $ 52,986 $ (9,214) -36.8% $ (1,382) -2.5% $ 72,445 $ 73,274 $ 829 1.1%
Investment Sales 48,157 88,010 71,584 35,943 6,668 8,478 10,323 16,945 42,414 12,730 10,686 17,274 25,492 66,183 16,783 21,810 23,040 61,633 5,766 33.4% 20,943 51.5% 57,635 87,125 29,490 51.2%
Total Capital Markets $ 71,757 $ 138,357 $ 117,388 $ 60,888 $ 14,109 $ 16,620 $ 21,257 $ 35,021 $ 87,007 $ 22,927 $ 29,807 $ 42,324 $ 45,779 $ 140,838 $ 38,433 $ 37,311 $ 38,875 $ 114,619 $ (3,448) -8.1% $ 19,561 20.6% $ 130,079 $ 160,398 $ 30,319 23.3%
Newmark Volumes (including Signature) 2020 2021 2022 2023 Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Q1 26 Q2 26 Q3 26 YTD 2026 Q3 26 vs Q3 25 Change % Q3 26 vs Q3 25 Change % Q3 25 Q3 26 Q3 26 vs Q3 25 Change %
Fannie Mae $ 5,421 $ 4,168 $ 4,076 $ 3,045 $ 835 $ 918 $ 1,028 $ 1,450 $ 4,231 $ 1,047 $ 1,240 $ 1,960 $ 1,576 $ 5,822 $ 979 $ 1,295 $ 1,587 $ 3,860 $ (373) -19.0% $ (387) -9.1% $ 5,697 $ 5,437 $ (260) -4.6%
Freddie Mac 5,692 4,731 3,590 4,004 556 895 1,070 1,663 4,185 878 866 1,464 1,756 4,965 1,666 823 1,240 3,729 (224) -15.3% 521 16.2% 4,871 5,485 614 12.6%
FHA/Other 191 126 123 16 - 0 - 0 - 0 - 0 24 - 0 - 0 - 0 24 18 55 53 127 53 0.0% 103 437.8% 24 126 102 425.0%
Total GSE/FHA Origination Volume $ 11,304 $ 9,024 $ 7,789 $ 7,064 $ 1,391 $ 1,813 $ 2,098 $ 3,113 $ 8,416 $ 1,948 $ 2,106 $ 3,424 $ 3,332 $ 10,811 $ 2,663 $ 2,173 $ 2,880 $ 7,716 $ (544) -15.9% $ 238 3.2% $ 10,591 $ 11,048 $ 457 4.3%
Mortgage Brokerage and Debt Placement (1) 12,296 41,323 38,015 35,679 6,050 6,329 8,836 14,963 36,178 8,249 17,014 21,626 16,955 63,844 18,987 13,328 12,956 45,271 (8,670) -40.1% (1,618) -3.5% 61,852 62,226 374 0.6%
Total Debt $ 23,600 $ 50,347 $ 45,804 $ 42,743 $ 7,441 $ 8,142 $ 10,934 $ 18,077 $ 44,593 $ 10,197 $ 19,121 $ 25,050 $ 20,287 $ 74,655 $ 21,650 $ 15,501 $ 15,836 $ 52,986 $ (9,214) -36.8% $ (1,382) -2.5% $ 72,445 $ 73,274 $ 829 1.1%
Investment Sales (2) 48,157 88,010 71,584 57,686 6,668 8,478 10,323 16,945 42,414 12,730 10,686 17,274 25,492 66,183 16,783 21,810 23,040 61,633 5,766 33.4% 20,943 51.5% 57,635 87,125 29,490 51.2%
Total Capital Markets $ 71,757 $ 138,357 $ 117,388 $ 100,430 $ 14,109 $ 16,620 $ 21,257 $ 35,021 $ 87,007 $ 22,927 $ 29,807 $ 42,324 $ 45,779 $ 140,838 $ 38,433 $ 37,311 $ 38,875 $ 114,619 $ (3,448) -8.1% $ 19,561 20.6% $ 130,079 $ 160,398 $ 30,319 23.3%
Multifamily Debt (3) $ 15,643 $ 30,133 $ 25,650 $ 14,796 $ 3,445 $ 4,600 $ 5,807 $ 7,881 $ 21,733 $ 4,981 $ 6,259 $ 7,991 $ 9,554 $ 28,785 $ 9,800 $ 6,009 $ 9,031 $ 24,839 $ 1,040 13.0% $ 5,608 29.2% $ 27,112 $ 34,394 $ 7,282 26.9%
Other Debt 7,957 20,214 20,154 27,948 3,996 3,542 5,127 10,196 22,861 5,216 12,862 17,059 10,733 45,870 11,851 9,492 6,805 28,147 (10,254) -60.1% (6,990) -19.9% 45,333 38,881 (6,452) -14.2%
Total Debt (4) $ 23,600 $ 50,347 $ 45,804 $ 42,743 $ 7,441 $ 8,142 $ 10,934 $ 18,077 $ 44,593 $ 10,197 $ 19,121 $ 25,050 $ 20,287 $ 74,655 $ 21,650 $ 15,501 $ 15,836 $ 52,986 $ (9,214) -36.8% $ (1,382) -2.5% $ 72,445 $ 73,274 $ 829 1.1%
(1) Includes all non-originated debt placement transactions. Also, includes $17.8 billion for the three months and year ended December 31, 2023 of FDIC related volume.
(2) Includes all equity advisory transactions. Also, includes $21.7 billion for the three months and year ended December 31, 2023 of FDIC related volume.
(3) Includes multi-family related Mortgage Brokerage, Fannie Mae, Freddie Mac, and FHA volumes.
(4) Includes all Mortgage Brokerage, Fannie Mae, Freddie Mac, and FHA volumes.
Note: Approximately 86% of Newmark's investment sales volumes were generated in the U.S. in the twelve months ended September 30, 2026, compared with 90% in the year earlier period. Over 97% of Newmark's total debt volumes were generated in the U.S. over these same periods.

Summary Cash Flow

Newmark Group, Inc. (NMRK)
Condensed Consolidated Statements of Cash Flows
($'s in thousands - unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Net cash provided by (used in) operating activities $ (290,290) $ 112,631 $ (175,421) $ (446,515)
Net cash provided by (used in) investing activities (86,738) (118,014) (198,561) (129,960)
Net cash provided by (used in) financing activities 355,225 (77,167) 381,896 498,654
Net increase (decrease) in cash and cash equivalents and restricted cash (21,803) (82,550) 7,914 (77,821)
Cash and cash equivalents and restricted cash at beginning of period 263,623 309,594 233,906 304,865
Cash and cash equivalents and restricted cash at end of period $ 241,820 $ 227,044 $ 241,820 $ 227,044
Net cash provided by (used in) operating activities excluding loan originations and sales (1) $ 121,908 $ 170,704 $ 239,190 $ 146,700
(1) Includes loans, forgivable loans and other receivables from employees and partners in the amount of $10.9 million and $19.4 million for the three months ended September 30, 2026 and 2025, respectively, and $111.9 million and $177.3 million for the nine months ended September 30, 2026 and 2025, respectively. Excluding these loans, net cash provided by (used in) operating activities excluding loan originations and sales would be $137.0 million and $190.1 million for the three months ended September 30, 2026 and 2025, respectively, and $355.3 million and $324.0 million for the nine months ended September 30, 2026 and 2025, respectively. This also includes the net $42.3 million received from insurers pursuant to the previously disclosed settlement of a stockholder derivative litigation for the three and nine months ended September 30, 2025.
The Condensed Consolidated Statements of Cash Flows are presented in summarized form. For complete Condensed Consolidated Statements of Cash Flows, please refer to Newmark's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, to be filed with the Securities and Exchange Commission in the near future.

Details of CFFO

Newmark Group, Inc. (NMRK)
Details of Certain Components of "Net cash provided by (used in) operating activities"
($'s in millions - unaudited)
Fiscal Year Ended Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2022 2023 2024 2025 2025 2026 2025 2026
Cash generated by the business 221.7 499.9 393.1 341.2 437.6 518.4 190.1 132.9 324.0 351.1
Cash used with respect to the 2021 Equity Event - 0 (484.4) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Loans, forgivable loans and other receivables from employees and partners (127.9) (78.5) (131.6) (243.3) (211.9) (220.2) (19.4) (10.9) (177.3) (111.9)
Net cash provided by (used in) operating activities excluding activity from loan originations and sales 93.8 (63.0) 261.5 98.0 225.8 298.2 170.7 121.9 146.7 239.2
Less:
Loan originations - loans held for sale 12,374.2 9,142.1 7,823.2 6,913.1 8,625.6 10,727.7 3,267.8 2,944.2 7,163.7 7,668.2
Loan sales - loan held for sale (11,527.0) (9,177.7) (8,758.0) (6,549.1) (8,389.9) (10,601.5) (3,209.7) (2,532.0) (6,570.5) (7,253.6)
Unrealized gains on loans held for sale (1) 24.3 21.3 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net activity from loan originations and sales 871.5 (14.3) (934.8) 363.9 235.7 126.2 58.1 412.2 593.2 414.6
Net cash provided by (used in) operating activities (777.7) (48.7) 1,196.3 (266.0) (9.9) 172.0 112.6 (290.3) (446.5) (175.4)
(1) Starting with the 3rd quarter of 2022, we no longer included "Unrealized gains on loans held for sale" as part of the "Net activity from loan originations and sales" addback as this item had a relatively immaterial impact on the cash flow figures reflected above.
(2) Includes the net $42.3 million received from insurers pursuant to the previously disclosed settlement of a stockholder derivative litigation for the three and nine months ended September 30, 2025.

Historical Adjusted FCF

Newmark Group, Inc. (NMRK)
Reconciliation of GAAP Net cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow
($'s in millions - unaudited)
Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, TTM September 30,
2020 2021 2022 2023 2024 2025 2025 2026 2025 2026 2025 2026
Net cash provided by (used in) operating activities (1) $ (777.7) $ (48.7) $ 1,196.3 $ (266.0) $ (9.9) $ 172.0 $ 112.6 $ (290.3) $ (446.5) $ (175.4) $ (43.9) $ 443.1
Purchase of fixed assets (19.6) (19.7) (62.2) (55.4) (31.5) (29.4) (7.7) (16.2) (19.7) (47.2) (25.7) (56.9)
Free Cash Flow (797.3) (68.4) 1,134.2 (321.3) (41.4) 142.6 104.9 (306.5) (466.2) (222.6) (69.6) 386.2
Adjustments:
Loan originations - loans held for sale 12,374.2 9,142.1 7,823.2 6,913.1 8,625.6 10,727.7 3,267.8 2,944.2 7,163.7 7,668.2 10,498.1 11,232.2
Loan sales - loans held for sale (11,527.0) (9,177.7) (8,758.0) (6,549.1) (8,389.9) (10,601.5) (3,209.7) (2,532.0) (6,570.5) (7,253.6) (10,138.0) (11,284.5)
Cash used in connection with the 2021 Equity Event - 0 484.4 - 0 - 0 - 0 - 0 - 0 - 0
Adjusted Free Cash Flow $ 49.9 $ 380.4 $ 199.3 $ 42.6 $ 194.3 $ 268.9 $ 163.0 $ 105.7 $ 127.0 $ 192.0 $ 290.5 $ 333.8
(1) Includes loans, forgivable loans and other receivables from employees and partners in the amount of $10.9 million and $19.4 million for the three months ended September 30, 2026 and 2025, respectively, $111.9 million and $177.3 million for the nine months ended September 30, 2026 and 2025, respectively, and $154.8 million and $179.4 million for the TTM ended September 30, 2026 and 2025, respectively. Excluding these loans, Adjusted Free Cash Flow would be $116.6 million and $182.4 million for the three months ended September 30, 2026 and 2025, respectively, $303.9 million and $304.3 million for the nine months ended September 30, 2026 and 2025, respectively, and $488.6 million and $469.8 million for the TTM ended September 30, 2026 and 2025, respectively. This also includes the net $42.3 million received from insurers pursuant to the previously disclosed settlement of a stockholder derivative litigation for the three and nine months ended September 30, 2025.

EBITDA to OCF

Newmark Group, Inc. (NMRK)
Analysis of Operating Cash Flow (Excluding Activity from Loan Originations and Sales) Compared with Adjusted EBITDA
($'s in millions - unaudited)
Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30,
2020 2021 2022 2023 2024 2025 2025 2026 2025 2026
Adjusted EBITDA $ 252.9 $ 597.5 $ 510.7 $ 398.3 $ 445.3 $ 562.4 $ 145.2 $ 166.4 $ 348.4 $ 426.7
Cash paid for interest (39.9) (36.3) (37.8) (45.4) (32.1) (56.4) (26.1) (26.5) (53.8) (53.8)
Loans, forgivable loans and other receivables from employees and partners (1) (127.9) (78.5) (131.6) (243.3) (211.9) (220.2) (19.4) (10.9) (177.3) (111.9)
Other, working capital 89.0 38.1 19.8 47.0 74.3 51.9 73.7 13.1 61.3 20.9
Corporate Tax payments (80.3) (99.4) (99.6) (58.6) (49.8) (39.5) (2.7) (20.1) (31.9) (42.7)
Net cash provided by operations excluding activities from loan originations and sales (2) $ 93.8 $ 421.4 $ 261.5 $ 98.0 $ 225.8 $ 298.2 $ 170.7 $ 121.9 $ 146.7 $ 239.2
(1) Primarily includes employee loans and advances for new hires, therefore amounts may differ from "Loans, forgivable loans and other receivables from employees and partners" in the consolidated statements of cash flows.
(2) Includes loans, forgivable loans and other receivables from employees and partners in the amount of $10.9 million and $19.4 million for the three months ended September 30, 2026 and 2025, respectively, and $111.9 million and $177.3 million for the nine months ended September 30, 2026 and 2025, respectively. Excluding these loans, net cash provided by (used in) operating activities excluding loan originations and sales would be $132.9 million and $190.1 million for the three months ended September 30, 2026 and 2025, respectively, and $351.1 million and $324.0 million for the nine months ended September 30, 2026 and 2025, respectively. This also includes the net $42.3 million received from insurers pursuant to the previously disclosed settlement of a stockholder derivative litigation for the three and nine months ended September 30, 2025.
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