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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, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File Numbers: 001-38329
NEWMARK GROUP, INC.
(Exact name of Registrant as specified in its charter)
Delaware81-4467492
(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 ClassTrading Symbol(s) Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par valueNMRK 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 definition of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated 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.
ClassOutstanding at November 2, 2022
Class A Common Stock, par value $0.01 per share
150,554,339 shares
Class B Common Stock, par value $0.01 per share
21,285,533 shares
1


NEWMARK GROUP, INC.

TABLE OF CONTENTS
  Page
PART I - FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS (unaudited)
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Comprehensive Income
Condensed Consolidated Statements of Changes in Equity
Condensed Consolidated Statements of Cash Flows
Notes to Condensed Consolidated Financial Statements
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4.CONTROLS AND PROCEDURES
PART II - OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
ITEM 1A.RISK FACTORS
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
ITEM 4.
ITEM 5.OTHER INFORMATION
ITEM 6.
2


SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (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 resulting from the COVID-19 pandemic ("COVID-19"), the ongoing conflict in the Ukraine, rising global interest rates, inflation and the Federal Reserve's responses thereto, the strengthening U.S. Dollar, changes in the economy, the commercial real estate services industry and the global financial markets, employment levels, and increasing energy costs, and including the effect on demand for commercial real estate and real estate capital markets transaction volumes, office space, levels of new lease activity and renewals, frequency of loan defaults and forbearance, and fluctuations in the mortgage-backed securities market;
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, rising interest rates and market uncertainty, and other legal, cultural and political events and conflicts, and governmental measures taken in response thereto, including reductions in capital markets transaction volumes due to rising interest rates and market uncertainty, changes in the mix of demand for commercial real estate space, including decreased demand for urban office and retail space generally, which may be offset in whole or in part by increased demand for suburban office, data storage, fulfillment, and distribution centers and life sciences facilities, that 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 our entry into new geographic markets or lines of business, declines in real estate values, increases in commercial real estate lending rates, and risks related to the volume of committed investment capital;
the impact of the COVID-19 pandemic, including any successive waves or variants of the virus, the emergence of new viruses, the continued distribution of effective vaccines and governmental and public reactions thereto, the combined impact of flu and other seasonal illness, and the impact of a return to office for our employees on our operations, as well as the cybersecurity risks of remote working, and our ability to continue providing on-site commercial property management services;
market conditions, transaction volumes, possible disruptions in transactions, potential deterioration of equity and debt capital markets for commercial real estate and related services, ongoing supply chain issues and other factors, 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;
the effect of industry concentration and reorganization, reduction of customers and consolidation;
uncertainties related to integrating certain assets of Knotel, Inc. ("Knotel") and Space Management
(DBA “Deskeo”) as we build out our international flexible office business;
liquidity, regulatory requirements and the impact of credit market events, including the impact of COVID-19 and political events and conflicts and actions taken by governments and businesses in responses thereto on the credit markets and interest rates;
our relationship and transactions with Cantor Fitzgerald, L.P. (“Cantor”) and its affiliates, Newmark’s structure, including Newmark Holdings, L.P. (“Newmark Holdings”), which is owned by Newmark, Cantor, Newmark’s employee partners and other partners, and our operating partnership, which is owned jointly by us and Newmark Holdings (which we refer to as “Newmark OpCo” ) any related transactions, conflicts of interest, or litigation, including with respect to executive compensation matters, any 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, joint ventures, and competition for and retention of brokers and other managers and key employees;
1


the impact on our stock price from the reduction of our dividend and potential 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 and the related impact of such reductions, as well as the effect of layoffs, furloughs, salary cuts, and expected lower commissions or bonuses on the repayment of partner loans;
market volatility as a result of the effects of COVID-19, global inflation rates, potential downturns including recessions, and similar effects, or other market conditions, which may not be sustainable or predictable in future periods;
our ability to grow in other geographic regions and to manage our continued overseas growth and the impact of interest rates, market conditions, and the COVID-19 pandemic on these regions and transactions;
our ability to maintain or develop relationships with independently owned offices or affiliated businesses or partners in our business;
the impact of any restructuring or similar transaction on our business and financial results in current or future periods, including with respect to any assumed liabilities or indemnification obligations with respect to such transactions, the integration of any completed acquisitions and the use of proceeds of any completed dispositions;
our ability to effectively deploy the proceeds of our Nasdaq, Inc. (“Nasdaq”) shares and other 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 Government Sponsored Enterprises (“GSEs”) and Housing and Urban Development (“HUD”), including the impact of COVID-19 and related changes in the credit markets, changes in prevailing interest rates and the risk of loss in connection with loan defaults;
risks related to changes in the future of the GSEs, including changes in the terms of applicable conservatorships and changes in their capabilities;
economic or geopolitical conditions or uncertainties, the actions of governments or central banks, including the impact of COVID-19 on the global markets and government responses, and restrictions on business and commercial activity, uncertainty regarding the consequences of the United Kingdom (“U.K.”)’s exit from the European Union (“EU”) following the withdrawal process, including potential reduction in investment in the U.K., and the pursuit of trade, border control or other related policies by the U.S. and/or other countries (including U.S. - China trade relations), recent economic and political volatility in the U.K., rising political and other tensions between the U.S. and China, political and civil unrest in the U.S., including demonstrations, riots, boycotts, rising tensions with law enforcement, the impact of elections, or other social and political responses to governmental mandates and other restrictions related to COVID-19 in the U.S. or abroad, political and labor unrest in Hong Kong, China and other jurisdictions, conflict in the Middle East, Russia, Ukraine, or other jurisdictions, the impact of U.S. government shutdowns or impasses, the impact of terrorist acts, acts of war or other violence or political unrest, as well as natural disasters or weather-related or similar events, including hurricanes, such as the recent Hurricane Ian and its impact on commercial real estate in Florida, 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;
risks inherent in doing business in international markets, and any failure to identify and manage those risks, as well as the impact of Russia's ongoing invasion of Ukraine and additional sanctions and regulations imposed by governments and related counter-sanctions;
the effect on our business, clients, the markets in which we operate, and the economy in general of rising interest rates, market volatility, and inflationary pressures and the Federal Reserve's response thereto, infrastructure spending, changes in the U.S. and foreign tax and other laws, including changes in tax rates, repatriation rules, and deductibility of interest, potential policy and regulatory changes in Mexico and other countries, sequestrations, uncertainties regarding the debt ceiling and the federal budget, and future changes to tax policy and other potential political policies resulting from elections and changes in governments;
our dependence upon our key employees, our ability to build out successful succession plans, the impact of absence due to illness or leave of certain key executive officers or employees and our ability to attract, retain, motivate and integrate new employees, as well as the competing demands on the time of certain of our executive officers who also provide services to Cantor, BGC and various other ventures and investments sponsored by Cantor (throughout this document, unless otherwise stated, the term "employees" includes both our employees and those real estate professionals who qualify as statutory non-employees under Section 3408 of the Internal Revenue Code of 1986, as amended);
the impact of any claims or litigation related to compensation, or other transactions with our executive officers;
2


the effect on our business of changes in interest rates, changes in benchmarks, including the transition away from the London Inter-Bank Offered Rate ("LIBOR"), the effect on our businesses and revenues of the strengthening U.S. Dollar, the transition to alternative benchmarks such as the Secured Overnight Financing Rate ("SOFR"), and federal and state legislation relating thereto, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, including those related to COVID-19, increases and decreases in the federal funds interest rate and other actions to moderate inflation, increases or decreases in deficits and the impact of increased government tax rates, and other changes to monetary policy, and potential political impasses or regulatory requirements, including increased capital requirements for banks and other institutions or changes in legislation, regulations and priorities;
extensive regulation of our business and clients, changes in regulations relating to commercial real estate and other industries, and risks relating to compliance matters, including regulatory examinations, inspections, investigations and enforcement actions, 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, 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 Newmark Holdings are not deemed investment companies under the Investment Company Act of 1940, as amended;
factors related to specific transactions or series of transactions as well as counterparty failure;
costs and expenses of developing, maintaining and protecting our intellectual property, as well as employment, regulatory, and other litigation, proceedings and their related costs, including related to acquisitions and other matters, including judgments, fines, or settlements paid, reputational risk, and the impact thereof on our financial results and cash flow in any given period;
our ability to maintain continued access to credit and availability of financing necessary to support our ongoing business needs, including to refinance indebtedness, and the risks associated with the resulting leverage, as well as fluctuations in interest rates;
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, 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 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 credit ratings and the associated outlooks and increased borrowing costs as well as interest rate and foreign currency exchange rate fluctuations;
risks associated with the temporary or longer-term investment of our available cash, including in Newmark OpCo, defaults or impairments on 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 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, and the impact of COVID-19 generally and on the commercial real estate services business in particular;
our ability to enter into marketing and strategic alliances, business combinations, attract investors or partners or engage in, restructuring, rebranding or other transactions, including acquisitions, dispositions, 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, 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;
3


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;
the impact of unexpected market moves and similar events;
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 during the COVID-19 pandemic, 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 impact of our reductions to our dividends and distributions and the timing and amounts of any future dividends or distributions and our increased stock and unit repurchase authorization, including our ability to meet expectations with respect to payment of dividends and repurchases of common stock or purchases of Newmark Holdings limited partnership interests or other equity interests in subsidiaries, including Newmark OpCo, including from Cantor or our executive officers, other employees, partners and others and the effect on the market for and trading price of our Class A common stock as a result of any such transactions;
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 environmental, social and governance (“ESG”) or “sustainability” ratings on the 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 Newmark Class A common stock or other matters;
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 on various offerings and other transactions, including offerings of Class A common stock and convertible or exchangeable debt or other securities, repurchases of shares of Class A common stock and purchases or redemptions of Newmark Holdings limited partnership interests or other equity interests in us or its subsidiaries, any exchanges by Cantor of shares of Class A common stock for shares of Class B common stock, any exchanges or redemptions of limited partnership units and issuances of shares of Class A common stock in connection therewith, including in corporate or partnership restructurings, payment of dividends on 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 pledge, 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, stock pledge, stock loans, or other financing transactions, distributions of our Class A common stock by Cantor to its partners, including deferred distribution rights shares.

The foregoing risks and uncertainties, as well as those risks and uncertainties set forth in this Quarterly Report on this Form 10-Q, 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 Securities and Exchange Commission (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.
4


WHERE YOU CAN FIND MORE INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are also 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, CF Group Management, Inc., 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.
5


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

NEWMARK GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(unaudited)

September 30, 2022December 31, 2021
Assets:  
Current assets:  
Cash and cash equivalents$229,673 $191,332 
Restricted cash 77,865 75,168 
Marketable securities1,031 524,569 
Loans held for sale, at fair value980,859 1,072,479 
Receivables, net507,776 569,206 
Receivables from related parties 8,262 
Other current assets (see Note 19)235,584 83,337 
Total current assets2,032,788 2,524,353 
Goodwill698,682 657,131 
Mortgage servicing rights, net565,960 550,302 
Loans, forgivable loans and other receivables from employees and partners, net492,962 453,345 
Right-of-use assets612,693 606,634 
Fixed assets, net148,544 135,756 
Other intangible assets, net83,328 76,199 
Other assets (see Note 19)105,747 212,481 
Total assets$4,740,704 $5,216,201 
Liabilities, Redeemable Partnership Interests, and Equity:
Current liabilities: 
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises$1,016,352 $1,050,693 
Accrued compensation379,011 462,533 
Accounts payable, accrued expenses and other liabilities (see Note 29)469,987 528,746 
Repurchase agreements and securities loaned 140,007 
Payables to related parties11,973 10,762 
Total current liabilities1,877,323 2,192,741 
Long-term debt547,141 545,239 
Right-of-use liabilities597,107 586,069 
Other long-term liabilities (see Note 29)218,065 207,012 
Total liabilities3,239,636 3,531,061 
Commitments and contingencies (see Note 31)
Redeemable partnership interests16,954 20,947 
Equity:
Class A common stock, par value of $0.01 per share: 1,000,000,000 shares authorized; 199,459,258 and
      194,046,885 shares issued at September 30, 2022 and December 31, 2021, respectively, and 150,530,807
      and 168,272,371 shares outstanding at September 30, 2022 and December 31, 2021, respectively
1,995 1,940 
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, 2022 and December 31, 2021, convertible into Class A common stock
212 212 
Additional paid-in capital553,564 487,447 
Retained earnings1,143,756 1,079,661 
Contingent Class A common stock1,572 1,572 
Treasury stock at cost: 49,018,451 and 25,774,514 shares of Class A common stock at September 30, 2022 and December 31, 2021, respectively
(527,380)(290,174)
 Accumulated other comprehensive loss(15,909)(2,731)
Total stockholders’ equity1,157,810 1,277,927 
Noncontrolling interests326,304 386,266 
Total equity1,484,114 1,664,193 
Total liabilities, redeemable partnership interests, and equity$4,740,704 $5,216,201 

The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.
6


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,
 2022202120222021
Revenues:
Management services, servicing fees and other$222,379 $244,469 $689,183 $651,729 
Leasing and other commissions219,903 231,532 631,681 563,311 
Investment sales131,731 208,786 492,898 452,565 
Commercial mortgage origination, net90,633 103,338 284,483 254,372 
Total revenues664,646 788,125 2,098,245 1,921,977 
Expenses:
Compensation and employee benefits388,903 444,408 1,198,104 1,274,879 
Equity-based compensation and allocations of net income to limited partnership units and FPUs44,088 33,963 102,974 315,743 
Total compensation and employee benefits432,991 478,371 1,301,078 1,590,622 
Operating, administrative and other121,382 152,363 395,882 394,546 
Fees to related parties7,301 5,664 20,878 17,696 
Depreciation and amortization44,359 28,883 118,758 80,804 
Total operating expenses606,033 665,281 1,836,596 2,083,668 
Other (loss) income, net(128)102,720 (101,432)1,187,322 
Income from operations58,485 225,564 160,217 1,025,631 
Interest expense, net(7,281)(8,498)(24,074)(26,034)
Income before income taxes and noncontrolling interests51,204 217,066 136,143 999,597 
Provision for income taxes13,294 53,811 35,723 206,572 
Consolidated net income37,910 163,255 100,420 793,025 
Less: Net income attributable to noncontrolling interests9,946 34,707 23,572 191,627 
Net income available to common stockholders$27,964 $128,548 $76,848 $601,398 
Per share data:
Basic earnings per share
Net income available to common stockholders (1)
$27,964 $128,549 $76,848 $595,198 
Basic earnings per share$0.16 $0.64 $0.42 $3.14 
Basic weighted-average shares of common stock outstanding177,231 199,413 183,311 189,317 
Fully diluted earnings per share
Net income for fully diluted shares$37,674 $128,549 $100,483 $595,198 
Fully diluted earnings per share$0.15 $0.63 $0.41 $3.06 
Fully diluted weighted-average shares of common stock outstanding243,469 205,281 248,067 194,320 

(1)Includes a reduction for dividends on preferred stock or EPUs in the amount of $0.0 million and $6.2 million for the three and nine months ended September 30, 2021, respectively. (see Note 1 — “Organization and Basis of Presentation”).
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these financial statements.
7


NEWMARK GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Consolidated net income$37,910 $163,255 $100,420 $793,025 
Foreign currency translation adjustments(8,883)(116)(16,474)(321)
Comprehensive income, net of tax29,027 163,139 83,946 792,704 
Less: Comprehensive income attributable to noncontrolling interests, net of tax9,946 34,707 23,572 191,627 
Comprehensive income available to common stockholders$19,081 $128,432 $60,374 $601,077 

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

8


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
Contingent
Class A
Common Stock
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balance, July 1, 2022$1,988 $212 $523,504 $1,572 $(440,444)$1,121,150 $(9,116)$322,136 $1,521,002 
Consolidated net income— — — — — 27,964 — 9,946 37,910 
Foreign currency translation adjustments— — — — — — (6,793)(2,090)(8,883)
Cantor purchase of Cantor units from Newmark Holdings
   upon redemption/ exchange of FPU's
— — — — — — — —  
Dividends to common stockholders— — — — — (5,358)— — (5,358)
Earnings distributions to limited partnership interests
   and other noncontrolling interests
— — — — — — — 5,882 5,882 
Grant of exchangeability, redemption and issuance of
   Class A common stock, 691,844 shares
7 — 26,028 — — — — 7,902 33,937 
Contributions of capital to and from Cantor for
   equity-based compensation
— — (682)— — — — (137)(819)
Repurchase of 10,163,677 shares of Class A Common Stock
— — — — (86,936)— — (18,329)(105,265)
Restricted stock units compensation— — 4,714 — — — — 994 5,708 
Balance, September 30, 2022$1,995 $212 $553,564 $1,572 $(527,380)$1,143,756 $(15,909)$326,304 $1,484,114 
 Class A
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Contingent
Class A
Common Stock
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balance, January 1, 2022$1,940 $212 $487,447 $1,572 $(290,174)$1,079,661 $(2,731)$386,266 $1,664,193 
Consolidated net income— — — — — 76,848 — 23,572 100,420 
Foreign currency translation adjustments— — — — — — (13,178)(3,296)(16,474)
Cantor purchase of Cantor units from Newmark Holdings
   upon redemption/ exchange of FPU's, 208,726 units
— — — — — — — 863 863 
Dividends to common stockholders— — — — — (12,753)— — (12,753)
Earnings distributions to limited partnership interests
   and other noncontrolling interests
— — — — — — — (54,024)(54,024)
Grant of exchangeability, redemption and issuance of
   Class A common stock, 5,502,373 shares
55 — 57,022 — — — — 15,161 72,238 
Contributions of capital to and from Cantor for
   equity-based compensation
— — 407 — — — — 98 505 
Repurchase of 23,217,195 shares of Class A Common Stock
— — — — (237,206)— — (43,987)(281,193)
Restricted stock units compensation— — 8,688 — — — — 1,651 10,339 
Balance, September 30, 2022$1,995 $212 $553,564 $1,572 $(527,380)$1,143,756 $(15,909)$326,304 $1,484,114 




9


NEWMARK GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(In thousands, except share and per share amounts)
(unaudited)
 Class A
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Contingent
Class A
Common Stock
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balance, July 1, 2021$1,772 $212 $506,077 $1,572 $(87,940)$805,721 $(2,192)$345,999 $1,571,221 
Consolidated net income— — — — — 128,548  34,707 163,255 
Foreign currency translation adjustments— — — — — — (100)(16)(116)
Dividends to common stockholders— — — — — (2,001) — (2,001)
Non-controlling interest in Deskeo— — — — — —  13,464 13,464 
Earnings distributions to limited partnership interests
   and other noncontrolling interests
— — — — — —  (1,154)(1,154)
Grant of exchangeability, redemption and issuance of
   Class A common stock, 978,682 shares
135 — (28,676)— — —  (14,619)(43,160)
Contributions of capital to and from Cantor for equity-based compensation— — 1,804 — — —  477 2,281 
Repurchase of 6,307,802 shares of Class A Common Stock
— — — — (72,659)—  (11,473)(84,132)
Restricted stock units compensation— — 3,510 — — —  554 4,064 
Balance, September 30, 2021$1,907 $212 $482,715 $1,572 $(160,599)$932,268 $(2,292)$367,939 $1,623,722 
 Class A
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Contingent
Class A
Common Stock
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balance, January 1, 2021$1,676 $212 $351,450 $1,572 $(40,531)$342,764 $(2,094)$266,098 $921,147 
Consolidated net income— — — — — 601,398  191,627 793,025 
Foreign currency translation adjustments— — — — — — (198)(123)(321)
Cantor purchase of Cantor units from Newmark upon redemption of FPU's, 1,008,731 units
— — — —