Newmark Group, Inc.NASDAQ: NMRK

Q3 (NMRK Q3 26 Excel Supplement Final 10 Q)

Nov 11, 2026 at 1:00 PM EST · Issued by Newmark Group, Inc.

Summary by 6ix AI

Newmark Group, Inc. reported unaudited total revenues of $973,195 thousand for the three months ended September 30, 2026, compared with $863,460 thousand a year earlier. Net income available to common stockholders was $48,933 thousand, compared with $46,154 thousand.

Key details

Fully diluted earnings per share were $0.27 for the three months ended September 30, 2026, compared with $0.25 a year earlier. Post-tax Adjusted Earnings per share, a company measure that excludes equity-based compensation, non-cash mortgage servicing rights gains and amortization, and other items the company lists, were $0.48, compared with $0.42.
Third-quarter 2026 revenue by business: Management Services, Servicing Fees and Other $376,346 thousand (from $318,127 thousand); Leasing and Other Commissions $308,648 thousand (from $244,008 thousand); Capital Markets $288,201 thousand (from $301,325 thousand).
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, as adjusted by the company) was $166.4 million for the three months ended September 30, 2026, compared with $145.2 million. The year-earlier quarter's other income included a net $42.3 million received from insurers under a stockholder derivative litigation settlement.
For the nine months ended September 30, 2026, total revenues were $2,708,134 thousand, compared with $2,288,066 thousand, and net income available to common stockholders was $83,050 thousand, compared with $58,209 thousand.
Dividends declared per share of common stock were $0.06 for the three months ended September 30, 2026, compared with $0.03 a year earlier.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/newmark-q3-nmrk-q3-26-excel-supplement-final-10-q

Watch Newmark's latest callNewmark Group (NASDAQ:NMRK) Q3 2026 Earnings Call · Replay · Oct 29

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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