Newmark : First Quarter 2024 Supplemental Tables

Table of Contents

Newmark Group, Inc. - Quarterly Financial Data Supplement - as presented on May 3, 2024	1Q24
Table of Contents
Page
Consolidated Results
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
Debt and Capital Markets Volumes	12
Liquidity Analysis	13
Condensed Consolidated Statements of Cash Flows	14
Analysis of Operating Cash Flow (Excluding Activity from Loan Originations and Sales) Compared with Adjusted EBITDA	15
Details of Certain Components of "Net Cash Provided By (Used In) Operating Activities"	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.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
March 31, 2024	December 31, 2023
Assets
Current Assets:
Cash and cash equivalents	$ 140,903	$ 164,894
Restricted cash	97,806	93,812
Loans held for sale, at fair value	505,668	528,944
Receivables, net	524,413	622,508
Other current assets	108,527	95,946
Total current assets	1,377,317	1,506,104
Goodwill	774,156	776,547
Mortgage servicing rights, net	521,872	531,203
Loans, forgivable loans and other receivables from employees and partners, net	787,878	651,197
Right-of-use assets	568,118	596,362
Fixed assets, net	173,685	178,035
Other intangible assets, net	78,683	83,626
Other assets	140,213	148,501
Total assets	$ 4,421,922	$ 4,471,575
Liabilities, Redeemable Partnership Interest, and Equity:
Current Liabilities:
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises	$ 493,428	$ 498,631
Accrued compensation	316,554	400,765
Accounts payable, accrued expenses and other liabilities	550,718	583,564
Short-term debt	- 0	- 0
Repurchase agreements and securities loaned	- 0	- 0
Payables to related parties	9,571	6,644
Total current liabilities	1,370,271	1,489,604
Long-term debt	670,183	547,260
Right-of-use liabilities	568,044	598,044
Other long-term liabilities	246,795	241,741
Total liabilities	2,855,293	2,876,649
Equity:
Total equity (1)	1,566,629	1,594,926
Total liabilities, redeemable partnership interest, and equity	$ 4,421,922	$ 4,471,575
(1) Includes "redeemable partnership interests," "noncontrolling interests" and "total stockholders' equity."

US GAAP P&L PR

NEWMARK GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
Revenues:	2024	2023
Management services, servicing fees and other	$ 256,934	$ 212,292
Leasing and other commissions	158,799	193,306
Investment sales	70,823	71,993
Commercial mortgage origination, net	59,943	43,208
Total revenues	546,499	520,799
Expenses:
Compensation and employee benefits	328,195	328,351
Equity-based compensation and allocations of net income to limited partnership units and FPUs	51,443	35,648
Total compensation and employee benefits	379,638	363,999
Operating, administrative and other	137,943	118,982
Fees to related parties	7,541	7,792
Depreciation and amortization	43,975	38,830
Total non-compensation expenses	189,459	165,604
Total operating expenses	569,097	529,603
Other income (loss), net:
Other income (loss), net	(14)	(3,010)
Total other income (loss), net	(14)	(3,010)
Loss from operations	(22,612)	(11,814)
Interest expense, net	(7,220)	(7,591)
Loss before income taxes and noncontrolling interests	(29,832)	(19,405)
Benefit for income taxes	(3,516)	(3,056)
Consolidated net loss	(26,316)	(16,349)
Less: Net loss attributable to noncontrolling interests	(10,062)	(5,999)
Net loss available to common stockholders	$ (16,254)	$ (10,350)
Per share data:
Basic earnings per share
Net loss available to common stockholders	$ (16,254)	$ (10,350)
Basic earnings per share	$ (0.09)	$ (0.06)
Basic weighted-average shares of common stock outstanding	174,774	172,561
Fully diluted earnings per share
Net loss for fully diluted shares	$ (16,254)	$ (10,350)
Fully diluted earnings per share	$ (0.09)	$ (0.06)
Fully diluted weighted-average shares of common stock outstanding	174,774	172,561
Dividends declared per share of common stock	$ 0.03	$ 0.03
Dividends paid per share of common stock	$ 0.03	$ 0.03

Revenue Detail

NEWMARK GROUP, INC.
REVENUE DETAIL
(in thousands)
(unaudited)
2024	2023	2022	2021	2020	2019	2018
Q1	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD
Detail of revenues as presented in the Statement of Operations: (9)
Management services fee revenues (1)	$ 119,265	$ 96,651	$ 108,695	$ 116,779	$ 121,568	$ 452,242	$ 107,268	$ 108,829	$ 100,612	$ 99,913	$ 416,621	$ 58,927	$ 83,752	$ 97,790	$ 112,931	$ 353,400	$ 59,052	$ 48,417	$ 47,345	$ 54,429	$ 209,243	$ 46,345	$ 51,683	$ 52,701	$ 65,051	$ 215,780	$ 37,493	$ 46,554	$ 50,073	$ 54,235	$ 188,355
Pass through revenues (2) (4)	74,176	63,347	67,570	73,949	76,642	281,508	77,793	72,568	63,244	62,839	276,444	87,640	95,663	100,843	96,312	380,458	66,519	56,680	60,152	74,917	258,268	51,744	65,790	51,483	61,568	230,585	59,439	60,674	51,895	54,084	226,092
Servicing fees and other revenues (5) (8)	63,493	52,295	64,395	63,021	65,965	237,127	48,059	52,288	58,523	57,550	216,420	41,183	40,094	45,836	54,743	181,856	39,575	36,512	39,331	43,207	158,625	42,953	42,783	52,210	39,701	177,647	33,879	37,681	45,529	47,441	164,530
Management services, servicing fees and other	$ 256,934	$ 212,293	$ 240,660	$ 253,749	$ 264,176	$ 970,876	$ 233,120	$ 233,685	$ 222,379	$ 220,302	$ 909,485	$ 187,750	$ 219,509	$ 244,469	$ 263,986	$ 915,714	$ 165,146	$ 141,609	$ 146,828	$ 172,553	$ 626,136	$ 141,042	$ 160,256	$ 156,394	$ 166,320	$ 624,012	$ 130,811	$ 144,909	$ 147,497	$ 155,760	$ 578,977
Leasing and other commissions	$ 158,799	$ 193,306	$ 203,611	$ 203,268	$ 239,410	$ 839,595	$ 198,952	$ 212,825	$ 219,903	$ 200,193	$ 831,874	$ 147,433	$ 184,346	$ 231,532	$ 263,631	$ 826,942	$ 140,439	$ 120,079	$ 114,947	$ 138,377	$ 513,842	$ 172,471	$ 217,381	$ 213,242	$ 251,686	$ 854,780	$ 159,371	$ 178,142	$ 203,904	$ 276,017	$ 817,434
Investment sales	$ 70,823	$ 71,993	$ 77,604	$ 94,707	$ 136,972	$ 381,276	$ 152,113	$ 209,053	$ 131,731	$ 113,518	$ 606,416	$ 101,545	$ 142,233	$ 208,786	$ 305,180	$ 757,744	$ 112,576	$ 47,163	$ 74,298	$ 169,935	$ 403,972	$ 87,018	$ 109,745	$ 120,820	$ 140,762	$ 458,345	$ 88,578	$ 86,342	$ 100,926	$ 127,922	$ 403,769
OMSR revenues (2) (3)	$ 16,144	$ 14,099	$ 23,046	$ 20,997	$ 23,940	$ 82,082	$ 29,472	$ 31,499	$ 27,386	$ 21,570	$ 109,927	$ 28,716	$ 25,815	$ 33,644	$ 48,230	$ 136,405	$ 29,347	$ 42,128	$ 60,947	$ 62,392	$ 194,814	$ 16,378	$ 24,855	$ 37,423	$ 30,592	$ 109,248	$ 21,097	$ 24,695	$ 28,685	$ 28,725	$ 103,202
Loan originations related fees and sales premiums, net	16,699	11,963	21,593	19,084	16,965	69,604	18,300	17,963	21,455	16,854	74,572	18,678	15,446	26,385	28,568	89,077	21,075	26,943	30,246	37,836	116,100	14,968	20,236	34,909	18,724	88,837	17,817	17,182	23,287	20,776	79,062
Mortgage brokerage and debt placement	27,100	17,146	19,330	24,478	65,979	126,933	46,290	50,326	41,792	34,845	173,253	19,858	42,522	43,309	74,871	180,560	15,347	5,796	8,659	20,333	50,135	15,779	19,006	23,846	24,279	82,910	12,785	15,348	14,510	22,492	65,136
Commercial mortgage origination, net	$ 59,943	$ 43,208	$ 63,969	$ 64,559	$ 106,884	$ 278,620	$ 94,062	$ 99,788	$ 90,633	$ 73,269	$ 357,752	$ 67,252	$ 83,783	$ 103,338	$ 151,669	$ 406,042	$ 65,769	$ 74,867	$ 99,852	$ 120,561	$ 361,049	$ 47,125	$ 64,097	$ 96,178	$ 73,595	$ 280,995	$ 51,699	$ 57,225	$ 66,482	$ 71,993	$ 247,400
Total revenues	$ 546,499	$ 520,800	$ 585,844	$ 616,283	$ 747,442	$ 2,470,367	$ 678,247	$ 755,351	$ 664,646	$ 607,282	$ 2,705,527	$ 503,980	$ 629,871	$ 788,125	$ 984,466	$ 2,906,442	$ 483,930	$ 383,718	$ 435,924	$ 601,426	1,904,998	$ 447,656	$ 551,478	$ 586,634	$ 632,364	$ 2,218,132	$ 430,460	$ 466,620	$ 518,809	$ 631,692	$ 2,047,580
Detail of revenues as presented in certain investor presentations:
Commission-based revenues (6)	$ 308,434	$ 327,730	$ 354,980	$ 379,741	$ 498,801	$ 1,561,252	$ 460,983	$ 534,965	$ 452,400	$ 401,688	$ 1,850,036	$ 320,212	$ 420,071	$ 551,979	$ 718,812	$ 2,011,074	$ 317,553	$ 219,915	$ 253,326	$ 400,370	$ 1,191,164	$ 306,660	$ 388,023	$ 418,477	$ 463,876	$ 1,577,036	$ 289,481	$ 313,780	$ 362,132	$ 468,928	$ 1,434,321
Management fees & other revenues (7)	147,745	115,623	140,249	141,595	148,058	545,525	110,000	116,320	121,616	121,186	469,122	67,412	88,322	101,660	121,032	378,426	70,511	64,995	61,499	63,747	260,752	72,874	72,810	79,251	76,328	301,263	60,443	67,470	76,097	79,954	283,964
Non-fee revenues (2) (4)	90,320	77,446	90,615	94,946	100,583	363,590	107,264	104,067	90,630	84,409	386,370	116,356	121,478	134,487	144,621	516,942	95,866	98,808	121,099	137,309	453,082	68,122	90,645	88,906	92,160	339,833	80,536	85,369	80,580	82,809	329,294
Total Revenues	$ 546,499	$ 520,799	$ 585,844	$ 616,283	$ 747,442	$ 2,470,367	$ 678,247	$ 755,351	$ 664,646	$ 607,283	$ 2,705,527	$ 503,980	$ 629,871	$ 788,126	$ 984,465	$ 2,906,442	$ 483,930	$ 383,718	$ 435,924	$ 601,426	$ 1,904,998	$ 447,656	$ 551,478	$ 586,634	$ 632,364	$ 2,218,132	$ 430,460	$ 466,619	$ 518,809	$ 631,691	$ 2,047,579
Fee revenues detail:
Management services, servicing fees and other - fee revenues only	$ 182,758	$ 148,946	$ 173,090	$ 179,800	$ 187,534	$ 689,369	$ 155,327	$ 161,117	$ 159,135	$ 157,463	$ 633,042	$ 100,110	$ 123,846	$ 143,626	$ 167,674	$ 535,256	$ 98,627	$ 84,929	$ 86,676	$ 97,636	$ 367,868	$ 89,298	$ 94,466	$ 104,911	$ 104,752	$ 393,427	$ 71,372	$ 84,235	$ 95,602	$ 101,676	$ 352,885
Leasing and other commissions	158,799	193,306	203,611	203,268	239,410	839,595	198,952	212,825	219,903	200,193	831,873	147,433	184,346	231,532	263,631	826,942	140,439	120,079	114,947	138,377	513,842	172,471	217,381	213,242	251,686	854,780	159,371	178,142	203,904	276,017	817,434
Investment sales	70,823	71,993	77,604	94,707	136,972	381,276	152,113	209,053	131,731	113,518	606,415	101,545	142,233	208,786	305,180	757,744	112,576	47,163	74,298	169,935	403,972	87,018	109,745	120,820	140,762	458,345	88,578	86,342	100,926	127,922	403,769
Commercial mortgage origination, net - fee revenues only	43,799	29,109	40,923	43,562	82,944	196,538	64,590	68,289	63,247	51,699	247,825	38,536	57,968	69,694	103,439	269,637	36,422	32,739	38,905	58,169	166,235	30,747	39,242	58,755	43,003	171,747	30,602	32,530	37,797	43,268	144,198
Total fee revenues	$ 456,179	$ 443,354	$ 495,228	$ 521,337	$ 646,860	$ 2,106,777	$ 570,982	$ 651,284	$ 574,016	$ 522,873	$ 2,319,155	$ 387,624	$ 508,393	$ 653,638	$ 839,924	$ 2,389,579	$ 388,064	$ 284,910	$ 314,826	$ 464,117	$ 1,451,917	$ 379,534	$ 460,834	$ 497,728	$ 540,203	$ 1,878,299	$ 349,923	$ 381,249	$ 438,229	$ 548,883	$ 1,718,285
Non-fee revenues detail: (2) (4)
OMSR revenues	$ 16,144	$ 14,099	$ 23,046	$ 20,997	$ 23,940	$ 82,082	$ 29,472	$ 31,499	$ 27,386	$ 21,570	$ 109,927	$ 28,716	$ 25,815	$ 33,644	$ 48,230	$ 136,405	$ 29,347	$ 42,128	$ 60,947	$ 62,392	$ 194,814	$ 16,378	$ 24,855	$ 37,423	$ 30,592	$ 109,248	$ 21,097	$ 24,695	$ 28,685	$ 28,725	$ 103,202
Non-fee management services revenues	74,176	63,347	67,570	73,949	76,642	281,508	77,793	72,568	63,244	62,839	276,444	87,640	95,663	100,843	96,312	380,458	66,519	56,680	60,152	74,917	258,268	51,744	65,790	51,483	61,568	230,585	59,439	60,674	51,895	54,084	226,092
Total non-fee revenues	$ 90,320	$ 77,446	$ 90,616	$ 94,946	$ 100,582	$ 363,590	$ 107,265	$ 104,067	$ 90,630	$ 84,409	$ 386,371	$ 116,356	$ 121,478	$ 134,487	$ 144,542	$ 516,863	$ 95,866	$ 98,808	$ 121,099	$ 137,309	$ 453,082	$ 68,122	$ 90,645	$ 88,906	$ 92,160	$ 339,833	$ 80,536	$ 85,369	$ 80,580	$ 82,809	$ 329,294
(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, 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, mortgage servicing, and interest income on loans held for sale.
(8)	Beginning in the first quarter of 2024, the portion of Spring11's revenues associated with its servicing and asset management portfolio are no longer reported under "Management services" but are instead recorded as part of "Servicing and other revenues" for all periods from the first quarter of 2023 onwards. This change had no impact on the overall line items "Fees from management services, servicing, and other" and "Management services, servicing fees, and other", or on the Company's consolidated results.
(9) Beginning in the first quarter of 2024, includes Newmark's servicing related to Spring11.	Beginning in the second quarter of 2024, the Company will recast its four main revenue line items (Management services, servicing fees and other, Leasing and other commissions, Investment sales, Commercial mortgage origination, net) into three line items (Management services, servicing fees and other, Leasing and other commissions, and Capital markets). Before the end of the second quarter of 2024, the Company intends to update the Revenue Detail tab of the quarterly supplemental excel tables on its website to show revenues under this new presentation for periods from 2018 through the first quarter of 2024.

Expense and Other Income Detail

NEWMARK GROUP, INC.
GAAP AND ADJUSTED EARNINGS EXPENSE AND OTHER INCOME DETAIL
(in thousands)
(unaudited)
2024	2023	2022	2021	2020	2019	2018
Q1	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
GAAP expense summary:
Compensation and employee benefits	$ 328,196	$ 328,351	$ 346,930	$ 371,250	$ 442,607	$ 1,489,138	$ 382,583	$ 426,617	$ 388,903	$ 356,680	$ 1,554,783	$ 289,074	$ 541,397	$ 444,409	$ 554,008	$ 1,828,888	$ 300,258	$ 230,518	$ 253,908	$ 362,676	$ 1,147,360	$ 263,403	$ 316,737	$ 341,036	$ 354,862	$ 1,276,038	$ 261,086	$ 266,639	$ 291,382	$ 342,875	$ 1,161,982
Equity-based compensation and allocations of net income to limited partnership units and FPUs	51,442	35,648	19,609	29,548	54,941	139,746	16,900	41,988	44,088	35,338	138,314	14,248	267,532	33,962	40,601	356,344	12,914	10,860	50,770	56,215	130,759	13,871	39,353	56,647	148,965	258,836	17,416	67,367	40,776	99,085	224,644
Total compensation and employee benefits	$ 379,638	$ 363,999	$ 366,539	$ 400,798	$ 497,548	$ 1,628,884	$ 399,483	$ 468,605	$ 432,991	$ 392,018	$ 1,693,097	$ 303,322	$ 808,929	$ 478,371	$ 594,609	$ 2,185,232	$ 313,172	$ 241,378	$ 304,678	$ 418,891	$ 1,278,119	$ 277,274	$ 356,090	$ 397,683	$ 503,827	$ 1,534,874	$ 278,502	$ 334,006	$ 332,158	$ 441,960	$ 1,386,626
Total non compensation expense	189,459	165,604	195,687	188,637	180,194	730,122	180,175	182,302	173,042	193,642	729,161	134,478	171,658	186,910	206,095	699,141	144,133	95,163	97,526	121,349	458,171	122,895	142,396	130,166	122,542	517,999	104,832	106,550	117,431	126,819	455,632
Total expenses for GAAP	$ 569,097	$ 529,603	$ 562,226	$ 589,435	$ 677,742	$ 2,359,006	$ 579,658	$ 650,907	$ 606,033	$ 585,660	$ 2,422,258	$ 437,800	$ 980,587	$ 665,281	$ 800,704	$ 2,884,373	$ 457,305	$ 336,541	$ 402,204	$ 540,240	$ 1,736,290	$ 400,169	$ 498,486	$ 527,849	$ 626,369	$ 2,052,873	$ 383,334	$ 440,556	$ 449,589	$ 568,779	$ 1,842,258
GAAP other income/(loss) and other expenses:
Other income/(loss)	$ (14)	$ (3,010)	$ 3,925	$ 3,203	$ 9,735	$ 13,853	$ (86,001)	$ (15,303)	$ (128)	$ 3,730	$ (97,701)	$ (2,210)	$ 1,086,812	$ 102,720	$ 45,173	$ 1,232,495	$ 1,438	$ (36,389)	$ 108,608	$ (58,367)	$ 15,290	$ (9,718)	$ (3,726)	$ 108,711	$ (14,313)	$ 80,954	$ 5,707	$ (365)	$ 93,717	$ 28,234	$ 127,293
Tax provision/(benefit)	$ (3,516)	$ (3,056)	$ 6,719	$ 8,356	$ 29,084	$ 41,103	$ 4,004	$ 18,426	$ 13,294	$ 6,330	$ 42,053	$ 10,579	$ 142,182	$ 53,811	$ 36,386	$ 242,958	$ 4,797	$ 88	$ 33,273	$ (1,165)	$ 36,993	$ 6,687	$ 9,121	$ 36,760	$ (132)	$ 52,436	$ 6,933	$ 10,822	$ 35,870	$ 36,862	$ 90,487
Net income (loss) attributable to noncontrolling interests	$ (10,062)	$ (5,999)	$ 4,800	$ 4,206	$ 16,793	$ 19,800	$ 352	$ 13,273	$ 9,946	$ 5,699	$ 29,270	$ 11,473	$ 145,447	$ 34,707	$ 35,779	$ 227,406	$ 6,056	$ 330	$ 24,177	$ (1,346)	$ 29,217	$ 6,502	$ 9,396	$ 33,871	$ (5,362)	$ 44,407	$ 12,490	$ 3,555	$ 47,321	$ 21,800	$ 85,166
Adjusted earnings expense summary:
Total compensation and employee benefits	$ 327,264	$ 327,492	$ 346,892	$ 368,347	$ 441,286	$ 1,484,017	$ 381,303	$ 425,872	$ 388,435	$ 357,085	$ 1,552,695	$ 288,147	$ 351,662	$ 427,909	$ 551,386	$ 1,619,104	$ 299,693	$ 228,675	$ 248,762	$355,944	$ 1,133,074	$ 263,891	$ 317,040	$ 341,656	$350,389	$ 1,272,976	$ 261,796	$ 267,151	$ 292,055	$343,770	$ 1,164,772
Total non compensation expense	152,961	134,410	161,021	147,274	151,195	593,900	149,499	148,243	135,939	140,044	573,725	116,622	138,137	158,935	169,009	582,703	115,493	68,110	71,593	81,013	336,209	99,517	113,071	97,787	90,281	400,656	85,282	89,213	94,850	101,385	370,730
Total expenses for adjusted earnings	$ 480,225	$ 461,902	$ 507,913	$ 515,621	$ 592,481	$ 2,077,917	$ 530,802	$ 574,115	$ 524,374	$ 497,129	$ 2,126,420	$ 404,769	$ 489,799	$ 586,844	$ 720,395	$ 2,201,807	$ 415,186	$ 296,785	$ 320,355	$ 436,957	$ 1,469,283	$ 363,408	$ 430,111	$ 439,443	$ 440,670	$ 1,673,632	$ 347,078	$ 356,364	$ 386,905	$ 445,155	$ 1,535,502
Detail of expenses as presented in certain investor presentations:
Commission-based compensation	$ 150,160	$ 166,921	$ 175,164	$ 188,655	$ 252,029	$ 782,769	$ 234,521	$ 275,739	$ 234,025	$ 208,263	$ 952,548	$ 162,376	$ 217,225	$ 282,966	$ 370,342	$ 1,032,909	$ 157,166	$ 110,993	$ 126,240	$ 204,231	$ 598,630	$ 148,930	$ 194,470	$ 210,804	$ 236,138	$ 790,342	$ 146,844	$ 159,248	$ 181,938	$ 235,305	$ 723,335
Support and operational expenses - comp	136,141	122,472	136,158	141,787	145,266	545,683	109,013	114,319	117,089	108,335	448,756	93,012	101,050	112,502	142,258	448,822	96,687	77,898	77,948	97,997	350,530	83,326	88,242	94,354	74,468	340,390	76,080	72,738	79,533	77,226	305,577
Pass-through fees related to management services revenues - comp	40,963	38,099	35,570	37,905	43,990	155,564	37,769	35,814	37,321	40,487	151,391	32,759	33,387	32,441	38,786	137,373	45,840	39,784	44,574	53,716	183,914	31,635	34,328	36,498	39,783	142,244	38,872	35,165	30,584	31,239	135,860
Total compensation and employee benefits	$ 327,264	$ 327,492	$ 346,892	$ 368,347	$ 441,286	$ 1,484,017	$ 381,303	$ 425,872	$ 388,435	$ 357,085	$ 1,552,695	$ 288,147	$ 351,662	$ 427,909	$ 551,386	$ 1,619,104	$ 299,693	$ 228,675	$ 248,762	$ 355,944	$ 1,133,074	$ 263,891	$ 317,040	$ 341,656	$ 350,389	$ 1,272,976	$ 261,796	$ 267,151	$ 292,055	$ 343,770	$ 1,164,772
Support and operational expenses - non-comp (1)	119,747	109,162	129,022	111,230	118,544	467,958	109,475	111,982	110,017	117,692	449,166	61,741	75,862	90,533	111,483	339,619	94,814	51,210	56,014	59,817	261,855	79,409	81,609	82,802	68,495	312,315	64,715	63,704	73,539	78,545	280,503
Pass-through fees related to management services revenues - non-comp	33,214	25,248	31,999	36,044	32,651	125,942	40,024	36,261	25,922	22,352	124,559	54,881	62,275	68,402	57,526	243,084	20,679	16,900	15,579	21,196	74,354	20,108	31,462	14,985	21,786	88,341	20,567	25,509	21,311	22,840	90,227
Total non compensation expense (1)	152,961	134,410	161,021	147,274	151,195	593,900	149,499	148,243	135,939	140,044	573,725	116,622	138,137	158,935	169,009	582,703	115,493	68,110	71,593	81,013	336,209	99,517	113,071	97,787	90,281	400,656	85,282	89,213	94,850	101,385	370,730
Total expenses for adjusted earnings (1)	$ 480,225	$ 461,902	$ 507,913	$ 515,621	$ 592,481	$ 2,077,917	$ 530,802	$ 574,115	$ 524,374	$ 497,129	$ 2,126,420	$ 404,769	$ 489,799	$ 586,844	$ 720,395	$ 2,201,807	$ 415,186	$ 296,785	$ 320,355	$ 436,957	$ 1,469,283	$ 363,408	$ 430,111	$ 439,443	$ 440,670	$ 1,673,632	$ 347,078	$ 356,364	$ 386,905	$ 445,155	$ 1,535,502
Adjusted earnings other income/(loss) and other expenses:
Other income (loss)	$ (1)	$ 3,628	$ 5,005	$ 5,664	$ (85)	$ 14,212	$ 22	$ 170	$ 156	$ 2,886	$ 3,234	$ 3,392	$ (3,406)	$ 1,475	$ 1,382	$ 2,843	$ 15	$ (3,878)	$ (7,527)	$ (9)	$ (11,399)	$ 13	$ 4,742	$ 1,257	$ 1,249	$ 7,260	$ 3,175	$ 1,845	$ 17	$ (2,276)	$ 2,761
Tax provision (benefit)	$ (6,436)	$ (6,170)	$ 7,595	$ 12,186	$ 19,848	$ 45,799	$ 20,264	$ 27,448	$ 20,108	$ 7,843	$ 75,663	$ 11,249	$ 17,291	$ 30,481	$ 42,721	$ 101,746	$ 5,839	$ 4,571	$ 5,634	$ 16,797	$ 32,840	$ 8,671	$ 15,093	$ 15,427	$ 21,419	$ 60,610	$ 6,930	$ 10,156	$ 12,159	$ 25,406	$ 54,652
Net income (loss) attributable to noncontrolling interests	$ (949)	$ (689)	$ (439)	$ (292)	$ (327)	$ (1,747)	$ 34	$ (111)	$ 638	$ 237	$ 798	$ 659	$ 746	$ 959	$ 1,114	$ 3,478	$ 455	$ 213	$ (9)	$ 544	$ 1,203	$ (137)	$ 342	$ 584	$ 378	$ 1,167	$ 803	$ 245	$ 415	$ 259	$ 1,722
(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.
RECONCILIATION OF GAAP NET INCOME TO COMMON STOCKHOLDERS TO ADJUSTED EARNINGS BEFORE NONCONTROLLING INTERESTS AND TAXES AND
GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
2024	2023
GAAP net loss available to common stockholders	$ (16,254)	$ (10,350)
Benefit for income taxes (1)	(3,516)	(3,056)
Net income attributable to noncontrolling interests (2)	(10,062)	(5,999)
GAAP loss before income taxes and noncontrolling interests	$ (29,832)	$ (19,405)
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPU's (3)	51,443	35,648
Other compensation adjustments (4)	930	872
Total Compensation adjustments	52,373	36,520
Non-Compensation expense adjustments:
Amortization of intangibles (5)	4,439	3,448
MSR amortization(6)	28,147	26,204
Other non-compensation adjustments (7)	3,911	1,525
Total Non-Compensation expense adjustments	36,497	31,177
Non-cash adjustment for OMSR revenues (8)	(16,144)	(14,099)
Other (income) loss, net:
Other non-cash, non-dilutive, and /or non-economic items and Nasdaq (9)	13	6,638
Total Other (income) loss, net	13	6,638
Total pre-tax adjustments	72,739	60,236
Adjusted Earnings before noncontrolling interests and taxes ("Pre-tax Adjusted Earnings")	$ 42,907	$ 40,831
GAAP Net loss available to common stockholders:	$ (16,254)	$ (10,350)
Allocation of net loss to noncontrolling interests (10)	(9,113)	(5,310)
Total pre-tax adjustments (from above)	72,739	60,236
Income tax adjustment to reflect adjusted earnings taxes (1)	(9,953)	(9,223)
Post-tax Adjusted Earnings to fully diluted shareholders ("Post-tax Adjusted Earnings")	$ 37,420	$ 35,353
Per Share Data:
GAAP fully diluted earnings per share	$ (0.09)	$ (0.06)
Allocation of net income to noncontrolling interests	0.00	0.00
Total pre-tax adjustments (from above)	0.28	0.25
Income tax adjustment to reflect adjusted earnings taxes	(0.04)	(0.04)
Other	(0.00)	(0.00)
Post-tax Adjusted Earnings per share ("Adjusted Earnings EPS")	$ 0.15	$ 0.15
Pre-tax adjusted earnings per share	$ 0.17	$ 0.17
Fully diluted weighted-average shares of common stock outstanding	255,424	239,886
(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 March 31,
2024	2023
GAAP provision (benefit) for income taxes	$ (3.5)	$ (3.1)
Income tax adjustment to reflect Adjusted Earnings	10.0	9.2
Provision for income taxes for Adjusted Earnings	$ 6.5	$ 6.1
(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 March 31,
2024	2023
Issuance of common stock and exchangeability expenses	$ 40.2	$ 24.6
Limited partnership units amortization	3.3	4.9
RSU amortization Expense	7.7	6.0
Total equity-based compensation	$ 51.2	$ 35.5
Allocations of net income	0.2	0.2
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$ 51.4	$ 35.7
(4)	Includes compensation expenses related to severance charges as a result of the cost savings initiatives of $1.4 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. Also includes commission charges related to non-cash GAAP gains attributable to OMSR revenues of $(0.4) million and $(0.3) million for the three months ended March 31, 2024 and 2023, 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 March 31,
2024	2023
Lease expense (credits) related to liquidating entities	$ (3.5)	$ 2.9
Asset impairments	3.3	0.9
Unaffiliated third party professional fees and expenses related to legal matters	1.3	-
Proceeds from legal settlements	(0.1)	(4.5)
Acceleration of debt issuance costs	2.6	-
	Acquisition costs	-	1.8
Fair value adjustments related to acquisition earnouts	0.3	0.4
$ 3.9	$ 1.5
(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)	The components of non-cash, non-dilutive, non-economic items are as follows (in millions):
Three Months Ended March 31,
2024	2023
Loss from the disposition of assets	-	6.4
Unrealized (gain)/loss on marketable securities (i)	-	-
(Gains)/losses on non-marketable securities	-	0.3
$ - 0	$ 6.7
(i) Includes $13 thousand of unrealized loss on marketable securities for the three months ended March 31, 2024.
(10)	Excludes the noncontrolling portion of Newmark's net income in subsidiaries which are not wholly owned.

Hist. Recon GAAP to AE Detail

NEWMARK GROUP, INC.
RECONCILIATION OF GAAP INCOME (LOSS) TO ADJUSTED EARNINGS AND
GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
(unaudited)
2024	2023	2022	2021	2020	2019	2018
Q1	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD
Net income (loss) available to common stockholders	$ (16,254)	$ (10,350)	$ 6,429	$ 9,947	$ 36,548	$ 42,574	$ 362	$ 48,519	$ 27,964	$ 6,427	$ 83,276	$ 33,105	$ 439,744	$ 128,549	$ 149,331	$ 750,728	$ 8,179	$ 314	$ 75,348	$ (3,781)	$ 80,060	$ 16,904	$ 22,668	$ 88,698	$ (10,965)	$ 117,305	$ 19,997	$ 739	$ 68,237	$ 17,759	$ 106,732
Provision (benefit) for income taxes	(3,516)	(3,056)	6,719	8,356	29,084	41,103	4,004	18,426	13,294	6,330	42,053	10,579	142,182	53,811	36,386	242,958	4,797	88	33,273	(1,165)	36,993	6,687	9,121	36,760	(132)	52,436	6,933	10,822	35,870	36,862	90,487
Net income (loss) attributable to noncontrolling interest in subsidiaries	(10,062)	(5,999)	4,800	4,206	16,793	19,800	352	13,273	9,946	5,699	29,270	11,473	145,447	34,707	35,779	227,406	6,056	330	24,177	(1,346)	29,217	6,502	9,396	33,871	(5,362)	44,407	12,490	3,555	47,321	21,800	85,166
GAAP income (loss) before income taxes and noncontrolling interests	$ (29,832)	$ (19,405)	$ 17,948	$ 22,509	$ 82,425	$ 103,477	$ 4,718	$ 80,218	$ 51,204	$ 18,456	$ 154,599	$ 55,157	$ 727,373	$ 217,067	$ 221,496	$ 1,221,092	$ 19,032	$ 732	$ 132,798	$ (6,292)	$ 146,270	$ 30,093	$ 41,185	$ 159,329	$ (16,459)	$ 214,148	$ 39,420	$ 15,116	$ 151,428	$ 76,421	$ 282,385
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation	$ 51,211	$ 35,407	$ 19,487	$ 26,472	$ 43,384	$ 124,750	$ 16,751	$ 34,201	$ 39,213	$ 32,271	$ 122,436	$ 3,615	$ 253,239	$ 20,797	$ 23,511	$ 301,162	$ 12,365	$ 9,877	$ 21,549	$ 56,507	$ 100,298	$ 7,558	$ 27,752	$ 24,151	$ 148,965	$ 208,426	$ 13,356	$ 62,675	$ 11,952	$ 85,199	$ 173,182
Allocations of net income to limited partnership units and FPUs	231	241	122	3,076	11,503	14,942	147	7,787	4,875	3,067	15,876	10,633	14,293	13,166	17,090	55,182	549	983	29,221	(292)	30,461	6,313	11,601	32,496	-	50,410	4,060	4,692	28,824	13,886	51,462
Reserves on employee loans	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other compensation adjustments	930	872	39	2,953	1,321	5,185	1,279	744	469	(406)	2,086	917	189,734	16,491	2,618	209,760	564	1,843	5,147	6,727	14,281	(537)	(303)	(621)	4,471	3,010	(709)	(512)	(673)	(893)	(2,787)
Total Compensation adjustments	$ 52,372	$ 36,520	$ 19,648	$ 32,501	$ 56,208	$ 144,877	$ 18,178	$ 42,732	$ 44,557	$ 34,932	$ 140,399	$ 15,165	$ 457,266	$ 50,454	$ 43,219	$ 566,104	$ 13,478	$ 12,703	$ 55,917	$ 62,942	$ 145,040	$ 13,334	$ 39,050	$ 56,026	$ 153,436	$ 261,846	$ 16,707	$ 66,855	$ 40,104	$ 98,190	$ 221,856
Non-Compensation expense adjustments:
Amortization of intangibles	$ 4,439	$ 3,448	$ 4,589	$ 4,590	$ 4,472	$ 17,099	$ 2,594	$ 4,846	$ 3,471	$ 3,402	$ 14,313	$ 1,666	$ 2,420	$ 2,416	$ 2,361	$ 8,863	$ 1,643	$ 1,667	$ 1,744	$ 1,958	$ 7,012	$ 1,276	$ 1,299	$ 2,819	$ 1,526	$ 6,920	$ 1,513	$ 1,257	$ 1,238	$ 1,621	$ 5,629
MSR amortization	28,147	26,204	27,885	26,706	29,082	109,877	26,216	25,580	28,703	28,577	109,076	15,067	22,684	20,103	31,937	89,791	39,471	23,864	22,602	25,315	111,252	22,126	27,730	29,546	22,128	101,530	17,824	15,726	21,011	23,862	78,423
Other non-compensation adjustments	3,911	1,525	2,192	10,016	(4,555)	9,178	1,865	3,631	4,929	21,621	32,046	1,132	8,420	5,461	2,793	17,806	(12,480)	1,536	1,585	13,060	3,701	- 0	- 0	- 0	8,601	8,601	- 0	- 0	- 0	- 0	- 0
Total Non-Compensation expense adjustments	$ 36,497	$ 31,177	$ 34,666	$ 41,312	$ 28,999	$ 136,154	$ 30,675	$ 34,057	$ 37,103	$ 53,600	$ 155,435	$ 17,865	$ 33,524	$ 27,980	$ 37,091	$ 116,460	$ 28,634	$ 27,067	$ 25,931	$ 40,333	$ 121,965	$ 23,402	$ 29,029	$ 32,365	$ 32,255	$ 117,051	$ 19,337	$ 16,983	$ 22,249	$ 25,483	$ 84,052
Non-cash adjustment for OMSR Revenue	(16,144)	(14,099)	(23,046)	(20,997)	(23,940)	(82,082)	(29,472)	(31,499)	(27,386)	(21,570)	(109,927)	(28,716)	(25,815)	(33,644)	(48,230)	(136,405)	(29,347)	(42,128)	(60,947)	(62,392)	(194,814)	(16,378)	(24,855)	(37,423)	(30,592)	(109,248)	(21,097)	(24,695)	(28,685)	(28,725)	(103,202)
Other (income) losses
Other non-cash, non-dilutive, and /or non-economic items and Nasdaq (1)	13	6,638	1,076	2,460	(9,820)	354	86,023	15,473	284	(845)	100,935	5,602	(1,090,192)	(101,245)	(43,791)	(1,229,626)	(1,310)	32,511	(116,135)	58,482	(26,452)	9,952	8,928	(107,337)	15,727	(72,730)	(2,265)	2,580	(93,340)	(23,290)	(116,315)
Total Other (income) losses	13	6,638	1,076	2,460	(9,820)	354	86,023	15,473	284	(845)	100,935	5,602	(1,090,192)	(101,245)	(43,791)	(1,229,626)	(1,310)	32,511	(116,135)	58,482	(26,452)	9,952	8,928	(107,337)	15,727	(72,730)	(2,265)	2,580	(93,340)	(23,290)	(116,315)
Total pre-tax adjustments	72,738	60,236	32,344	55,276	51,447	199,303	105,404	60,763	54,558	66,117	286,842	9,916	(625,217)	(56,455)	(11,711)	(683,467)	11,455	30,153	(95,234)	99,365	45,739	30,310	52,152	(56,369)	170,826	196,919	12,682	61,723	(59,672)	71,658	86,391
Adjusted Earnings before noncontrolling interests and taxes	$ 42,906	$ 40,831	$ 50,292	$ 77,785	$ 133,872	$ 302,780	$ 110,122	$ 140,981	$ 105,762	$ 84,573	$ 441,441	$ 65,073	$ 102,156	$ 160,612	$ 209,785	$ 537,625	$ 30,487	$ 30,885	$ 37,564	$ 93,073	$ 192,009	$ 60,403	$ 93,337	$ 102,961	$ 154,367	$ 411,067	$ 52,102	$ 76,839	$ 91,756	$ 148,079	$ 368,776
GAAP net income (loss) available to common stockholders	$ (16,254)	$ (10,350)	$ 6,429	$ 9,947	$ 36,548	$ 42,574	$ 362	$ 48,519	$ 27,964	$ 6,427	$ 83,276	$ 33,105	$ 439,744	$ 128,549	$ 149,331	$ 750,728	$ 8,179	$ 314	$ 75,348	$ (3,781)	$ 80,060	$ 16,904	$ 22,668	$ 88,698	$ (10,965)	$ 117,305	$ 19,997	$ 739	$ 68,237	$ 17,759	$ 106,732
Allocation of net income (loss) to noncontrolling interest in subsidiaries	(9,113)	(5,310)	5,239	4,498	17,120	21,546	318	13,384	9,308	5,462	28,472	10,814	144,703	33,748	34,665	223,929	5,601	118	24,185	(1,890)	28,014	6,639	9,054	33,287	(5,740)	43,240	11,687	3,311	46,906	21,542	83,446
Total pre-tax adjustments (from above)	72,738	60,236	32,344	55,276	51,447	199,303	105,404	60,763	54,558	66,117	286,842	9,916	(625,217)	(56,455)	(11,711)	(683,467)	11,455	30,153	(95,234)	99,365	45,739	30,310	52,152	(56,369)	170,826	196,919	12,682	61,723	(59,672)	71,658	86,391
Income tax adjustment to reflect adjusted earnings taxes	(9,953)	(9,223)	(875)	(3,830)	9,236	(4,691)	(16,259)	(9,023)	(6,815)	(1,513)	(33,610)	(673)	124,891	23,330	(6,333)	141,215	(1,759)	(4,478)	27,639	(17,961)	5,497	(1,983)	(5,971)	21,333	(21,551)	(8,172)	3	666	23,711	11,463	35,842
Post-tax Adjusted Earnings to fully diluted shareholders	$ 37,419	$ 35,353	$ 43,137	$ 65,891	$ 114,351	$ 258,733	$ 89,825	$ 113,643	$ 85,015	$ 76,493	$ 364,981	$ 53,162	$ 84,121	$ 129,172	$ 165,952	$ 432,405	$ 23,477	$ 26,107	$ 31,939	$ 75,733	$ 159,310	$ 51,870	$ 77,902	$ 86,950	$ 132,571	$ 349,292	$ 44,369	$ 66,439	$ 79,182	$ 122,422	$ 312,411
Per Share Data:
GAAP fully diluted earnings per share	$ (0.09)	$ (0.06)	$ 0.04	$ 0.06	$ 0.21	$ 0.25	$ - 0	$ 0.26	$ 0.15	$ 0.04	$ 0.46	$ 0.16	$ 2.13	$ 0.63	$ 0.74	$ 3.80	$ 0.03	$ (0.01)	$ 0.39	$ (0.03)	$ 0.39	$ 0.08	$ 0.11	$ 0.48	$ (0.08)	$ 0.58	$ 0.12	$ - 0	$ 0.43	$ 0.09	$ 0.65
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	0.00	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	0.00	0.01	(0.01)	0.00	0.01	0.01
Exchangeable preferred limited partnership units non-cash preferred dividends	0.00	0.00	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	0.02	0.01	0.01	0.00	0.01	0.02	0.01	0.01	0.01	0.01	0.05	0.00	0.00	0.01	0.01	0.02
Total pre-tax adjustments (from above)	0.28	0.25	0.13	0.22	0.21	0.81	0.42	0.25	0.22	0.28	1.17	0.04	(2.29)	(0.22)	(0.05)	(2.59)	0.04	0.11	(0.36)	0.38	0.17	0.11	0.19	(0.21)	0.65	0.73	0.05	0.24	(0.23)	0.27	0.33
Income tax adjustment to reflect adjusted earnings taxes	(0.04)	(0.04)	(0.00)	(0.02)	0.04	(0.02)	(0.06)	(0.04)	(0.03)	(0.01)	(0.14)	(0.00)	0.46	0.09	(0.02)	0.53	(0.01)	(0.02)	0.10	(0.07)	0.02	(0.01)	(0.02)	0.08	(0.08)	(0.03)	0.00	0.00	0.09	0.04	0.14
Other	(0.01)	(0.01)	0.01	(0.00)	0.00	0.01	0.00	(0.01)	0.00	0.01	0.00	(0.01)	0.01	(0.00)	(0.02)	(0.12)	0.01	0.00	(0.02)	0.00	(0.00)	0.00	0.00	(0.04)	0.00	(0.04)	0.00	0.03	(0.00)	0.04	0.07
Post-tax Adjusted Earnings per share	$ 0.15	$ 0.15	$ 0.18	$ 0.27	$ 0.46	$ 1.05	$ 0.36	$ 0.46	$ 0.35	$ 0.32	$ 1.49	$ 0.20	$ 0.31	$ 0.50	$ 0.65	$ 1.64	$ 0.09	$ 0.10	$ 0.12	$ 0.29	$ 0.60	$ 0.20	$ 0.29	$ 0.32	$ 0.50	$ 1.30	$ 0.18	$ 0.26	$ 0.30	$ 0.46	$ 1.22
Pre-tax adjusted earnings per share	$ 0.17	$ 0.17	$ 0.21	$ 0.31	$ 0.54	$ 1.23	$ 0.44	$ 0.57	$ 0.43	$ 0.36	$ 1.80	$ 0.24	$ 0.37	$ 0.62	$ 0.82	$ 2.04	$ 0.12	$ 0.12	$ 0.14	$ 0.35	$ 0.72	$ 0.22	$ 0.34	$ 0.38	$ 0.58	$ 1.53	$ 0.21	$ 0.30	$ 0.35	$ 0.55	$ 1.42
Fully diluted weighted-average shares of common stock outstanding	255,424	239,886	244,954	247,240	249,795	246,343	252,815	247,985	243,469	236,304	245,177	271,194	273,555	257,791	254,318	263,954	263,646	265,640	266,793	264,868	264,851	269,057	270,966	268,350	264,548	268,860	246,834	258,703	262,532	267,626	258,997
Dividends declared per share of common stock	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.12	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.12	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.04	$ 0.10	$ 0.01	$ 0.01	$ 0.01	$ 0.13	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.40	$ 0.09	$ 0.09	$ 0.09	$ 0.09	$ 0.36
Dividends paid per share of common stock	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.12	$ 0.01	$ 0.03	$ 0.03	$ 0.03	$ 0.10	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.04	$ 0.10	$ 0.01	$ 0.01	$ 0.01	$ 0.13	$ 0.09	$ 0.10	$ 0.10	$ 0.10	$ 0.39	$ 0.00	$ 0.09	$ 0.09	$ 0.09	$ 0.27

EBITDA-PR

NEWMARK GROUP, INC.
Reconciliation of GAAP Income to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31,
2024	2023
GAAP net loss available to common stockholders	$ (16,254)	$ (10,350)
Adjustments:
Net loss attributable to noncontrolling interests(1)	(10,062)	(5,999)
Benefit for income taxes	(3,516)	(3,056)
OMSR revenue(2)	(16,144)	(14,099)
MSR amortization(3)	28,147	26,204
Other depreciation and amortization(4)	15,819	12,626
Equity-based compensation and allocations of net income to limited partnership units and FPUs (5)	51,443	35,648
Other adjustments (6)	1,799	4,186
Other non-cash, non-dilutive, non-economic items and Nasdaq for Adjusted EBITDA (7)	13	6,638
Interest expense	12,238	11,124
Adjusted EBITDA ("AEBITDA")	$ 63,483	$ 62,922
(1)	Primarily represents portion of Newmark's net income (loss) 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 $11.4 million and $9.2 million for the three months ended March 31, 2024 and 2023, respectively. Also, includes intangible asset amortization related to acquisitions of $4.4 million and $3.4 million for the three months ended March 31, 2024 and 2023, 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 March 31,
2024	2023
Severance charges	$ 1.4	$ 1.1
Assets impairment not considered a part of ongoing operations	1.5	-0
Commission charges related to non-GAAP gains attributable to OMSR revenues and others	(0.4)	(0.3)
Fair value adjustments related to acquisition earnouts	0.3	0.4
Lease expense (credits) related to liquidating entries	(3.5)	2.9
Acceleration of debt issuance costs	2.6	-0
$ 1.8	$ 4.2
(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.

Historical EBITDA Trend Detail

NEWMARK GROUP, INC.
Reconciliation of GAAP Income (Loss) to Adjusted EBITDA
(in thousands)
(unaudited)
2024	2023	2022	2021	2020	2019	2018
Q1	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	FY
GAAP net income (loss) available to common stockholders	$ (16,254)	$ (10,350)	$ 6,429	$ 9,947	$ 36,548	$ 42,574	$ 362	$ 48,519	$ 27,964	$ 6,427	$ 83,276	$ 33,105	$ 439,744	$ 128,549	$ 149,331	$ 750,728	$ 8,182	$ 310	$ 75,349	$ (3,781)	$ 80,060	$ 16,904	$ 22,668	$ 88,698	$ (10,965)	$ 117,305	$ 19,997	$ 739	$ 68,237	$ 17,759	$ 106,732
Adjustments:
Net income (loss) attributable to noncontrolling interest in subsidiaries	(10,062)	(5,999)	4,800	4,206	16,793	19,800	352	13,273	9,946	5,699	29,270	11,473	145,447	34,707	35,779	227,406	6,056	331	24,176	(1,346)	29,217	6,502	9,396	33,871	(5,362)	44,407	12,490	3,555	47,321	21,800	85,166
Provision (benefit) for income taxes	(3,516)	(3,056)	6,719	8,356	29,084	41,103	4,004	18,426	13,294	6,330	42,054	10,579	142,182	53,811	36,386	242,958	4,797	89	33,272	(1,165)	36,993	6,687	9,121	36,760	(132)	52,436	6,933	10,822	35,870	36,862	90,487
OMSR Revenue	(16,144)	(14,099)	(23,046)	(20,997)	(23,940)	(82,082)	(29,472)	(31,499)	(27,386)	(21,570)	(109,927)	(28,716)	(25,815)	(33,644)	(48,230)	(136,405)	(29,347)	(42,129)	(60,947)	(62,392)	(194,815)	(16,378)	(24,855)	(37,423)	(30,592)	(109,248)	(21,097)	(24,695)	(28,685)	(28,725)	(103,202)
MSR Amortization	28,147	26,204	27,885	26,706	29,082	109,877	26,216	25,580	28,703	28,577	109,076	15,067	22,684	20,103	31,937	89,791	39,471	23,865	22,601	25,315	111,252	22,126	27,730	29,546	22,128	101,530	17,824	15,726	21,011	23,862	78,423
Other Depreciation and Amortization	15,819	12,626	14,149	14,757	14,812	56,344	9,259	13,345	15,655	18,480	56,739	5,986	8,184	8,780	8,987	31,937	6,568	5,082	7,026	11,265	29,941	6,178	5,695	7,235	10,507	29,615	4,688	4,475	4,862	5,286	19,311
Equity-based compensation	51,212	35,407	19,487	26,472	43,383	124,749	16,752	34,201	39,213	32,271	122,437	3,615	253,239	20,797	23,511	301,162	12,365	9,877	21,549	56,507	100,298	7,557	27,752	24,150	148,965	208,424	13,356	62,675	11,953	85,199	173,183
Allocations of net income to limited partnership units	231	241	122	3,076	11,503	14,942	147	7,787	4,875	3,067	15,876	10,633	14,293	13,166	17,090	55,182	549	983	29,221	(292)	30,461	6,314	11,602	32,497	- 0	50,413	4,060	4,692	28,824	13,884	51,460
Other adjustments	1,799	4,186	1,528	9,150	(5,385)	9,479	3,363	4,048	81	13,642	21,134	1,582	10,420	3,262	5,380	20,645	(12,229)	3,394	5,642	14,209	11,016	(537)	(303)	(621)	4,471	3,010	(709)	(512)	(673)	(893)	(2,787)
Other non-cash, non-dilutive, non-economic items and Nasdaq (1)	13	6,638	1,076	2,460	2,930	13,105	86,023	15,161	284	(845)	100,623	3,252	(900,030)	(85,271)	(43,791)	(1,025,840)	(1,310)	32,512	(116,135)	58,851	(26,082)	9,952	8,928	(107,337)	15,727	(72,730)	(2,434)	2,578	(93,340)	(30,244)	(123,440)
Interest expense	12,238	11,124	13,749	12,156	11,389	48,418	9,491	10,626	9,877	10,126	40,120	10,344	10,271	10,276	9,007	39,898	10,904	11,756	11,244	10,696	44,600	9,567	10,088	10,177	10,070	39,902	14,820	12,915	14,264	16,808	58,807
Adjusted EBITDA ("AEBITDA")	$ 63,483	$ 62,922	$ 72,898	$ 96,289	$ 166,199	$ 398,309	$ 126,497	$ 159,467	$ 122,506	$ 102,204	$ 510,678	$ 76,920	$ 120,619	$ 174,536	$ 225,387	$ 597,462	$ 46,006	$ 46,070	$ 52,998	$ 107,867	$ 252,941	$ 74,872	$ 107,822	$ 117,554	$ 164,817	$ 465,064	$ 69,928	$ 92,970	$ 109,644	$ 161,598	$ 434,140
(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.
FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT
FOR GAAP AND ADJUSTED EARNINGS
(in thousands)
(unaudited)
Three Months Ended March 31,
2024	2023
Common stock outstanding	174,774	172,561
Limited partnership units	48,143	- 0
Cantor units	24,868	- 0
Founding partner units	3,018	- 0
RSUs	4,127	- 0
Newmark exchange shares	494	- 0
Fully diluted weighted-average share count for GAAP	255,424	172,561
Adjusted Earnings Adjustments:
Common stock outstanding	- 0	- 0
Limited partnership units	- 0	37,054
Cantor units	- 0	24,608
Founding partner units	- 0	3,488
RSUs	- 0	1,757
Newmark exchange shares	- 0	418
Fully diluted weighted-average share count for Adjusted Earnings	255,424	239,886

Historical Equity-based Comp

NEWMARK GROUP, INC.
Equity-based compensation and allocations of net income to limited partnership units and FPUs
(in thousands)
(unaudited)
2024	2023	2022	2021	2020	2019	2018
Q1	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD
Issuance of common stock and exchangeability expenses	$ 40,171	$ 24,583	$ 9,897	$ 19,121	$ 32,317	$ 85,918	$ 8,983	$ 26,875	$ 33,330	$ 23,120	$ 92,308	$ 1,218	$ 282,569	$ 14,414	$ 14,517	$ 312,718	$ 8,119	$ 306	$ 13,243	$ 47,373	$ 69,041	$ 661	$ 21,511	$ 17,499	$ 142,043	$ 181,714	$ 21,749	$ 60,334	$ 12,238	$ 85,012	$ 179,333
Limited partnership units amortization	3,282	4,861	3,369	1,532	4,505	14,267	3,274	1,760	181	3,108	8,323	(600)	(33,779)	2,323	3,705	(28,351)	1,895	6,011	4,902	5,885	18,693	6,335	5,044	5,239	4,891	21,509	(8,727)	1,805	(800)	(217)	(7,939)
RSU amortization	7,758	5,963	6,221	5,819	6,616	24,619	4,496	5,566	5,702	6,043	21,807	2,997	4,449	4,059	5,289	16,794	2,351	3,560	3,404	3,250	12,565	562	1,197	1,413	2,031	5,203	334	536	514	404	1,788
Total equity-based compensation	51,211	35,407	19,487	26,472	43,438	124,804	16,753	34,201	39,213	32,271	122,438	3,615	253,239	20,796	23,511	301,161	12,365	9,877	21,549	56,508	100,299	7,558	27,752	24,151	148,965	208,426	13,356	62,675	11,952	85,199	173,182
Allocation of net income to limited partnership units and FPUs	231	241	122	3,076	11,503	14,942	147	7,787	4,875	3,067	15,876	10,633	14,293	13,166	17,090	55,183	549	983	29,221	(293)	30,460	6,313	11,601	32,496	- 0	50,410	4,060	4,692	28,824	13,886	51,462
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$ 51,442	$ 35,648	$ 19,609	$ 29,548	$ 54,941	$ 139,746	$ 16,900	$ 41,988	$ 44,088	$ 35,338	$ 138,314	$ 14,248	$ 267,532	$ 33,962	$ 40,601	$ 356,344	$ 12,914	$ 10,860	$ 50,770	$ 56,215	$ 130,759	$ 13,871	$ 39,353	$ 56,647	$ 148,965	$ 258,836	$ 17,416	$ 67,367	$ 40,776	$ 99,085	$ 224,644

Volumes

Newmark Group, Inc. Quarterly and TTM Volumes
(in $ millions)
2018	2019	2020	Q1 21	Q2 21	Q3 21	Q4 21	2021	Q1 22	Q2 22	Q3 22	Q4 22	2022	Q1 23	Q2 23	Q3 23	Q4 23	2023	Q1 24	Q1 24 vs Q1 23	Change %
Investment Sales (1)	$ 42,269	$ 50,675	$ 48,157	$ 11,678	$ 16,434	$ 22,949	$ 36,949	$ 88,010	$ 18,958	$ 26,066	$ 14,745	$ 11,815	$ 71,584	$ 7,396	$ 7,217	$ 11,431	$ 31,642	$ 57,686	$ 6,668	$ (728)	-9.8%
Mortgage Brokerage (2)	14,025	20,699	12,296	4,376	9,589	9,391	17,968	41,323	10,194	11,559	9,614	6,648	38,015	2,889	5,152	4,998	22,640	35,679	6,050	3,161	109.4%
Total Capital Markets	$ 56,294	$ 71,374	$ 60,453	$ 16,054	$ 26,023	$ 32,340	$ 54,917	$ 129,062	$ 29,152	$ 37,625	$ 24,359	$ 18,463	$ 109,599	$ 10,285	$ 12,369	$ 16,429	$ 54,282	$ 93,365	$ 12,718	$ 2,433	23.7%
Fannie Mae	$ 4,567	$ 3,202	$ 5,421	$ 711	$ 854	$ 1,034	$ 1,569	$ 4,168	$ 1,028	$ 1,358	$ 1,261	429	$ 4,076	$ 616	$ 661	$ 714	$ 1,054	$ 3,045	$ 835	$ 219	35.6%
Freddie Mac	3,982	6,723	5,692	1,388	622	1,386	1,335	4,731	767	575	808	1,440	3,590	377	2,063	931	633	4,004	556	179	47.5%
FHA	165	14	191	14	27	68	17	126	48	- 0	52	23	123	- 0	16	- 0	- 0	16	- 0	- 0	0.0%
Total Origination Volume	$ 8,715	$ 9,939	$ 11,304	$ 2,113	$ 1,502	$ 2,488	$ 2,921	$ 9,024	$ 1,843	$ 1,933	$ 2,121	$ 1,892	$ 7,789	$ 993	$ 2,740	$ 1,645	$ 1,687	$ 7,065	$ 1,391	$ (205)	-10.8%
Multifamily Debt (3)	$ 11,898	$ 16,139	$ 15,643	$ 3,616	$ 6,430	$ 7,211	$ 12,877	$ 30,133	$ 7,444	$ 8,138	$ 6,688	$ 3,378	$ 25,649	$ 1,842	$ 5,257	$ 3,925	$ 3,772	$ 14,796	$ 3,445	$ 1,603	87.0%
Other Debt	10,842	14,500	7,957	2,873	4,661	4,668	8,012	20,214	4,592	5,353	5,046	5,162	20,154	2,040	2,635	2,718	20,555	27,948	3,996	1,956	95.9%
Total Debt (4)	$ 22,740	$ 30,638	$ 23,600	$ 6,489	$ 11,091	$ 11,879	$ 20,889	$ 50,347	$ 12,037	$ 13,492	$ 11,735	$ 8,540	$ 45,804	$ 3,882	$ 7,892	$ 6,643	$ 24,327	$ 42,744	$ 7,441	$ 3,559	91.7%
(1) Includes all equity advisory transactions. Also, includes $21.7 billion for the three months and year ended December 31, 2023 of FDIC related volume.
(2) 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.
(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: Unless otherwise stated, the above Q4 2023 and YTD 2023 volumes in the table include FDIC-related volume.

Liquidity Analysis

NEWMARK GROUP, INC.
LIQUIDITY ANALYSIS
(in thousands)
(unaudited)
March 31, 2024	December 31, 2023
Cash and cash equivalents	$ 140,903	$ 164,894
Marketable securities	86	99
Repurchase agreements and securities loaned	-	-
Total (2)	$ 140,989	$ 164,993
(1) Newmark's undrawn amount on the Credit Facility was $525 million and $600 million as of March 31, 2024 and December 31, 2023, respectively.

&A &Z&F

Summary Cash Flow

NEWMARK GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended March 31,
2024	2023
Net cash (used in) operating activities	$ (68,783)	$ (398,840)
Net cash (used in) investing activities	(7,354)	(118,059)
Net cash provided by financing activities	56,140	498,651
Net (decrease) in cash and cash equivalents and restricted cash	(19,997)	(18,248)
Cash and cash equivalents and restricted cash at beginning of period	258,706	312,952
Cash and cash equivalents and restricted cash at end of period	$ 238,709	$ 294,704
Net cash (used in) operating activity excluding loan originations and sales (1)	$ (101,263)	$ (108,521)
(1) Includes loans, forgivable loans and other receivables from employees and partners in the amount of $161.1 million and $130.5 million for the three months ended March 31, 2024 and 2024, respectively. Excluding these loans, net cash provided by operating activities excluding loan originations and sales would be $59.8 million and $21.9 million for the three months ended March 31, 2024 and 2023, respectively.
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 three months ended March 31, 2024, to be filed with the Securities and Exchange Commission in the near future.

EBITDA to OCF

NEWMARK GROUP, INC.
Analysis of Operating Cash Flow (Excluding Activity from Loan Originations and Sales) Compared with Adjusted EBITDA
(in millions)
(unaudited)
For the Three Months Ended March 31,	For the Year Ended December 31,
2024	2023	2023	2022	2021	2020	2019	2018
Adjusted EBITDA	$ 63.5	$ 62.9	$ 398.3	$ 511	$ 597.5	$ 252.9	$ 465.1	$ 434.1
Cash paid for interest	(2.8)	(0.7)	(45.4)	(38)	(36.3)	(39.9)	(33.9)	(59.0)
Loans, forgivable loans and other receivables from employees and partners (1)	(161.1)	(130.5)	(243.3)	(132)	(78.5)	(127.9)	(161.9)	(109.6)
Other, working capital	4.4	(31.4)	47.0	19.8	38.1	89.0	37.0	30.5
Corporate Tax payments	(5.3)	(8.8)	(58.6)	(99.6)	(99.4)	(80.3)	(95.1)	-0
Net cash provided by (used in) operations excluding activities from loan originations and sales (2)	$ (101.3)	$ (108.5)	$ 98.0	$ 261.5	$ 421.4	$ 93.8	$ 211.2	$ 296.0
(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 $161.1 million and $130.5 million for the three months ended March 31, 2024 and 2024, respectively. Excluding these loans, net cash provided by (used in) operating activities excluding loan originations and sales would be $59.8 million and $21.9 million for the three months ended March 31, 2024 and 2023, respectively.

Details of CFFO

NEWMARK GROUP, INC.
DETAILS OF CERTAIN COMPONENTS OF "NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES"
(in millions)
(unaudited)
For the Three Months Ended March 31,
For the Year Ended December 31,
2024	2023	2023	2022	2021	2020	2019	2018
Cash generated by the business	59.8	21.9	341.2	393.1	499.9	221.7	373.1	405.6
Cash used with respect to the 2021 Equity Event	- 0	- 0	- 0	- 0	(484.4)	- 0	- 0	- 0
Loans, forgivable loans and other receivables from employees and partners	(161.1)	(130.5)	(243.3)	(131.6)	(78.5)	(127.9)	(161.9)	(109.6)
Net cash provided by (used in) operating activities excluding activity from loan originations and sales	(101.3)	(108.5)	98.0	261.5	(63.0)	93.8	211.2	296.0
Less:
Loan originations - loans held for sale	1,567.0	802.2	6,913.1	7,823.2	9,142.1	12,374.2	8,783.2	8,612.7
Loan sales - loan held for sale	(1,599.5)	(511.9)	(6,549.1)	(8,758.0)	(9,177.7)	(11,527.0)	(9,564.0)	(8,002.9)
Unrealized gains on loans held for sale (1)	- 0	- 0	- 0	- 0	21.3	24.3	5.2	18.3
Net activity from loan originations and sales	(32.5)	290.3	363.9	(934.8)	(14.3)	871.5	(775.6)	628.1
Net cash provided by (used in) operating activities	(68.8)	(398.8)	(266.0)	1,196.3	(48.7)	(777.7)	986.8	(332.2)
(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.