NMRK 10-Q

Newmark Group, Inc. (NMRK)

10-Q 2025-08-08 For: 2025-06-30

View Original

Added on April 08, 2026


Delaware						81-4467492
(State or other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


Class						Outstanding at August 5, 2025
Class A Common Stock, par value $0.01 per share						155,422,356 shares
Class B Common Stock, par value $0.01 per share						21,285,533 shares


		Page

	Glossary of Terms, Abbreviations, and Acronyms	1

PART I - FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (unaudited)	13
	Condensed Consolidated Balance Sheets	13
	Condensed Consolidated Statements of Operations	14
	Condensed Consolidated Statements of Comprehensive Income	15
	Condensed Consolidated Statements of Changes in Equity	16
	Condensed Consolidated Statements of Cash Flows	18
	Notes to Condensed Consolidated Financial Statements	19
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	59
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	83
ITEM 4.	CONTROLS AND PROCEDURES	84

PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	86
ITEM 1A.	RISK FACTORS	86
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	86
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	86
ITEM 4.	MINE SAFETY DISCLOSURES	86
ITEM 5.	OTHER INFORMATION	86
ITEM 6.	EXHIBITS	86


						DEFINITION

2023 Gosin Employment Agreement						The Amended and Restated Employment Agreement between Barry Gosin and Newmark OpCo and Newmark Holdings entered into on February 10, 2023

2024 Gosin Employment Agreement						The Second Amended and Restated Employment Agreement between Barry Gosin and Newmark OpCo and Newmark Holdings entered into on August 7, 2024

2025 Proxy Statement						Proxy statement for the Company’s 2025 Annual Meeting of Stockholders

6.125% Senior Notes						The Company’s 6.125% Senior Notes which were issued on November 6, 2018, in an original principal amount of $550.0 million and matured on November 15, 2023

7.500% Senior Notes						The Company’s 7.500% Senior Notes due on January 12, 2029, issued on January 12, 2024, in an original principal amount of $600.0 million

AI						Artificial intelligence, including machine learning and generative artificial intelligence

ASU						FASB accounting standards update

Audit Committee						Audit Committee of the Board

Berkeley Point						Berkeley Point Financial LLC, a wholly owned subsidiary of the Company acquired on September 8, 2017, which does business as part of the Newmark multifamily capital markets business

BGC						(i) Following the closing of the Corporate Conversion, BGC Group and, where applicable, its consolidated subsidiaries and (ii) prior to the closing of the Corporate Conversion, BGC Partners and, where applicable, its consolidated subsidiaries

BGC Class A common stock						BGC Class A common stock, par value $0.01 per share

BGC Class B common stock						BGC Class B common stock, par value $0.01 per share

BGC common stock						BGC Class A common stock and BGC Class B common stock, collectively

BGC Entity Group						BGC Partners, BGC Holdings, BGC U.S. OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Entity Group), collectively, and in each case as such entities existed prior to the Corporate Conversion

BGC Group						BGC Group, Inc. (Nasdaq: BGC) and, where applicable, its consolidated subsidiaries

BGC Holdings						BGC Holdings, L.P., an entity which, prior to the Corporate Conversion, was owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners

BGC Holdings Distribution						Pro rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Holdings to its partners of all of the exchangeable limited partnership interests in Newmark Holdings owned by BGC Holdings immediately prior to the distribution

BGC Partners						BGC Partners, Inc., which acquired us on October 14, 2011, facilitated the Newmark IPO on December 14, 2017 and completed the Spin-Off that led to us becoming a separate publicly traded company on November 30, 2018, and, where applicable, its consolidated subsidiaries. On July 1, 2023, BGC Partners, Inc. completed its Corporate Conversion and became a wholly owned subsidiary of its public holding company successor, BGC Group, Inc.

BGC U.S. OpCo						Prior to the Separation, BGC Partners, L.P., an operating partnership which held the U.S. businesses of BGC, including Newmark Entity Group, and which is owned jointly, following the closing of the Corporate Conversion, by BGC Partners and the successor to BGC Holdings

BH2						Newmark BH2 LLP, a London-based real estate advisory firm

Board or Board of Directors						Board of Directors of the Company


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


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


Bylaws						Amended and Restated Bylaws of Newmark Group, Inc.

CAGR						Compound annual growth rate

Cantor						Cantor Fitzgerald, L.P. and, where applicable, its consolidated subsidiaries

Cantor Credit Agreement						Unsecured credit agreement entered into with Cantor on November 30, 2018, as amended by the First Cantor Credit Agreement Amendment on December 20, 2023

Cantor Entity Group						Cantor and its consolidated subsidiaries (other than any member of the BGC Entity Group or the Newmark Entity Group), Mr. Howard W. Lutnick and/or any of his immediate family members as so designated by Mr. Lutnick and any trusts or other entities controlled by Mr. Lutnick

Cantor Units						Limited partnership interests of Newmark Holdings or, prior to the Corporate Conversion, Newmark Holdings or BGC Holdings, held by the Cantor Entity Group, which Newmark Holdings units are exchangeable into shares of Newmark Class A common stock or Newmark Class B common stock and which BGC Holdings units were exchangeable into shares of BGC Class A common stock or BGC Class B common stock, as applicable

Capital Markets						Includes fees from commercial mortgage origination, net, (which includes loan originations related fees and sales premiums, net as well as fees from mortgage brokerage and debt placement), investment sales, and OMSR revenues

CARES Act						The Coronavirus Aid, Relief, and Economic Security Act

CCRE						Cantor Commercial Real Estate Company, L.P.

CCRE Lending						Cantor Commercial Real Estate Lending, L.P., a wholly owned subsidiary of Real Estate LP

CECL						Current Expected Credit Losses

Certificate of Incorporation						Second Amended and Restated Certificate of Incorporation of Newmark

CF Secured						CF Secured, LLC

CF&Co						Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor

CFE						Cantor Fitzgerald Europe

CFGM						CF Group Management, Inc., the managing general partner of Cantor

CFS11						CFS11 Holdings, LLC, a subsidiary of Cantor

CIO						Chief Information Officer

CISO						Chief Information Security Officer



Class A properties						Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence

Class B properties						Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building cannot compete with Class A at the same price

Class C properties						Buildings competing for tenants requiring functional space at rents below the area average

Commission-based revenues						Includes Leasing and Other Commissions, fees from commercial mortgage origination, net, investment sales, and V&A. So named because revenue-generating professionals in these businesses earn a substantial portion or all of their compensation based on their production

Company						Newmark Group, Inc. and, where applicable, its consolidated subsidiaries

Company debt securities						The 6.125% Senior Notes, 7.500% Senior Notes, and any future debt securities issued by the Company

Compensation Committee						Compensation Committee of the Board


Contractual revenues, contractual services or contractual business						Includes business for which the Company has a contract with a client that is generally for a year or longer. Contractual business, when quantified, includes all revenues related to landlord (or agency) representation leasing, loan servicing (including escrow interest income), outsourcing (including property management, facilities management, and asset management), and lease administration. It also includes certain fees under contract produced by the Company’s flexible workspace and tenant representation service lines

Contribution Ratio						Ratio of shares of Newmark Common Stock that were outstanding compared to the shares of BGC common stock outstanding as of immediately prior to the Newmark IPO (not including any shares of our common stock sold in the Newmark IPO); this ratio was set initially at a fraction equal to one divided by 2.2

Corporate Conversion						A series of mergers and related transactions pursuant to which, effective at 12:02 AM Eastern Time on July 1, 2023, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group, transforming the organizational structure of the BGC businesses from an “Up-C” structure to a simplified “Full C-Corporation” structure

CoStar						CoStar Group Inc.



Credit Agreement						The Company’s unsecured senior revolving credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, most recently amended and restated on April 26, 2024

Credit Facility						The credit facility pursuant to the Credit Agreement, as amended and restated, with a current maximum revolving loan balance of $600.0 million, which the Company has the right to increase up to $800.0 million subject to certain conditions being met, and a maturity date of April 26, 2027, bearing interest at either SOFR or a defined base rate plus additional margin

Delayed Draw Term Loan						The previously outstanding credit facility pursuant to the Delayed Draw Term Loan Credit Agreement, with an aggregate principal amount of $420.0 million (which could have been increased, subject to certain terms and conditions, to up to $550.0 million) and a maturity date of November 14, 2026, which bore interest at SOFR or a defined base rate plus additional margin

Delayed Draw Term Loan Credit Agreement						The Company’s credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, dated as of August 10, 2023

Deskeo						Space Management (d/b/a “Deskeo”)

DGCL						Delaware General Corporation Law

Employees						Includes both employees and those real estate brokers who qualify as statutory non-employees under Internal Revenue Code Section 3508

EPS						Earnings Per Share

Equity Plan						Amended and Restated Newmark Group, Inc. Long Term Incentive Plan

ESG						Environmental, social and governance, including sustainability or similar items

EU						European Union

Exchange Act						Securities Exchange Act of 1934, as amended

Exchange Agreement						Exchange agreement which provides (i) BGC Partners, (ii) Cantor, (iii) any entity controlled by either of them or by Mr. Lutnick, and (iv) Mr. Lutnick, his spouse, his estate, any of his descendants, any of his relatives, or any trust established for his benefit or for the benefit of his spouse, any of his descendants or any of his relatives, the right to exchange shares of Newmark Class A common stock into Newmark Class B common stock on a one-to-one basis up to the number then authorized but unissued



Exchange Ratio						The ratio by which a Newmark Holdings limited partnership interest can be exchanged for a number of shares of Newmark Class A common stock

FASB						Financial Accounting Standards Board

Fannie Mae						The Federal National Mortgage Association

Fannie Mae DUS						The Fannie Mae Delegated Underwriting and Servicing Program


First Cantor Credit Agreement Amendment						First Amendment to the Cantor Credit Agreement entered into on December 20, 2023

FHA						The Federal Housing Administration

FHFA						The Federal Housing Finance Agency

FOMC						Federal Open Market Committee

Forward Sales Contract						An agreement to deliver mortgages to third-party investors at a fixed price

Founding Partners						Individuals who became limited partners of Newmark Holdings in connection with the Separation who held BGC Holdings founding partner interests immediately prior to the Separation (provided that members of the Cantor Entity Group and the BGC Entity Group are not Founding Partners)

Founding Partner interests, Founding Partner units or FPUs						Founding/Working Partners units in Newmark Holdings or, prior to the closing of the Corporate Conversion, Newmark Holdings or BGC Holdings, that are generally redeemed upon termination of employment

Freddie Mac						The Federal Home Loan Mortgage Corporation

Freddie Mac Strip						A three basis point servicing fee and/or up to a one-basis point surveillance fee on certain Freddie Mac loans after the loan is securitized in a Freddie Mac pool

Freddie Mac TAH						The Freddie Mac Targeted Affordable Housing Program







GDP						Gross domestic product

GDPR						General Data Protection Regulation

Gerald Eve						Gerald Eve LLP, a London-based real estate advisory firm acquired on March 10, 2023

Ginnie Mae						The Government National Mortgage Association

GSE or GSEs						Government-sponsored enterprises (Fannie Mae and Freddie Mac)



HDUs						LPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’s consolidated balance sheets

HUD						U.S. Department of Housing and Urban Development

HUD LEAN						HUD’s mortgage insurance program for senior housing

HUD MAP						HUD’s Multifamily Accelerated Processing

Investment Company Act						Investment Company Act of 1940, as amended

Knotel						Knotel, Inc.

Kastle Barometer						Security provider Kastle Systems tracks the number of employees in ten of the largest U.S. metropolitan areas that are physically in offices and reports that number every work week as a percentage of the typical number physically present during the first three weeks of February 2020

Leasing and Other Commissions						Includes fees from landlord (or “agency”) representation and tenant (or “occupier”) representation

LEED						Leadership in Energy and Environmental Design

LIBOR						London Inter-Bank Offered Rate

Limited Partnership Unit Holders						The individuals who became limited partners of Newmark Holdings in connection with the Separation and who held BGC Holdings limited partnership units immediately prior to the Separation and certain individuals who became or become limited partners of Newmark Holdings from time to time after the Separation and who provide services to the Newmark Entity Group

LPA Amendment						An amendment, dated as of March 10, 2023, to the Newmark Holdings limited partnership agreement


LPUs, limited partnership units, or limited partnership interests						Certain limited partnership units in Newmark Holdings or, prior to the closing of the Corporate Conversion, Newmark Holdings or BGC Holdings, held by certain employees of BGC or Newmark and other persons who have provided services to BGC or Newmark, which units may include APSIs, APSUs, AREUs, ARPSUs, HDUs, U.K. LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, RPUs, and SPUs, along with future types of limited partnership units in Newmark Holdings

MBA						Mortgage Bankers’ Association

Management Services						Newmark’s recurring businesses that are not part of the Company’s Servicing and Asset Management platform.

Management Services, Servicing Fees and Other						Includes all pass through revenues, as well as fees from Newmark’s Servicing and Asset Management business, OS, property management, its flexible workspace platform, V&A, and other service lines including consulting, title and escrow services, and underwriting and due diligence. This term may be used interchangeably with “recurring revenues,” “recurring businesses” and “resilient businesses.”

McCall & Almy						McCall & Almy, Inc.

Merkel CIC Agreement						Change of Control Agreement that Stephen Merkel entered into with the Company on February 18, 2025

MPC						Monetary Policy Committee of the Bank of England

MSCI						MSCI Real Assets (formerly known as Real Capital Analytics, or “RCA”)

MSRs						Mortgage servicing rights

Nasdaq						Nasdaq, Inc. (formerly known as NASDAQ OMX Group, Inc.)


Newmark						Newmark Group, Inc., and where applicable, its consolidated subsidiaries. Also referred to as the “Company,” “we,” “us,” or “our”

Newmark & Co.						Newmark & Company Real Estate, Inc., which for the purposes of this document is defined as all of the companies acquired by BGC Partners on October 14, 2011. Comparisons in this document to our 2011 revenues are based on unaudited full year 2011 revenues for Newmark & Co.

Newmark Common Stock						Newmark Class A common stock and Newmark Class B common stock, collectively

Newmark Class A common stock						Newmark Class A common stock, par value $0.01 per share

Newmark Class B common stock						Newmark Class B common stock, par value $0.01 per share

Newmark Entity Group						Newmark, Newmark Holdings, Newmark OpCo and their respective consolidated subsidiaries, collectively

Newmark Holdings						Newmark Holdings, L.P., which is owned jointly by Newmark, Cantor, Newmark’s employee partners and other partners

NHL						Newmark Holdings Limited

Newmark Holdings limited partnership agreement						Amended and Restated Agreement of Limited Partnership of Newmark Holdings, dated as of December 13, 2017

Newmark IPO						The initial public offering of 23 million shares of Newmark Class A common stock at a price of $14.00 per share in December 2017

Newmark OpCo						Newmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the businesses of Newmark

Newmark Research						A Newmark service providing real estate market reports and analysis to our professionals and clients


Newmark Revolving Loans						Certain loans that Cantor has agreed to make from time to time to Newmark pursuant to the First Cantor Credit Agreement Amendment in an aggregate outstanding principal amount of up to $150.0 million, on substantially the same terms as other loans under such agreement, except that until April 15, 2024, the Newmark Revolving Loans would bear interest at a rate equal to 25 basis points less than the interest rate borne by the revolving loans made pursuant to the Credit Facility

Newmark S11						Newmark S11 Holdings, LLC

NOL						Net operating loss



N Units						Non-distributing partnership units of Newmark Holdings that may not be allocated any item of profit or loss, and may not be made exchangeable into shares of Class A common stock, including NREUs and NPSUs



OBBBA						One Big Beautiful Bill Act

OECD						Organisation for Economic Co-operation and Development

Official Bank Rate						The rate the Bank of England charges banks and financial institutions for loans with a maturity of one day

OMSRs						Originated mortgage servicing rights, which represent the fair value of expected net future cash flows from servicing recognized at commitment, net

Open Realty						Open Realty Advisors, LLC and Open Realty Properties, LLC, which operate together as a retail real estate advisory firm

OS						Occupier Solutions, which was formerly known as Global Corporate Services, encompasses Newmark’s consulting and outsourcing services lines focused on corporate and other occupiers

Preferred Distribution						Allocation of net profits of BGC Holdings or Newmark Holdings to holders of Preferred Units, at a rate of either 0.6875% (i.e., 2.75% per calendar year) or such other amount as set forth in the award documentation

Preferred Units						Preferred partnership units in Newmark Holdings or, prior to the closing of the Corporate Conversion, BGC Holdings, such as PPSUs, which are settled for cash, rather than made exchangeable into shares of Class A common stock, are only entitled to a Preferred Distribution, and are not included in BGC’s or Newmark’s fully diluted share count

Preqin						Preqin Ltd.

Producers						Customer-facing, revenue-generating professionals, including brokers, salespersons, front-office personnel, and originators, who are directly compensated based wholly or in part on the revenues they contribute to generating

Rateable Value						The U.K.’s Valuation Office Agency calculates a rateable value for each business property in England and Wales. A rateable value is an estimate of what it would cost to rent a property for a year, on a set valuation date. The property is assumed to be vacant, in reasonable repair, and available to be rented on the open market. It is also assumed that the tenant pays for the business rates taxes, repairs and insurance. The valuation date is set by law and helps make valuations consistent



Real Estate LP						CF Real Estate Finance Holdings, L.P.

REIT						Real estate investment trust

RSUs						BGC or Newmark restricted stock units, paid or payable in shares of BGC Class A common stock or Newmark Class A common stock, respectively, held by certain employees of BGC or Newmark and other persons who have provided services to BGC or Newmark, or issued in connection with certain acquisitions

SEC						U.S. Securities and Exchange Commission

Securities Act						Securities Act of 1933, as amended

Servicing and Asset Management						Newmark’s Servicing and Asset Management business includes loan servicing and asset management fees, as well as interest income on loans held for sale, escrow interest, and yield maintenance fees


Separation						Principal corporate transactions pursuant to the Separation and Distribution Agreement, by which the BGC Entity Group transferred to the Newmark Entity Group the assets and liabilities of the BGC Entity Group relating to BGC’s real estate services business, and related transactions, including the distribution of Newmark Holdings units to holders of units in BGC Holdings and the assumption and repayment of certain BGC indebtedness by Newmark

Separation and Distribution Agreement						The Separation and Distribution Agreement entered into prior to the completion of the Newmark IPO by Cantor, Newmark, Newmark Holdings, Newmark OpCo, BGC Partners, BGC Holdings, BGC U.S. OpCo and, for certain limited purposes described therein, BGC Global Holdings, L.P., dated December 13, 2017, as amended from time to time, and as amended on November 8, 2018 and amended and restated on November 23, 2018





Share Repurchase and Unit Purchase Authorization						The Company’s stock repurchase authorization, which has no expiration date and was most recently reapproved by the Board and by the Audit Committee in November 2024 for repurchases up to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities.

Signature Transactions						Newmark acted as the exclusive financial advisor to the FDIC on the sale of approximately $60 billion of loans, formerly owned by Signature Bridge Bank, N.A. The FDIC acted in its capacity as receiver for Signature Bridge Bank, N.A. The portfolio encompassed more than 5,000 housing, retail, office, mixed-use, and bridge financing loans. A portion of the loans did not relate to real estate. The book value of the overall loan portfolio was approximately $60 billion when Newmark was retained as an advisor by the FDIC and approximately $53 billion when the Company began marketing the loans, while the completed transactions had a combined notional value of $39.5 billion. The latter figure consisted of $21.7 billion of equity placements recorded as part of the Company’s investment sales volumes and $17.8 billion of loan sales recorded as mortgage brokerage and debt placement

SOFR						Secured Overnight Financing Rate

Spin-Off						The pro rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Partners to its stockholders of all of the shares of Newmark Common Stock owned by BGC Partners immediately prior to the effective time of the Spin-Off, completed on November 30, 2018

Spring11						Spring11 Holdings, LP

SPV						Special purpose vehicle

Standing Policy						In March 2018, Newmark’s Compensation Committee and Audit Committee approved Mr. Lutnick’s right, subject to certain conditions, to accept or waive opportunities offered to other executive officers to monetize or otherwise provide liquidity with respect to some or all of their limited partnership units of Newmark Holdings or to accelerate the lapse of or eliminate any restrictions on equity awards

TAM						Total addressable market

TDRs						Troubled debt restructurings

Total Debt						Newmark’s quarterly volumes from mortgage brokerage and GSE/FHA originations together



Trophy Building						A subset of Class A for a high-profile, prestigious, and often iconic commercial property located in a prime market area. These buildings are typically of exceptional quality and design, with state-of-the-art systems, high-end finishes, and amenities that exceed the standards of typical Class A buildings. Trophy buildings are often landmarks within their cities and attract the most prestigious tenants and command the highest rents in their respective markets. They are considered the best-in-class for office or mixed-use space and are highly sought after by institutional investors due to their status and stable cash flows

U-3						The number of unemployed individuals as a percentage of the entire labor force; considered the official unemployment rate by the U.S. Department of Labor

U.K.						United Kingdom

U.S. GAAP or GAAP						Generally Accepted Accounting Principles in the United States of America

UBT						Unincorporated Business Tax

V&A						Valuation and Advisory


VIE						Variable interest entity, a legal structure in which an investor can exert control over an entity without holding a majority of its voting rights. This control is typically established through contractual agreements rather than direct ownership

Working Partners or Newmark Holdings Working Partners						The individuals who became limited partners of Newmark Holdings in connection with the Separation and who held BGC Holdings working partner interests immediately prior to the Separation, and certain individuals who became or become limited partners of Newmark Holdings from time to time from and after the Separation and who provide services to the Newmark Entity Group


	June 30, 2025		December 31, 2024

Assets:
Current assets:
Cash and cash equivalents	$	195,829	$	197,691
Restricted cash	113,765		107,174

Loans held for sale, at fair value	1,349,240		774,905
Receivables, net	566,814		604,601
Receivables from related parties	—		326
Other current assets (see Note 16)	118,068		87,976
Total current assets	2,343,716		1,772,673
Goodwill	788,687		770,886
Mortgage servicing rights, net	499,991		517,579
Loans, forgivable loans and other receivables from employees and partners, net	870,612		769,395
Right-of-use assets	494,982		500,464
Fixed assets, net	159,266		166,729
Other intangible assets, net	58,697		64,468
Other assets (see Note 16)	174,008		147,926
Total assets	$	5,389,959	$	4,710,120
Liabilities, Redeemable Partnership Interests, and Equity:
Current liabilities:
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises	$	1,290,864	$	754,308
Accrued compensation	338,756		448,183
Accounts payable, accrued expenses and other liabilities (see Note 25)	617,502		577,940


Payables to related parties	11,827		—
Total current liabilities	2,258,949		1,780,431
Long-term debt	871,210		670,673
Right-of-use liabilities	484,427		489,832
Other long-term liabilities (see Note 25)	250,384		231,115
Total liabilities	3,864,970		3,172,051
Commitments and contingencies (see Note 27)
Redeemable partnership interests	11,534		13,900
Equity:
Class A common stock, par value of $0.01 per share: 1,000,000,000 shares authorized; 240,269,262 and 224,490,246 shares issued at June 30, 2025 and December 31, 2024, respectively, and 154,352,509 and 149,506,832 shares outstanding at June 30, 2025 and December 31, 2024, respectively	2,403		2,245
Class B common stock, par value of $0.01 per share: 500,000,000 shares authorized; 21,285,533 shares issued and outstanding at June 30, 2025 and December 31, 2024, convertible into Class A common stock	212		212
Additional paid-in capital	916,386		753,001
Retained earnings	1,208,373		1,207,285

Treasury stock at cost: 85,916,753 and 74,983,414 shares of Class A common stock at June 30, 2025 and December 31, 2024, respectively	(852,154)		(745,931)
Accumulated other comprehensive loss	4,688		(11,287)
Total stockholders’ equity	1,279,908		1,205,525
Noncontrolling interests	233,547		318,644
Total equity	1,513,455		1,524,169
Total liabilities, redeemable partnership interests, and equity	$	5,389,959	$	4,710,120


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
Management Services, Servicing Fees and Other	$	298,397	$	262,778	$	582,290	$	519,712
Leasing and Other Commissions	237,262		208,557		445,336		367,356
Capital Markets	223,453		162,040		396,980		292,806


Total revenues	759,112		633,375		1,424,606		1,179,874
Expenses:
Compensation and employee benefits	455,044		377,523		854,556		705,717
Equity-based compensation and allocations of net income to limited partnership units and FPUs	60,140		25,486		134,486		76,929
Total compensation and employee benefits	515,184		403,009		989,042		782,646
Operating, administrative and other	151,010		147,737		304,987		285,680
Fees to related parties	7,794		6,668		17,364		14,209
Depreciation and amortization	42,611		40,879		88,969		84,854
Total operating expenses	716,599		598,293		1,400,362		1,167,389
Other income (loss), net	230		5,637		980		5,623
Income (loss) from operations	42,743		40,719		25,224		18,108
Interest expense, net	(9,023)		(8,258)		(17,506)		(15,478)
Income (loss) before income taxes and noncontrolling interests	33,720		32,461		7,718		2,630
Provision (benefit) for income taxes	4,209		9,046		(5,844)		5,530
Consolidated net income (loss)	29,511		23,415		13,562		(2,900)
Less: Net income (loss) attributable to noncontrolling interests	8,692		9,135		1,509		(927)
Net income (loss) available to common stockholders	$	20,819	$	14,280	$	12,053	$	(1,973)
Per share data:
Basic earnings per share
Net income (loss) available to common stockholders	$	20,819	$	14,280	$	12,053	$	(1,973)
Basic earnings per share	$	0.12	$	0.08	$	0.07	$	(0.01)
Basic weighted-average shares of common stock outstanding	179,560		173,469		177,965		174,121
Fully diluted earnings per share
Net income (loss) for fully diluted shares	$	28,773	$	20,582	$	16,101	$	(1,973)
Fully diluted earnings per share	$	0.11	$	0.08	$	0.06	$	(0.01)
Fully diluted weighted-average shares of common stock outstanding	252,614		255,604		253,670		174,121


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Consolidated net income (loss)	$	29,511	$	23,415	$	13,562	$	(2,900)
Foreign currency translation adjustments	13,219		(2,151)		19,147		(5,062)
Comprehensive income (loss), net of tax	42,730		21,264		32,709		(7,962)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax	10,909		8,709		4,681		(1,937)
Comprehensive income (loss) available to common stockholders	$	31,821	$	12,555	$	28,028	$	(6,025)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Dividends declared per share of common stock	$	0.03	$	0.03	$	0.06	$	0.06
Dividends declared and paid per share of common stock	$	0.03	$	0.03	$	0.06	$	0.06


	Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$	13,562	$	(2,900)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains on originated mortgage servicing rights	(39,007)		(39,850)
Depreciation and amortization	88,969		84,854


Provision (benefit) for credit losses on the financial guarantee liability	3,475		1,357
Provision (reversal) for doubtful accounts	5,639		(636)
Equity-based compensation and allocation of net income to limited partnership units and FPUs	134,486		76,929
Employee loan amortization and other non-cash compensation expense	71,236		62,072
Deferred tax provision (benefit)	(774)		(136)
Non-cash changes in acquisition related earn-outs	388		(721)

Unrealized (gains) on loans held for sale	(39,193)		(16,056)








Loan originations—loans held for sale	(3,895,933)		(3,198,267)
Loan sales—loans held for sale	3,360,791		2,924,275
Other	469		1,650
Consolidated net income (loss), adjusted for non-cash and non-operating items	(295,892)		(107,429)
Changes in operating assets and liabilities:
Receivables, net	32,148		70,484
Loans, forgivable loans and other receivables from employees and partners, net	(157,926)		(185,745)
Right-of-use assets	5,482		64,920
Receivable from related parties	326		—
Other assets	(38,635)		(13,420)
Accrued compensation	(143,245)		(111,573)
Right-of-use liability	(7,509)		(69,373)
Accounts payable, accrued expenses and other liabilities	34,278		24,778
Payables to related parties	11,827		89


	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance, April 1, 2025	$	2,370	$	212	$	878,539	$	(746,579)	$	1,193,099	$	(6,314)	$	225,664	$	1,546,991
Consolidated net income	—		—		—		—		20,819		—		8,692		29,511
Foreign currency translation adjustments	—		—		—		—		—		11,002		2,217		13,219
Dividends to common stockholders	—		—		—		—		(5,545)		—		—		(5,545)
Earnings distributions to limited partnership interests and other noncontrolling interests	—		—		—		—		—		—		5,317		5,317
Grant of exchangeability, redemption and issuance of Class A common stock, 3,301,060 shares	33		—		31,104		—		—		—		10,930		42,067
Contributions of capital to and from Cantor for equity-based compensation	—		—		(327)		—		—		—		(64)		(391)
Repurchase of 10,839,674 shares of Class A Common Stock	—		—		—		(105,039)		—		—		(20,484)		(125,523)
Forfeiture of Class A common stock, 33,427 shares	—		—		—		(293)		—		—		(57)		(350)
Restricted stock units compensation	—		—		7,070		—		—		—		1,379		8,449
Other	—		—		—		(243)		—		—		(47)		(290)
Balance, June 30, 2025	$	2,403	$	212	$	916,386	$	(852,154)	$	1,208,373	$	4,688	$	233,547	$	1,513,455


	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Units and Shares That May Yet Be Repurchased/ Purchased Under the Program













Repurchases
January 1, 2025 - March 31, 2025	—	$	—
April 2025	—	$	—
May 2025(1)	10,839,674	$	11.58
June 2025	—	$	—


Total Repurchases	10,839,674	$	11.58	$	246,397


	June 30, 2025		December 31, 2024
Balance at beginning of period:	$	13,900	$	16,244
Income allocation	135		1,428
Distributions of income	(1,391)		(1,196)

Issuance and other	(1,110)		(2,576)
Balance at end of period	$	11,534	$	13,900


	June 30, 2025		December 31, 2024
Cost Basis	$	1,310,047	$	764,667
Fair Value	1,349,240		774,905


	June 30, 2025						December 31, 2024
Derivative contract	Assets		Liabilities		Notional Amounts(1)		Assets		Liabilities		Notional Amounts(1)
Rate lock commitments	$	3,787	$	1,128	$	211,899	$	1,010	$	1,350	$	81,717

Forward Sales Contracts	1,476		14,666		1,521,946		7,491		3,253		846,384
Total	$	5,263	$	15,794	$	1,733,845	$	8,501	$	4,603	$	928,101


	Location of gains (losses) recognized in income for derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Derivatives not designed as hedging instruments:

Rate lock commitments	Capital markets	(1,657)		1,107		3,761		3,136
Rate lock commitments	Compensation and employee benefits	(68)		(363)		(1,102)		(833)
Forward Sale Contracts	Capital markets	(5,938)		(3,452)		(13,190)		(2,177)
Total		$	(7,663)	$	(2,708)	$	(10,531)	$	126


2025	$	69,343
2026	69,643
2027	20,251
2028	4,094
2029	415
Thereafter	—
Total	$	163,746


Balance, January 1, 2024	$	776,547


Measurement period and currency translation adjustments	(5,661)
Balance, December 31, 2024	$	770,886


Measurement period and currency translation adjustments	17,801
Balance, June 30, 2025	$	788,687


	June 30, 2025
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	12,850	$	—	$	12,850	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	12,914		(12,753)		161		0.1
Non-contractual customers	30,131		(20,293)		9,838		6.6

Non-compete agreements	12,898		(9,014)		3,884		3.3
Contractual customers	63,670		(38,134)		25,536		2.3
Other	4,639		(3,601)		1,038		7.3
Total	$	142,492	$	(83,795)	$	58,697	3.4


2025	$	7,715
2026	12,453
2027	9,040
2028	4,928
2029	3,172
Thereafter	3,149
Total	$	40,457



	June 30, 2025		December 31, 2024
Leasehold improvements, furniture and fixtures, and other fixed assets	$	261,464	$	254,337
Software, including software development costs	69,860		64,680
Computer and communications equipment	42,553		41,144
Total, cost	373,877		360,161
Accumulated depreciation and amortization	(214,611)		(193,432)
Total, net	$	159,266	$	166,729



	June 30, 2025		December 31, 2024
Derivative assets	$	5,263	$	8,501

Prepaid expenses	54,102		51,481
Other taxes	31,905		2,973
Rent and other deposits	22,837		20,333
Other	3,961		4,688
Total	$	118,068	$	87,976



	June 30, 2025		December 31, 2024
Deferred tax assets (1)	$	119,513	$	98,912

Non-marketable investments	5,031		5,213

Other tax receivables	10,670		8,900
Advances on long-term contracts	10,550		10,550
Other	28,244		24,351
Total	$	174,008	$	147,926


	Committed Lines		Uncommitted Lines		Balance at June 30, 2025		Balance at December 31, 2024		Stated Spread to One-Month SOFR	Rate Type
Warehouse facility due May 5, 2026(1)	$	450,000	$	300,000	$	39,420	$	35,841	130 bps	Variable

Warehouse facility due September 25, 2025	200,000		200,000		390,106		143,470		130 bps	Variable

Warehouse facility due October 4, 2025 (2)	900,000		600,000		861,338		416,908		130 bps	Variable

Fannie Mae repurchase agreement, open maturity	—		500,000		—		158,089		115 bps	Variable
Total	$	1,550,000	$	1,600,000	$	1,290,864	$	754,308


	June 30, 2025		December 31, 2024
Principal balance	$	600,000	$	600,000
Less: debt issue cost	3,790		4,327

Total	$	596,210	$	595,673


Balance, January 1, 2024	$	28,551

Provision for expected credit losses	(1,891)
Credit loss settlement	(345)
Balance, December 31, 2024	$	26,315
Provision for expected credit losses	3,475

Balance, June 30, 2025	$	29,790


	As of June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	79	$	—	$	—	$	79
Loans held for sale, at fair value	—		1,349,240		—		1,349,240

Rate lock commitments	—		—		3,787		3,787

Forward Sales Contracts	—		—		1,476		1,476
Total	$	79	$	1,349,240	$	5,263	$	1,354,582
Liabilities:

Contingent consideration	—		—		24,726		24,726
Rate lock commitments	—		—		1,128		1,128
Forward Sales Contracts	—		—		14,666		14,666
Total	$	—	$	—	$	40,520	$	40,520


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	93	$	—	$	—	$	93
Loans held for sale, at fair value	—		774,905		—		774,905

Rate lock commitments	—		—		1,010		1,010

Forward Sales Contracts	—		—		7,491		7,491
Total	$	93	$	774,905	$	8,501	$	783,499
Liabilities:
Contingent consideration	$	—	$	—	$	21,935	$	21,935
Rate lock commitments	—		—		1,350		1,350
Forwards Sales Contracts	—		—		3,253		3,253
Total	$	—	$	—	$	26,538	$	26,538


	As of June 30, 2025
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Assets:
Rate lock commitments	$	1,010	$	3,787	$	—	$	(1,010)	$	3,787	$	3,787
Forward Sales Contracts	7,491		1,476		—		(7,491)		1,476		1,476

Total	$	8,501	$	5,263	$	—	$	(8,501)	$	5,263	$	5,263

	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Liabilities:
Contingent consideration	$	21,935	$	2,791	$	—	$	—	$	24,726	$	2,791
Rate lock commitments	1,350		1,128		—		(1,350)		1,128		1,128
Forward Sales Contracts	3,253		14,666		—		(3,253)		14,666		14,666
Total	$	26,538	$	18,585	$	—	$	(4,603)	$	40,520	$	18,585


June 30, 2025
Level 3 assets and liabilities	Assets		Liabilities		Significant Unobservable Inputs	Range		Weighted Average
Accounts payable, accrued expenses and other liabilities:
Contingent consideration	$	—	$	24,726	Discount rate	0.0% - 8.0%	(1)	3.3%
					Probability of meeting earnout and contingencies	99.0% - 100.0%	(1)	99.6%

Derivative assets and liabilities:

Forward Sales Contracts	$	1,476	$	14,666	Counterparty credit risk	N/A		N/A
Rate lock commitments	$	3,787	$	1,128	Counterparty credit risk	N/A		N/A