Newmark Group Inc-A 2026年季度报告

NEWMARK GROUP, INC. TABLE OF CONTENTS Glossary of Terms, Abbreviations, and Acronyms1PART I - FINANCIAL INFORMATIONITEM1.FINANCIAL STATEMENTS (unaudited)12Condensed Consolidated Balance Sheets12Condensed Consolidated Statements of Operations13Condensed Consolidated Statements of Comprehensive Income14Condensed Consolidated Statements of Changes in Equity15Condensed Consolidated Statements of Cash Flows17Notes to Condensed Consolidated Financial Statements19ITEM2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOF OPERATIONS59ITEM3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK83ITEM4.CONTROLS AND PROCEDURES84PART II - OTHER INFORMATIONITEM1.LEGAL PROCEEDINGS85ITEM1A.RISK FACTORS85ITEM2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS85ITEM3.DEFAULTS UPON SENIOR SECURITIES85ITEM4.MINE SAFETY DISCLOSURES85ITEM5.OTHER INFORMATION85ITEM6.EXHIBITS85 GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report: DEFINITION Capital MarketsIncludes fees from commercial mortgage origination, net (which includes loan originations related fees andsales premiums, net as well as fees from mortgage brokerage and debt placement), investment sales (whichconsists of fees for real property sales, equity placement, and equity advisory transactions), and OMSRrevenues Catella Valuation Advisors SAS, a real estate valuation and advisory firm located in Paris, France acquired byNewmark on November 24, 2025 Cantor Commercial Real Estate Company, L.P. CF Secured, LLC Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor Cantor Fitzgerald Europe CF Group Management, Inc., the managing general partner of Cantor Includes Leasing and Other Commissions, fees from commercial mortgage origination, net, investment sales,and V&A. Revenue-generating professionals in these businesses earn a substantial portion or all of theircompensation based on their production Newmark Group, Inc. and, where applicable, its consolidated subsidiaries The 7.500% Senior Notes and any future debt securities issued by the Company Compensation Committee of the Board 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) representationleasing, loan servicing (including escrow interest income), outsourcing (including property management,facilities management, and asset management), and lease administration. It also includes certain fees undercontract produced by the Company’s flexible workspace and tenant representation service lines Ratio of shares of Newmark Common Stock that were outstanding compared to the shares of BGC commonstock outstanding as of immediately prior to the Newmark IPO (not including any shares of our common stocksold in the Newmark IPO); this ratio was set initially at a fraction equal to one divided by 2.2 Any individual serving as investment trustee of the Purchaser Trusts (currently Mr. Brandon Lutnick) whosedecision with respect to investment decisions, under the terms of such trusts, controls in the event of adisagreement among the investment trustees of such trusts 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 theorganizational structure of the BGC businesses from an “Up-C” structure to a simplified “Full C-Corporation”structure Corporate Responsibility, Governance, Environmental, Sustainability-related or other similar items Individuals who became limited partners of Newmark Holdings in connection with the Separation who heldBGC Holdings founding partner interests immediately prior to the Separation (provided that members of theCantor Entity Group and the BGC Entity Group are not Founding Partners) The Federal Home Loan Mortgage Corporation A three basis point servicing fee and/or up to a one-basis point surveillance fee on certain Freddie Mac loansafter the loan is securitized in a Freddie Mac pool Freddie Mac Strip The Freddie Mac Targeted Affordable Housing Program Gross domestic product The General Data Protection Regulation is a European Union regulation on information privacy Newmark Gerald Eve LLP, a London-based real estate advisory firm acquired on March 10, 2023 The Government National Mortgage Association Government-sponsored enterprises (Fannie Mae and Freddie Mac) GSE or GSEs LPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’sconsolidated balance sheets U.S. Department of Housing and Urban Development HUD’s mortgage insurance program for senior housing HUD’s Multifamily Accelerated Processing Investment Company Act of 1940, as amended The conflict betw