Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):


Balance, January 1, 2023	$	705,894
Acquisitions	75,638
Divestiture	(9,222)
Measurement period and currency translation adjustments	4,237
Balance, December 31, 2023	$	776,547


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

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets. Newmark completed its annual goodwill impairment testing for the years ended December 31, 2024 and 2023, which did not result in a goodwill impairment (see Note 4 — “Acquisitions” for more information). During the year ended December 31, 2023, the Company sold a previous acquisition and wrote off $9.2 million of goodwill.

Other intangible assets consisted of the following (in thousands, except weighted-average life):


	December 31, 2024
	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	12,423		(11,628)		795		0.5
Non-contractual customers	30,131		(19,280)		10,851		7.1

Non-compete agreements	12,423		(8,131)		4,292		3.8
Contractual customers	59,527		(30,517)		29,010		2.9
Other	4,611		(3,331)		1,280		8.3
Total	$	137,355	$	(72,887)	$	64,468	3.9


	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—	$	11,350	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	16,275		(10,557)		5,718		2.0
Non-contractual customers	30,131		(17,137)		12,994		8.0

Non-compete agreements	12,514		(6,827)		5,687		4.3
Contractual customers	60,802		(20,078)		40,724		3.5
Other	4,551		(2,788)		1,763		10.4
Total	$	141,013	$	(57,387)	$	83,626	4.3

Intangible amortization expense for the years ended December 31, 2024, 2023 and 2022 was $19.8 million, $17.1 million and $14.3 million, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying consolidated statements of operations. Impairment charges are included in intangible amortization expense.

The estimated future amortization of definite life intangible assets as of December 31, 2024 was as follows (in

thousands):


2025	$	15,256
2026	11,771
2027	8,462
2028	4,623
2029	3,017
Thereafter	3,099
Total	$	46,228