Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes certain of Newmark’s contractual obligations at December 31, 2019 (in thousands):



	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Operating leases⁽¹⁾	$	347,408	$	44,709	$	82,424	$	73,812	$	146,463
Warehouse facilities⁽²⁾	209,648		209,648		—		—		—
Long-term debt⁽³⁾	600,000		—		50,000		550,000		—
Interest on long-term debt⁽⁴⁾	134,000		35,569		69,081		29,350		—
Interest on warehouse facilities⁽⁵⁾	5,404		5,404		—		—		—
Total	$	1,296,460	$	295,330	$	201,505	$	653,162	$	146,463


⁽¹⁾	Operating leases are related to rental payments under various non-cancelable leases principally for office space, net of sublease payments to be received. The total amount of sublease payments to be received is $1.9 million over the life of the agreement.


⁽²⁾	The warehouse facilities are collateralized by $215.3 million of loans held for sale, at fair value, which loans were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance of and purchase of Fannie Mae or Ginnie Mae mortgage-backed securities.


⁽³⁾	Long-term debt reflects long-term borrowings of 6.125% Senior Notes and the Credit Facility. The carrying amount of the 6.125% Senior Notes and the Credit Facility were $540.4 million and $48.9 million as of December 31, 2019, respectively. See Note 22 — “Long-Term Debt” for more information regarding these obligations.


⁽⁴⁾	Reflects interest on the $550 million 6.125% Senior Notes until their maturity date of November 15, 2023.

⁽⁵⁾

Interest on the warehouse facilities was projected by using the 1 month LIBOR rate plus their respective additional basis points, primarily 115 basis points above LIBOR, applied to their respective outstanding balances as of December 31, 2019, through their respective maturity dates. Their respective maturity dates range from June to October 2019, while one line has an open maturity date. The notional amount of these committed and uncommitted warehouse facilities was $1.8 billion at December 31, 2019. One of these lines was temporarily increased by $350.0 million for the period January 13, 2020 to March 30, 2020 and another line was temporarily increased by $100.0 million for the period January 29, 2020 to March 13, 2020. See Note 21 — “Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises” for more information.