Investments

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments

Newmark has a 27% ownership in Real Estate LP, a joint venture with Cantor in which Newmark has the ability to exert significant influence over the operating and financial policies. Accordingly, Newmark accounts for this investment under the equity method of accounting. Newmark did not recognize any equity income for the three months ended March 31, 2019. Newmark did not receive any distributions as of March 31, 2020. Newmark received distributions of $8.6 million for the year ended December 31, 2019. The carrying value of these investments was $100.0 million as of March 31, 2020 and December 31, 2019, and is included in “Other assets” on the accompanying unaudited condensed consolidated balance sheets.

Investments Carried Under Measurement Alternatives

Newmark had previously acquired investments in entities for which it does not have the ability to exert significant influence over operating and financial policies. For the three months ended March 31, 2020, Newmark recorded an impairment charge of $16.8 million related to these investments. The impairment charge is included as a part of “Other income (loss), net” on the accompanying consolidated statements of operations. The carrying value of these investments was $77.3 million and $94.1 million and is included in “Other assets” on the accompanying unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively.