Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes certain of Newmark's contractual obligations at December 31, 2020 (in thousands):


	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Operating leases (1)	$	329,334	$	45,701	$	82,579	$	74,386	$	126,668
Warehouse facilities(2)	1,061,202		1,061,202		—		—		—
Long-term debt(3)	690,000		—		690,000		—		—
Interest in long-term debt(4)	102,503		36,339		66,164		—		—
Interest on warehouse facilities(5)	1,062		1,062		—		—		—
Total	$	2,184,101	$	1,144,304	$	838,743	$	74,386	$	126,668

(1)Operating lease are related to rental payments under various non-cancelable leases principally for office space.

(2)Warehouse facilities are collateralized by $1,086.8 million of loans held for sale, at fair value (See Note 21 - “Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises” to our accompanying Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K) 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 $550.0 million 6.125% Senior Notes. The carrying amount of these notes was approximately $542.8 million. Long-term debt also includes the borrowings under the Credit Facility, which is assumed to be outstanding until the maturity date of the Credit Facility. The carrying amount of the borrowing under the Credit Facility is $137.6 million. (See Note 22 - “Long-Term Debt” to our accompanying Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.)

(4)Reflects interest on the $550.0 million 6.125% Senior Notes until their maturity date of November 15, 2023, in addition to the borrowings of $140.0 million assumed to be outstanding until the maturity date of the Credit Facility. Interest on the borrowings under the Credit Facility was projected using the 1-month LIBOR rate plus 175 basis points.

(5)Interest on the warehouse facilities collateralized by U.S. Government Sponsored Enterprises was projected by using the 1-month LIBOR rate plus their respective additional basis points, primarily 140 basis points above LIBOR, applied to their respective outstanding balances as of December 31, 2020, through their respective maturity dates. Their respective maturity dates range from June 2021 to October 2021, while one line has an open maturity date. The notional amount of these committed and uncommitted warehouse facilities was $2.2 billion at December 31, 2020. One of the warehouse lines established a $125.0 million sublimit line of credit to fund potential principal and interest servicing advances on the Company's Fannie Mae portfolio during the forbearance period related to the CARES Act. Advances will have an interest rate of 1-month LIBOR plus 200 bps. There were no outstanding draws on this sublimit at December 31,2020. Another warehouse line was temporarily increased by $300.0 million to $900.0 million for the period December 1, 2020 to February 1 2021.