Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligations

The following table summarizes certain of Newmark’s contractual obligations at December 31, 2023 (in thousands):

	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Operating leases (1)	$	840,201	$	136,958	$	267,694	$	227,764	$	207,785
Warehouse facilities(2)	498,631		498,631		—		—		—
Debt(3)	550,000		—		550,000		—		—
Interest on debt(4)	1,305		—		1,305		—		—
Interest on warehouse facilities(5)	1,740		1,740		—		—		—
Total	$	1,891,877	$	637,329	$	818,999	$	227,764	$	207,785

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

(2)Warehouse facilities are collateralized by $528.9 million of loans held for sale, at fair value (see Note 18 – “Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises” 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)Debt reflects long-term borrowings of $550.0 million which include $420.0 million outstanding under the Delayed Draw Term Loan and $130.0 million outstanding under the Cantor Credit Agreement. The carrying amount of long-term debt was approximately $547.3 million in the aggregate, which includes $417.3 million under the Delayed Draw Term Loan and $130.0 million under the Cantor Credit Agreement. (See Note 19 – “Debt”).

(4)Reflects interest on the $550.0 million of long-term debt, which includes $420.0 million outstanding under the Delayed Draw Term Loan and $130.0 million outstanding under the Cantor Credit Agreement from December 31, 2023 through the refinancing of those amounts on January 12, 2024 with the proceeds of the 7.500% Senior Notes. See Note 29 - “Subsequent Events.”

(5)Interest on the warehouse facilities collateralized by U.S. Government Sponsored Enterprises was projected by using the one-month SOFR rate plus their respective additional basis points, primarily 130 basis points above SOFR and 115 basis points above SOFR, applied to their respective outstanding balances as of December 31, 2023, through their respective maturity dates. Their respective maturity dates range from June 2024 to October 2024, while one line has an open maturity date. The notional amount of these committed and uncommitted warehouse facilities was $3.0 billion at December 31, 2023. See Note 18 – “Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises.”