Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

On March 10, 2023, Newmark completed the acquisition of Gerald Eve, a U.K.-based real estate advisory firm.

The following table summarizes the components of the purchase consideration transferred, and the preliminary allocation of the assets acquired, and liabilities assumed, for the acquisition which occurred in 2023:

	As of the Acquisition Date
Purchase Price
Cash	$	101,152
Contingent consideration	11,863
Total	$	113,015
Allocations
Cash	$	18,616
Goodwill	75,638
Other intangible assets, net	23,472
Receivables, net	30,995
Fixed assets, net	6,279
Other assets	1,829
Right-of-use assets	19,472
Right-of-use liabilities	(20,925)
Accrued compensation	(22,075)

Accounts payable, accrued expenses and other liabilities	(20,286)
Total	$	113,015

The total consideration for the acquisition during the year ended December 31, 2023, was $113.0 million in total fair value comprising cash of $101.2 million and contingent consideration of $11.9 million. The excess of the consideration over the fair value of the net assets acquired was recorded as goodwill of $75.6 million, of which approximately $54.8 million is deductible by Newmark for tax purposes.

This acquisition was accounted for using the purchase method of accounting. The results of operations of the acquisition have been included on the accompanying unaudited condensed consolidated financial statements subsequent to the date of acquisition, which in aggregate contributed $91.6 million to Newmark’s revenues for the year ended December 31, 2023.