Newmark : Q3 2022 Supplemental Tables

Table of Contents

Newmark Group, Inc. - Quarterly Financial Data Supplement - as presented on October 28, 2022	3Q22
Table of Contents
Page
Consolidated Results
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations	3
Condensed Consolidated Statements of Cash Flows	4
Revenue Detail	5
GAAP and Adjusted Earnings Expense and Other Income Detail	6
Reconciliation of GAAP Income to Adjusted Earnings and GAAP Fully Diluted EPS to Post-tax Adjusted EPS	7
Historical Reconciliation of GAAP Income (Loss) to Adjusted Earnings and GAAP Fully Diluted EPS to Post-tax Adjusted EPS	8
Reconciliation of GAAP Income to Adjusted EBITDA	9
Historical Reconciliation of GAAP Income (Loss) to Adjusted EBITDA	10
Fully Diluted Weighted-Average Share Count for GAAP and Adjusted Earnings	11
Historical Equity-based Compensation and Allocations of Net Income to Limited Partnership Units and FPUs	12
Debt and Capital Markets Volumes	13
Liquidity Analysis	14
Reconciliation of Operating Cash Flow (Excluding Activity from Loan Originations and Sales) to Adjusted EBITDA	15
On August 5, 2021, the Company modified the presentation of Adjusted EBITDA and Adjusted Earnings to present non-GAAP metrics both including and excluding the impact of the Nasdaq related items. The items excluded under the modified presentation include realized (gains)/losses, unrealized mark-to-market (gains)/losses on Nasdaq shares, dividend income; and Nasdaq earn-out, (hereinafter referred to as the "Nasdaq Impact"). Post-tax adjusted earnings and post-tax adjusted earnings per share excluding Nasdaq are calculated using the reported adjusted earnings effective tax rate for each period presented. The impact of any unrealized non-cash mark-to-market (gains) losses related to the variable share forward agreements with respect to Newmark's receipt of the Nasdaq payments in 2020 and 2019 ("Nasdaq Forwards") are excluded in the historical reported Adjusted Earnings and Adjusted EBITDA.
As of November 5, 2021, upon further consideration, Newmark's calculations of non-GAAP "Other income (loss)" will continue to include dividend income on Nasdaq shares, as these dividends contribute to cash flow and are generally correlated to Newmark's interest expense on short term borrowing against such shares. All other things being equal, as Newmark sells Nasdaq shares, both its interest expense and dividend income will decline.
In order to better reflect how Newmark organizes its businesses and to improve comparability with its peers, the Company adjusted its line items under "Revenue Detail" beginning with the first quarter of 2022. "Gains from mortgage banking activities/origination, net" has been combined with mortgage brokerage revenues and recorded as "Commercial mortgage origination, net", while "Investment sales" is a stand-alone line-item. This change in presentation had no impact on any period's consolidated revenues or earnings.
Beginning with the first quarter of 2022, Newmark has reclassified an immaterial amount of revenues related to its flexible workspace business as fee revenues from non-fee revenues for all periods from April 1, 2021 onwards.
Note: Certain tables throughout this document may not reconcile due to rounding. Throughout this document, certain other reclassifications may have been made to previously reported amounts to conform to the current presentation and to show results on a consistent basis across periods. Unless otherwise stated, any such changes would have had no impact on consolidated total revenues or earnings under GAAP or for Adjusted Earnings, all else being equal. Certain numbers in the tables or elsewhere throughout this document may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.

US GAAP Bal Sheet PR

NEWMARK GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
September 30, 2022	December 31, 2021
Assets
Current Assets:
Cash and cash equivalents	$ 229,673	$ 191,332
Restricted cash	77,865	75,168
Marketable securities	1,031	524,569
Loans held for sale, at fair value	980,859	1,072,479
Receivables, net	507,776	569,206
Receivables from related parties	88,604	8,262
Other current assets	147,146	83,337
Total current assets	2,032,954	2,524,353
Goodwill	698,682	657,131
Mortgage servicing rights, net	565,960	550,302
Loans, forgivable loans and other receivables from employees and partners	492,962	453,345
Right-of-use assets	612,693	606,634
Fixed assets, net	148,544	135,756
Other intangible assets, net	83,328	76,199
Other assets	105,747	212,481
Total assets	$ 4,740,870	$ 5,216,201
Liabilities, Redeemable Partnership Interest, and Equity:
Current Liabilities:
Warehouse facilities collateralized by U.S. Government Sponsored Enterprises	$ 1,016,352	$ 1,050,693
Accrued compensation	379,012	462,533
Current portion of accounts payable, accrued expenses and other liabilities	469,987	528,746
Repurchase agreements and securities loaned	- 0	140,007
Current portion of payables to related parties	12,138	10,762
Total current liabilities	1,877,489	2,192,741
Long-term debt	547,141	545,239
Right-of-use liabilities	597,107	586,069
Other long-term liabilities	218,065	207,012
Total liabilities	3,239,802	3,531,061
Equity:
Total equity (1)	1,501,068	1,685,140
Total liabilities, redeemable partnership interest, and equity	$ 4,740,870	$ 5,216,201
(1) Includes "redeemable partnership interests," "noncontrolling interests" and "total stockholders' equity."

US GAAP P&L PR

NEWMARK GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended September 30,	Nine Months Ended September 30,
Revenues:	2022	2021	2022	2021
Management services, servicing fees and other	$ 222,379	$ 244,469	$ 689,183	$ 651,729
Leasing and other commissions	219,903	231,532	631,681	563,311
Investment sales	131,731	208,786	492,898	452,565
Commercial mortgage origination, net	90,633	103,338	284,483	254,372
Total revenues	664,646	788,125	2,098,245	1,921,977
Expenses:
Compensation and employee benefits	388,903	444,408	1,198,104	1,274,879
Equity-based compensation and allocations of net income to limited partnership units and FPUs	44,088	33,963	102,974	315,743
Total compensation and employee benefits	432,991	478,371	1,301,078	1,590,622
Operating, administrative and other	121,382	152,363	395,882	394,546
Fees to related parties	7,301	5,664	20,878	17,696
Depreciation and amortization	44,359	28,883	118,758	80,804
Total non-compensation expenses	173,042	186,910	535,518	493,046
Total operating expenses	606,033	665,281	1,836,596	2,083,668
Other income, net:
Other income (loss), net	(128)	102,720	(101,432)	1,187,322
Total other income (loss), net	(128)	102,720	(101,432)	1,187,322
Income from operations	58,485	225,564	160,217	1,025,631
Interest expense, net	(7,281)	(8,498)	(24,074)	(26,034)
Income before income taxes and noncontrolling interests	51,204	217,066	136,143	999,597
Provision for income taxes	13,294	53,811	35,723	206,572
Consolidated net income	37,910	163,255	100,420	793,025
Less: Net income attributable to noncontrolling interests	9,946	34,707	23,572	191,627
Net income available to common stockholders	$ 27,964	$ 128,548	$ 76,848	$ 601,398
Per share data:
Basic earnings per share
Net income available to common stockholders (1)	$ 27,964	$ 128,549	$ 76,848	$ 595,198
Basic earnings per share	$ 0.16	$ 0.64	$ 0.42	$ 3.14
Basic weighted-average shares of common stock outstanding	177,231	199,413	183,311	189,317
Fully diluted earnings per share
Net income for fully diluted shares (1)	$ 37,674	$ 128,549	$ 100,483	$ 595,198
Fully diluted earnings per share	$ 0.15	$ 0.63	$ 0.41	$ 3.06
Fully diluted weighted-average shares of common stock outstanding	243,469	205,281	248,067	194,320
Dividends declared per share of common stock	$ 0.03	$ 0.01	$ 0.09	$ 0.03
Dividends paid per share of common stock	$ 0.03	$ 0.01	$ 0.07	$ 0.03
(1) Includes a reduction for dividends on preferred stock or EPUs in the amount of $0.0 million and $6.2 million for the three and nine months ended September 30, 2021, respectively. (see Note 1 - "Organization and Basis of Presentation in the Company's most recently filed Form 10-Q and Form 10-K")

Summary Cash Flow

NEWMARK GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
Net cash (used in) provided by operating activities	$ (74,299)	$ (1,111,699)	$ 264,735	$ (326,557)
Net cash (used in) provided by investing activities	(22,518)	438,208	330,803	423,988
Net cash provided by (used in) financing activities	49,193	681,049	(554,500)	(110,625)
Net (decrease) increase in cash and cash equivalents and restricted cash	(47,624)	7,558	41,038	(13,194)
Cash and cash equivalents and restricted cash at beginning of period	355,162	237,647	266,500	258,399
Cash and cash equivalents and restricted cash at end of period	$ 307,538	$ 245,205	$ 307,538	$ 245,205
Net cash provided by operating activity excluding loan originations and sales (1)	$ 105,465	$ (327,498)	$ 209,386	$ (213,170)
(1) For the three and nine months ended September 30, 2021, Net cash provided by (used in) operating activities reflected $484.4 million of cash used with respect to the 2021 Equity Event. Of this amount, $203.4 million related to the 16.3 million reduction in fully diluted shares, and $280.9 million related to amounts paid on behalf of, or to partners for withholding taxes related to unit exchanges and/or redemptions, cash paid for redemption of HDUs, and other items. But for these uses of cash, net cash provided by operating activities excluding loan originations and sales would have been $156.9 million and $271.2 million, in these respective periods.
The Condensed Consolidated Statements of Cash Flows are presented in summarized form. For complete Condensed Consolidated Statements of Cash Flows, please refer to Newmark's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022, to be filed with the Securities and Exchange Commission in the near future.

Revenue Detail

NEWMARK GROUP, INC.
REVENUE DETAIL
(in thousands)
(unaudited)
2022	2021	2020	2019	2018
Q1	Q2	Q3	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD
Detail of revenues as presented in the Statement of Operations:
Management services fee revenue (1) (9)	$ 107,268	$ 108,829	$ 100,612	$ 316,709	$ 58,927	$ 83,752	$ 97,790	$ 112,931	$ 353,400	$ 59,052	$ 48,417	$ 47,345	$ 54,429	$ 209,243	$ 46,345	$ 51,683	$ 52,701	$ 65,051	$ 215,780	$ 37,493	$ 46,554	$ 50,073	$ 54,235	$ 188,355
Non-fee management services revenue (2) (4) (9)	77,793	72,568	63,244	213,605	87,640	95,663	100,843	96,312	380,458	66,519	56,680	60,152	74,917	258,268	51,744	65,790	51,483	61,568	230,585	59,439	60,674	51,895	54,084	226,092
Servicing fees and other revenues (5)	48,059	52,288	58,523	158,870	41,183	40,094	45,836	54,743	181,856	39,575	36,512	39,331	43,207	158,625	42,953	42,783	52,210	39,701	177,647	33,879	37,681	45,529	47,441	164,530
Management services, servicing fees and other	$ 233,120	$ 233,685	$ 222,379	$ 689,184	$ 187,750	$ 219,509	$ 244,469	$ 263,986	$ 915,714	$ 165,146	$ 141,609	$ 146,828	$ 172,553	$ 626,136	$ 141,042	$ 160,256	$ 156,394	$ 166,320	$ 624,012	$ 130,811	$ 144,909	$ 147,497	$ 155,760	$ 578,977
Leasing and other commissions	$ 198,952	$ 212,825	$ 219,903	$ 631,680	$ 147,433	$ 184,346	$ 231,532	$ 263,631	$ 826,942	$ 140,439	$ 120,079	$ 114,947	$ 138,377	$ 513,842	$ 172,471	$ 217,381	$ 213,242	$ 251,686	$ 854,780	$ 159,371	$ 178,142	$ 203,904	$ 276,017	$ 817,434
Investment sales	$ 152,113	$ 209,053	$ 131,731	$ 492,897	$ 101,545	$ 142,233	$ 208,786	$ 305,180	$ 757,744	$ 112,576	$ 47,163	$ 74,298	$ 169,935	$ 403,972	$ 87,018	$ 109,745	$ 120,820	$ 140,762	$ 458,345	$ 88,578	$ 86,342	$ 100,926	$ 127,922	$ 403,769
OMSR revenue (2) (3)	$ 29,472	$ 31,499	$ 27,386	$ 88,357	$ 28,716	$ 25,815	$ 33,644	$ 48,230	$ 136,405	$ 29,347	$ 42,128	$ 60,947	$ 62,392	$ 194,814	$ 16,378	$ 24,855	$ 37,423	$ 30,592	$ 109,248	$ 21,097	$ 24,695	$ 28,685	$ 28,725	$ 103,202
Loan originations related fees and sales premiums, net	18,300	17,963	21,455	57,718	18,678	15,446	26,385	28,568	89,077	21,075	26,943	30,246	37,836	116,100	14,968	20,236	34,909	18,724	88,837	17,817	17,182	23,287	20,776	79,062
Mortgage brokerage and debt placement	46,290	50,326	41,792	138,408	19,858	42,522	43,309	74,871	180,560	15,347	5,796	8,659	20,333	50,135	15,779	19,006	23,846	24,279	82,910	12,785	15,348	14,510	22,492	65,136
Commercial mortgage origination, net	$ 94,062	$ 99,788	$ 90,633	$ 284,483	$ 67,252	$ 83,783	$ 103,338	$ 151,669	$ 406,042	$ 65,769	$ 74,867	$ 99,852	$ 120,561	$ 361,049	$ 47,125	$ 64,097	$ 96,178	$ 73,595	$ 280,995	$ 51,699	$ 57,225	$ 66,482	$ 71,993	$ 247,400
Total revenues	$ 678,247	$ 755,351	$ 664,646	$ 2,098,244	$ 503,980	$ 629,871	$ 788,125	$ 984,466	$ 2,906,442	$ 483,930	$ 383,718	$ 435,924	$ 601,426	1,904,998	$ 447,656	$ 551,478	$ 586,634	$ 632,364	$ 2,218,132	$ 430,460	$ 466,620	$ 518,809	$ 631,692	$ 2,047,580
Detail of revenues as presented in certain investor presentations:
Commission-based revenues (6)	$ 460,983	$ 534,965	$ 452,400	$ 1,448,348	$ 320,212	$ 420,071	$ 551,979	$ 718,812	$ 2,011,074	$ 317,553	$ 219,915	$ 253,326	$ 400,370	$ 1,191,164	$ 306,660	$ 388,023	$ 418,477	$ 463,876	$ 1,577,036	$ 289,481	$ 313,780	$ 362,132	$ 468,928	$ 1,434,321
Management fees & other revenue (7) (9)	110,000	116,320	121,616	347,936	67,412	88,322	101,660	121,032	378,426	70,511	64,995	61,499	63,747	260,752	72,874	72,810	79,251	76,328	301,263	60,443	67,470	76,097	79,954	283,964
Non-fee revenue (2) (4) (9)	107,264	104,067	90,630	301,961	116,356	121,478	134,487	144,621	516,942	95,866	98,808	121,099	137,309	453,082	68,122	90,645	88,906	92,160	339,833	80,536	85,369	80,580	82,809	329,294
Total Revenue	$ 678,247	$ 755,351	$ 664,646	$ 2,098,244	$ 503,980	$ 629,871	$ 788,126	$ 984,465	$ 2,906,442	$ 483,930	$ 383,718	$ 435,924	$ 601,426	$ 1,904,998	$ 447,656	$ 551,478	$ 586,634	$ 632,364	$ 2,218,132	$ 430,460	$ 466,619	$ 518,809	$ 631,691	$ 2,047,579
Fee revenue detail:
Management services, servicing fees and other - fee revenue only	$ 155,327	$ 161,117	$ 159,135	$ 475,579	$ 100,110	$ 123,846	$ 143,626	$ 167,674	$ 535,256	$ 98,627	$ 84,929	$ 86,676	$ 97,636	$ 367,868	$ 89,298	$ 94,466	$ 104,911	$ 104,752	$ 393,427	$ 71,372	$ 84,235	$ 95,602	$ 101,676	$ 352,885
Leasing and other commissions	198,952	212,825	219,903	631,680	147,433	184,346	231,532	263,631	826,942	140,439	120,079	114,947	138,377	513,842	172,471	217,381	213,242	251,686	854,780	159,371	178,142	203,904	276,017	817,434
Investment sales	152,113	209,053	131,731	492,897	101,545	142,233	208,786	305,180	757,744	112,576	47,163	74,298	169,935	403,972	87,018	109,745	120,820	140,762	458,345	88,578	86,342	100,926	127,922	403,769
Commercial mortgage origination, net - fee revenue only	64,590	68,289	63,247	196,126	38,536	57,968	69,694	103,439	269,637	36,422	32,739	38,905	58,169	166,235	30,747	39,242	58,755	43,003	171,747	30,602	32,530	37,797	43,268	144,198
Total fee revenue	$ 570,982	$ 651,284	$ 574,016	$ 1,796,282	$ 387,624	$ 508,393	$ 653,638	$ 839,924	$ 2,389,579	$ 388,064	$ 284,910	$ 314,826	$ 464,117	$ 1,451,917	$ 379,534	$ 460,834	$ 497,728	$ 540,203	$ 1,878,299	$ 349,923	$ 381,249	$ 438,229	$ 548,883	$ 1,718,285
Non-fee revenue detail: (2) (4)
OMSR revenue	$ 29,472	$ 31,499	$ 27,386	$ 88,357	$ 28,716	$ 25,815	$ 33,644	$ 48,230	$ 136,405	$ 29,347	$ 42,128	$ 60,947	$ 62,392	$ 194,814	$ 16,378	$ 24,855	$ 37,423	$ 30,592	$ 109,248	$ 21,097	$ 24,695	$ 28,685	$ 28,725	$ 103,202
Non-fee management services revenue (9)	77,793	72,568	63,244	213,605	87,640	95,663	100,843	96,312	380,458	66,519	56,680	60,152	74,917	258,268	51,744	65,790	51,483	61,568	230,585	59,439	60,674	51,895	54,084	226,092
Total non-fee revenue	$ 107,265	$ 104,067	$ 90,630	$ 301,962	$ 116,356	$ 121,478	$ 134,487	$ 144,542	$ 516,863	$ 95,866	$ 98,808	$ 121,099	$ 137,309	$ 453,082	$ 68,122	$ 90,645	$ 88,906	$ 92,160	$ 339,833	$ 80,536	$ 85,369	$ 80,580	$ 82,809	$ 329,294
(1) Management services fee revenue includes Facilities Management, Property Management, Project Management, Consulting, Valuation & Advisory, and Underwriting.
(2) Non-fee (or "pass-through") management services revenues have no impact on the Company's GAAP or non-GAAP earnings measures, while non-cash OMSR revenues and non-cash MSR amortization are excluded from the calculations of Adjusted EBITDA and Adjusted Earnings. See the tabs with reconciliations of GAAP net income to Adjusted Earnings and to Adjusted EBITDA for historical non-cash OMSR revenues and non-cash MSR amortization.
(3) Non-cash gains attributable to originated mortgage servicing rights, which represent the fair value of expected net future cash flows from servicing recognized at commitment, net.
(4) Non-fee management services revenue represent fully reimbursable compensation and non-compensation expenses recorded as part of Newmark's management services business.
(5) Servicing fees include mortgage servicing fees, escrow interest and placement fees, and ancillary fees. "Other revenues" include interest income on loans held-for-sale.
(6) Commission-based revenues include Leasing and other commissions, Capital markets, Loan originations related fees and sales premiums, net, and Valuation and Advisory.
(7) Includes fees from management services, mortgage servicing, and interest income on loans held for sale.
(8) In order to better reflect how Newmark organizes its businesses and to improve comparability with its peers, the Company adjusted its line items under "Revenue Detail" beginning with the first quarter of 2022. "Gains from mortgage banking activities/origination, net" has been combined with mortgage brokerage revenues and recorded as "Commercial mortgage origination, net", while "Investment sales" is a stand-alone line-item. This change in presentation had no impact on any period's consolidated revenues or earnings.
(9) Newmark reclassified certain of its revenues related to its flexible workspace business as fee revenues from non-fee revenues. For the quarters ended June 30, 2021, September 30, 2021, and December 31, 2021 the amounts reclassified from non-fee revenues to fee revenues were $15.4 million, $20.4 million, and $23.8 million, respectively.

Expense and Other Income Detail

NEWMARK GROUP, INC.
GAAP AND ADJUSTED EARNINGS EXPENSE AND OTHER INCOME DETAIL
(in thousands)
(unaudited)
2022	2021	2020	2019	2018
Q1	Q2	Q3	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY
GAAP expense summary:
Total compensation and employee benefits	$ 399,483	$ 468,605	$ 432,991	$ 1,301,079	$ 303,322	$ 808,929	$ 478,371	$ 594,609	$ 2,185,232	$ 313,172	$ 241,378	$ 304,678	$ 418,891	$ 1,278,119	$ 277,274	$ 356,090	$ 397,683	$ 503,827	$ 1,534,874	$ 278,502	$ 334,006	$ 332,158	$ 441,960	$ 1,386,626
Total non compensation expense	180,175	182,302	173,042	535,519	134,478	171,658	186,910	206,095	699,141	144,133	95,163	97,526	121,349	458,171	122,895	142,396	130,166	122,542	517,999	104,832	106,550	117,431	126,819	455,632
Total expenses for GAAP	$ 579,658	$ 650,907	$ 606,033	$ 1,836,598	$ 437,800	$ 980,587	$ 665,281	$ 800,704	$ 2,884,373	$ 457,305	$ 336,541	$ 402,204	$ 540,240	$ 1,736,290	$ 400,169	$ 498,486	$ 527,849	$ 626,369	$ 2,052,873	$ 383,334	$ 440,556	$ 449,589	$ 568,779	$ 1,842,258
GAAP other income/(loss) and other expenses:
Other income/(loss)	$ (86,001)	$ (15,303)	$ (128)	$ (101,432)	$ (2,210)	$ 1,086,812	$ 102,720	$ 45,173	$ 1,232,495	$ 1,438	$ (36,389)	$ 108,608	$ (58,367)	$ 15,290	$ (9,718)	$ (3,726)	$ 108,711	$ (14,313)	$ 80,954	$ 5,707	$ (365)	$ 93,717	$ 28,234	$ 127,293
Tax provision/(benefit)	$ 4,004	$ 18,426	$ 13,294	$ 35,724	$ 10,579	$ 142,182	$ 53,811	$ 36,386	$ 242,958	$ 4,797	$ 88	$ 33,273	$ (1,165)	$ 36,993	$ 6,687	$ 9,121	$ 36,760	$ (132)	$ 52,436	$ 6,933	$ 10,822	$ 35,870	$ 36,862	$ 90,487
Net income (loss) attributable to noncontrolling interests	$ 352	$ 13,273	$ 9,946	$ 23,571	$ 11,473	$ 145,447	$ 34,707	$ 35,779	$ 227,406	$ 6,056	$ 330	$ 24,177	$ (1,346)	$ 29,217	$ 6,502	$ 9,396	$ 33,871	$ (5,362)	$ 44,407	$ 12,490	$ 3,555	$ 47,321	$ 21,800	$ 85,166
Adjusted earnings expense summary:
Total compensation and employee benefits	$ 381,303	$ 425,872	$ 388,435	$ 1,195,610	$ 288,147	$ 351,662	$ 427,909	$ 551,386	$ 1,619,104	$ 299,693	$ 228,675	$ 248,762	$355,944	$ 1,133,074	$ 263,891	$ 317,040	$ 341,656	$350,389	$ 1,272,976	$ 261,796	$ 267,151	$ 292,055	$343,770	$ 1,164,772
Total non compensation expense	149,499	148,243	135,939	433,681	116,622	138,137	158,935	169,009	582,703	115,493	68,110	71,593	81,013	336,209	99,517	113,071	97,787	90,281	400,656	85,282	89,213	94,850	101,385	370,730
Total expenses for adjusted earnings	$ 530,802	$ 574,115	$ 524,374	$ 1,629,291	$ 404,769	$ 489,799	$ 586,844	$ 720,395	$ 2,201,807	$ 415,186	$ 296,785	$ 320,355	$ 436,957	$ 1,469,283	$ 363,408	$ 430,111	$ 439,443	$ 440,670	$ 1,673,632	$ 347,078	$ 356,364	$ 386,905	$ 445,155	$ 1,535,502
Detail of expenses as presented in certain investor presentations:
Commission-based compensation	$ 234,521	$ 275,739	$ 234,025	$ 744,285	$ 162,376	$ 217,225	$ 282,966	$ 370,342	$ 1,032,909	$ 157,166	$ 110,993	$ 126,240	$ 204,231	$ 598,630	$ 148,930	$ 194,470	$ 210,804	$ 236,138	$ 790,342	$ 146,844	$ 159,248	$ 181,938	$ 235,305	$ 723,335
Support and operational expenses - comp	109,013	114,319	117,089	340,421	93,012	101,050	112,502	142,258	448,822	96,687	77,898	77,948	97,997	350,530	83,326	88,242	94,354	74,468	340,390	76,080	72,738	79,533	77,226	305,577
Pass-through fees related to management services revenues - comp	37,769	35,814	37,321	110,904	32,759	33,387	32,441	38,786	137,373	45,840	39,784	44,574	53,716	183,914	31,635	34,328	36,498	39,783	142,244	38,872	35,165	30,584	31,239	135,860
Total compensation and employee benefits	$ 381,303	$ 425,872	$ 388,435	$ 1,195,610	$ 288,147	$ 351,662	$ 427,909	$ 551,386	$ 1,619,104	$ 299,693	$ 228,675	$ 248,762	$ 355,944	$ 1,133,074	$ 263,891	$ 317,040	$ 341,656	$ 350,389	$ 1,272,976	$ 261,796	$ 267,151	$ 292,055	$ 343,770	$ 1,164,772
Support and operational expenses - non-comp (1)	109,475	111,982	110,017	331,474	61,741	75,862	90,533	111,483	339,619	94,814	51,210	56,014	59,817	261,855	79,409	81,609	82,802	68,495	312,315	64,715	63,704	73,539	78,545	280,503
Pass-through fees related to management services revenues - non-comp	40,024	36,261	25,922	102,207	54,881	62,275	68,402	57,526	243,084	20,679	16,900	15,579	21,196	74,354	20,108	31,462	14,985	21,786	88,341	20,567	25,509	21,311	22,840	90,227
Total non compensation expense (1)	149,499	148,243	135,939	433,681	116,622	138,137	158,935	169,009	582,703	115,493	68,110	71,593	81,013	336,209	99,517	113,071	97,787	90,281	400,656	85,282	89,213	94,850	101,385	370,730
Total expenses for adjusted earnings (1)	$ 530,802	$ 574,115	$ 524,374	$ 1,629,291	$ 404,769	$ 489,799	$ 586,844	$ 720,395	$ 2,201,807	$ 415,186	$ 296,785	$ 320,355	$ 436,957	$ 1,469,283	$ 363,408	$ 430,111	$ 439,443	$ 440,670	$ 1,673,632	$ 347,078	$ 356,364	$ 386,905	$ 445,155	$ 1,535,502
Adjusted earnings other income/(loss) and other expenses:
Other income (loss)	$ 22	$ 170	$ 156	$ 348	$ 3,392	$ (3,406)	$ 1,475	$ 1,382	$ 2,843	$ 15	$ (3,878)	$ (7,527)	$ (9)	$ (11,399)	$ 13	$ 4,742	$ 1,257	$ 1,249	$ 7,260	$ 3,175	$ 1,845	$ 17	$ (2,276)	$ 2,761
Tax provision (benefit)	$ 20,264	$ 27,448	$ 20,108	$ 67,820	$ 11,249	$ 17,291	$ 30,481	$ 42,721	$ 101,746	$ 5,839	$ 4,571	$ 5,634	$ 16,797	$ 32,840	$ 8,671	$ 15,093	$ 15,427	$ 21,419	$ 60,610	$ 6,930	$ 10,156	$ 12,159	$ 25,406	$ 54,652
Net income (loss) attributable to noncontrolling interests	$ 34	$ (111)	$ 638	$ 561	$ 659	$ 746	$ 959	$ 1,114	$ 3,478	$ 455	$ 213	$ (9)	$ 544	$ 1,203	$ (137)	$ 342	$ 584	$ 378	$ 1,167	$ 803	$ 245	$ 415	$ 259	$ 1,722
(1) Non-fee (or "pass-through") management services revenues have no impact on the Company's GAAP or non-GAAP earnings measures, while non-cash OMSR revenues and non-cash MSR amortization are excluded from the calculations of Adjusted EBITDA and Adjusted Earnings. See the tabs with reconciliations of GAAP net income to Adjusted Earnings and to Adjusted EBITDA for historical non-cash OMSR revenues and non-cash MSR amortization.

Recon of GAAP to AE PR

NEWMARK GROUP, INC.
RECONCILIATION OF GAAP NET INCOME TO COMMON STOCKHOLDERS TO ADJUSTED EARNINGS BEFORE NONCONTROLLING INTERESTS AND TAXES AND
GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
GAAP net income available to common stockholders	$ 27,964	$ 128,548	$ 76,848	$ 601,398
Provision for income taxes (1)	13,294	53,811	35,723	206,572
Net income attributable to noncontrolling interests(2)	9,946	34,707	23,572	191,627
GAAP income before income taxes and noncontrolling interests	$ 51,204	$ 217,066	$ 136,143	$ 999,597
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPU's (3)	44,088	33,963	102,974	315,743
Other compensation adjustments(4)	469	16,491	2,492	207,141
Total Compensation adjustments	44,557	50,454	105,466	522,884
Non-Compensation expense adjustments:
Amortization of intangibles (5)	3,471	2,416	10,911	6,503
MSR amortization(6)	28,703	20,103	80,499	57,854
Other non-compensation adjustments (7)	4,929	5,461	10,425	15,014
Total Non-Compensation expense adjustments	37,103	27,980	101,835	79,371
Non-cash adjustment for OMSR revenue(8)	(27,386)	(33,644)	(88,357)	(88,175)
Other (income) loss:
Other non-cash, non-dilutive, and /or non-economic items and Nasdaq (9)	284	(101,245)	101,779	(1,185,835)
Total Other (income) loss	284	(101,245)	101,779	(1,185,835)
Total pre-tax adjustments	54,558	(56,455)	220,723	(671,755)
Adjusted Earnings before noncontrolling interests and taxes ("Pre-tax Adjusted Earnings")	$ 105,762	$ 160,611	$ 356,866	$ 327,842
GAAP Net income available to common stockholders:	$ 27,964	$ 128,549	$ 76,848	$ 601,398
Allocation of net income to noncontrolling interests (10)	9,308	33,748	23,011	189,261
Total pre-tax adjustments (from above)	54,558	(56,455)	220,723	(671,755)
Income tax adjustment to reflect adjusted earnings taxes (1)	(6,815)	23,330	(32,095)	147,546
Post-tax Adjusted Earnings to fully diluted shareholders ("Post-tax Adjusted Earnings")	$ 85,015	$ 129,172	$ 288,486	$ 266,450
Per Share Data:
GAAP fully diluted earnings per share(11)	$ 0.15	$ 0.63	$ 0.41	$ 3.06
Allocation of net income (loss) to noncontrolling interests	- 0	- 0	- 0	(0.01)
Exchangeable preferred limited partnership units non-cash preferred dividends	- 0	- 0	- 0	0.02
Total pre-tax adjustments (from above)	0.22	(0.22)	0.89	(2.51)
Income tax adjustment to reflect adjusted earnings taxes	(0.03)	0.09	(0.13)	0.55
Other	0.01	- 0	(0.01)	(0.12)
Post-tax Adjusted Earnings per share ("Adjusted Earnings EPS")	$ 0.35	$ 0.50	$ 1.16	$ 1.00
Pre-tax adjusted earnings per share	$ 0.43	$ 0.62	$ 1.44	$ 1.23
Fully diluted weighted-average shares of common stock outstanding	243,469	257,791	248,067	267,268
(1)	Newmark's GAAP provision (benefit) for income taxes is calculated based on an annualized methodology. Newmark includes additional tax-deductible items when calculating the provision (benefit) for taxes with respect to Adjusted Earnings using an annualized methodology. These include tax-deductions related to equity-based compensation, and certain net-operating loss carryforwards. The adjustment in the tax provision to reflect Adjusted Earnings is shown below (in millions):
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
GAAP provision for (benefit from) income taxes	$ 13.3	$ 53.8	$ 35.7	$ 206.6
Income tax adjustment to reflect Adjusted Earnings	6.8	(23.3)	32.1	(147.5)
Provision for income taxes for Adjusted Earnings	$ 20.1	$ 30.5	$ 67.8	$ 59.1
(2)	Primarily represents Cantor and/or BGC's pro-rata portion of Newmark's net income and the noncontrolling portion of Newmark's net income in subsidiaries which are not wholly owned.
(3)	The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in millions):
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
Issuance of common stock and exchangeability expenses	$ 33.3	$ 14.4	$ 69.2	$ 298.2
Allocations of net income	5.3	13.2	12.8	38.1
Limited partnership units amortization	0.2	2.3	5.2	(32.1)
RSU Amortization Expense	5.7	4.1	15.8	11.6
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$ 44.5	$ 34.0	$ 103.0	$ 315.8
(4)	Includes compensation expenses related the impact of the 2021 Equity Event of $16.0 million and $203.8 million for the three and nine months ended September 30, 2021, respectively. Also includes compensation expenses related to severance charges as a result of the cost savings initiatives of $0.0 million and $2.0 million for the three months ended September 30, 2022 and 2021, respectively, and $0.0 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. Also includes commission charges related to non-cash GAAP gains attributable to OMSR revenues of $0.5 million and $2.5 million for the three and nine months ended September 30, 2022, respectively, and $0.4 million and $1.3 million for the three and nine months ended September 30, 2021.
(5)	Includes Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions.
(6)	Adjusted Earnings calculations exclude non-cash GAAP amortization of mortgage servicing rights (which Newmark refers to as "MSRs"). Subsequent to the initial recognition at fair value, MSRs are carried at the lower of amortized cost or fair value and amortized in proportion to the net servicing revenue expected to be earned. However, it is expected that any cash received with respect to these servicing rights, net of associated expenses, will increase Adjusted Earnings in future periods.
(7)	Primarily includes asset impairments and credits the Company does not consider a part of its ongoing operations of ($0.3) million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $3.7 million and $10.9 million for the nine months ended September 30, 2022 and 2021, respectively. Includes legal settlements of $2.5 million and $3.0 million for the three and nine months ended September 30, 2021, respectively. There were no legal settlements for the three and nine months ended September 30, 2022.
(8)	Adjusted Earnings calculations exclude non-cash GAAP gains attributable to originated mortgage servicing rights (which Newmark refers to as "OMSRs"). Under GAAP, Newmark recognizes OMSRs equal to the fair value of servicing rights retained on mortgage loans originated and sold.
(9)	The components of non-cash, non-dilutive, non-economic items are as follows (in millions):
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
Nasdaq Income	-	(73.2)	87.6	(1,167.7)
Realized gain on investment	-	(27.8)	-	(27.8)
Unrealized (gain) / loss on marketable securities	0.3	-	0.3	-
Mark-to-market (gains)/losses on non-marketable investments, net	-	-	14.0	(2.5)
Asset impairment	-	(0.2)	-	12.2
Contingent consideration and other expenses	-	-	-	-
$ 0.3	$ (101.2)	$ 101.9	$ (1,185.8)
(10)	Excludes the noncontrolling portion of Newmark's net income in subsidiaries which are not wholly owned.
(11)	Includes a reduction for dividends on preferred stock or exchangeable preferred partnership units of $0.0 million and $6.2 million for the three and nine months ended September 30, 2021. (see Note 1 - and Basis of Presentation" in the Company's most recently filed Form 10-Q or Form 10-K.)

Hist. Recon GAAP to AE Detail

NEWMARK GROUP, INC.
RECONCILIATION OF GAAP INCOME (LOSS) TO ADJUSTED EARNINGS AND
GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
(unaudited)
2022	2021	2020	2019	2018	2017
Q1	Q2	Q3	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD
Net income (loss) available to common stockholders	$ 362	$ 48,519	$ 27,964	$ 76,845	$ 33,105	$ 439,744	$ 128,549	$ 149,331	$ 750,728	$ 8,179	$ 314	$ 75,348	$ (3,781)	$ 80,060	$ 16,904	$ 22,668	$ 88,698	$ (10,965)	$ 117,305	$ 19,997	$ 739	$ 68,237	$ 17,759	$ 106,732	$ 36,711	$ 55,145	$ 98,807	$ (46,171)	$ 144,492
Provision (benefit) for income taxes	4,004	18,426	13,294	35,724	10,579	142,182	53,811	36,386	242,958	4,797	88	33,273	(1,165)	36,993	6,687	9,121	36,760	(132)	52,436	6,933	10,822	35,870	36,862	90,487	(15)	1,422	1,989	54,082	57,478
Net income (loss) attributable to noncontrolling interest in subsidiaries	352	13,273	9,946	23,571	11,473	145,447	34,707	35,779	227,406	6,056	330	24,177	(1,346)	29,217	6,502	9,396	33,871	(5,362)	44,407	12,490	3,555	47,321	21,800	85,166	296	12	(337)	633	604
GAAP income (loss) before income taxes and noncontrolling interests	$ 4,718	$ 80,218	$ 51,204	$ 136,140	$ 55,157	$ 727,373	$ 217,067	$ 221,496	$ 1,221,092	$ 19,032	$ 732	$ 132,798	$ (6,292)	$ 146,270	$ 30,093	$ 41,185	$ 159,329	$ (16,459)	$ 214,148	$ 39,420	$ 15,116	$ 151,428	$ 76,421	$ 282,385	$ 36,992	$ 56,579	$ 100,459	$ 8,544	$ 202,574
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation	$ 16,751	$ 34,201	$ 39,213	$ 90,165	$ 3,615	$ 253,239	$ 20,797	$ 23,511	$ 301,162	$ 12,365	$ 9,877	$ 21,549	$ 56,507	$ 100,298	$ 7,558	$ 27,752	$ 24,151	$ 148,965	$ 208,426	$ 13,356	$ 62,675	$ 11,952	$ 85,199	$ 173,182	$ 12,077	$ 23,299	$ 10,573	$ 75,966	$ 121,915
Allocations of net income to limited partnership units and FPUs	147	7,787	4,875	12,809	10,633	14,293	13,166	17,090	55,182	549	983	29,221	(292)	30,461	6,313	11,601	32,496	-	50,410	4,060	4,692	28,824	13,886	51,462	4,612	6,206	14,293	111	25,222
Reserves on employee loans	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,700	3,355	26,055
Other compensation adjustments	1,279	744	469	2,492	917	1,921	518	2,618	5,974	564	1,843	5,147	6,727	14,281	(537)	(303)	(621)	4,471	3,010	(709)	(512)	(673)	(893)	(2,787)	1,332	1,221	1,165	896	4,614
Total Compensation adjustments	$ 18,178	$ 42,732	$ 44,557	$ 105,467	$ 15,165	$ 269,453	$ 34,481	$ 43,219	$ 362,319	$ 13,478	$ 12,703	$ 55,917	$ 62,942	$ 145,040	$ 13,334	$ 39,050	$ 56,026	$ 153,436	$ 261,846	$ 16,707	$ 66,855	$ 40,104	$ 98,190	$ 221,856	$ 18,021	$ 30,727	$ 48,731	$ 80,328	$ 177,807
Non-Compensation expense adjustments:
Amortization of intangibles	$ 2,594	$ 4,846	$ 3,471	$ 10,911	$ 1,666	$ 2,420	$ 2,416	$ 2,361	$ 8,863	$ 1,643	$ 1,667	$ 1,744	$ 1,958	$ 7,012	$ 1,276	$ 1,299	$ 2,819	$ 1,526	$ 6,920	$ 1,513	$ 1,257	$ 1,238	$ 1,621	$ 5,629	$ 1,347	$ 1,350	$ 7,481	$ 867	$ 11,045
MSR amortization	26,216	25,580	28,703	80,499	15,067	22,684	20,103	31,937	89,791	39,471	23,864	22,602	25,315	111,252	22,126	27,730	29,546	22,128	101,530	17,824	15,726	21,011	23,862	78,423	13,876	19,040	19,482	20,120	72,518
Other non-compensation adjustments	1,865	3,631	4,929	10,425	1,132	8,420	5,461	2,793	17,806	(12,480)	1,536	1,585	13,060	3,701	- 0	- 0	- 0	8,601	8,601	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Total Non-Compensation expense adjustments	$ 30,675	$ 34,057	$ 37,103	$ 101,835	$ 17,865	$ 33,524	$ 27,980	$ 37,091	$ 116,460	$ 28,634	$ 27,067	$ 25,931	$ 40,333	$ 121,965	$ 23,402	$ 29,029	$ 32,365	$ 32,255	$ 117,051	$ 19,337	$ 16,983	$ 22,249	$ 25,483	$ 84,052	$ 15,223	$ 20,390	$ 26,963	$ 20,987	$ 83,563
Non-cash adjustment for OMSR Revenue	(29,472)	(31,499)	(27,386)	(88,357)	(28,716)	(25,815)	(33,644)	(48,230)	(136,405)	(29,347)	(42,128)	(60,947)	(62,392)	(194,814)	(16,378)	(24,855)	(37,423)	(30,592)	(109,248)	(21,097)	(24,695)	(28,685)	(28,725)	(103,202)	(29,310)	(42,597)	(25,683)	(23,379)	(120,969)
Other (income) losses
Other non-cash, non-dilutive, and /or non-economic items (1)	(1,598)	15,473	284	14,159	5,602	(46,703)	(28,047)	2,632	(66,516)	(3,514)	32,511	(14,146)	63,486	78,337	13,861	11,940	(22,019)	22,585	26,367	168	3,085	(8,479)	(23,618)	(28,844)	1,202	814	1,181	3,732	6,929
Total Other (income) losses	(1,598)	15,473	284	14,159	5,602	(46,703)	(28,047)	2,632	(66,516)	(3,514)	32,511	(14,146)	63,486	78,337	13,861	11,940	(22,019)	22,585	26,367	168	3,085	(8,479)	(23,618)	(28,844)	1,202	814	1,181	3,732	6,929
Total pre-tax adjustments	17,783	60,763	54,558	133,104	9,916	230,459	770	34,712	275,857	9,251	30,153	6,755	104,369	150,528	34,219	55,164	28,949	177,684	296,016	15,115	62,228	25,189	71,330	173,862	5,136	9,334	51,192	81,668	147,330
Adjusted Earnings before noncontrolling interests and taxes including the impact of Nasdaq and the 2021 Equity Event	$ 22,501	$ 140,981	$ 105,762	$ 269,244	$ 65,073	$ 957,832	$ 217,837	$ 256,208	$ 1,496,950	$ 28,283	$ 30,885	$ 139,553	$ 98,077	$ 296,798	$ 64,312	$ 96,349	$ 188,278	$ 161,225	$ 510,164	$ 54,535	$ 77,344	$ 176,617	$ 147,751	$ 456,247	$ 42,128	$ 65,913	$ 151,651	$ 90,212	$ 349,904
Impact of Nasdaq and dividend income(1)	87,621	(186)	(44)	87,391	- 0	(1,043,515)	(74,716)	(46,423)	(1,164,654)	2,090	- 0	(101,989)	(5,127)	(105,026)	(4,129)	(3,178)	(85,436)	(7,023)	(99,765)	(2,433)	(587)	(84,907)	64	(87,863)	- 0	- 0	(76,969)	351	(76,618)
2021 Equity Event (1)	- 0	- 0	- 0	- 0	- 0	187,813	15,974	- 0	203,787	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Pre-tax Adjusted Earnings excluding impact of dividend income	$ 110,122	$ 140,795	$ 105,718	$ 356,635	$ 65,073	$ 102,130	$ 159,095	$ 209,785	$ 536,083	$ 30,373	$ 30,885	$ 37,564	$ 92,950	$ 191,772	$ 60,183	$ 93,172	$ 102,843	$ 154,202	$ 410,399	$ 52,102	$ 76,757	$ 91,710	$ 147,815	$ 368,384	$ 42,128	$ 65,913	$ 74,682	$ 90,563	$ 273,286
Dividend income	-	186	44	230	-	26	1,492	1,395	2,913	114	-	-	123	237	220	165	118	165	668	-	82	46	264	392	-	-	-	-	285	285
Adjusted Earnings before noncontrolling interests and taxes	$ 110,122	$ 140,981	$ 105,762	$ 356,865	$ 65,073	$ 102,156	$ 160,587	$ 211,180	$ 538,996	$ 30,487	$ 30,885	$ 37,564	$ 93,073	$ 192,009	$ - 0	$ 60,403	$ 93,337	$ 102,961	$ 154,367	$ 411,067	$ - 0	$ 52,102	$ 76,839	$ 91,756	$ 148,079	$ 368,776	$ - 0	$ 42,128	$ 65,913	$ 74,682	$ 90,848	$ 273,571
GAAP net income (loss) available to common stockholders	$ 362	$ 48,519	$ 27,964	$ 76,845	$ 33,105	$ 439,744	$ 128,549	$ 149,329	$ 750,727	$ 8,179	$ 314	$ 75,348	$ (3,781)	$ 80,060	$ 16,904	$ 22,668	$ 88,698	$ (10,965)	$ 117,305	$ 19,997	$ 739	$ 68,237	$ 17,759	$ 106,732	$ 36,711	$ 55,145	$ 98,807	$ (46,171)	$ 144,492
Allocation of net income (loss) to noncontrolling interest in subsidiaries	318	13,384	9,308	23,010	10,814	144,703	33,748	34,665	223,928	5,601	118	24,185	(1,890)	28,014	6,639	9,054	33,287	(5,740)	43,240	11,687	3,311	46,906	21,542	83,446	- 0	- 0	- 0	- 0	- 0
Total pre-tax adjustments (from above)	17,783	60,763	54,558	133,104	9,916	230,459	770	34,712	275,857	9,251	30,153	6,755	104,369	150,528	34,219	55,164	28,949	177,684	296,016	15,115	62,228	25,189	71,330	173,862	5,136	9,334	51,192	81,668	147,330
Income tax adjustment to reflect adjusted earnings taxes	(16,259)	(9,035)	(6,815)	(32,095)	(673)	(25,152)	22,776	(6,333)	(9,382)	638	(4,478)	12,341	(20,260)	(11,759)	(2,578)	(6,486)	8,518	(22,526)	(23,072)	(321)	588	12,452	10,082	22,801	(7,598)	(10,443)	(25,309)	37,844	(5,506)
Post-tax Adjusted Earnings - including the Nasdaq Impact	$ 2,204	$ 113,631	$ 85,015	$ 200,864	$ 53,162	$ 789,754	$ 185,843	$ 212,373	$ 1,241,131	$ 23,669	$ 26,107	$ 118,629	$ 78,438	$ 246,843	$ 55,184	$ 80,400	$ 159,452	$ 138,453	$ 433,489	$ 46,478	$ 66,866	$ 152,784	$ 120,713	$ 386,841	$ 34,249	$ 54,036	$ 124,690	$ 73,341	$ 286,316
Impact of Nasdaq and Equity Event, net of tax	87,621	(186)	0	87,435	-	(705,659)	(58,165)	(47,818)	(811,642)	(307)	- 0	(86,691)	(2,827)	(87,771)	(3,534)	(2,663)	(72,620)	(6,047)	(84,865)	(2,109)	(509)	(73,648)	1,445	(74,822)	- 0	- 0	(63,115)	288	(62,827)
Post-tax Adjusted Earnings to fully diluted shareholders before dividend income	$ 89,825	$ 113,445	$ 85,015	$ 288,299	$ 53,162	$ 84,095	$ 127,678	$ 164,555	$ 429,490	$ 23,362	$ 26,107	$ 31,939	$ 75,610	$ 159,073	$ 51,650	$ 77,737	$ 86,832	$ 132,406	$ 348,624	$ 44,369	$ 66,357	$ 79,136	$ 122,158	$ 312,019	$ 34,249	$ 54,036	$ 61,575	$ 73,629	$ 223,489
Dividend income	-	186	-	186	-	26	1,492	1,395	2,913	114	-	-	123	237	-	220	165	118	165	668	-	-	82	46	264	392	-	-	-	-	285	285
Post-tax Adjusted Earnings to fully diluted shareholders	$ 89,825	$ 113,631	$ 85,015	$ 288,486	$ 53,162	$ 84,121	$ 129,170	$ 165,950	$ 432,403	$ 23,477	$ 26,107	$ 31,939	$ 75,733	$ 159,310	$ - 0	$ 51,870	$ 77,902	$ 86,950	$ 132,571	$ 349,292	$ - 0	$ 44,369	$ 66,439	$ 79,182	$ 122,422	$ 312,411	$ - 0	$ 34,249	$ 54,036	$ 61,575	$ 73,914	$ 223,774
Per Share Data:
GAAP fully diluted earnings per share	$ - 0	$ 0.26	$ 0.15	$ 0.41	$ 0.16	$ 2.13	$ 0.63	$ 0.74	$ 3.80	$ 0.03	$ (0.01)	$ 0.39	$ (0.03)	$ 0.39	$ 0.08	$ 0.11	$ 0.48	$ (0.08)	$ 0.58	$ 0.12	0.00	$ 0.43	$ 0.09	$ 0.65	N/A	N/A	N/A	$ (0.34)	$ 0.85
Less: Allocations of net income to limited partnership units and FPUs, net of tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	(0.01)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	(0.01)	0.00	0.01	0.01	N/A	N/A	N/A	0.01	0.01
Exchangeable preferred limited partnership units non-cash preferred dividends	0.00	0.00	0.00	0.00	0.01	0.02	0.00	0.00	0.02	0.01	0.01	0.00	0.01	0.05	0.01	0.01	0.01	0.01	0.05	0.00	0.00	0.01	0.01	0.02	N/A	N/A	N/A	0.01	0.02
Total pre-tax adjustments (from above)	0.07	0.25	0.22	0.54	0.04	0.84	0.00	0.14	1.05	0.03	0.11	0.01	0.39	0.57	0.13	0.20	0.11	0.67	1.12	0.07	0.24	0.10	0.27	0.68	0.02	0.04	0.22	0.35	0.64
Income tax adjustment to reflect adjusted earnings taxes	(0.06)	(0.04)	(0.03)	(0.13)	0.00	(0.09)	0.09	(0.02)	(0.04)	0.00	(0.02)	0.05	(0.08)	(0.04)	(0.01)	(0.02)	0.03	(0.09)	(0.09)	(0.01)	0.00	0.05	0.04	0.08	(0.03)	(0.05)	(0.11)	0.16	(0.02)
Other	(0.00)	0.00	0.01	0.01	(0.01)	(0.01)	0.00	(0.02)	(0.12)	0.02	0.01	(0.01)	0.01	(0.04)	0.00	0.00	(0.04)	0.01	(0.05)	0.00	0.03	(0.01)	0.03	0.07	0.16	0.24	0.43	0.13	(0.25)
Adjusted Earnings EPS including impact of Nasdaq and 2021 Equity Event	$ 0.01	$ 0.46	$ 0.35	$ 0.82	$ 0.20	$ 2.89	$ 0.72	$ 0.84	$ 4.70	$ 0.09	$ 0.10	$ 0.44	$ 0.30	$ 0.93	$ 0.21	$ 0.30	$ 0.59	$ 0.52	$ 1.61	$ 0.19	$ 0.26	$ 0.58	$ 0.45	$ 1.51	$ 0.15	$ 0.24	$ 0.54	$ 0.32	$ 1.25
Impact of Nasdaq and 2021 Equity Event on Post-tax Adjusted Earnings EPS	$ 0.35	$ (0.00)	$ - 0	$ 0.35	$ - 0	$ (2.57)	$ (0.23)	$ (0.19)	$ (3.07)	$ (0.00)	$ - 0	$ (0.32)	$ (0.01)	$ (0.33)	$ (0.01)	$ (0.01)	$ (0.27)	$ (0.02)	$ (0.32)	$ (0.01)	$ (0.00)	$ (0.28)	$ 0.01	$ (0.29)	$ 0.00	$ 0.00	$ (0.28)	$ 0.00	$ (0.27)
Post-tax Adjusted Earnings per share excluding dividend income	$ 0.36	$ 0.46	$ 0.35	$ 1.16	$ 0.20	$ 0.31	$ 0.50	$ 0.65	$ 1.63	$ 0.09	$ 0.10	$ 0.12	$ 0.29	$ 0.60	$ 0.20	$ 0.29	$ 0.32	$ 0.50	$ 1.29	$ 0.18	$ 0.26	$ 0.30	$ 0.46	$ 1.22	$ 0.15	$ 0.24	$ 0.27	$ 0.32	$ 0.97
Impact of dividend income on Post-tax Adjusted Earnings EPS	$ 0.00	$ 0.00	$ - 0	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.01	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ - 0	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ - 0	$ - 0	$ - 0	$ 0.00	$ 0.001
Post-tax Adjusted Earnings per share	$ 0.36	$ 0.46	$ 0.35	$ 1.16	$ 0.20	$ 0.31	$ 0.50	$ 0.65	$ 1.64	$ 0.09	$ 0.10	$ 0.12	$ 0.29	$ 0.60	$ 0.20	$ 0.29	$ 0.32	$ 0.50	$ 1.30	$ 0.18	$ 0.26	$ 0.30	$ 0.46	$ 1.22	$ 0.15	$ 0.24	$ 0.27	$ 0.32	$ 0.98
Fully diluted weighted-average shares of common stock outstanding	252,815	247,985	243,469	248,067	271,194	273,555	257,791	254,318	263,954	263,646	265,640	266,793	264,868	264,851	269,057	270,966	268,350	264,548	268,860	246,834	258,703	262,532	267,626	258,997	225,194	228,390	230,882	233,414	229,479
Dividends declared per share of common stock	$ 0.03	$ 0.03	$ 0.03	$ 0.09	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.04	$ 0.10	$ 0.01	$ 0.01	$ 0.01	$ 0.13	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.40	$ 0.09	$ 0.09	$ 0.09	$ 0.09	$ 0.36	$ 0.09	$ 0.09	$ 0.09	$ 0.09	$ 0.36
Dividends paid per share of common stock	$ 0.01	$ 0.03	$ 0.03	$ 0.07	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.04	$ 0.10	$ 0.01	$ 0.01	$ 0.01	$ 0.13	$ 0.09	$ 0.10	$ 0.10	$ 0.10	$ 0.39	$ 0.00	$ 0.09	$ 0.09	$ 0.09	$ 0.27	$ 0.00	$ 0.09	$ 0.09	$ 0.09	$ 0.27
(1)	In the detailed reconciliation tables related to Adjusted Earnings contained within this document and in the Company's most recent financial results press release, the "Impact of Nasdaq" is included as part of the line item "Other non-cash, non-dilutive, and /or non-economic items and Nasdaq", while the 2021 Equity Event is reflected in the line item "Other compensation adjustments."

EBITDA-PR

NEWMARK GROUP, INC.
Reconciliation of GAAP Income to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
GAAP net income available to common stockholders	$ 27,964	$ 128,549	$ 76,848	$ 601,398
Adjustments:
Net income attributable to noncontrolling interests(1)	9,946	34,707	23,572	191,627
Provision for income taxes	13,294	53,811	35,723	206,572
OMSR revenue(2)	(27,386)	(33,644)	(88,357)	(88,174)
MSR amortization(3)	28,703	20,103	80,499	57,854
Other depreciation and amortization(4)	15,655	8,780	38,259	22,950
Equity-based compensation and allocations of net income to limited partnership units and FPUs (5)	44,088	33,963	102,974	315,743
Other adjustments (6)	81	3,262	7,492	15,264
Other non-cash, non-dilutive, non-economic items and Nasdaq for Adjusted EBITDA (7)	284	(85,271)	101,468	(982,049)
Interest expense	9,877	10,276	29,994	30,891
Adjusted EBITDA ("AEBITDA")	$ 122,506	$ 174,536	$ 408,472	$ 372,076
(1)	Primarily represents Cantor and/or BGC's pro-rata portion of Newmark's net income and the noncontrolling portion of Newmark's net income in subsidiaries which are not wholly owned.
(2)	Non-cash gains attributable to originated mortgage servicing rights.
(3)	Non-cash amortization of mortgage servicing rights in proportion to the net servicing revenue expected to be earned.
(4)	'Includes fixed asset depreciation and impairment of $12.2 million and $6.4 million for the three months ended September 30, 2022 and 2021, respectively, and $27.3 million and $16.4 million for the nine months ended September 30, 2022 and 2021, respectively. Also includes intangible asset amortization and impairments related to acquisitions of $3.5 million and $2.4 million for the three months ended September 30, 2022 and 2021, respectively, and $10.9 and $6.5 for the nine months ended September 30, 2022 and 2021, respectively.
(5)	Please refer to Footnote 3 under Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests and GAAP Fully Diluted EPS to Post-tax Adjusted EPS for additional information about the components of "Equity-based compensation and allocations of net income to limited partnership units and FPUs".
(6)	The components of other adjustments are as follows (in millions):
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
Severance charges	$ - 0	$ 0.2	-0	$ 2.0
Assets impairment not considered a part of ongoing operations	(0.4)	2.7	5.0	11.9
Commission charges related to non-GAAP gains attributable to OMSR revenues and others	0.5	0.4	2.5	1.3
Acquisition earnout reversal	-0	-0	-0	-0
$ 0.1	$ 3.3	$ 7.5	$ 15.3
(7)	Please refer to Footnote 9 under Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests and Taxes and GAAP Fully Diluted EPS to Post-tax Adjusted EPS for additional information about the components of Other non-cash, non-dilutive, non-economic items".

Historical EBITDA Trend Detail

NEWMARK GROUP, INC.
Reconciliation of GAAP Income (Loss) to Adjusted EBITDA
(in thousands)
(unaudited)
2022	2021	2020	2019	2018	2017
Q1	Q2	Q3	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY
GAAP net income (loss) available to common stockholders	$ 362	$ 48,519	$ 27,964	$ 76,848	$ 33,105	$ 439,744	$ 128,549	$ 149,331	$ 750,728	$ 8,182	$ 310	$ 75,349	$ (3,781)	$ 80,060	$ 16,904	$ 22,668	$ 88,698	$ (10,965)	$ 117,305	$ 19,997	$ 739	$ 68,237	$ 17,759	$ 106,732	$ 36,711	$ 55,145	$ 98,807	$ (46,171)	$ 144,492
Adjustments:
Net income (loss) attributable to noncontrolling interest in subsidiaries	352	13,273	9,946	23,571	11,473	145,447	34,707	35,779	227,406	6,056	331	24,176	(1,346)	29,217	6,502	9,396	33,871	(5,362)	44,407	12,490	3,555	47,321	21,800	85,166	296	12	(337)	633	604
Provision (benefit) for income taxes	4,004	18,426	13,294	35,724	10,579	142,182	53,811	36,386	242,958	4,797	89	33,272	(1,165)	36,993	6,687	9,121	36,760	(132)	52,436	6,933	10,822	35,870	36,862	90,487	(15)	1,422	1,989	54,082	57,478
OMSR Revenue	(29,472)	(31,499)	(27,386)	(88,357)	(28,716)	(25,815)	(33,644)	(48,230)	(136,405)	(29,347)	(42,129)	(60,947)	(62,392)	(194,815)	(16,378)	(24,855)	(37,423)	(30,592)	(109,248)	(21,097)	(24,695)	(28,685)	(28,725)	(103,202)	(29,310)	(42,597)	(25,683)	(23,380)	(120,970)
MSR Amortization	26,216	25,580	28,703	80,499	15,067	22,684	20,103	31,937	89,791	39,471	23,865	22,601	25,315	111,252	22,126	27,730	29,546	22,128	101,530	17,824	15,726	21,011	23,862	78,423	13,876	19,040	19,482	20,120	72,518
Other Depreciation and Amortization	9,259	13,345	15,655	38,259	5,986	8,184	8,780	8,987	31,937	6,568	5,082	7,026	11,265	29,941	6,178	5,695	7,235	10,507	29,615	4,688	4,475	4,862	5,286	19,311	4,363	4,178	10,438	4,318	23,297
Equity-based compensation	16,752	34,201	39,213	90,166	3,615	253,239	20,797	23,511	301,162	12,365	9,877	21,549	56,507	100,298	7,557	27,752	24,150	148,965	208,424	13,356	62,675	11,953	85,199	173,183	12,077	23,299	10,573	75,966	121,915
Allocations of net income to limited partnership units	147	7,787	4,875	12,808	10,633	14,293	13,166	17,090	55,182	549	983	29,221	(292)	30,461	6,314	11,602	32,497	- 0	50,413	4,060	4,692	28,824	13,884	51,460	4,612	6,206	14,293	111	25,222
Other adjustments	3,363	4,048	81	7,492	1,591	10,420	3,262	5,380	20,653	(12,229)	3,394	5,642	14,209	11,016	(537)	(303)	(621)	4,471	3,010	(709)	(512)	(673)	(893)	(2,787)	1,332	1,221	1,165	896	4,614
Other non-cash, non-dilutive, non-economic items (1)	(1,598)	15,161	284	13,847	5,602	(46,703)	(28,020)	1,237	(67,884)	(3,514)	32,512	(14,146)	63,855	78,707	13,861	11,940	(22,019)	22,585	26,367	(1)	3,083	(8,479)	(30,572)	(35,969)	2,534	2,035	2,345	4,765	11,679
Interest expense	9,491	10,626	9,877	29,994	10,344	10,271	10,276	9,007	39,898	10,904	11,756	11,244	10,696	44,600	9,567	10,088	10,177	10,070	39,902	14,820	12,915	14,264	16,808	58,807	6	8	30	2,841	2,885
Adjusted EBITDA including the impact of Nasdaq and 2021 Equity Event	38,876	159,467	122,506	320,851	79,279	973,946	231,787	270,415	1,555,427	43,802	46,071	154,986	112,871	357,730	78,781	110,833	202,871	171,675	564,160	72,361	93,475	194,505	161,270	521,611	46,482	69,970	133,102	94,181	343,735
Impact of Nasdaq and dividend income (1)	87,621	(186)	- 0	87,435	(2,385)	(1,041,140)	(74,716)	(46,423)	(1,164,664)	2,090	- 0	(101,989)	(5,127)	(105,026)	(4,129)	(3,178)	(85,436)	(7,023)	(99,765)	(2,433)	(587)	(84,907)	64	(87,863)	- 0	- 0	(78,134)	(545)	(78,679)
2021 Equity Event	- 0	- 0	- 0	- 0	- 0	187,813	15,973	- 0	203,786	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Adjusted EBITDA excluding the impact of dividend income	$ 126,497	$ 159,281	$ 122,506	$ 408,286	$ 76,894	$ 120,619	$ 173,044	$ 223,992	$ 594,549	$ 45,892	$ 46,071	$ 52,997	$ 107,744	$ 252,704	$ 74,652	$ 107,656	$ 117,436	$ 164,652	$ 464,395	$ 69,928	$ 92,888	$ 109,598	$ 161,334	$ 433,748	$ 46,482	$ 69,970	$ 54,968	$ 93,636	$ 265,056
Dividend income	-	186	-	186	26	-	1,492	1,395	2,913	114	-	-	123	237	220	165	118	165	668	-	82	46	264	392	-	-	-	285	285
Adjusted EBITDA ("AEBITDA")	$ 126,497	$ 159,467	$ 122,506	$ 408,472	$ 76,920	$ 120,619	$ 174,536	$ 225,387	$ 597,462	$ 46,006	$ 46,071	$ 52,997	$ 107,867	$ 252,941	$ 74,872	$ 107,821	$ 117,554	$ 164,817	$ 465,063	$ 69,928	$ 92,970	$ 109,644	$ 161,598	$ 434,140	$ 46,482	$ 69,970	$ 54,968	$ 93,921	$ 265,341
(1)	In the detailed reconciliation tables contained within this document and in the Company's most recent financial results press release, the "Impact of Nasdaq" is included as part of the line item "Other non-cash, non-dilutive, non-economic items and Nasdaq for Adjusted EBITDA."

FD WACSO GAAP & AE PR

NEWMARK GROUP, INC.
FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT
FOR GAAP AND ADJUSTED EARNINGS
(in thousands)
(unaudited)
Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
Common stock outstanding	177,231	199,412	183,311	189,316
Limited partnership units	33,742	- 0	30,947	- 0
Cantor units	24,663	- 0	24,648	- 0
Founding partner units	3,097	- 0	3,303	- 0
RSUs	2,604	4,697	3,809	3,816
Newmark exchange shares	2,132	1,172	2,048	1,188
Fully diluted weighted-average share count for GAAP	243,469	205,281	248,067	194,320
Adjusted Earnings Adjustments:
Common stock outstanding	- 0	- 0	- 0	- 0
Limited partnership units	- 0	24,383	- 0	44,901
Cantor units	- 0	23,679	- 0	23,695
Founding partner units	- 0	4,448	- 0	4,352
RSUs	- 0	- 0	- 0	- 0
Other	- 0	- 0	- 0	`
Fully diluted weighted-average share count for Adjusted Earnings	243,469	257,791	248,067	267,268

Historical Equity-based Comp

NEWMARK GROUP, INC.
Equity-based compensation and allocations of net income to limited partnership units and FPUs
(in thousands)
(unaudited)
2022	2021	2020	2019	2018
Q1	Q2	Q3	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD
Issuance of common stock and exchangeability expenses	$ 8,983	$ 26,875	$ 33,330	$ 69,188	$ 1,218	$ 282,569	$ 14,414	$ 14,517	$ 312,718	$ 8,119	$ 306	$ 13,243	$ 47,373	$ 69,041	$ 661	$ 21,511	$ 17,499	$ 142,043	$ 181,714	$ 21,749	$ 60,334	$ 12,238	$ 85,012	$ 179,333
Allocation of net income	147	7,787	4,875	12,809	10,633	14,293	13,166	17,090	55,183	549	983	29,221	(293)	30,460	6,313	11,601	32,496	- 0	50,410	4,060	4,692	28,824	13,886	51,462
Limited partnership units amortization	3,274	1,760	181	5,215	(600)	(33,779)	2,323	3,705	(28,351)	1,895	6,011	4,902	5,885	18,693	6,335	5,044	5,239	4,891	21,509	(8,727)	1,805	(800)	(217)	(7,939)
RSU amortization	4,496	5,566	5,702	15,764	2,997	4,449	4,059	5,289	16,794	2,351	3,560	3,404	3,250	12,565	562	1,197	1,413	2,031	5,203	334	536	514	404	1,788
Equity based compensation and allocations of net income to limited partnership units and FPUs	$ 16,899	$ 41,988	$ 44,088	$ 102,975	$ 14,248	$ 267,532	$ 33,962	$ 40,601	$ 356,345	$ 12,914	$ 10,860	$ 50,770	$ 56,215	$ 130,759	$ 13,871	$ 39,353	$ 56,647	$ 148,965	$ 258,836	$ 17,416	$ 67,367	$ 40,776	$ 99,085	$ 224,644
Note 1: On November 11, 2019, Newmark revised the Equity-based Compensation tab of the Financial Supplement to include additional historical data. 2Q 2019 was revised due to a reclassification of the individual components of equity-based compensation. "Exchangeability expense" has been renamed "Issuance of common stock and exchangeability expenses."
Note 2: In March 2020, Newmark revised the "Equity-based compensation" caption of the Financial Supplement to stratify "Limited partnership units amortization" and "RSU amortization."

Volumes

Newmark Group, Inc. Quarterly and TTM Volumes
(in $ millions)
QTD	YTD	Q3 2021 TTM vs Q3 2022 TTM
2014	2015	2016	2017	2018	2019	Q1 20	Q2 20	Q3 20	Q4 20	2020	Q1 21	Q2 21	Q3 21	Q4 21	2021	Q1 22	Q2 22	Q3 22	YTD 2022	Q3 22 vs Q3 21	Change %	Q3 22 vs Q3 21	Change %	Q3 2021 TTM	Q3 2022 TTM	Change $	Change %
Investment Sales (1)	$ 8,340	$ 19,215	$ 28,306	$ 35,028	$ 42,269	$ 50,675	$ 13,108	$ 4,744	$ 7,456	$ 22,849	$ 48,157	$ 11,678	$ 16,434	$ 22,949	$ 36,949	$ 88,010	$ 18,958	$ 26,066	$ 14,745	$ 59,769	$ (8,204)	-35.7%	$ 8,708	17.1%	$ 73,910	$ 96,718	$ 22,808	30.9%
Mortgage Brokerage (2)	907	4,147	6,190	8,787	14,025	20,699	4,315	1,296	2,045	4,640	12,296	4,376	9,589	9,391	17,968	41,052	10,194	11,559	9,614	31,367	$ 223	2.4%	$ 8,011	34.3%	$ 27,996	$ 49,335	$ 21,339	76.2%
Total Capital Markets	$ 9,248	$ 23,363	$ 34,496	$ 43,815	$ 56,294	$ 71,374	$ 17,423	$ 6,040	$ 9,501	$ 27,489	$ 60,453	$ 16,054	$ 26,023	$ 32,340	$ 54,917	$ 129,062	$ 29,152	$ 37,625	$ 24,359	$ 91,136	$ (7,981)	-24.7%	$ 16,719	22.5%	$ 101,906	$ 146,053	$ 44,147	43.3%
Fannie Mae	$ 2,138	$ 2,700	$ 4,443	$ 3,869	$ 4,567	$ 3,202	$ 953	$ 955	$ 1,621	$ 1,892	$ 5,421	$ 711	$ 854	$ 1,034	$ 1,569	$ 1,468	$ 1,028	$ 1,358	$ 1,261	$ 3,647	$ 227	22.0%	$ 1,048	40.3%	$ 4,491	$ 5,216	$ 725	16.1%
Freddie Mac	1,969	2,004	2,941	4,726	3,982	6,723	690	1,463	1,515	2,024	5,692	1,388	622	1,386	1,335	4,731	767	575	808	2,150	$ (578)	-41.7%	$ (1,246)	-36.7%	$ 5,420	$ 3,485	$ (1,935)	-35.7%
FHA	123	108	179	264	165	14	- 0	5	79	107	191	14	27	68	17	126	48	- 0	52	100	$ (16)	-23.5%	$ (9)	-8.1%	$ 216	$ 117	$ (99)	-45.8%
Total Origination Volume	$ 4,230	$ 4,812	$ 7,564	$ 8,858	$ 8,715	$ 9,939	$ 1,643	$ 2,423	$ 3,215	$ 4,023	$ 11,304	$ 2,113	$ 1,502	$ 2,488	$ 2,921	$ 9,024	$ 1,843	$ 1,933	$ 2,121	$ 5,897	$ (367)	-14.8%	$ (206)	-3.4%	$ 10,126	$ 8,818	$ (1,308)	-12.9%
Total Debt and Capital Markets Volume	$ 13,477	$ 28,175	$ 42,060	$ 52,673	$ 65,010	$ 81,314	$ 19,066	$ 8,463	$ 12,716	$ 31,512	$ 71,757	$ 18,167	$ 27,525	$ 34,828	$ 57,838	$ 138,086	$ 30,995	$ 39,558	$ 26,480	$ 97,033	$ (8,348)	-24.0%	$ 16,513	20.5%	$ 112,032	$ 154,871	$ 42,839	38.2%
(1) Includes all equity advisory transactions
(2) Includes all non-originated debt placement transactions

Liquidity Analysis

NEWMARK GROUP, INC.
LIQUIDITY ANALYSIS
(in thousands)
(unaudited)
September 30, 2022	December 31, 2021
Cash and cash equivalents	$ 229,673	$ 191,332
Marketable securities	1,031	524,569
Repurchase agreements and securities loaned	-	(140,007)
Total (1)	$ 230,704	$ 575,894
(1) Undrawn availability on the Credit Facility was $600.0 million and $465.0 million as of September 30, 2022 and December 31, 2021, respectively.

&A &Z&F

EBITDA to OCF

NEWMARK GROUP, INC.
Reconciliation of Operating Cash Flow (Excluding Activity from Loan Originations and Sales) to Adjusted EBITDA
(in millions)
(unaudited)
For the Three Months Ended September 30,	For the Nine Months Ended September 30,	For the Year Ended	For the Year Ended	For the Year Ended	For the Year Ended
2022	2021	2022	2021	2021	2020	2019	2018
Adjusted EBITDA	$ 122.5	$ 174.5	$ 408.5	$ 372.1	$ 597.5	$ 252.9	$ 465.1	$ 434.1
Cash paid for interest	(3.7)	(0.5)	(20.6)	(19.2)	(36.3)	(39.9)	(33.9)	(59.0)
Employee loans for new hires and producers	(21.6)	(0.9)	(63.3)	(11.9)	(17.4)	(72.7)	(157.0)	(109.0)
2021 Equity Event	-0	(484.4)	-0	(484.4)	(484.4)	-0	-0	-0
Other working capital	26.3	(1.5)	(28.7)	(31.7)	(34.2)	33.8	32.1	29.9
Corporate Tax payments	(18.0)	(14.5)	(86.5)	(38.1)	(99.4)	(80.3)	(95.1)	-0
Net cash provided by operations excluding activities from loan originations and sales	$ 105.5	$ (327.3)	$ 209.4	$ (213.2)	$ (74.2)	$ 93.8	$ 211.2	$ 296.0