Newmark Group, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
Liquid Liquidation Value
Operating Liquidation Value
- Accounts Receivable: not reported
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-3.63B | $-19.88 |
| Liquid Liquidation Value | $-3.63B | $-19.88 |
| Operating Liquidation Value | $-3.63B | $-19.88 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $212.07M |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities | $2.10B |
| Long-term Debt (?) | $832.01M |
| Op. Lease Liability (?) | $406.59M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 182.6M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $212.07M | N/A | N/A | N/A | $2.10B | $832.01M | $406.59M | N/A |
| 2025-12-31 | $229.11M | N/A | N/A | N/A | $1.91B | $671.75M | $437.20M | N/A |
| 2025-09-30 | $224.09M | N/A | N/A | N/A | $2.37B | $746.48M | $459.47M | N/A |
| 2025-06-30 | $195.83M | N/A | N/A | N/A | $2.26B | $871.21M | $484.43M | N/A |
| 2025-03-31 | $157.08M | N/A | N/A | N/A | $1.76B | $770.94M | $502.33M | N/A |
| 2024-12-31 | $197.69M | N/A | N/A | N/A | $1.78B | $670.67M | $489.83M | N/A |
| 2024-09-30 | $178.58M | N/A | N/A | N/A | $1.96B | $770.40M | $527.31M | N/A |
| 2024-06-30 | $176.39M | N/A | N/A | N/A | $1.70B | $745.16M | $528.42M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-08 | View |
| 2025-12-31 | 10-K/A | 2026-04-30 | View |
| 2025-12-31 | 10-K | 2026-03-02 | View |
| 2025-09-30 | 10-Q | 2025-11-10 | View |
| 2025-06-30 | 10-Q | 2025-08-08 | View |
| 2025-03-31 | 10-Q | 2025-05-09 | View |
| 2024-12-31 | 10-K/A | 2025-04-30 | View |
| 2024-12-31 | 10-K | 2025-03-03 | View |
AI Insights
Newmark Group, Inc. (NMRK) presents a deeply negative liquidation posture as of March 31, 2026, consistent with prior periods. MFFAIS-reported CLV/LLV/OLV of negative $3.13 billion reflects the asymmetry inherent in this business: the dominant assets are goodwill ($798M), mortgage servicing rights ($514M), employee forgivable loans ($900M), and operating lease ROU assets ($416M), all of which carry zero or heavily discounted liquidation recoveries, while liabilities are held at face value.
Total reported assets of $5.28B versus total liabilities of $3.59B implies $1.68B of book equity (including $282M noncontrolling interest). Under liquidation haircuts, the calculus inverts sharply. Applying 0% to goodwill ($798M), intangibles net ($75M), MSRs ($514M, industry-specific intangible with no independent liquidation market), and a deep discount to the $900M employee loan receivable (these are forgivable loans to employees, collectible only as a going concern and carrying significant execution risk in wind-down), the asset side collapses well below book. Cash ($212M, 100% recovery) and loans held for sale at fair value ($1.14B, high recovery given GSE/FHA backing and committed investor takeout) are the primary tangible recovery sources.
On the liability side: total corporate debt stands at $832M (7.500% Senior Notes $597M carrying + $235M revolver), warehouse facilities $1.12B, and operating lease liabilities $495M — all at face. The flexible workspace sub-portfolio carries $279M of the lease liability, with only $169M of contracted future customer revenues as partial offset; on liquidation, this net exposure widens as the forward revenue stream extinguishes. The April 17, 2026 revolver expansion to $900M (post-period, not on balance sheet) increases the potential liability ceiling if drawn.
From the prior filing (10-K, December 31, 2025): total debt was $671.7M versus $832M at Q1 2026 — a $160M increase driven entirely by revolver draws. Warehouse facilities increased from $892M to $1.12B, consistent with seasonal origination ramp. Goodwill increased marginally due to Q4 2025/Q1 2026 acquisitions (Altus appraisal platform, Catella, RealFoundations). The employee loan receivable grew from $862M to $900M. These changes are directionally negative for liquidation recovery: more debt, more intangibles, larger employee loan book.
Filing discusses the $505M total lease liability (including $279M for flexible workspace) in MD&A but does not separately XBRL-tag the flexible workspace sub-liability. The Fannie Mae DUS risk-sharing guaranty liability ($32M tagged as GuarantyLiabilities) and $23.6M contingent acquisition consideration (XBRL-tagged at current portion $11.3M, noncurrent $22.6M) are additional face-value liabilities with no asset offset in liquidation.
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