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Marketable Securities | 6 Months Ended
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Jun. 30, 2019
Investments All Other Investments [Abstract] |
Marketable Securities |
(7) | Marketable Securities
On June 28, 2013, BGC sold certain assets of its on-the-run business, eSpeed, to Nasdaq. The total consideration received by BGC in the transaction included an earn-out of up to 14,883,705 shares of Nasdaq common stock to be paid ratably over 15 years, provided that Nasdaq, as a whole, produces at least $25.0 million in consolidated gross revenues each year (the “Nasdaq Earn-Out”). The Nasdaq Earn-Out was excluded from the initial gain on the divestiture and is recognized in income as it is realized and earned when these contingent events have occurred, consistent with the accounting guidance for gain contingencies. The remaining rights under the Nasdaq Earn-Out were transferred to Newmark on September 28, 2017. Any Nasdaq shares that were received by BGC prior to September 28, 2017 were not transferred to Newmark. In connection with the Nasdaq Earn-Out, Newmark received 992,247 shares during the year ended December 31, 2018. Newmark will recognize the remaining Nasdaq Earn-Out of up to 8,930,223 shares of Nasdaq common stock ratably over the next approximately 9 years, provided that Nasdaq, as a whole, produces at least $25.0 million in gross revenues each year. For further information, refer to the section titled “Exchangeable Preferred Partnership Units and Forward Contract” in Note 1 — Organization and Basis of Presentation, S ee Note 1 1 — Derivatives and S ee Note 2 6 — Fair Value of Financial Assets and Liabilities. Newmark sold 250,000 of the Nasdaq shares during the six months ended June 30, 2019. As of June 30, 2019, Newmark had 350,000 shares remaining in connection with the Nasdaq Earn-Out. During the six months ended June 30, 2019 and 2018, the gross proceeds of the shares sold was $22.2 million and $51.4 million, respectively. Newmark recognized a gain/(loss) on the sale of these securities of $1.9 million and $(0.9) million for the three months ended June 30, 2019 and 2018, respectively, and $1.8 million and $1.5 million for the six months ended June 30, 2019 and 2018, respectively. Newmark also recorded unrealized gains on the mark-to-market of these securities of $1.2 million and $0.6 million for the three months ended June 30, 2019 and 2018, respectively, and $5.1 million and $1.5 million for the six months ended June 30, 2019 and 2018, respectively. Realized and unrealized gains on the mark-to-market of these securities are included in “Other income (loss), net” in Newmark’s unaudited condensed consolidated statements of operations. As of June 30, 2019 and December 31, 2018, Newmark had $33.7 million and $48.9 million, respectively, included in “Marketable securities” on its unaudited condensed consolidated balance sheets (See Note 20 — Securities Loaned).

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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