Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):


Balance, January 1, 2024	$	776,547


Measurement period and currency translation adjustments	(5,661)
Balance, December 31, 2024	$	770,886

Divestiture	(4,001)
Measurement period and currency translation adjustments	15,597
Balance, September 30, 2025	$	782,482

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets. Newmark completed its annual goodwill impairment testing for the year ended December 31, 2024, which did not result in a goodwill impairment.

Other intangible assets consisted of the following (in thousands, except weighted-average life):


	September 30, 2025
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	12,850	$	—	$	12,850	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	12,561		(12,561)		—		0.0
Non-contractual customers	24,031		(18,159)		5,872		4.2

Non-compete agreements	12,501		(9,046)		3,455		3.2
Contractual customers	61,558		(39,699)		21,859		2.2
Other	4,632		(3,738)		894		6.8
Total	$	133,523	$	(83,203)	$	50,320	2.6


	December 31, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	12,850	$	—	$	12,850	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	12,423		(11,628)		795		0.5
Non-contractual customers	30,131		(19,280)		10,851		7.1

Non-compete agreements	12,423		(8,131)		4,292		3.8
Contractual customers	59,527		(30,517)		29,010		2.9
Other	4,611		(3,331)		1,280		8.3
Total	$	137,355	$	(72,887)	$	64,468	3.9

Intangible amortization expense was $3.8 million and $4.5 million for the three months ended September 30, 2025 and 2024, respectively, and $12.0 million and $13.4 million for the nine months ended September 30, 2025 and 2024, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations. Impairment charges are included in intangible amortization expense.

The estimated future amortization of definite life intangible assets as of September 30, 2025 was as follows (in thousands):


2025	$	3,592
2026	11,767
2027	8,398
2028	4,341
2029	2,682
Thereafter	1,300
Total	$	32,080