On November 30, 2018, the Company completed the Spin-Off of Newmark, and distributed to its stockholders all of the Class A common shares and Class B common shares of Newmark that the Company then owned in a manner that is intended to qualify as generally tax-free for U.S. federal income tax purposes. The shares of Class A common stock of Newmark held by the Company were distributed to the holders of shares of Class A common stock of BGC, and shares of Class B common stock of Newmark held by the Company were distributed to the holders of shares of Class B common stock of BGC. Therefore, the Company no longer consolidates Newmark within its financial results subsequent to the Spin-Off.

The Company has determined that the Spin-Off of Newmark met the criteria for reporting the financial results of Newmark as discontinued operations within BGC’s consolidated results for all periods through the November 30, 2018 Spin-Off date. Newmark’s results are presented in “Consolidated net income (loss) from discontinued operations, net of tax” and the related noncontrolling interest in Newmark and its subsidiaries is presented in “Net income (loss) from discontinued operations attributable to noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of operations for the three months ended March 31, 2018.

The following table provides the components of consolidated net income (loss) from discontinued operations, net of tax and net income (loss) from discontinued operations attributable to noncontrolling interest in subsidiaries for the three months ended March 31, 2018:

	For the Three Months Ended March 31, 2018
Revenues:
Commissions	$	260,742
Gains from mortgage banking activities/originations, net		38,914
Real estate management and other services		96,878
Servicing fees		28,926
Fees from related parties		291
Interest income		6,073
Other revenues		48
Total revenues		431,872
Expenses:
Compensation and employee benefits		264,200
Equity-based compensation and allocations of net income to limited partnership units and FPUs		18,607
Total compensation and employee benefits		282,807
Occupancy and equipment		17,637
Fees to related parties		3,713
Professional and consulting fees		8,173
Communications		3,451
Selling and promotion		13,624
Commissions and floor brokerage		180
Interest expense		17,770
Other expenses		51,253
Total expenses		398,608
Other income (losses), net:
Gains (losses) on equity method investments		3,177
Other income (loss)		2,531
Total other income (losses), net		5,708
Income (loss) from operations before income taxes		38,972
Provision (benefit) for income taxes		14,213
Consolidated net income (loss) from discontinued operations, net of tax		24,759
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest in subsidiaries		9,983
Net income (loss) from discontinued operations available to common stockholders	$	14,776

Total net cash used in operating activities from discontinued operations was $485.5 million for the three months ended March 31, 2018. Total net cash provided by investing activities from discontinued operations was $40.8 million for the three months ended March 31, 2018.

During the three months ended March 31, 2018, exchangeability was granted on 1.5 million and 0.7 million limited partnership units in BGC Holdings and Newmark Holdings, respectively, held by Newmark employees, for which Newmark incurred compensation expense of $21.7 million. This expense was recorded as part of “Equity-based compensation and allocations of net income to limited partnership units and FPUs” in the table above, and are included in “Consolidated net income (loss) from discontinued operations, net of tax” in the Company’s unaudited condensed consolidated statements of operations.

Certain limited partnership units generally receive quarterly allocations of net income, which are cash distributed on a quarterly basis and generally contingent upon services provided by the unit holder. Newmark’s allocation of income to Newmark Holdings limited partnership units held by Newmark employees was $5.3 million for the three months ended March 31, 2018. This expense was recorded as part of “Equity-based compensation and allocations of net income to limited partnership units and FPUs” in the table above, and is included in “Consolidated net income (loss) from discontinued operations, net of tax” in the Company’s unaudited condensed consolidated statements of operations.

In connection with the Separation, on December 13, 2017, Newmark OpCo assumed all of BGC U.S. OpCo’s rights and obligations under the 2042 Promissory Note in relation to the 8.125% Senior Notes and the 2019 Promissory Note in relation to the 5.375% Senior Notes. Newmark repaid the $112.5 million outstanding principal amount under the 2042 Promissory Note on September 5, 2018, and repaid the $300.0 million outstanding principal amount under the 2019 Promissory Note on November 23, 2018. In addition, as part of the Separation, Newmark assumed the obligations of BGC as borrower under the Term Loan and Converted Term Loan. Newmark repaid the outstanding balance of the Term Loan as of March 31, 2018, and repaid the outstanding balance of the Converted Term Loan as of November 6, 2018. For the three months ended March 31, 2018, $13.8 million of interest expense on the obligations assumed as part of the Separation, was included as part of discontinued operations in the table above. In addition, on March 19, 2018, the Company borrowed $150.0 million under the BGC Credit Agreement from Cantor, and loaned Newmark $150.0 million under the Intercompany Credit Agreement on the same day. All borrowings outstanding under the Intercompany Credit Agreement were repaid as of November 7, 2018. The interest expense for the three months ended March 31, 2018 related to the $150.0 million borrowed under the BGC Credit Agreement was $0.3 million and was allocated to discontinued operations in the table above.