On November 30, 2018, the Company completed the Spin-Off, and distributed to its stockholders all of the shares of Newmark Class A common stock and Newmark Class B common stock 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 Newmark Class A common stock held by the Company were distributed to the holders of shares of BGC Class A common stock, and the shares of Newmark Class B common stock held by the Company were distributed to the holders of shares of BGC Class B common stock. Therefore, the Company no longer consolidates Newmark within its financial results subsequent to the Spin-Off.

The Company has determined that the Spin-Off met the criteria for reporting the financial results of Newmark as discontinued operations within BGC’s consolidated results for all periods through the Distribution 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 consolidated statements of operations for the year ended December 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 year ended December 31, 2018 (in thousands):

	Year Ended December 31,
	2018
Revenues:
Commissions	$	1,112,629
Gains from mortgage banking activities/originations, net		160,688
Real estate management and other services		375,428
Servicing fees		119,587
Fees from related parties		1,055
Interest income		35,238
Other revenues		607
Total revenues		1,805,232
Expenses:
Compensation and employee benefits		1,049,903
Equity-based compensation and allocations of net income to limited partnership units and FPUs		141,965
Total compensation and employee benefits		1,191,868
Occupancy and equipment		69,368
Fees to related parties		15,999
Professional and consulting fees		31,699
Communications		11,328
Selling and promotion		54,650
Commissions and floor brokerage		1,087
Interest expense		79,732
Other expenses		197,144
Total expenses		1,652,875
Other income (losses), net:
Gains (losses) on equity method investments		2,759
Other income (loss)		110,145
Total other income (losses), net		112,904
Income (loss) from operations before income taxes		265,261
Provision (benefit) for income taxes		86,799
Consolidated net income (loss) from discontinued operations, net of tax		178,462
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest in subsidiaries		53,121
Net income (loss) from discontinued operations available to common stockholders¹	$	125,341

Total net cash provided by (used in) operating activities from discontinued operations was $(748.2) million for the year ended December 31, 2018. Total net cash provided by (used in) investing activities from discontinued operations was $18.3 million for the year ended December 31, 2018.

Through the Distribution Date, exchangeability was granted on 8.4 million and 3.9 million LPUs in BGC Holdings and Newmark Holdings, respectively, held by Newmark employees, and Newmark incurred compensation expense related to the grant of exchangeability of $111.1 million for the year ended December 31, 2018. These expenses are 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 consolidated statements of operations.

Certain LPUs and FPUs 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 through the Distribution Date to Newmark Holdings LPUs and FPUs held by Newmark employees was $37.0 million for the year ended December 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 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 on November 6, 2018. For the year ended December 31, 2018, $46.1 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 on November 7, 2018. The interest expense for the year ended December 31, 2018 related to the $150.0 million borrowed under the BGC Credit Agreement was $3.5 million and was allocated to discontinued operations in the table above.