Newmark (Nasdaq: NMRK) upsizes revolving credit line 50% to $900M
Rhea-AI Filing Summary
Newmark Group, Inc. amended and restated its senior unsecured revolving credit facility, increasing the available borrowing capacity to $900 million, a 50% increase from the prior $600 million facility, and extending the maturity to April 17, 2030. The company may further increase the facility to up to $1.1 billion if certain conditions are met.
Borrowings will accrue interest at Newmark’s option based on Term SOFR or a base rate, in each case plus an applicable margin that varies with the company’s credit ratings. The initial margin is 1.625% for Term SOFR loans and 0.625% for base rate loans, and the indicative Term SOFR-based rate would have been about 5.27% on April 17, 2026. Financial covenants for minimum interest coverage and maximum leverage remain unchanged, and the facility is expected to be used for general corporate purposes.
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Insights
Newmark secures a larger, longer-dated credit facility, enhancing liquidity flexibility.
Newmark replaced its prior $600 million revolver with a $900 million unsecured revolving credit facility maturing on April 17, 2030, with an option to expand to $1.1 billion. This extends debt maturity and broadens committed bank liquidity.
Pricing is tied to Term SOFR or a base rate plus a margin that depends on credit ratings, initially 1.625% on Term SOFR and 0.625% on base rate borrowings. Covenants on minimum interest coverage and maximum leverage are unchanged, suggesting continuity in lender risk expectations.
The company plans to use the facility for general corporate purposes. Actual impact on leverage and interest expense will depend on how much of the revolver is drawn over time, relative to revenues of nearly $3.3 billion for the twelve months ended December 31, 2025.
8-K Event Classification
Key Figures
Key Terms
Third Amended and Restated Credit Agreement financial
revolving credit facility financial
Term SOFR financial
base rate financial
interest coverage financial
maximum leverage ratio financial
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SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
The information set forth in Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 8.01. Other Events.
On April 17, 2026, Newmark Group, Inc. (“Newmark” or the “Company”) entered into the Third Amended and Restated Credit Agreement (“Third A&R Credit Agreement”), which amends and restates that certain Second Amended and Restated Credit Agreement dated as of April 26, 2024 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), by and among the Company, the several financial institutions from time to time party thereto, as Lenders, and Bank of America, N.A., as Administrative Agent, pursuant to which the Lenders provided to the Company a $900 million unsecured senior revolving credit facility (the “Revolving Credit Facility”), which the Company has the right to increase up to $1.1 billion subject to certain conditions being met. The Third A&R Credit Agreement shall, among other things, (a) increase the amount available to the Company under the Revolving Credit Facility to $900 million and (b) extend the maturity date of the Revolving Credit Facility to April 17, 2030.
Borrowings under the Revolving Credit Facility will bear interest at a per annum rate equal to, at the Company’s option, either (a) Term SOFR for interest periods of one or three months, as selected by the Company, or upon the consent of all Lenders, such other period that is 12 months or less (in each case, subject to availability), as selected by the Company, plus an applicable margin, or (b) a base rate equal to the greatest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as established by the Administrative Agent, (iii) Term SOFR plus 1.00%, and (iv) 1.00%, in each case plus an applicable margin. The applicable margin will initially be 1.625% with respect to Term SOFR borrowings in clause (a) above and 0.625% with respect to base rate borrowings in clause (b) above. The applicable margin with respect to Term SOFR borrowings in clause (a) above will range from 1.125% to 1.875% depending upon the Company’s credit ratings, and with respect to base rate borrowings in clause (b) above will range from 0.125% to 0.875% depending upon the Company’s credit ratings. Using data from Bloomberg for the “30 Day Average SOFR Secured Overnight Financing Rate”, the interest rate based on clause (a) above on any borrowing under the Credit Facility would have been approximately 5.27% as of market close on April 17, 2026. The Third A&R Credit Agreement also provides for certain upfront and arrangement fees and for an unused facility fee.
The Third A&R Credit Agreement contains financial covenants with respect to minimum interest coverage and maximum leverage ratio which are the same as in the Existing Credit Agreement. The Third A&R Credit Agreement also contains certain other customary affirmative and negative covenants and events of default.
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The Company plans to use funds borrowed under the Third A&R Credit Agreement for general corporate purposes.
The foregoing description of the Third A&R Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the actual terms of the Third A&R Credit Agreement, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.
On April 21, 2026, the Company issued a press release announcing the Third A&R Credit Agreement. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
The exhibit index set forth below is incorporated by reference in response to this Item 9.01.
EXHIBIT INDEX
| Exhibit Number |
Description | |
| 10.1. | Third Amended and Restated Credit Agreement, dated as of April 17, 2026, by and among Newmark Group, Inc., as the Borrower, certain subsidiaries of the Borrower, as Guarantors, the several financial institutions from time to time as parties thereto, as Lenders, and Bank of America, N.A., as Administrative Agent | |
| 99.1 | Newmark Group, Inc. Press Release, dated April 21, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| Newmark Group, Inc. | ||
| Date: April 21, 2026 | By: | /s/ Michael J. Rispoli |
| Name: | Michael J. Rispoli | |
| Title: | Chief Financial Officer | |
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Exhibit 99.1
Newmark Upsizes its Senior Unsecured Credit Facility by 50% to $900 Million
and Extends Maturity to April 17, 2030
NEW YORK, NY – April 21, 2026 – Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today announced terms of its amended senior unsecured revolving credit facility (the “Credit Facility”).
On April 17, 2026, Newmark entered into an agreement to amend the terms of its Credit Facility, increasing its size by 50% to $900 million and extending the maturity date to April 17, 2030. The Company has the right to increase the Credit Facility to up to $1.1 billion, subject to certain conditions being met. Borrowings under the Credit Facility will bear an interest rate, at Newmark’s option, based either on:
| (a) | Term SOFR for applicable interest periods as selected by the Company, plus an applicable margin, or |
| (b) | A base rate to be determined by the Administrative Agent plus an applicable margin. |
The applicable margin is initially expected to be 1.625% per annum with respect to Term SOFR borrowings under (a) above and 0.625% with respect to base rate borrowings under (b) above. The applicable margin under both (a) and (b) above will vary depending upon the Company’s credit rating. The new agreement amends the terms of Newmark’s previous $600 million revolving credit facility maturing on April 26, 2027. Under (a) above, the interest rate on any borrowing under the Credit Facility would have been approximately 5.27% as of market close on April 17, 2026.1
BofA Securities, Inc. acted as the active lead arranger and bookrunner for the Credit Facility, while Bank of America, N.A. will continue to serve as the Administrative Agent. Other banks participating in the Credit Facility are Capital One, National Association; Citizens Bank, N.A.; KeyBank National Association; Lloyds Bank PLC; National Westminster Bank PLC; PNC Bank, National Association; Regions Bank; Royal Bank of Canada; U.S. Bank National Association; and Wells Fargo Bank, National Association (each as co-syndication agents); Industrial and Commercial Bank of China Limited, New York Branch; BMO Bank N.A.; and The Huntington National Bank (each as co-documentation agents); as well as Comerica Bank, a division of Fifth Third Bank, National Association; and Associated Bank, N.A.
The Company expects to use its Credit Facility for general corporate purposes. For additional information on the Credit Facility, please see Newmark’s forthcoming and expected Securities and Exchange Commission filing on form 8-K.
ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q, or Form 8-K.
MEDIA CONTACT:
Deb Bergman
+1 303-260-4307
INVESTOR CONTACTS:
Jason McGruder or Shaun French
+1 212-829-7124
| 1 | Using data from Bloomberg for the “30 Day Average SOFR Secured Overnight Financing Rate”. |