Revenues from Contracts with Customers

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Revenues from Contracts with Customers

The following table presents Newmark’s total revenues separately for its revenues from contracts with customers and other sources of revenues (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues from contracts with customers:
Leasing and Other Commissions	$	237,262	$	208,557	$	445,336	$	367,356
Investment sales	106,623		91,731		199,481		162,554
Mortgage brokerage and debt placement	65,137		28,260		102,323		55,360
Management Services	230,613		198,778		448,725		392,199
Total	$	639,635	$	527,326	$	1,195,865	$	977,469
Other sources of revenue(1):
Fair value of expected net future cash flows from servicing recognized at commitment, net	$	24,747	$	23,395	$	46,150	$	39,539
Loan originations related fees and sales premiums, net	26,946		18,654		49,026		35,353
Servicing fees and other	67,784		64,000		133,565		127,513
Total	$	759,112	$	633,375	$	1,424,606	$	1,179,874

(1)Although these items have customers under contract, they were recorded as other sources of revenue as they were excluded from the scope of ASU No. 2014-9.

Disaggregation of Revenues

Newmark’s chief operating decision-maker, regardless of geographic location, evaluates the operating results, including revenues, of Newmark as total real estate services (see Note 3 — “Summary of Significant Accounting Policies” for further discussion).

Contract Balances

The timing of Newmark’s revenue recognition may differ from the timing of payment by its customers. Newmark records a receivable when revenue is recognized prior to payment and Newmark has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, Newmark records deferred revenue until the performance obligations are satisfied.

Newmark’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue is recorded as a contract liability. Deferred revenue at June 30, 2025 and December 31, 2024 was $1.1 million and $1.3 million, respectively. For the three and six months ended June 30, 2025, Newmark recorded deferred revenue of $0.6 million and $0.8 million, respectively, and recognized revenue of $0.2 million and $1.0 million, respectively, that was recorded as deferred revenue in a previous period. For the three and six months ended June 30, 2024, Newmark recorded deferred revenue of $0.6 million and $0.8 million, respectively, and recognized revenue of $1.6 million and $2.1 million, respectively, that was recorded as deferred revenue in a previous period.

For Knotel and Deskeo, the Company’s remaining performance obligations that represent contracted customer revenues, that have not yet been recognized as revenue as of June 30, 2025 and that will be recognized as revenue in future periods over the life of the customer contracts in accordance with ASC 606, are approximately $163.7 million. Over half of the remaining performance obligations as of June 30, 2025 are scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, which extends through 2029.

Approximate future cash flows to be received over the next five years as of June 30, 2025 are as follows (in thousands):

2025	$	69,343
2026	69,643
2027	20,251
2028	4,094
2029	415
Thereafter	—
Total	$	163,746