Concentrations of Credit Risk

6 Months Ended

Jun. 30, 2025

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

Concentrations of Credit Risk

The lending activities of Newmark create credit risk in the event that counterparties do not fulfill their contractual payment obligations. In particular, Newmark is exposed to credit risk related to the Fannie Mae DUS and Freddie Mac TAH loans (see Note 19 — “Financial Guarantee Liability”). As of June 30, 2025, 18% and 13% of $10.5 billion of the maximum loss was for properties located in California and Texas, respectively. As of December 31, 2024, 18% and 13% of $10.0 billion of the maximum loss was for properties located in California and Texas, respectively.