Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance

The following table sets forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):

	As of June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	79	$	—	$	—	$	79
Loans held for sale, at fair value	—		1,349,240		—		1,349,240
Rate lock commitments	—		—		3,787		3,787
Forward Sales Contracts	—		—		1,476		1,476
Total	$	79	$	1,349,240	$	5,263	$	1,354,582
Liabilities:
Contingent consideration	—		—		24,726		24,726
Rate lock commitments	—		—		1,128		1,128
Forward Sales Contracts	—		—		14,666		14,666
Total	$	—	$	—	$	40,520	$	40,520

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	93	$	—	$	—	$	93
Loans held for sale, at fair value	—		774,905		—		774,905
Rate lock commitments	—		—		1,010		1,010
Forward Sales Contracts	—		—		7,491		7,491
Total	$	93	$	774,905	$	8,501	$	783,499
Liabilities:
Contingent consideration	$	—	$	—	$	21,935	$	21,935
Rate lock commitments	—		—		1,350		1,350
Forwards Sales Contracts	—		—		3,253		3,253
Total	$	—	$	—	$	26,538	$	26,538

Schedule of Changes in Level 3 RBC Forwards, Rate Lock Commitments, Forwards and Contingent Consideration Measured at Fair Value on Recurring Basis

Changes in Level 3 rate lock commitments, Forward Sales Contracts and contingent consideration measured at fair value on recurring basis were as follows (in thousands):

	As of June 30, 2025
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Assets:
Rate lock commitments	$	1,010	$	3,787	$	—	$	(1,010)	$	3,787	$	3,787
Forward Sales Contracts	7,491		1,476		—		(7,491)		1,476		1,476
Total	$	8,501	$	5,263	$	—	$	(8,501)	$	5,263	$	5,263
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Liabilities:
Contingent consideration	$	21,935	$	2,791	$	—	$	—	$	24,726	$	2,791
Rate lock commitments	1,350		1,128		—		(1,350)		1,128		1,128
Forward Sales Contracts	3,253		14,666		—		(3,253)		14,666		14,666
Total	$	26,538	$	18,585	$	—	$	(4,603)	$	40,520	$	18,585

	As of December 31, 2024
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Assets:
Rate lock commitments	$	9,604	$	1,010	$	—	$	(9,604)	$	1,010	$	1,010
Forward Sales Contracts	1,259		7,491		—		(1,259)		7,491		7,491
Total	$	10,863	$	8,501	$	—	$	(10,863)	$	8,501	$	8,501
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Liabilities:
Contingent consideration	$	25,740	$	(3,236)	$	—	$	(569)	$	21,935	$	(3,236)
Rate lock commitments	1,023		1,350		—		(1,023)		1,350		1,350
Forward Sales Contracts	20,304		3,253		—		(20,304)		3,253		3,253
Total	$	47,067	$	1,367	$	—	$	(21,896)	$	26,538	$	1,367

Schedule of Quantitative Information about Level 3 Fair Value Measurements

The following tables present quantitative information about the significant unobservable inputs utilized by Newmark in the fair value measurement of Level 3 assets and liabilities measured at fair value on a recurring basis:

June 30, 2025
Level 3 assets and liabilities	Assets		Liabilities		Significant Unobservable Inputs	Range		Weighted Average
Accounts payable, accrued expenses and other liabilities:
Contingent consideration	$	—	$	24,726	Discount rate	0.0% - 8.0%	(1)	3.3%
					Probability of meeting earnout and contingencies	99.0% - 100.0%	(1)	99.6%
Derivative assets and liabilities:
Forward Sales Contracts	$	1,476	$	14,666	Counterparty credit risk	N/A		N/A
Rate lock commitments	$	3,787	$	1,128	Counterparty credit risk	N/A		N/A

December 31, 2024
Level 3 assets and liabilities	Assets		Liabilities		Significant Unobservable Inputs	Range		Weighted Average
Accounts payable, accrued expenses and other liabilities:
Contingent consideration	$	—	$	21,935	Discount rate	0.0% - 8.0%	(1)	3.3%
					Probability of meeting earnout and contingencies	99.0% - 100.0%	(1)	99.6%
Derivative assets and liabilities:
Forward Sales Contracts	$	7,491	$	3,253	Counterparty credit risk	N/A		N/A
Rate lock commitments	$	1,010	$	1,350	Counterparty credit risk	N/A		N/A

(1)Newmark’s estimate of contingent consideration as of June 30, 2025 and December 31, 2024 was based on the acquired business’ projected future financial performance, including revenues.