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Mortgage Servicing Rights, Net
 12 Months Ended
Dec. 31, 2025
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights, Net Mortgage Servicing Rights, Net
The changes in the carrying amount of MSRs were as follows (in thousands):
 Year Ended December 31,
Mortgage Servicing Rights202520242023
Beginning Balance$520,487 $534,390 $576,428 
Additions119,211 103,980 75,704 
Purchases
— 110 — 
Amortization(119,293)(117,993)(117,742)
Ending Balance$520,405 $520,487 $534,390 
Valuation Allowance
Beginning Balance$(2,908)$(3,187)$(7,876)
Decrease (increase)
497 279 4,689 
Ending Balance$(2,411)$(2,908)$(3,187)
Net Balance$517,994 $517,579 $531,203 
 
Servicing fees are included in “Management services, servicing fees and other” on the accompanying consolidated statements of operations and were as follows (in thousands):
 Year Ended December 31,
 202520242023
Servicing fees
$183,998 $171,566 $159,599 
Escrow interest and placement fees53,557 61,446 54,151 
Ancillary fees4,500 2,969 3,256 
Total$242,055 $235,981 $217,006 

 Newmark’s primary servicing portfolio as of December 31, 2025 and December 31, 2024 was $75.3 billion and $67.4 billion, respectively. Newmark’s limited servicing portfolio with recorded MSRs as of December 31, 2025 and December 31, 2024 was $3.6 billion and $6.5 billion, respectively. Also, Newmark is the named special servicer for a number of commercial mortgage-backed securitizations. Upon certain specified events (such as, but not limited to, loan defaults and loan assumptions), the administration of the loan is transferred to Newmark. Newmark’s special servicing portfolio was $1.6 billion and $2.5 billion at December 31, 2025 and December 31, 2024, respectively.

The estimated fair value of the MSRs as of December 31, 2025 and December 31, 2024 was $666.2 million and $658.1 million, respectively.

Fair values are estimated using a valuation model that calculates the present value of the future net servicing cash flows. The cash flows assumptions used are based on assumptions Newmark believes market participants would use to value the portfolio. Significant assumptions include estimates of the cost of servicing per loan, discount rate, earnings rate on escrow deposits and prepayment speeds.

The discount rates used in measuring fair value for the years ended December 31, 2025 and 2024 were between 6.1% and 13.5% and varied based on investor type. An increase in discount rate of 100 basis points or 200 basis points would result in a decrease in fair value by $16.2 million and $31.7 million, respectively, as of December 31, 2025, and by $16.6 million and $32.5 million, respectively, as of December 31, 2024.