Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	—	$	—	$	—	$	—
Loans held for sale, at fair value	—		1,141,298		—		1,141,298
Rate lock commitments	—		—		2,878		2,878
Forward Sales Contracts	—		—		9,265		9,265
Total	$	—	$	1,141,298	$	12,143	$	1,153,441
Liabilities:
Contingent consideration	—		—		22,628		22,628
Rate lock commitments	—		—		1		1
Forward Sales Contracts	—		—		1,355		1,355
Total	$	—	$	—	$	23,984	$	23,984

	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	—	$	—	$	—	$	—
Loans held for sale, at fair value	—		913,302		—		913,302
Rate lock commitments	—		—		3,241		3,241
Forward Sales Contracts	—		—		2,799		2,799
Total	$	—	$	913,302	$	6,040	$	919,342
Liabilities:
Contingent consideration	$	—	$	—	$	22,652	$	22,652
Rate lock commitments	—		—		607		607
Forward Sales Contracts	—		—		1,809		1,809
Total	$	—	$	—	$	25,068	$	25,068

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 March 31, 2026
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Assets:
Rate lock commitments	$	3,241	$	2,878	$	—	$	(3,241)	$	2,878	$	2,878
Forward Sales Contracts	2,799		9,265		—		(2,799)		9,265		9,265
Total	$	6,040	$	12,143	$	—	$	(6,040)	$	12,143	$	12,143
	Opening Balance		Total realized and unrealized gains (losses) included in Net income		Additions		Settlements		Closing Balance		Unrealized gains (losses) outstanding
Liabilities:
Contingent consideration	$	22,652	$	(24)	$	—	$	—	$	22,628	$	(24)
Rate lock commitments	607		1		—		(607)		1		1
Forward Sales Contracts	1,809		1,355		—		(1,809)		1,355		1,355
Total	$	25,068	$	1,332	$	—	$	(2,416)	$	23,984	$	1,332

	As of December 31, 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	$	3,241	$	—	$	(1,010)	$	3,241	$	3,241
Forward Sales Contracts	7,491		2,799		—		(7,491)		2,799		2,799
Total	$	8,501	$	6,040	$	—	$	(8,501)	$	6,040	$	6,040
	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	$	1,360	$	—	$	(643)	$	22,652	$	1,360
Rate lock commitments	1,350		607		—		(1,350)		607		607
Forward Sales Contracts	3,253		1,809		—		(3,253)		1,809		1,809
Total	$	26,538	$	3,776	$	—	$	(5,246)	$	25,068	$	3,776

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:

March 31, 2026
Level 3 assets and liabilities	Assets		Liabilities		Significant Unobservable Inputs	Range		Weighted Average
Accounts payable, accrued expenses and other liabilities:
Contingent consideration	$	—	$	22,628	Discount rate	0.0% - 8.0%	(1)	3.7%
					Probability of meeting earnout and contingencies	99.0% - 100.0%	(1)	99.5%
Derivative assets and liabilities:
Forward Sales Contracts	$	9,265	$	1,355	Counterparty credit risk	N/A		N/A
Rate lock commitments	$	2,878	$	1	Counterparty credit risk	N/A		N/A

December 31, 2025
Level 3 assets and liabilities	Assets		Liabilities		Significant Unobservable Inputs	Range		Weighted Average
Accounts payable, accrued expenses and other liabilities:
Contingent consideration	$	—	$	22,652	Discount rate	0.0% - 8.0%	(1)	3.7%
					Probability of meeting earnout and contingencies	99.0% - 100.0%	(1)	99.5%
Derivative assets and liabilities:
Forward Sales Contracts	$	2,799	$	1,809	Counterparty credit risk	N/A		N/A
Rate lock commitments	$	3,241	$	607	Counterparty credit risk	N/A		N/A

(1)Newmark’s estimate of contingent consideration as of March 31, 2026 and December 31, 2025 was based on the acquired business’ projected future financial performance, including revenues.