Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of derivative contracts, computed in accordance with Newmark’s netting policy, is set forth below (in thousands):



	As of March 31, 2020						As of December 31, 2019
Derivative contract	Assets		Liabilities		Notional Amounts⁽¹⁾		Assets		Liabilities		Notional Amounts⁽¹⁾
Rate lock commitments	$	58,752	$	—	$	479,976	$	32,035	$	12,124	$	1,396,827
Nasdaq Forwards	47,675		—		267,480		26,502		—		267,480
Forward sale contracts	229		77,909		1,183,298		14,389		13,537		1,606,943
Total	$	106,656	$	77,909	$	1,930,754	$	72,926	$	25,661	$	3,271,250

⁽¹⁾

Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of Newmark’s derivative activity, and do not represent anticipated losses.

Summary of Gain (Loss) on Change in Fair Value of Derivatives Included in Condensed Consolidated Statements of Operations

Gains and losses on derivative contracts which are included on the unaudited condensed consolidated statements of operations were as follows (in thousands):



	Location of gain (loss) recognized in income for derivatives	Three Months Ended March 31,
		2020			2019
Derivatives not designed as hedging instruments:
Nasdaq Forwards	Other income (loss), net	$	21,173		$	(13,329	)
Rate lock commitments	Gains from mortgage banking activities/originations, net	60,163			7,087
Rate lock commitments	Compensation and employee benefits	(1,411		)	(2,067		)
Forward sale contracts	Gains from mortgage banking activities/originations, net	(77,680		)	(3,632		)
Total		$	2,245		$	(11,941	)