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Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Summary 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, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Marketable securities | $ | 1,093,887 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,093,887 |
Loans held for sale, at fair value | — |  |  | 415,991 |  |  | — |  |  | 415,991 |
Rate lock commitments | — |  |  | — |  |  | 21,374 |  |  | 21,374 |
Nasdaq Forwards | — |  |  | — |  |  | — |  |  | — |
Forward sale contracts | — |  |  | — |  |  | 4,026 |  |  | 4,026 |
Total | $ | 1,093,887 |  |  | $ | 415,991 |  |  | $ | 25,400 |  |  | $ | 1,535,278 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 18,687 |  |  | $ | 18,687 |
Rate lock commitments | — |  |  | — |  |  | 3,707 |  |  | 3,707 |
Forward sale contracts | — |  |  | — |  |  | 11,331 |  |  | 11,331 |
Total | $ | — |  |  | $ | — |  |  | $ | 33,725 |  |  | $ | 33,725 |
| As of December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Marketable securities | $ | 33,283 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,283 |
Loans held for sale, at fair value | — |  |  | 1,086,805 |  |  | — |  |  | 1,086,805 |
Debt securities | — |  |  | 12,754 |  |  | — |  |  | 12,754 |
Rate lock commitments | — |  |  | — |  |  | 21,034 |  |  | 21,034 |
Nasdaq Forwards | — |  |  | — |  |  | 12,822 |  |  | 12,822 |
Forward sale contracts | — |  |  | — |  |  | 7,632 |  |  | 7,632 |
Total | $ | 33,283 |  |  | $ | 1,099,559 |  |  | $ | 41,488 |  |  | $ | 1,174,330 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 31,481 |  |  | $ | 31,481 |
Rate lock commitments | — |  |  | — |  |  | 2,977 |  |  | 2,977 |
Forwards sale contracts | — |  |  | — |  |  | 14,971 |  |  | 14,971 |
Total | $ | — |  |  | $ | — |  |  | $ | 49,429 |  |  | $ | 49,429 |
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 Nasdaq Forwards, rate lock commitments, forward sale contracts and contingent consideration measured at fair value on recurring basis were as follows (in thousands):
| As of June 30, 2021
| Opening Balance |  | Total realized and unrealized gains (losses) included in Net income |  | Issuances |  | Settlements |  | Closing Balance |  | Unrealized gains (losses) outstanding
Assets: |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments | $ | 21,034 |  |  | $ | 21,374 |  |  | $ | — |  |  | $ | (21,034) |  |  | $ | 21,374 |  |  | $ | 21,374 |
Forward sale contracts | 7,632 |  |  | 4,026 |  |  | — |  |  | (7,632) |  |  | 4,026 |  |  | 4,026 |
Nasdaq Forwards | 12,822 |  |  | (12,822) |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 41,488 |  |  | $ | 12,578 |  |  | $ | — |  |  | $ | (28,666) |  |  | $ | 25,400 |  |  | $ | 25,400 |
| Opening Balance |  | Total realized and unrealized gains (losses) included in Net income |  | Issuances |  | Settlements |  | Closing Balance |  | Unrealized gains (losses) outstanding
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 31,481 |  |  | $ | 556 |  |  | $ | — |  |  | $ | (13,350) |  |  | $ | 18,687 |  |  | $ | 18,687 |
Rate lock commitments | 2,977 |  |  | 3,707 |  |  | — |  |  | (2,977) |  |  | 3,707 |  |  | 3,707 |
Forward sale contracts | 14,971 |  |  | 11,331 |  |  | — |  |  | (14,971) |  |  | 11,331 |  |  | 11,331 |
Total | $ | 49,429 |  |  | $ | 15,594 |  |  | $ | — |  |  | $ | (31,298) |  |  | $ | 33,725 |  |  | $ | 33,725 |
| As of December 31, 2020
| Opening Balance |  | Total realized and unrealized gains (losses) included in Net income |  | Issuances |  | Settlements |  | Closing Balance |  | Unrealized gains (losses) outstanding
Assets: |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments | $ | 32,035 |  |  | $ | 21,034 |  |  | $ | — |  |  | $ | (32,035) |  |  | $ | 21,034 |  |  | $ | 21,034 |
Forward sale contracts | 14,389 |  |  | 7,632 |  |  | — |  |  | (14,389) |  |  | 7,632 |  |  | 7,632 |
Nasdaq Forwards | 26,502 |  |  | (13,680) |  |  | — |  |  | — |  |  | 12,822 |  |  | 12,822 |
Total | $ | 72,926 |  |  | $ | 14,986 |  |  | $ | — |  |  | $ | (46,424) |  |  | $ | 41,488 |  |  | $ | 41,488 |
| Opening Balance |  | Total realized and unrealized gains (losses) included in Net income |  | Issuances |  | Settlements |  | Closing Balance |  | Unrealized gains (losses) outstanding
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 45,172 |  |  | $ | (11,063) |  |  | $ | 2,221 |  |  | $ | (4,849) |  |  | $ | 31,481 |  |  | $ | (408) |
Rate lock commitments | 12,124 |  |  | 2,977 |  |  |  |  | (12,124) |  |  | 2,977 |  |  | 2,977 |
Forward sale contracts | 13,537 |  |  | 14,971 |  |  |  |  | (13,537) |  |  | 14,971 |  |  | 14,971 |
Total | $ | 70,833 |  |  | $ | 6,885 |  |  | $ | 2,221 |  |  | $ | (30,510) |  |  | $ | 49,429 |  |  | $ | 17,540 |
Summary 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, 2021
Level 3 assets and liabilities |  | Assets |  | Liabilities |  | Significant Unobservable Inputs |  | Range |  | Weighted Average
Accounts payable, accrued expenses and other liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 18,687 |  |  | Discount rate |  | 0.3% - 10.4% | (1) | 9.6%
|  |  |  |  |  | Probability of meeting earnout and contingencies |  | 0%- 99% | (1) | 73.0%
|  |  |  |  |  | Financial forecast information |  |  |  |
Derivative assets and liabilities: |  |  |  |  |  |  |  |  |  |
Nasdaq Forwards |  | $ | — |  |  | $ | — |  |  | Implied volatility |  | N/A |  | N/A
Forward sale contracts |  | $ | 4,026 |  |  | $ | 11,331 |  |  | Counterparty credit risk |  | N/A |  | N/A
Rate lock commitments |  | $ | 21,374 |  |  | $ | 3,707 |  |  | Counterparty credit risk |  | N/A |  | N/A
December 31, 2020
Level 3 assets and liabilities |  | Assets |  | Liabilities |  | Significant Unobservable Inputs |  | Range |  | Weighted Average
Accounts payable, accrued expenses and other liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 31,481 |  |  | Discount rate |  | 0.3% - 10.4% |  | 7.1%
|  |  |  |  |  | Probability of meeting earnout and contingencies |  | 0% - 100% | (1) | 93.9%
|  |  |  |  |  | Financial forecast information |  |  |  |
Derivative assets and liabilities: |  |  |  |  |  |  |  |  |  |
Nasdaq Forwards |  | $ | 12,822 |  |  | $ | — |  |  | Implied volatility |  | 42.4% - 42.6% | (2) | 42.5%
Forward sale contracts |  | $ | 7,632 |  |  | $ | 14,971 |  |  | Counterparty credit risk |  | N/A |  | N/A
Rate lock commitments |  | $ | 21,034 |  |  | $ | 2,977 |  |  | Counterparty credit risk |  | N/A |  | N/A
(1)Newmark’s estimate of contingent consideration as of June 30, 2021 and December 31, 2020 was based on the acquired business’ projected future financial performance, including revenues. (2)The volatility of Newmark’s Nasdaq Forwards is primarily based on the volatility of the underlying Nasdaq stock price.

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- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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