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Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Compensation Cost for Share-Based Payment Arrangements | Newmark incurred compensation expense related to Newmark Class A common stock, limited partnership units and RSUs held by Newmark employees as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Issuance of common stock and exchangeability expenses |  | $ | 45,970 |  |  | $ | 30,059 |  |  | $ | 135,202 |  |  | $ | 78,017 |  |  |  |  |
Limited partnership units amortization |  | 7,542 |  |  | 8,470 |  |  | 23,862 |  |  | 22,986 |  |  |  |  |
RSU amortization |  | 15,326 |  |  | 4,994 |  |  | 41,691 |  |  | 18,672 |  |  |  |  |
Total compensation expense |  | 68,838 |  |  | 43,523 |  |  | 200,755 |  |  | 119,675 |  |  |  |  |
Allocations of net income to limited partnership units and FPUs (1) |  | 12,286 |  |  | 5,226 |  |  | 14,855 |  |  | 6,003 |  |  |  |  |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  | $ | 81,124 |  |  | $ | 48,749 |  |  | $ | 215,610 |  |  | $ | 125,678 |  |  |  |  |
(1) Certain limited partnership units receive quarterly allocations of net income and are generally contingent upon services being provided by the unit holders, including the Preferred Distribution. Compensation expense related to the issuance of Newmark Class A common stock and grants of exchangeability on Newmark Holdings limited partnership units to Newmark employees is as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |
Issuance of common stock and exchangeability expenses |  | $ | 45,970 |  |  | $ | 30,059 |  |  | $ | 135,202 |  |  | $ | 78,017 |  |  |  |
Newmark recognized compensation expense related to these limited partnership units that were not redeemed as follows (in thousands):
|  | Three Months Ended September 30, | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 | 2025 |  | 2024 |  |  |  |  |  |  |
Limited partnership units amortization |  | $ | 7,542 |  |  | $ | 8,470 |  | $ | 23,862 |  |  | $ | 22,986 |  |  |  |  |  |  |  |
Compensation expense related to Newmark and BGC RSUs are as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
RSU amortization |  | $ | 15,326 |  |  | $ | 4,994 |  |  | $ | 41,691 |  |  | $ | 18,672 |  |  |
Schedule of Activity Associated with Limited Partnership Units | A summary of the activity associated with limited partnership units held by Newmark employees is as follows:
| Newmark Holdings Units |  |
Balance, January 1, 2024 | 42,376,966 |  |  |
Issued | 16,440,711 |  |  |
Redeemed/exchanged units | (6,166,506) |  |  |
Forfeited units/other | (854,717) |  |  |
Balance, December 31, 2024(1) | 51,796,454 |  |  |
Issued | 8,312,058 |  |  |
Redeemed/exchanged units | (8,633,144) |  |  |
Forfeited units/other | (598,722) |  |  |
Balance, September 30, 2025(2) | 50,876,646 |  |  |
Total exchangeable units outstanding(1): |  |  |
December 31, 2024 | 13,906,798 |  |  |
September 30, 2025 | 13,979,506 |  |  |
(1)The Limited Partnership Units table above also includes partnership units issued as consideration for acquisitions. As of September 30, 2025, there were 2.5 million such partnership units in Newmark Holdings outstanding, of which 1.7 million units were exchangeable. There were no partnership units in BGC Holdings outstanding. As of December 31, 2024, there were 2.7 million such partnership units in Newmark Holdings outstanding, of which 1.8 million units were exchangeable. (2)As of September 30, 2025, the total Limited Partnership Units included 2.2 million Newmark Preferred Units.
Schedule of Units Redeemed | A summary of units held by Newmark employees redeemed in connection with the issuance of Newmark Class A common stock (at the current Exchange Ratio) or granted exchangeability for Newmark Class A common stock is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Newmark Holdings Units |  | 3,379,740 |  |  | 2,350,268 |  |  | 11,073,490 |  |  | 7,333,712 |  |  |
Schedule of Limited Partnership Units with a Post-Termination Payout | Limited partnership units with a post-termination payout held by Newmark employees are as follows (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
Notional Value | $ | 152,523 |  |  | $ | 161,861 |
Estimated fair value of the post-termination payout(1) | $ | 58,100 |  |  | $ | 56,210 |
Outstanding limited partnership units in Newmark Holdings | 15,312,960 |  |  | 17,249,585 |
Outstanding limited partnership units in Newmark Holdings - unvested | 4,199,595 |  |  | 5,570,815 |
(1)Included in “Other long-term liabilities” on the accompanying unaudited condensed consolidated balance sheets.
Schedule of Grant of Conversion Rights | The grants of exchange rights to HDUs of Newmark employees are as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
Notional Value | $ | 512 |  |  | $ | 512 |
Estimated fair value of limited partnership units (1) | $ | 261 |  |  | $ | 261 |
(1)Included in “Other long-term liabilities” on the accompanying unaudited condensed consolidated balance sheets.
Schedule of Activity Associated with Restricted Stock Units | A summary of the activity associated with Newmark and BGC RSUs held by Newmark employees is as follows (fair value amount in thousands):
| Newmark RSUs(1) |  | BGC RSUs(2)
| Restricted Stock Units | Weighted- Average Grant Date Fair Value Per Share | Fair Value Amount | Total Fair Value of Shares Settled |  | Restricted Stock Units | Weighted- Average Grant Date Fair Value Per Share | Fair Value Amount | Total Fair Value of Shares Settled
Balance, January 1, 2024 | 12,133,105 |  | $ | 8.59 |  | $ | 104,251 |  |  |  | 4,883 |  | $ | 4.22 |  | $ | 21 |  |
Granted | 2,838,998 |  | 9.92 |  | 28,159 |  |  |  | 19,425 |  | 6.87 |  | 133 |  |
Settled units (delivered shares) | (3,118,150) |  | 8.61 |  | (26,850) |  | $ | 36,992 |  |  | (1,243) |  | 4.28 |  | (5) |  | $ | 10 |
Forfeited units | (876,228) |  | 8.89 |  | (7,789) |  |  |  | (19,479) |  | 6.88 |  | (134) |  |
Balance, December 31, 2024 | 10,977,725 |  | $ | 8.91 |  | $ | 97,771 |  |  |  | 3,586 |  | $ | 4.08 |  | $ | 15 |  |
Granted | 2,624,302 |  | 11.27 |  | 29,567 |  |  |  | — |  | — |  | — |  |
Settled units (delivered shares) | (3,159,225) |  | 8.86 |  | (27,990) |  | $ | 43,222 |  |  | (1,241) |  | 4.28 |  | (5) |  | $ | 11 |
Forfeited units | (203,427) |  | 9.87 |  | (2,007) |  |  |  | — |  | — |  | — |  |
Balance, September 30, 2025 | 10,239,375 |  | $ | 9.51 |  | $ | 97,341 |  |  |  | 2,345 |  | $ | 3.97 |  | $ | 10 |  |
(1)Newmark issues RSUs to Newmark employees with the awards vesting ratably over the two- to nine-year vesting period into shares of Newmark Class A common stock. (2) BGC RSUs historically vested over a two to three year period.

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