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Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Marketable securities | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |
Loans held for sale, at fair value | — |  |  | 1,400,208 |  |  | — |  |  | 1,400,208 |
Rate lock commitments | — |  |  | — |  |  | 8,259 |  |  | 8,259 |
Forward Sales Contracts | — |  |  | — |  |  | 4,608 |  |  | 4,608 |
Total | $ | 37 |  |  | $ | 1,400,208 |  |  | $ | 12,867 |  |  | $ | 1,413,112 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | — |  |  | — |  |  | 24,004 |  |  | 24,004 |
Rate lock commitments | — |  |  | — |  |  | 1,636 |  |  | 1,636 |
Forward Sales Contracts | — |  |  | — |  |  | 16,640 |  |  | 16,640 |
Total | $ | — |  |  | $ | — |  |  | $ | 42,280 |  |  | $ | 42,280 |
| As of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Marketable securities | $ | 93 |  |  | $ | — |  |  | $ | — |  |  | $ | 93 |
Loans held for sale, at fair value | — |  |  | 774,905 |  |  | — |  |  | 774,905 |
Rate lock commitments | — |  |  | — |  |  | 1,010 |  |  | 1,010 |
Forward Sales Contracts | — |  |  | — |  |  | 7,491 |  |  | 7,491 |
Total | $ | 93 |  |  | $ | 774,905 |  |  | $ | 8,501 |  |  | $ | 783,499 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 21,935 |  |  | $ | 21,935 |
Rate lock commitments | — |  |  | — |  |  | 1,350 |  |  | 1,350 |
Forwards Sales Contracts | — |  |  | — |  |  | 3,253 |  |  | 3,253 |
Total | $ | — |  |  | $ | — |  |  | $ | 26,538 |  |  | $ | 26,538 |
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 September 30, 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 |  |  | $ | 8,259 |  |  | $ | — |  |  | $ | (1,010) |  |  | $ | 8,259 |  |  | $ | 8,259 |
Forward Sales Contracts | 7,491 |  |  | 4,608 |  |  | — |  |  | (7,491) |  |  | 4,608 |  |  | 4,608 |
Total | $ | 8,501 |  |  | $ | 12,867 |  |  | $ | — |  |  | $ | (8,501) |  |  | $ | 12,867 |  |  | $ | 12,867 |
| 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 |  |  | $ | 2,712 |  |  | $ | — |  |  | $ | (643) |  |  | $ | 24,004 |  |  | $ | 2,712 |
Rate lock commitments | 1,350 |  |  | 1,636 |  |  | — |  |  | (1,350) |  |  | 1,636 |  |  | 1,636 |
Forward Sales Contracts | 3,253 |  |  | 16,640 |  |  | — |  |  | (3,253) |  |  | 16,640 |  |  | 16,640 |
Total | $ | 26,538 |  |  | $ | 20,988 |  |  | $ | — |  |  | $ | (5,246) |  |  | $ | 42,280 |  |  | $ | 20,988 |
| As of December 31, 2024
| Opening Balance |  | Total realized and unrealized gains (losses) included in Net income |  | Additions |  | Settlements |  | Closing Balance |  | Unrealized gains (losses) outstanding
Assets: |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments | $ | 9,604 |  |  | $ | 1,010 |  |  | $ | — |  |  | $ | (9,604) |  |  | $ | 1,010 |  |  | $ | 1,010 |
Forward Sales Contracts | 1,259 |  |  | 7,491 |  |  | — |  |  | (1,259) |  |  | 7,491 |  |  | 7,491 |
Total | $ | 10,863 |  |  | $ | 8,501 |  |  | $ | — |  |  | $ | (10,863) |  |  | $ | 8,501 |  |  | $ | 8,501 |
| Opening Balance |  | Total realized and unrealized gains (losses) included in Net income |  | Additions |  | Settlements |  | Closing Balance |  | Unrealized gains (losses) outstanding
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 25,740 |  |  | $ | (3,236) |  |  | $ | — |  |  | $ | (569) |  |  | $ | 21,935 |  |  | $ | (3,236) |
Rate lock commitments | 1,023 |  |  | 1,350 |  |  | — |  |  | (1,023) |  |  | 1,350 |  |  | 1,350 |
Forward Sales Contracts | 20,304 |  |  | 3,253 |  |  | — |  |  | (20,304) |  |  | 3,253 |  |  | 3,253 |
Total | $ | 47,067 |  |  | $ | 1,367 |  |  | $ | — |  |  | $ | (21,896) |  |  | $ | 26,538 |  |  | $ | 1,367 |
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:
September 30, 2025
Level 3 assets and liabilities |  | Assets |  | Liabilities |  | Significant Unobservable Inputs |  | Range |  | Weighted Average
Accounts payable, accrued expenses and other liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 24,004 |  |  | Discount rate |  | 0.0% - 8.0% | (1) | 3.5%
|  |  |  |  |  | Probability of meeting earnout and contingencies |  | 99.0% - 100.0% | (1) | 99.6%
Derivative assets and liabilities: |  |  |  |  |  |  |  |  |  |
Forward Sales Contracts |  | $ | 4,608 |  |  | $ | 16,640 |  |  | Counterparty credit risk |  | N/A |  | N/A
Rate lock commitments |  | $ | 8,259 |  |  | $ | 1,636 |  |  | Counterparty credit risk |  | N/A |  | N/A
December 31, 2024
Level 3 assets and liabilities |  | Assets |  | Liabilities |  | Significant Unobservable Inputs |  | Range |  | Weighted Average
Accounts payable, accrued expenses and other liabilities: |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 21,935 |  |  | Discount rate |  | 0.0% - 8.0% | (1) | 3.3%
|  |  |  |  |  | Probability of meeting earnout and contingencies |  | 99.0% - 100.0% | (1) | 99.6%
Derivative assets and liabilities: |  |  |  |  |  |  |  |  |  |
Forward Sales Contracts |  | $ | 7,491 |  |  | $ | 3,253 |  |  | Counterparty credit risk |  | N/A |  | N/A
Rate lock commitments |  | $ | 1,010 |  |  | $ | 1,350 |  |  | Counterparty credit risk |  | N/A |  | N/A
(1)Newmark’s estimate of contingent consideration as of September 30, 2025 and December 31, 2024 was based on the acquired business’ projected future financial performance, including revenues.

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