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Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The following table presents Newmark’s total revenues separately for its revenues from contracts with customers and other sources of revenues (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Revenues from contracts with customers:
Leasing and Other Commissions
$244,008 $214,581 $689,344 $581,937 
Investment sales
159,860 99,223 359,341 261,777 
Mortgage brokerage and debt placement
68,834 42,195 171,156 97,555 
Management Services
242,250 211,977 690,974 604,177 
Total$714,952 $567,976 $1,910,815 $1,545,446 
Other sources of revenue(1):
Fair value of expected net future cash flows from servicing recognized at commitment, net
$40,508 $26,220 $86,657 $65,759 
Loan originations related fees and sales premiums, net
32,123 21,070 81,151 56,423 
Servicing fees and other
75,877 70,646 209,443 198,158 
Total$863,460 $685,912 $2,288,066 $1,865,786 
(1)Although these items have customers under contract, they were recorded as other sources of revenue as they were excluded from the scope of ASC 606.

Disaggregation of Revenues
Newmark’s chief operating decision-maker, regardless of geographic location, evaluates the operating results, including revenues, of Newmark as total real estate services (see Note 3 — “Summary of Significant Accounting Policies” for further discussion).

Contract Balances
The timing of Newmark’s revenue recognition may differ from the timing of payment by its customers. Newmark records a receivable when revenue is recognized prior to payment and Newmark has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, Newmark records deferred revenue until the performance obligations are satisfied.

Newmark’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue is recorded as a contract liability. Deferred revenue at September 30, 2025 and December 31, 2024 was $0.7 million and $1.3 million, respectively. For the three and nine months ended September 30, 2025, Newmark recorded deferred revenue of $0.2 million and $0.4 million, respectively, and recognized revenue of $0.6 million and $1.0 million, respectively, that was recorded as deferred revenue in a previous period. For the three and nine months ended September 30, 2024, Newmark recorded deferred revenue of $0.3 million and $0.4 million,
respectively, and recognized revenue of $0.04 million and $1.3 million, respectively, that was recorded as deferred revenue in a previous period.

For Knotel and Deskeo, the Company’s remaining performance obligations that represent contracted customer revenues, that have not yet been recognized as revenue as of September 30, 2025 and that will be recognized as revenue in future periods over the life of the customer contracts in accordance with ASC 606, are approximately $165.3 million. Over half of the remaining performance obligations as of September 30, 2025 are scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, which extends through 2029.

Approximate future cash flows to be received over the next five years as of September 30, 2025 are as follows (in thousands):

2025$32,993 
202688,610 
202730,257 
202811,719 
20291,741 
Thereafter— 
Total$165,320