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Mortgage Servicing Rights, Net | 12 Months Ended
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Dec. 31, 2025
Transfers and Servicing [Abstract] |
Mortgage Servicing Rights, Net | Mortgage Servicing Rights, Net The changes in the carrying amount of MSRs were as follows (in thousands):
|  |  | Year Ended December 31,
Mortgage Servicing Rights |  |  | 2025 |  | 2024 |  |  |  |  |  |  | 2023
Beginning Balance |  |  | $ | 520,487 |  |  | $ | 534,390 |  |  |  |  |  |  |  | $ | 576,428 |
Additions |  |  | 119,211 |  |  | 103,980 |  |  |  |  |  |  |  | 75,704 |
Purchases |  |  | — |  |  | 110 |  |  |  |  |  |  |  | — |
Amortization |  |  | (119,293) |  |  | (117,993) |  |  |  |  |  |  |  | (117,742) |
Ending Balance |  |  | $ | 520,405 |  |  | $ | 520,487 |  |  |  |  |  |  |  | $ | 534,390 |
Valuation Allowance |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  | $ | (2,908) |  |  | $ | (3,187) |  |  |  |  |  |  |  | $ | (7,876) |
Decrease (increase) |  |  | 497 |  |  | 279 |  |  |  |  |  |  |  | 4,689 |
Ending Balance |  |  | $ | (2,411) |  |  | $ | (2,908) |  |  |  |  |  |  |  | $ | (3,187) |
Net Balance |  |  | $ | 517,994 |  |  | $ | 517,579 |  |  |  |  |  |  |  | $ | 531,203 |
Servicing fees are included in “Management services, servicing fees and other” on the accompanying consolidated statements of operations and were as follows (in thousands):
|  | Year Ended December 31, |  |  |  |
|  | 2025 |  | 2024 |  |  |  | 2023 |  |  |  |
Servicing fees |  | $ | 183,998 |  |  | $ | 171,566 |  |  |  |  | $ | 159,599 |  |  |  |  |
Escrow interest and placement fees |  | 53,557 |  |  | 61,446 |  |  |  |  | 54,151 |  |  |  |  |
Ancillary fees |  | 4,500 |  |  | 2,969 |  |  |  |  | 3,256 |  |  |  |  |
Total |  | $ | 242,055 |  |  | $ | 235,981 |  |  |  |  | $ | 217,006 |  |  |  |  |
Newmark’s primary servicing portfolio as of December 31, 2025 and December 31, 2024 was $75.3 billion and $67.4 billion, respectively. Newmark’s limited servicing portfolio with recorded MSRs as of December 31, 2025 and December 31, 2024 was $3.6 billion and $6.5 billion, respectively. Also, Newmark is the named special servicer for a number of commercial mortgage-backed securitizations. Upon certain specified events (such as, but not limited to, loan defaults and loan assumptions), the administration of the loan is transferred to Newmark. Newmark’s special servicing portfolio was $1.6 billion and $2.5 billion at December 31, 2025 and December 31, 2024, respectively. The estimated fair value of the MSRs as of December 31, 2025 and December 31, 2024 was $666.2 million and $658.1 million, respectively. Fair values are estimated using a valuation model that calculates the present value of the future net servicing cash flows. The cash flows assumptions used are based on assumptions Newmark believes market participants would use to value the portfolio. Significant assumptions include estimates of the cost of servicing per loan, discount rate, earnings rate on escrow deposits and prepayment speeds. The discount rates used in measuring fair value for the years ended December 31, 2025 and 2024 were between 6.1% and 13.5% and varied based on investor type. An increase in discount rate of 100 basis points or 200 basis points would result in a decrease in fair value by $16.2 million and $31.7 million, respectively, as of December 31, 2025, and by $16.6 million and $32.5 million, respectively, as of December 31, 2024.

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