XML 77 R62.htm IDEA: XBRL DOCUMENT
v3.25.4

Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023 |  |
Issuance of common stock and exchangeability expenses |  |  |  |  |  | $ | 165,797 |  |  | $ | 110,973 |  |  | $ | 85,918 |  |  |
Limited partnership units amortization |  |  |  |  |  | 34,307 |  |  | 23,203 |  |  | 14,267 |  |  |
RSU amortization |  |  |  |  |  | 51,084 |  |  | 29,568 |  |  | 24,620 |  |  |
Total compensation expense |  |  |  |  |  | 251,188 |  |  | 163,744 |  |  | 124,805 |  |  |
Allocations of net income to limited partnership units and FPUs (1) |  |  |  |  |  | 30,857 |  |  | 21,654 |  |  | 14,942 |  |  |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  |  |  |  | $ | 282,045 |  |  | $ | 185,398 |  |  | $ | 139,747 |  |  |
(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):
|  |  |  | Year Ended December 31, |
|  |  |  |  |  | 2025 |  | 2024 |  | 2023 |
Issuance of common stock and exchangeability expenses |  |  |  |  |  | $ | 165,797 |  |  | $ | 110,973 |  |  | $ | 85,918 |  |
Newmark recognized compensation expense related to these limited partnership units that were not redeemed as follows (in thousands):
|  |  | Year Ended December 31, |
|  |  |  |  | 2025 |  | 2024 |  | 2023 |  |  |  |
Limited partnership units amortization |  |  |  |  | $ | 34,307 |  |  | $ | 23,203 |  |  | $ | 14,267 |  |  |  |  |
Compensation expense related to Newmark and BGC RSUs are as follows (in thousands):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
RSU amortization |  |  |  |  |  | $ | 51,084 |  |  | $ | 29,568 |  |  | $ | 24,620 |
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 | 10,735,416 |  |  |
Redeemed/exchanged units | (11,541,874) |  |  |
Forfeited units/other | (1,149,640) |  |  |
Balance, December 31, 2025(2) | 49,840,356 |  |  |
Total exchangeable units outstanding(1): |  |  |
December 31, 2024 | 13,906,798 |  |  |
December 31, 2025 | 12,378,576 |  |  |
(1)The Limited Partnership Units table above also includes partnership units issued as consideration for acquisitions. As of December 31, 2025, there were 2.2 million such partnership units in Newmark Holdings outstanding, of which 1.4 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 December 31, 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:
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Newmark Holdings Units |  |  |  |  |  | 13,118,692 |  |  | 9,835,548 |  |  | 11,232,651
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):
| December 31, 2025 |  | December 31, 2024
Notional Value | $ | 153,976 |  |  | $ | 161,861 |
Estimated fair value of the post-termination payout(1) | $ | 61,406 |  |  | $ | 56,210 |
Outstanding limited partnership units in Newmark Holdings | 15,082,749 |  |  | 17,249,585 |
Outstanding limited partnership units in Newmark Holdings - unvested | 3,959,532 |  |  | 5,570,815 |
(1)Included in “Other long-term liabilities” on the accompanying consolidated balance sheets.
Schedule of Grant of Conversion Rights | The grants of exchange rights to HDUs of Newmark employees are as follows (in thousands):
| December 31, 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 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 | 3,023,455 |  | 11.84 |  | 35,802 |  |  |  | — |  | — |  | — |  |
Settled units (delivered shares) | (3,994,549) |  | 8.80 |  | (35,147) |  | $ | 57,886 |  |  | (1,316) |  | 4.28 |  | (6) |  | $ | 12 |
Forfeited units | (329,858) |  | 9.86 |  | (3,253) |  |  |  | — |  | — |  | — |  |
Balance, December 31, 2025 | 9,676,773 |  | $ | 9.84 |  | $ | 95,173 |  |  |  | 2,270 |  | $ | 3.96 |  | $ | 9 |  |
(1)Newmark issues RSUs to Newmark employees with the awards vesting ratably over the three- to eight-year vesting period into shares of Newmark Class A common stock. (2) BGC RSUs historically vested over a two to three year period.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (d)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of employee stock purchase plan activity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -SubTopic 50 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718-50/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration