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Derivatives
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Newmark accounts for its derivatives at fair value and recognizes all derivatives as either assets or liabilities on the accompanying consolidated balance sheets. In its normal course of business, Newmark enters into commitments to extend credit for mortgage loans at a specific rate (rate lock commitments) and commitments to deliver these loans to third-party investors at a fixed price (Forward Sales Contracts).

The fair value of derivative contracts, computed in accordance with Newmark’s netting policy, is set forth below (in thousands):
 December 31, 2025December 31, 2024
Derivative contractAssetsLiabilities
Notional
Amounts(1)
AssetsLiabilities
Notional
Amounts(1)
Rate lock commitments$3,241 $607 $110,013 $1,010 $1,350 $81,717 
Forward Sales Contracts
2,799 1,809 1,011,144 7,491 3,253 846,384 
Total$6,040 $2,416 $1,121,157 $8,501 $4,603 $928,101 
(1)Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of Newmark’s derivative activity, and do not represent anticipated losses.

The changes in fair value of rate lock commitments and Forward Sales Contracts related to mortgage loans are reported as part of “Capital markets” on the accompanying consolidated statements of operations. The changes in fair value of rate lock commitments are disclosed net of $0.6 million, $0.1 million and $0.7 million of expenses for the years ended December 31, 2025, 2024 and 2023, respectively, which expenses are reported as part of “Compensation and employee benefits” on the accompanying consolidated statements of operations.

Gains and losses on derivative contracts, which are included on the accompanying consolidated statements of operations, were as follows (in thousands):
 Location of gains (losses) recognized in income for derivativesYear Ended December 31,
 202520242023
Derivatives not designed as hedging instruments: 
Rate lock commitments
Capital markets
3,221 (226)9,274 
Rate lock commitmentsCompensation and employee benefits(587)(114)(693)
Forward Sale Contracts
Capital markets
990 4,238 (19,045)
Total $3,624 $3,898 $(10,464)
 
Derivative assets and derivative liabilities are included in “Other current assets” and “Accounts payable, accrued expenses and other liabilities,” on the accompanying consolidated balance sheets.