v3.26.1
Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
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):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Issuance of common stock and exchangeability expenses$50,140 $36,953 $108,424 $89,232 
Limited partnership units amortization5,679 6,782 3,356 16,321 
RSU amortization7,742 14,017 17,296 26,365 
Total compensation expense
63,561 57,752 129,076 131,918 
Allocations of net income to limited partnership units and FPUs (1)
4,555 2,389 7,436 2,569 
Equity-based compensation and allocations of net income to limited partnership units and FPUs$68,116 $60,141 $136,512 $134,487 
(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):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Issuance of common stock and exchangeability expenses$50,140 $36,953 $108,424 $89,232 
Newmark recognized compensation expense related to these limited partnership units that were not redeemed as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Limited partnership units amortization$5,679 $6,782 $3,356 $16,321 
Compensation expense related to Newmark and BGC RSUs are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
RSU amortization$7,742 $14,017 $17,296 $26,365 
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, 202551,796,454 
Issued10,735,416 
Redeemed/exchanged units(11,541,874)
Forfeited units/other(1,149,640)
Balance, December 31, 2025(1)
49,840,356 
Issued7,266,067 
Redeemed/exchanged units(4,934,485)
Forfeited units/other(799,155)
Balance, June 30, 2026(2)
51,372,783 
Total exchangeable units outstanding(1):
December 31, 202512,378,576 
June 30, 202612,767,410 
(1)The Limited Partnership Units table above also includes partnership units issued as consideration for acquisitions. As of June 30, 2026, there were 1.9 million such partnership units in Newmark Holdings outstanding, of which 1.2 million units were exchangeable. There were no partnership units outstanding in BGC Holdings. 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.
(2)As of June 30, 2026, the total Limited Partnership Units included 2.4 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:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Newmark Holdings Units
3,322,996 3,387,780 7,202,694 7,693,750 
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):
June 30, 2026December 31, 2025
Notional Value$141,034 $153,976 
Estimated fair value of the post-termination payout(1)
$56,871 $61,406 
Outstanding limited partnership units in Newmark Holdings13,300,559 15,082,749 
Outstanding limited partnership units in Newmark Holdings - unvested3,088,620 3,959,532 
(1)Included in “Other long-term liabilities” on the accompanying unaudited condensed consolidated balance sheets.
Schedule of Grant of Conversion Rights
The grants of exchange rights to HDUs of Newmark employees are as follows (in thousands):
June 30, 2026December 31, 2025
Notional Value$508 $512 
Estimated fair value of limited partnership units (1)
$257 $261 
(1)Included in “Other long-term liabilities” on the accompanying unaudited condensed 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, 202510,977,725 $8.91 $97,771 3,586 $4.08 $15 
Granted3,023,455 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, 20259,676,773 $9.84 $95,173 2,270 $3.96 $9 
Granted2,021,891 15.14 30,615 3,252 8.86 29 
Settled units (delivered shares)(2,281,275)9.57 (21,842)$34,279 (780)4.76 (4)$7 
Forfeited units(174,980)9.50 (1,662)— — — 
Balance, June 30, 20269,242,409 $11.07 $102,284 4,742 $7.19 $34 
(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 five year period.