Newmark Group, Inc.

and welcome to the Newmark Group second quarter 2024 financial results. As a reminder, today's call is being recorded. At this time, I'd like to turn the call over to Mr. Jason Magruder, head of investor relations. Please go ahead.

Thank you, operator, and good morning. Newmark issued its second quarter 2024 financial results press release this morning. Unless otherwise stated, the results provided on today's call compare only the three months ending June 30th, 2024 with the year earlier period. Except as otherwise noted, we will be referring to results only on a non-GAAP basis, including the terms adjusted earnings and adjusted EBITDA. Unless otherwise stated, any figures discussed today with respect to cash flow from operations refer to net cash provided by operating activities excluding GST FHA loan origination and sales. Please refer to today's press release to supplement the tables and the quarterly results presentation on our website for complete and updated definitions of any non-GAAP firms, reconciliations of these items for the corresponding GAAP results, and how, when, and why management uses them, as well as relevant industry or economic statistics. The outlook today discusses or assumes no material acquisitions or meaningful changes in our stock price. Our expectations are subject to change based on various macroeconomic, social, political, and other factors. None of our targets or goals beyond 2024 should be considered formal guidance. I also remind you that information on this call contains forward-looking statements, including without limitations, statements concerning our economic outlook and business. Such statements are subject to risk uncertainties, which could cause actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements. For complete discussion of the risks and other factors that may impact these forward-looking statements see our SEC filings, including but not limited to the risk factors and disclosures regarding forward-looking information in our most recent SEC filings, which are incorporated by reference. I'm now happy to turn the call over to our host, Chief Executive Officer Barry Gosselin.

Good morning, and thank you for joining us. We are happy to report that Newmark delivered growth across every business line. fueled by $2 trillion of near-term U.S. commercial and multifamily mortgage maturities, nearly $400 billion of investable dry powder, and a stable interest rate environment. We produced a 15% increase in capital markets revenues. We also generated solid growth for management, servicing, and leasing. Our 8% top-line improvement and strong operating leverage produced 22% earnings per share growth. We increased investment sales by 18%, which outpaced industry volumes. Newmark's debt business was up 15% while industry-wide activity was down by over 5%. Newmark's outperformance was led by mortgage brokerage growth of 46% and our deep position within the credit markets and strong access to both traditional and alternative sources of capital. Our office leasing revenues were up 16% as companies commit to space and office employment continues to outpace overall job growth. Demand for additional office space is led by technology, including artificial intelligence and financial services. Recapitalization of properties at lower values will drive macro tailwinds across the leasing market. Solid fundamentals will drive industrial and retail leasing activity, and we expect to outperform across all three property types over time. We remain confident in our 2024 full-year guidance, as well as our 2026 target of generating 50% EBITDA growth over the next two years. With that, I'm happy to turn the call over to Mike Rispoli.