Newmark Group, Inc.

Good day and welcome to the Newmark Group 2Q 2025 Financial Results. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jason McGruder, Head of Investor Relations. Please go ahead, sir.

Thank you, Operator. Good morning. Newmark issued its second quarter 2025 financial results press release this morning. Unless otherwise stated, the results provided on today's call compare only the three months ending June 30th, 2025 with the year earlier period. Except as otherwise specified, 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 the impact of GST FHA loan origination and sales. We may also use the term cash generated by the business, which is the same operating cash flow measure before the impact of cash used for employee loans. Please refer to today's press release, the supplemental tables, and quarterly results presentation on our website for complete updated definitions of any GAAP terms, reconciliations of these terms to the corresponding GAAP results, and when and why and how management uses them for additional information on our cash flow measures as well as relevant industry or economic statistics. The outlook discussed today assumes no material acquisitions or meaningful changes in our stock price. Our expectations were subject to change based on various macroeconomic, social, political, and other factors. None of our targets or goals beyond 2025 should be considered formal guidance. I'll also remind you that the information on this call contains forward-looking statements, including, without limitations, statements concerning our economic outlook and business. Such statements are subject to risk and assurances, which could cause our 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 on 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.