Newmark Group, Inc.

Good day and welcome to the Newmark Group third quarter 2025 financial results call. Today's call is being recorded. At this time, I'd like to turn the call over to Jason McGruder, head of investor relations. Please go ahead.

Thank you, operator, and good morning. Newmark issued its third quarter 2025 financial results press release this morning. Unless otherwise stated, the results provided on today's call compare only the three months ending September 30th, 2025 with the year earlier period. Except as otherwise stated, we will be referring to our 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 GSC 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, supplemental tables, and quarter results presentation on our website for complete updated definitions of any non-GAAP terms, reconciliation of these items to the corresponding GAAP results, and how, when, and why 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 are 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. also i remind you that information on this call contains forward-looking statements including without limitation statements concerning our economic outlook and business such statements are subject to risks and uncertainties 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 in our most recent SEC filings, which are incorporated by reference. I'm now happy to turn the call over to our host and Chief Executive Officer, Barry Gossin.

Good morning, and thank you for joining us. Newmark, again, delivered strong quarterly top and bottom line improvements. Our record third quarter revenues included double-digit gains across every major business line. Newmark's growth was entirely organic. Earlier this month, we acquired Real Foundations, which offers management consulting and outsourced managed services for institutional real estate clients across the U.S., Europe, and Asia Pacific. We also recently launched a fund administration business. Newmark now has one of the most comprehensive sets of investor solutions to drive value for owners of commercial real estate, banks, and debt funds. Coupled with our best-in-class talent and client relationships, we believe Newmark is poised for growth across all of our investor and occupier-focused businesses. With respect to our international expansion, this week we launched property and facility management services in India and the APAC region. Since the beginning of last year, we have opened nine international offices and hired over 100 revenue-generating professionals based outside the U.S. This includes expansions in France, Germany, the UK, Singapore, India, South Korea, as well as the UAE. Numark's client-centric approach, expanding global reach, and our commitment to remaining agile, accountable, and adaptable is resulting in seeing and winning more global occupier assignments. We are becoming the brand of choice. This gives us increased confidence and our stated goal of producing more than $2 billion of recurring revenues annually by 2029. With that, I'm happy to turn the call over to our CFO, Mike Rispoli.