Newmark Group, Inc.

Good day, and welcome to the Newmark First Quarter 2026 Public Financial Results Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jason McGruder, Head of Investor Relations. Please go ahead.

Thank you, Operator. Good morning. Newmark issued its First Quarter 2026 Financial Results Press Release earlier today. Unless otherwise stated, the results provided on today's call compare only the three months ending March 31, 2026 with the year earlier period. Except as otherwise specified, we will be referring to our results only on a non-GAAP basis, including the terms adjusted earnings, adjusted EBITDA, and adjusted pre-cash flow. 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 GSE FHA loan origination and sales. We may also use the term cash generated by the business, which is that 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 the quarterly results presentation on our website for complete and updated definitions of any non-cap terms, reconciliations of these items to the corresponding GAAP results, and how, when, and why management uses them for additional information on the cash flow measures, as well as relevant industry or economic statistics. The outlook discussed today excludes the potential impact of any future acquisitions and assumes no material changes to Newmark's stock price compared with yesterday's close. Our expectations are subject to change based on various macroeconomic, social, political, and other factors. None of our targets or goals beyond 2026 should be considered formal guidance. I'll also 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 risk 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 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 continued its strong momentum in the first quarter by increasing total revenues 27% and adjusted EPS 57%. This was our seventh consecutive quarter of double-digit top-line growth and eighth quarter in a row of double-digit earnings improvement. Our results reflected broad-based gains across management services and servicing, leasing and capital markets, driving record first-quarter revenues for each of these service lines. Newmark improved management and servicing revenues by 21%. We generated double-digit organic growth from our managed services offerings, which include outsourced funding administration, portfolio analysis, due diligence, and loan sizing. We integrated real foundations into this platform, and we expect to drive further growth between these businesses and our other investor and lender solutions. We remain on pace to achieve our goal of over $2 billion of management and servicing revenues by 2029, compared to $1.3 billion over the trailing 12 months. With respect to leasing, we increased fees by 20%. This reflected a meaningful acceleration in U.S. office leasing volumes, particularly in San Francisco and New York City. as well as the continued expansion of our global footprint. Our performance underscores Numark's ability to capture complex cross-market leasing mandates from global clients as occupiers increasingly prioritize portfolio optimization, flexibility, and access to specialized talent hubs. We expect leasing activity to benefit from normalizing return to office trends and improving industrial leasing fundamentals in the U.S. and U.K. We increased capital markets revenues by 45%. Our performance reflected the investments we made in building out an industry-leading advisory business. Newmark is the go-to advisor for the largest and most complex transactions in the markets. Real Estate Alert ranked Numark number four in real estate M&A in 2025, the only full service real estate intermediary in the top 10, alongside leading investment banks. Thus far in 2026, we have continued to invest in our M&A and capital raising business in both the US and Europe. The company's ongoing success is due to the consistent execution of our strategy of leading with the industry's best talent, deepening client relationships, and expanding our international footprint, which together drive growth across all of our service lines. Given the strong start to the year and our healthy transaction pipeline, we are raising our full-year outlook and expect Newmark to deliver double-digit top and bottom-line growth for the third consecutive year in 2026. With that, I'm happy to turn the call over to our CFO, Mike Rispoli.