Newmark Group, Inc.

Good day and welcome to the Newmark Q2 2026 public financial results call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jason McGruder, head of investor relations. Please go ahead, sir.

Thank you, operator, and good morning. Newmark issued its second quarter 2026 financial results press release earlier today. Unless otherwise, David, these results... compare only the three months ending June 30th, 2026 with the year earlier period. Except as otherwise stated, we'll be referring to results only on a non-GAAP basis, including the terms adjusted earnings, adjusted EBITDA, and adjusted free 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 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 the quarterly results presentation on our website for a complete and updated set of definitions for any non-GAAP items, terms, reconciliations items to the corresponding GAAP results and how, when, and why management uses them. For additional information on 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 meaningful changes in Newmark's stock price paired 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. Also, we 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 Gosin.

Good morning. and thank you for joining us. With me today are Numark's Chief Financial Officer, Mike Rispoli, along with our Chief Operating Officer, Luis Alvarado. Numark once again delivered strong financial results. We have now produced double-digit year-on-year revenue growth for 11 quarters in a row in capital markets, eight consecutive quarters in management and servicing, and seven straight quarters in leasing. Our quarterly results also demonstrate the company's strong operating leverage as we increased total revenue 17% and adjusted EPS 26%. Our growth was led by management and servicing, which increased 18%, leading the company's fourth consecutive record quarter for these businesses. We remain confident in their producing more than $2 billion in annual revenue by 2029, which implies a mid-teen growth over that period. With respect to leasing, We increased fees by 17% to an all-time best second quarter. This was driven by significantly higher office volumes in key markets, including New York City, San Francisco Bay Area, and Los Angeles, as well as the ongoing expansion of our global footprint. We increased capital markets revenues by 16%. This reflected a broad recovery across property types in U.S. investment sales, as well as our investments in talent driving international growth. We are also gaining domestic market share as Newmark moved up one spot to number two in overall U.S. investment sales for the first half of 2026, according to MSCI. Given Newmark's strong first half results and healthy transaction pipeline, we continue to expect double-digit top and bottom line growth for the third consecutive year in 2026. With respect to artificial intelligence, We view the advent of AI not only as a defining economic force of our era, but as the accelerant that will better enable our talented professionals across the company to efficiently bring new and innovative solutions to their clients and enhance productivity over time. We believe our investment in recurring revenue businesses, ongoing international expansion, improving industry fundamentals, and our talented professionals will together drive Newmark's long-term growth and Newmark market share gains. With that, I'm happy to turn the call over to Mike.