Earnings call transcript: Newmark Group Q2 2025 beats earnings forecasts, stock surges

Newmark Group Inc. (NMRK), a prominent player in the Real Estate Management & Development industry according to InvestingPro, reported its second-quarter 2025 earnings on July 30, surpassing analyst expectations with an adjusted earnings per share (EPS) of $0.31, compared to the forecasted $0.252. This 23.02% earnings surprise was complemented by a revenue of $759.1 million, exceeding the projected $685.15 million by 10.79%. Following these results, the company’s stock rose 4.54% in pre-market trading, reflecting investor confidence in Newmark’s performance and growth prospects. The company maintains a strong financial health score of 2.52 out of 5, labeled as "GOOD" by InvestingPro analysts.

Key Takeaways

• Newmark Group’s Q2 2025 EPS and revenue significantly exceeded forecasts.
• Stock price increased by 4.54% pre-market, following the earnings announcement.
• The company expanded its global operations, launching in Germany and strengthening its presence in the UK, France, and Asia.
• Newmark raised its 2025 revenue and EPS guidance, signaling a positive outlook.

Company Performance

Newmark Group demonstrated robust performance in Q2 2025, with revenues increasing by 19.9% year-over-year. The company reported an adjusted EPS of $0.31, a 40.9% rise from the previous year’s $0.22. This growth is attributed to strong performances across various segments, including capital markets and leasing revenues, which saw increases of 37.9% and 13.8%, respectively. The company’s strategic focus on data centers and digital infrastructure services contributed significantly to its success.

Financial Highlights

• Revenue: $759.1 million, up 19.9% year-over-year
• Earnings per share: $0.31, up 40.9% from $0.22
• Adjusted EBITDA: $114 million, a 32.1% increase
• Adjusted EBITDA margin improved by 139 basis points to 15%
• Share repurchase: 10.8 million shares for $125.5 million

Earnings vs. Forecast

Newmark Group delivered an EPS of $0.31, surpassing the forecast of $0.252 by 23.02%. Revenue also exceeded expectations, reaching $759.1 million against a forecast of $685.15 million, marking a 10.79% surprise. This performance reflects a consistent trend of beating market expectations, reinforcing the company’s strong operational execution.

Market Reaction

Following the earnings release, Newmark Group’s stock price increased by 4.54% in pre-market trading, reaching $15. This movement indicates positive investor sentiment, aligning with the company’s impressive earnings beat and upward revision of its 2025 guidance. The stock has shown remarkable momentum, with an 8.82% return over the past week and is currently trading near its 52-week high of $16.1. Based on InvestingPro’s Fair Value analysis, the stock appears to be fairly valued at current levels. Investors seeking deeper insights can access the comprehensive Pro Research Report, part of InvestingPro’s coverage of over 1,400 US equities.

Outlook & Guidance

Newmark Group raised its 2025 guidance, projecting total revenues between $3.05 billion and $3.25 billion, a 15% increase. The adjusted EPS guidance was also lifted to a range of $1.47 to $1.57, reflecting a 20-28% increase. The company targets an adjusted EBITDA of $523-$573 million for 2025, with further growth anticipated in 2026.

Executive Commentary

Barry Gossam, CEO, highlighted the company’s organic growth strategy, stating, "100% of our growth is organic." He emphasized the focus on recurring revenue streams and the strength of Newmark’s growing pipeline. CFO Mike Ryspoli added, "Our pipelines continue to grow and get stronger," underscoring the company’s robust market position.

Risks and Challenges

• Market volatility: Economic fluctuations could impact real estate demand.
• Competition: Intense competition in global markets may pressure margins.
• Regulatory changes: Potential shifts in real estate regulations could pose challenges.
• Geopolitical tensions: International operations may be affected by geopolitical instability.
• Technological disruption: Rapid tech advancements require continuous innovation.

Q&A

During the earnings call, analysts inquired about Newmark’s strategic focus on data centers and AI-related opportunities. Executives expressed confidence in the company’s ability to capitalize on these growth areas. Questions also addressed potential mergers and acquisitions in the management services sector, with management indicating possible activity in the latter half of 2025.

Full transcript - Newmark Group Inc (NMRK) Q2 2025:

Conference Operator: Good day, and welcome to the Newmark Group 2Q twenty twenty five 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.

Jason McGruder, Head of Investor Relations, Newmark Group: Thank you, operator, and good morning. Newmark issued its second quarter twenty twenty five financial results press release this morning. Unless otherwise stated, the results provided on today’s call compare only the three months ending 06/30/2025, 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 GSD 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 the traditional information under 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.

I’ll also remind you that the 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 a 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, are incorporated by reference. I’m now happy to turn the call over to our host, Chief Executive Officer, Barry Gossam.

Barry Gossam, Chief Executive Officer, Newmark Group: Good morning, and thank you for joining us. Before we begin today’s call, on behalf of everyone at Newmark, I want to take a moment to acknowledge Monday’s tragic shooting in New York City. Our thoughts are with the families of the individuals who lost their lives, some of whom we know personally, as well as with our clients and friends and everyone impacted. In moments like these, we are reminded of the importance of community and unity throughout our cities. Now on to our results.

We are pleased to report another outstanding quarter. Newmark delivered strong revenue and earnings growth, validating our strategic vision and commitment to creating value for our clients and stakeholders. The company increased total revenues by 20%, which again reflected double digit gains across every major business line. Our adjusted EPS increased by 41%, demonstrating strong operating leverage. During the quarter, Newmark advised on some of the largest office and retail leases signed year to date in New York City and San Francisco Bay Area.

We continue to expand our occupier solutions and leasing footprint, providing corporations with comprehensive real estate solutions on a global scale in nearly 100 countries. Newmark gained further market share in capital markets during the quarter and year to date. We increased our total debt volumes by 135%. In comparison, U. S.

Commercial and multifamily originators were up by 38%. In investment sales, Newmark was ranked as the number one office broker in The U. S. In the first half of twenty twenty five by both MSCI and Real Estate Alert. On a global basis across all property types, we improved to number three among sales brokers for the first half twenty twenty five based on preliminary figures from MSCI.

This is noteworthy as we are in the early stages of building out our international platform. Given our strong first half results and robust pipeline, we have raised our full year outlook. With that, I’m happy to turn the call over to our CFO, Mike Ryspoli.

Mike Ryspoli, Chief Financial Officer, Newmark Group: Thank you, Barry, and good morning. Our strong start to the year continued through the second quarter with revenue growth of 19.9% and adjusted EPS improvement of 40.9%. As a result, we are increasing our full year outlook for both revenues and earnings, which I will discuss later in more detail. Total revenues were $759,100,000 up 19.9% compared with $633,400,000 We increased management services, servicing and other by 13.6%, which reflected approximately 30% growth from our valuation and advisory business as well as continued improvement in our high margin servicing and asset management platform. Leasing revenues were up by 13.8% led by double digit growth in our retail volumes and improving office activity in key gateway markets.

Capital markets revenues increased by 37.9%, which reflected an approximately 135% improvement in our total debt volumes as compared to U. S. Commercial and multifamily originations, which were up by 38%. Our investment sales volumes were up 26% as compared to U. S.

Industry investment sales volumes, which were up by approximately 11%. Continued market share gains were led by significant data center growth as well as higher office and multifamily activity. Turning to expenses. Total expenses for adjusted earnings increased by 18.4%, which reflected 26% improvement in our commission based revenues, costs related to Newmark’s growth initiatives and higher pass through costs. The company’s tax rate for adjusted earnings was 14% in line with full year guidance.

Moving to earnings. We increased adjusted EPS by 40.9% to $0.31 compared with $0.22 Adjusted EBITDA was $114,000,000 up 32.1% versus $86,300,000 Our adjusted EBITDA margin improved by 139 basis points to 15%. With respect to share count, our fully diluted weighted average share count was down 1.2 to 252,600,000.0. During the quarter, we repurchased approximately 10,800,000.0 shares for $125,500,000 at $11.58 per share. Turning to the balance sheet.

We ended the quarter with $195,800,000 of cash and cash equivalents and 1.4 times net leverage. The balance sheet changes from year end 2024 reflected cash generated by the business of $133,900,000 and $200,000,000 of incremental borrowing under Newmark’s revolving credit facility. This was offset by $157,900,000 of cash used with respect to the hiring of revenue generating professionals, share repurchases and normal seasonal movements in working capital. This quarter, we introduced a new reporting metric, adjusted free cash flow, which can be found in today’s earnings materials. Adjusted free cash flow takes our GAAP cash flow from operations, minus capital expenditures and the impact of GSE FHA loan originations and sales.

We believe this new metric will provide further insight into the company’s strong cash generation and allow for easier comparability versus other companies. While our adjusted free cash flow significantly improved year on year both in the quarter and year to date, we believe it is best to view this metric on an annual basis. For the twelve months ended June 2025, Newmark’s adjusted free cash flow was $228,000,000 a 121.4% improvement year over year. Moving to guidance. We are raising our outlook for 2025 as follows.

We now expect total revenues of between 3,050,000,000 and $3,250,000,000 an increase of approximately 15% at the midpoint. We anticipate adjusted EPS between $1.47 and $1.57 up 20% to 28%. We continue to expect our adjusted earnings tax rate to be between 1416%. And we anticipate adjusted EBITDA in the range of $523,000,000 to $573,000,000 an increase of 17% to 29%. With that, I would now like to open the call for questions.

Conference Operator: We’ll now take our first question from Mitchell Germain with Citizens.

Mitchell Germain, Analyst, Citizens: Thank you and congrats on the quarter. Barry, obviously, you referenced the global investment sales number three. And obviously, you’re making investments outside The U. S. I’m curious how the opportunity in Germany has been transpiring to date.

Barry Gossam, Chief Executive Officer, Newmark Group: Well, we launched about a year ago actually at just about the time of Expo Real in Munich. Since that time, we’ve signed 70 brokers, many of whom are on garden leave, generally how it’s done in Europe. So our real launch of that business is actually this Expo Real, which is in October. So there seems to be a clamoring of people who wanna come to Newmark. They like our model.

They like the platform. They like what we’ve done in France and UK and other parts of Europe. So I I think it I mean, it all bodes well for us there. We’re excited.

Mitchell Germain, Analyst, Citizens: Great. Thanks for that. Do you think the capital markets activity is sustainable? Or are you seeing maybe a little bit of a pull forward given some of the future uncertainty?

Barry Gossam, Chief Executive Officer, Newmark Group: Yes. I mean, just so you understand that we’ve hired leasing people, appraisal people. We’re a fully integrated platform. So in all of our markets, we hire full boat of services for clients as we have in Germany. So it’s a pretty diversified mix of people that includes The UK, includes France, includes what we’re doing in Asia as well.

We have, for the moment, a cited advantage. We have a lot of white space. We have enormous runway. A couple years ago we did virtually zero business in Europe. It’s now a 13% plus of our volume.

We’re building in Asia as well, and we think it’s a great opportunity to build a completely diversified integrated platform. It’ll serve our corporate clients well to be in all of those markets so we could be able to serve our corporate leasing clients on consulting and other aspects of our business, not only capital markets. But we think there’s always going to be capital markets. We think the runway is pretty good in Europe, and some people think that Europe is a better opportunity right now. But we’re pretty bullish on our direction and where we go.

Mitchell Germain, Analyst, Citizens: Great. Thanks for that. And then just some thoughts on capital allocation. Mike, you talked about some of the free cash flow growth. You bought back shares, but we’ve obviously seen a rally 25% plus since you did that.

So where is investment dollars? Obviously, they’re going to new broker acquisitions, but could we potentially see you guys consider some M and A here? Is buybacks still on the table? Some thoughts around that, please.

Mike Ryspoli, Chief Financial Officer, Newmark Group: Sure. I would say buybacks are certainly still on the table. As I said, we did a pretty significant buyback in the second quarter. So I would see us I would expect us to pivot to M and A in the back half of the year. We have a lot of interesting opportunities, particularly on the management services side that we’re looking at that we think are very we can add a lot to those companies.

They can add a lot to our platform. So I would say for the back half of the year, you’ll see us pivot to growth capital versus buybacks. But longer term, we still think the stock is undervalued. If you look at our adjusted free cash flow even relative to the current market cap, it’s probably around 6% yield versus the S and P five hundred which is 2.8%, our peer group which is around 4.2%. We still think there’s a lot of upside to our stock and that’s why we’ll continue to look at buybacks as well.

Barry Gossam, Chief Executive Officer, Newmark Group: You should also it’s important to note that 100% of our growth is organic.

Mitchell Germain, Analyst, Citizens: Thank you. I appreciate it and great quarter.

Mike Ryspoli, Chief Financial Officer, Newmark Group: Thanks.

Conference Operator: We’ll now take our next question from Alexander Goldfarb with Piper Sandler.

Alexander Goldfarb, Analyst, Piper Sandler: Hey, good morning. Morning down there. Barry, thanks for the opening comments, just obviously tragic. Mike, appreciate the free cash flow emphasis in the slide. I think it’s very helpful to help understand the economics of the business, which this quarter just really impressive.

Along those lines, data centers have been huge in the news. Clearly, Barry, you’ve spoken before that it’s been a focus of the company. But I think in prior comments, you talked about keeping it restrained, like using the example, I think it was you or one of your colleagues use the example of like life science, boomed and then cooled off dramatically. So as you look at data centers today, is the view still that it’s akin to life science in the sense that right now that area is booming, but you wanna keep, you know, your personnel, you know, appropriately staffed versus it’s more enduring, in which case there’s room to expand and invest further in your data center offering?

Barry Gossam, Chief Executive Officer, Newmark Group: Well, we believe we’re appropriately staffed. It’s a center of excellence. There’s a lot of reach with a small amount of people if you are the best at it, and we think we are the best at it. We also there are two aspects of the business. There’s the powered land play, which is at some point there will be less of the powered land play, but our big emphasis has been on equity and finance.

And those are the areas which were the strongest. We think there’s an enormous runway. There’s a big runway in Europe. There’s a big runway in Asia. AI is so relatively new, it’s only really two years old.

And a lot of people want to get into the game, the question for everyone is really what do you think about AI and the future of AI? And if you believe in the future of AI, then you have to believe there is a long runway. Life science has been is a more mature business that was just faced overbuilding, oversupply. It’s kind of like multifamily is a business that has enormous demand in the country and will continue. We are underserved for housing, but there are markets where you just have too much supply.

Life science is just a moment in time where there’s just too much supply to be absorbed. A lot of these transactions haven’t come online, it’s all coming online. So it’ll be three, four years before we could see whether there is an oversupply, and it is pretty early. And another

Mike Ryspoli, Chief Financial Officer, Newmark Group: question Alex, I would add one thing to that, which is that there’s also tremendous opportunity in data center outside of the transactions on the management side, both project management and facilities management. And those are areas we really haven’t touched to date,

Barry Gossam, Chief Executive Officer, Newmark Group: but certainly And leasing opportunity. Leasing. People there won’t I mean, not everything is gonna be just a handful of hyperscalers. You’re gonna still see the colocation facilities. Not everything is gonna be in the cloud.

So it’s gonna be and we’re also we’re also involved in very active in digital infrastructure as well, which, you know, includes chip manufacturing and things like that, which are are proliferating. There’s host of things.

Alexander Goldfarb, Analyst, Piper Sandler: Okay. The second question is, in your leasing stats, San Francisco led more so than New York. And just want to get some more perspective on that. Is that our sense of market visits is that AI is a small part, but growing, but the larger tech companies still have too much space. So curious what’s driving your business?

Is it that you’re advising tech in resizing their business? Or is AI just booming a lot more than we anticipated? Just want to understand better the drivers of the dramatic boom in your San Francisco leasing growth.

Barry Gossam, Chief Executive Officer, Newmark Group: I mean, we’re told that San Francisco and the Bay, entire Bay Area has opened up, that there’s activity coming from every direction. Now that’s based on what our brokers tell us and what we have in the pipeline. It’s coming from all different places. A lot of that some of that’s AI, but, you know, there’s other tech tech companies as well that are growing. There’s always one thing about the ecosystem in the Bay Area is, there’s a company born every five minutes in the Bay Area.

It’s part of the ecosystem.

Jason McGruder, Head of Investor Relations, Newmark Group: Thank you.

Conference Operator: We’ll now take our next question from Jade Rahmani with KBW.

Jason Sabchan, Analyst, KBW: Hi, this is actually Jason Sabchan on for Jade. First, I just want to say congrats on the strong quarter. In your presentation, you provided a revenue target for management services for 2029. We applaud the long term view. And are there any other 2029 targets that you’re thinking about in terms of total revenue, capital markets, leasing or adjusted free cash flow?

Thanks.

Mike Ryspoli, Chief Financial Officer, Newmark Group: Yes, hi. The target on the management business is about 2,000,000,000 We put out I think a few quarters ago and we continue to believe in the strong opportunity across all of our management and servicing businesses. We don’t have similar targets out there for capital markets or leasing, but we do have targets out there for 2026 in terms of the adjusted EBITDA of $630,000,000 and adjusted EPS of $1.0.7 And we feel that those are very achievable.

Barry Gossam, Chief Executive Officer, Newmark Group: Last quarter, we pointed to a couple of metrics. In 2014, we were 1.1% of the market in respect of the sales, and now we’re close to 10% debt. 1.5. And 1.8% in in sales, and now we’re close to ten and and nine and a half, respectively. We’re 1% of the property management business.

So there’s an enormous runway to connect with the relationships and things we are doing. We are very focused on things that will provide us with recurring revenue. We’re looking for the smart ways to do it. We’re looking at things that fit in with how our brand works, and we are getting really good traction in many of those areas.

Jason Sabchan, Analyst, KBW: Great. Thank you. And to touch on data centers first, could you provide more color on your deal on what your deal flow looks like and as well as fee ranges on those deals? Specifically, if you broker a new development capitalization, what are fees earned and are those negotiated in dollars or as a commission rate?

Mike Ryspoli, Chief Financial Officer, Newmark Group: The fees are no different than the average fees that you see across the rest of our business. Typically on average, it’s based on deal size, but our average sales has been around 70 basis points and our average debt fee has been in the 40 basis to 50 basis point range. As deals get larger, those basis points go down. As deals get smaller, they go up. But on average, that’s where you’ve seen our fees and data centers really are no different.

Jason Sabchan, Analyst, KBW: Great. Thank you. And to pivot to Capital Markets and Leasing, what growth rates do you expect are reasonable to see in the second half?

Mike Ryspoli, Chief Financial Officer, Newmark Group: So if you look at the midpoint of our guidance, let’s just start there, we would expect the management and the leasing businesses to grow say high single digits to low double digits in the back half of the year and the capital markets business probably mid to high teens. And which would suggest maybe there’s a slowdown from the first half. But I think really we put the range out there because there could be some macro events that affect the market and affect the activity. But if we have a really good pipeline into the third quarter, very strong, and if things continue along the path they’re going now, I would certainly expect us to perform above the midpoint of the range towards the higher end. Great.

Thank you.

Conference Operator: We’ll now take our next question from Julien Blumen with Goldman Sachs.

Julien Blumen, Analyst, Goldman Sachs: Thank you for the question and congrats on another strong quarter. I guess digging into a little bit more into those comments around the pipeline, I guess as we look into July, does it feel like there was sort of a reacceleration in activity relative to what seemed to be a slower May and June for the industry?

Mike Ryspoli, Chief Financial Officer, Newmark Group: It’s interesting. Our pipelines have been pretty strong throughout the year. We didn’t see any significant slowdowns as we move through the year. If anything, our pipelines continue to grow and get stronger. We certainly don’t have full visibility into the fourth quarter at this point.

It’s still a little bit early, but everything at the moment looks pretty good.

Julien Blumen, Analyst, Goldman Sachs: Got it. That’s helpful. And it sounds like there wasn’t any change to sort of how you’re thinking about the 2026 targets. I guess, do you is it just that you feel even more confident that they’re sort of what you’ve put out there of $1.75 and $630,000,000 of adjusted EBITDA are achievable? Or was there any temptation to maybe increase those targets?

Mike Ryspoli, Chief Financial Officer, Newmark Group: Probably a little early to increase the targets. I think we put those targets out more than a year ago and we felt pretty confident about the targets when we put them out based on the people we hired and the businesses that we’re building. And I would say, we certainly feel more confident today as we get closer and closer to those targets. If you just take the midpoint of our guidance for the rest of this year or for 2025 full year, it suggests probably high single digit revenue growth and mid teens earnings growth, which seems very achievable for 2026 at this point.

Julien Blumen, Analyst, Goldman Sachs: Got it. That makes sense. And maybe one last one. Just in New York City, I’m wondering if you’re sort of expecting or seeing any impacts from the mayoral race there? When you talk to your teams or your clients, are you seeing any signs of caution from buyers, in Manhattan?

It looked like New York City property sales volumes were maybe a little subdued in June. Wondering if there’s anything to read into there.

Barry Gossam, Chief Executive Officer, Newmark Group: It’s too early to tell. Mandami hasn’t been elected yet. There’s a lot of noise. Unfortunately, I think we have a firewall in, our governor if people are concerned. The mayor has a limited amount of power to do stuff.

We still have the city council. The city council is pretty has moved more moderate over the last couple years. Very few Democratic socialists. So it’s not York is incredibly resilient. I believe it will have an impact.

For certain people, it may annoy them, but it’s New York is New York. The pool of talent in New York is unparalleled. The level of excitement in New York City being here is unparalleled. So I’m pretty sanguine about it.

Julien Blumen, Analyst, Goldman Sachs: Okay. Great. Thank you.

Conference Operator: We’ll now take our next question from Patrick O’Shaughnessy from Raymond James.

Patrick O’Shaughnessy, Analyst, Raymond James: Hey, good morning. So with the new disclosure, your adjusted free cash flow, do you what are your expectations in terms of adjusted free cash flow in 2025? And I guess bigger picture or longer term, do you kind of have a framework in terms of like targeted conversion ratio, what that free cash flow should look like as compared to your adjusted net income?

Mike Ryspoli, Chief Financial Officer, Newmark Group: Sure. Thanks for the question Patrick. So on a trailing twelve month basis compared to our post tax adjusted earnings, it’s about 65% conversion. Remember, in that metric or taken out of the cash flow from operations is all the money we invest in brokers for growth. So that on a trailing twelve month basis was about $184,000,000 So it’s hard to put a target precisely on what the conversion ratio will be, because you have to know how much we’re going to be investing into the business and how much of that investment will go towards talent versus go towards companies.

And as you know, if you just buy a company, it goes through cash outflow from investing versus hiring a broker, which comes out of operations. But certainly, 65% to 85% depending on how much we invest in the business at any given time.

Patrick O’Shaughnessy, Analyst, Raymond James: Yes, that’s very helpful. Speaking of hiring talent, with industry brokerage revenues generally trending better, is it getting any harder to poach top talent away from competitors?

Barry Gossam, Chief Executive Officer, Newmark Group: Well, it’s never easy. But no, I think that we seem have struck a chord in the industry in terms of what the industry needs in respect of talent. And I think we fit the bill for many people that are high production, high revenue professionals, so we don’t think that’s going away. It’s always been hard in some respects, but we see it changing.

Patrick O’Shaughnessy, Analyst, Raymond James: Got it. Thank you. And then lastly from me, you spoke about the likelihood of doing some M and A in the back half of the year. Can you remind us both strategically and financially what your criteria is for M and A?

Barry Gossam, Chief Executive Officer, Newmark Group: So generally, we’ve done mostly bolt ons, tuck ins. We think that strategy works really well for us. Less friction, less disturbance, less disruption. You never know what you get when something is too big, the amount of change, people leaving, etcetera. And it’s more targeted towards the talent and needs, and how we fit and curate the entire platform together as a puzzle.

So that seems to be going well. That’s generally how we’ve done it. We think we’ll do some more of that going forward because there are certain areas that we wanna focus on and that we’ve you know, we are we are looking at companies. We’ve been we’ve been focusing on our superpower, which is hiring great talent, and we’re all also have turned our attention to management services and things that will provide more recurring revenue that don’t consistently conflict with the brand, things that work very well and and are synergistic with both our capital markets and our leasing business. All right.

Thank you.

Conference Operator: And it appears there are no further telephone questions. I’d like to turn the conference back to our presenters for any additional or closing comments.

Barry Gossam, Chief Executive Officer, Newmark Group: Well, I’d like to thank everybody for joining us today, and we look forward to updating you on our next quarterly call. Thank you.

Conference Operator: And once again, that does conclude today’s conference. We thank you all for your participation. You may now disconnect.

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