...Newmark Group, Inc.'s (Newmark) ratings are supported by a variable expense structure that enhances its financial flexibility and its conservative gross leverage. Fitch Ratings expects the company to maintain its gross leverage at a level consistent with its 'BBB-' rating. Newmark serves the commercial real estate (CRE) sector and related capital markets. Revenue linked to capital market transactions grew 35% in 2025. Revenue from management services and servicing fees, which are much less volatile than the capital markets business, grew 12% in 2025. This growth in its recurring revenue supports the ratings and offsets the volatility in CRE capital markets....
