Newmark Group Inc at Citi Global Property CEO Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Griffin - Citi - Analyst : Thank you, Barry, for that overview. As you said, it seems like the business is running all cylinders and heading for a really strong 2025. So can you give us a sense of what some of your key strategic priorities are for this year ahead across the transactional as well as the recurring business segments?

Question: Michael Griffin - Citi - Analyst : And as you said, you've had a number of high-profile hires over the past year plus or so. Is there a compensation structure difference or a competitive edge that Newmark has in order to gain that human capital compared to your competitors? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 2:35PM, NMRK.OQ - Newmark Group Inc at Citi Global Property CEO Conference

Question: Michael Griffin - Citi - Analyst : Maybe shifting to kind of the capital markets recovery and what you're seeing. What is your expectation for a recovery in this business line in 2025? And how could a higher rate environment impact this recovery?

Question: Michael Griffin - Citi - Analyst : And are you noticing any particular property types or geographies that are doing better than others, either outperforming and some on the underperforming side?

Question: Michael Griffin - Citi - Analyst : Are you seeing financings now even for sectors that have had their challenges like office?

Question: Michael Griffin - Citi - Analyst : And in terms of where we are currently in the commercial real estate cycle, if we were to peg it in a baseball game, what inning are we in? And how can Newmark best capitalize on today's current cycle?

Question: Michael Griffin - Citi - Analyst : Maybe switching over to the topic of leasing now. We've clearly seen sentiment improve there, whether it's improving business confidence or tenants more confident in their real estate needs. Maybe you can give us a sense of what your outlook is for 2025 across property sectors? That would be helpful.

Question: Michael Griffin - Citi - Analyst : Getting back to kind of what you were talking about those recurring revenue business lines, how do you look toward to the balance of investing in those platforms versus kind of your more bread and butter, the transactional business lines? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 2:35PM, NMRK.OQ - Newmark Group Inc at Citi Global Property CEO Conference

Question: Michael Griffin - Citi - Analyst : Maybe just shifting over to capital allocation and M&A. Can you talk about your capital allocation priorities and how you balance acquisitions versus reinvesting in the business or returning capital to shareholders?

Question: Michael Griffin - Citi - Analyst : So it seems to that end, it's more the investment in human capital than necessarily buying a portfolio company or are they smaller brokerages that might be market sharpshooter specific that you would look to acquire?

Question: Michael Griffin - Citi - Analyst : Your previous Chairman, Howard Lutnick, recently stepped down. Can you give us a little background on this and how it might impact Newmark going forward?

Question: Michael Griffin - Citi - Analyst : What is the biggest misconception you think the market has about Newmark? And are there any items that investors push back on?

Question: Michael Griffin - Citi - Analyst : Now we're running up on time here. So I've just got a couple of rapid fire to end the session. What is your expectation for same-store EBITDA growth for the commercial real estate sector overall, so not Newmark specifically, in 2026?

Question: Michael Griffin - Citi - Analyst : And will there be more, fewer or the same number of publicly traded commercial real estate services firms a year from now?