Here are 1-2 brief analogies to describe Newmark (NMRK):

• Newmark is like Goldman Sachs or Morgan Stanley, but focused exclusively on commercial real estate deals and advisory.
• Newmark is like a comprehensive professional services firm such as Deloitte or PwC, but specialized entirely in commercial real estate.

• Leasing Advisory: Newmark advises landlords and tenants on commercial lease transactions, helping them secure optimal terms for office, industrial, retail, and other property types.
• Investment Sales: The company assists clients with the acquisition and disposition of commercial real estate assets, including office buildings, multi-family properties, industrial facilities, and retail centers.
• Debt & Structured Finance: Newmark arranges diverse financing solutions for commercial real estate, including mortgages, construction loans, and equity placements, for various property types.
• Valuation & Advisory: This service provides independent appraisals, market analyses, and consulting related to real estate value for various purposes such as acquisitions, financing, and financial reporting.
• Global Corporate Services: Newmark offers integrated real estate solutions to corporate occupiers, encompassing portfolio strategy, facilities management, project management, and transaction services across their global portfolios.
• Property Management: The firm provides comprehensive property management services, handling operations, maintenance, tenant relations, and financial reporting for commercial real estate assets on behalf of owners.

Newmark (NMRK) is a commercial real estate services firm that primarily sells its services to other companies and institutions, not individuals. Due to the nature of its business, which involves a diverse and transactional client base across various services like leasing, capital markets, and property management, Newmark typically does not have a few identifiable "major customers" that account for a significant portion of its revenue in the way a manufacturer might have a large retailer as a primary customer. Companies like Newmark rarely disclose specific client names unless a particular client represents a material portion (e.g., >10%) of their revenue, which is uncommon for diversified service providers.

Therefore, instead of listing specific company names, it is more accurate to describe the categories of companies and institutions that constitute Newmark's customer base:

• Corporate Occupiers

  This category includes businesses of all sizes and across diverse industries (e.g., technology, finance, healthcare, retail, manufacturing, logistics) that require commercial real estate services for their own operational needs. They engage Newmark for services such as office leasing, industrial facility acquisition or disposition, retail site selection, and strategic advice on managing their global real estate portfolios.

• Real Estate Investors & Developers

  This group comprises institutional investors like Real Estate Investment Trusts (REITs), private equity funds, pension funds, sovereign wealth funds, and high-net-worth individuals or family offices. These clients utilize Newmark for investment sales (buying and selling properties), debt and equity financing, property management, and valuation services related to their commercial property acquisitions, dispositions, and portfolio management.

• Lenders & Financial Institutions

  This category includes banks, insurance companies, and other financial entities. They use Newmark's services for loan servicing, specialized valuation and advisory services, and assistance with managing or disposing of distressed real estate assets (Real Estate Owned - REO) or collateral.

Barry M. Gosin Chief Executive Officer

Barry M. Gosin has led Newmark since 1979, guiding its global expansion and strategic direction. He spearheaded Newmark's IPO in 2017 and the company's spin-off from BGC Partners, Inc. in 2018. Gosin also led the sale of Newmark in 2011 and has overseen the acquisition of over 55 companies, leading to an increase in annual revenues of over 1,000 percent.

Michael Rispoli Chief Financial Officer

Michael Rispoli serves as Chief Financial Officer of Newmark, leading the finance and accounting departments. He joined Newmark in April 2012. Prior to that, he was the Chief Financial Officer of Grubb & Ellis from August 2010, having served in various capacities with the firm since May 2007, including CFO of its investment management divisions. Before the sale of Grubb & Ellis' assets to BGC Partners in April 2012, he completed a convertible note offering, the sale of an asset management business with over $4 billion of assets under management, and the sale of a real estate mutual fund company. Rispoli also served as Executive Director and Corporate Controller at Conexant Systems, Inc., a publicly traded semiconductor company, from 2000 to 2007, and began his career at PricewaterhouseCoopers.

Luis Alvarado Chief Operating Officer

Luis Alvarado was promoted to Chief Operating Officer of Newmark in April 2025, where he oversees global operations. He joined Newmark in 2015 as Executive Vice President and Boston Market Leader, and by 2018, he became Chief Revenue Officer and East Region Market Leader, managing revenue-generating operations and driving growth throughout the East Coast. Before Newmark, Alvarado was President of the East Region for Cushman & Wakefield, a Vice President at The Travelers Insurance Company, and a founding partner of Insight Partners, Inc., where he developed and managed over 2 million square feet of commercial, retail, residential, and industrial properties.

Stephen Merkel Chairman of the Board of Directors, Executive Vice President and Chief Legal Officer

Stephen Merkel is the Chairman of the Board of Directors, Executive Vice President, and Chief Legal Officer of Newmark Group, Inc. He oversees all legal and compliance matters globally for the company. Merkel joined Cantor Fitzgerald, L.P. in 1993, and also holds roles as Executive Managing Director, General Counsel, and Secretary for the Cantor Fitzgerald, L.P. group of companies, which includes Newmark and BGC Group, Inc. He is also General Counsel, Executive Vice President, and Assistant Corporate Secretary of BGC Partners, Inc. Prior to Cantor Fitzgerald, he was Vice President and Assistant General Counsel at Goldman Sachs & Co. and began his career at Paul, Weiss, Rifkind, Wharton and Garrison.

Roger Anscher Chief Administrative Officer

Roger Anscher is the Chief Administrative Officer of Newmark's operating businesses, a role he assumed in early 2022. He is responsible for overseeing services, budgets, key performance indicators, and staffing across Newmark's global operations platform. Prior to joining Newmark, Anscher managed operational matters in COO or similar capacities for 15 years across commercial real estate, private equity, asset management, and securities verticals. This included four and a half years as COO of a New York City-based commercial real estate brokerage company. His previous experience also includes roles as COO, General Counsel, and Chief Compliance Officer at Equinox Partners and COO at Ramius LLC.

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Newmark (NMRK) is a leading global commercial real estate advisory and services firm. Its main products and services encompass a diverse array of integrated solutions for institutional investors, global corporations, and other owners and occupiers of commercial real estate. These services primarily fall into the categories of commercial real estate brokerage (including investment sales and leasing), valuation and advisory, property management, and consulting advisory services.

The estimated addressable markets for Newmark's main products and services are as follows:

• Commercial Real Estate Brokerage (including Investment Sales and Leasing): The global commercial real estate brokerage and management market was valued at USD 264.74 billion in 2023 and is projected to reach USD 494.96 billion by 2032. In the U.S., the real estate brokerage market stands at USD 206.45 billion in 2025 and is expected to grow to USD 252.51 billion by 2030.
• Valuation & Advisory Services: The global valuation advisory service market size was approximately USD 4.5 billion in 2023 and is expected to reach around USD 7.9 billion by 2032. North America currently holds the largest share of this market.
• Property Management Services: The U.S. property management services market size was USD 84.73 billion in 2025 and is expected to reach USD 102.79 billion by 2030.
• Real Estate Consulting Services: The global real estate consulting service market size was valued at USD 75.4 billion in 2023 and is projected to reach USD 125.7 billion by 2032. North America holds a significant share of the global real estate consulting service market.

Newmark (NMRK) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Strong Capital Markets Performance and Market Share Gains: Newmark anticipates continued robust performance in its Capital Markets division, particularly in debt and investment sales. The company has consistently outpaced industry volumes, with significant growth in commercial mortgage origination and investment sales. This growth is expected to be fueled by a substantial volume of U.S. commercial and multifamily mortgage maturities projected through 2027, with a portion of this debt potentially troubled, driving demand for Newmark's debt placement, investment sales, and restructuring services. Additionally, Newmark's strategic focus on high-growth verticals such as data centers and digital infrastructure, including securing large data center construction loans and advising on AI data center campus developments, is a significant driver.

2. Expansion of Management Services, Servicing, and Other Recurring Revenue Streams: Newmark is actively expanding its management services, servicing fees, and other recurring revenue streams. This segment consistently demonstrates solid year-over-year improvement and provides a stable foundation for the company's overall growth. The company has set a target to achieve $2 billion in recurring revenues by 2029, emphasizing its commitment to growing these high-margin, stable income sources.

3. International Expansion and Strategic Hiring: Newmark is committed to enhancing its global reach by expanding its international presence and strategically hiring revenue-generating professionals outside the U.S. The company has recently opened new international offices and strengthened its presence in key regions like the UK, France, Asia, and India. Non-U.S. revenues have shown significant growth, indicating ample room for further expansion compared to its peers, and this strategic focus is expected to diversify revenue streams and improve profitability.

4. Growth in Leasing Revenues and Improving Market Fundamentals: Newmark projects growth in its leasing revenues, especially in key property types such as office, retail, and industrial. The company expects office leasing fundamentals to improve as property recapitalization at lower values creates a more attractive leasing market. Solid fundamentals are also anticipated in industrial and retail leasing, which together constitute a significant portion of Newmark's leasing revenues.