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2025 ANNUAL REPORT Headquarters 2026 Newmark Group. 125 Park Avenue All rights reserved. New York, NY 10017 NEWMARK | 3 t 1 212 372 2000 About Newmark 15 Years of Industry-Leading Growth Newmark Group, Inc. Nasdaq: NMRK , together with its subsidiaries ( Newmark ), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners together operated from over 185 offices with more than 9,600 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.
Newmark Office Location NEWMARK | 5 Newmark Client Location Nearly a Century of Excellence Fastest Growing Publicly Traded Global Commercial Real Estate Firm Since 2011 For more information on this map, please see endnote 28 under Endnotes to Stockholders Letter, Case Studies, Tables, and Charts later in this document. 1929 Founded in New York City 2011 Acquired by BGC; our modern growth era begins 2017 Initial public offering 2018 Spin-off completed: Newmark becomes a standalone public company 2025 Delivered record performance across all major business lines
Dear Fellow Stockholders: Newmark s talent-driven and client-centric business model once again delivered industryleading financial performance.1 We achieved record full-year revenues in 2025 with broadbased growth, as our annual top line in each of our three major businesses surpassed $1 billion.2 We increased the Company s Total Revenues 20%, GAAP EPS 100%, and Adjusted EPS 32% in 2025.3 Our momentum accelerated in the first quarter of 2026, as we improved Total Revenues 27%, GAAP EPS 260%, and Adjusted EPS 57%.4 Our results reflected strength across nearly all of our service lines, which together fueled record first quarter consolidated revenues. Our performance outpaced the Company s publicly traded competitors, as we continued to advise on high-profile Capital Markets and Leasing transactions, win new mandates, deepen our relationships with existing clients, and further expand our recurring revenue businesses.5 The Company s ongoing success is due to Newmark s industry-leading talent and our expansion across service lines and geographies. ANNUAL REPORT 2025 | 7 _ _ I _ I T Newmark has reported double-digit year-on-year revenue growth for ten quarters in a row in Capital Markets; seven consecutive quarters in Management Services, Servicing Fees, and Other; and six successive quarters in Leasing and Other Commissions, all as of March 31, 2026. rose by 12% in 2025 and 21% in the first quarter of 2026, led by strong organic growth from Valuation & Advisory,6 solid improvement from our high margin Servicing and Asset Management platform, and increased revenues from our expanding suite of other Management Services businesses. These results also benefited from recent acquisitions.7 I climbed 17% in 2025 and 20% in the first quarter of 2026, results that meaningfully outpaced the average leasing growth of our publicly traded full service peers.8 Newmark produced robust improvement from advising clients across office, industrial, and retail in key markets like New York City, the San Francisco Bay Area, and Texas. I grew by over 35% and 45% in 2025 and the first quarter of 2026, respectively. These results included significant volume growth across every major property type, as Newmark once again outpaced the industry in both investment sales and originations.9 We also achieved a 28% increase in GSE/FHA10 volumes over the trailing twelve months, which we expect to drive the future growth of our high-margin Servicing fees. and once again expanded our margins year-onyear due to our strong top line growth and ongoing cost discipline.11 As a result, Newmark generated seven consecutive quarters of double-digit top line growth and eight quarters in a row of at least double-digit bottom line improvement as of the first quarter of 2026.
Over the past decade, we have had a clear ambition: build a best-in-class, global, full-service commercial real estate services firm.12 Our plan for achieving this ambition centered on three priorities: 1) gain share in Capital Markets; 2) scale our recurring revenue businesses; and 3 expand internationally, all while attracting, supporting, and retaining exceptional talent. We have successfully implemented our plan by continuously focusing on hiring and retaining the industry s most productive professionals and providing them with the data, analytics, and other support, including artificial intelligence tools, they need to excel.13 We view the advent of AI not only as a defining economic force of our era, but as an accelerant for the Company that will better enable our team members to efficiently bring new and innovative solutions to their clients. We are using both off-the-shelf solutions and investing in proprietary technology and data analytics capabilities accelerated by AI, and we expect this to enhance Newmark s productivity and efficiency over time. The Company empowers its professionals to consistently provide clients with world-class service, while encouraging a culture of collaboration. We have also maintained a disciplined approach to acquisitions while making organic investments into both existing businesses and adding new service lines. The result is a much larger, more diversified, and more capable Newmark. Between 2011 and the twelve months ended March 31, 2026, Newmark increased Total Revenues by more than fifteen times to $3.475 billion. This translates into a CAGR of 21%, which meaningfully outpaced the 13% average for our publicly traded peers over this period.14 Newmark continued to outperform more recently. We grew Total Revenues by 20% in 2025 versus 11% for the mean competitor. In the first quarter of 2026, we improved our top line by 27%, which was approximately 9 percentage points better than the public peer average. In both of these recent periods, we have outperformed the average public competitor across each of our major business lines.15 I _ I We made a deliberate decision in 2014 to focus on investing in our Capital Markets platform, believing it to be a catalyst for growth across multiple service lines. Not only do our clients rely on our professionals for advice with respect to financing or selling properties, but they also need providers for leasing, appraising, and managing properties; servicing loans; and optimizing operations. Capital Markets is therefore an important entry point into broader relationships that drive Newmark s overall performance. Our platform s success is undeniable. In 2014, Newmark had 1.1% market share in U.S. commercial and multifamily originations and 1.8% in U.S. investment sales. By 2025, we grew our proportion of U.S. originations by nearly 9 times to 9.7% and increased our share of U.S. investment sales approximately six-fold to 10.3%.16 NEWMARK | 8 _ T _ T _ I_
Thanks to the international investments we have made over the past few years, Newmark is now replicating these gains globally. Over the twelve months ended March 31, 2026, Newmark increased its non-U.S. Investment Sales volumes by 65% year-over-year, versus 3% for overall non-U.S. industry volumes. Over the same period, we grew our U.S. volumes in Total Debt and Investment Sales by 79% and 43%, respectively, which outpaced corresponding industry volumes by approximately 39 and 15 percentage points.17 A__ _T A _I _ _ _ A _ _ ANNUAL REPORT 2025 | 9 Since our 2017 IPO, we have focused on expanding our Management and Servicing businesses. These efforts have paid off spectacularly, as our recurring revenue businesses have been Newmark s leading growth engine. From 2017 through the trailing twelve months, we increased revenues for our resilient service lines by nearly 250% to over $1.3 billion. This represents a CAGR of more than 16%, exceeding that for any of our full service peers comparable businesses. Recurring businesses are now our largest major service line and contribute approximately 38% of Newmark s Total Revenues versus 24% in 2017.18 A key component of this outperformance has been our V&A platform, which generated less than $15 million of revenue in 2017. Through a combination of organic investment, bolt-on acquisitions, and successful cross-selling to our owner and investor clients, we substantially increased V&A revenue to more than $207 million over the trailing twelve months. We now appraise more than $1.4 trillion in property value annually and expect this figure to grow as we further expand into new territories and specialty property types.19 Another growth driver is our Servicing and Asset Management platform, which generated $298 million in high margin fees over the trailing twelve months, up 8% year-on-year. This performance reflected a 19% year-on-year rise in our total loan portfolio to an all-time best of $222 billion as of March 31, 2026, which more than tripled the $71 billion we recorded at the end of 2022. Our Servicing growth has catapulted Newmark into the top ten among commercial and multifamily loan servicers, according to the MBA.20 We are also driving growth by continuing to invest in Newmark s suite of services across our Occupier Solutions businesses, which collectively produced solid revenue growth in both 2025 and the first quarter of 2026.21 Working closely with our Tenant Representation Leasing teams, our professionals provide large, global corporations and other occupiers solutions including Facilities Management, Lease Administration, Transaction Management, Program & Project Management, and consulting with respect to location, site selection, economic incentives, and workplace strategy. Newmark s recent market share gains in both Leasing and Management Services are due in part to our ability to capture large-scale, multi-market, and complex transactions from global clients while providing them with an expanding array of ancillary services. As we expand internationally to serve our growing roster of global occupier clients across Leasing and Management Services, we also continue to successfully cross-sell between our suite of businesses focused on investors, owners, and lenders. We therefore remain confident in achieving our goal of over $2 billion of recurring revenues by 2029. Because our high margin Servicing and Asset Management platform is a relatively large percentage of Newmark s resilient revenues, and because we have improved the overall margins for our Management Services businesses as they have gained scale, we anticipate Management Services, Servicing Fees, and Other to continue driving our revenue and earnings growth for the foreseeable future.
 • shareholder letter icon 7/28/2026 Letter Continued (Full PDF)
 • stockholder letter icon 8/18/2023 NMRK Stockholder Letter
 • stockholder letter icon 8/27/2024 NMRK Stockholder Letter
 • stockholder letter icon 9/22/2025 NMRK Stockholder Letter
 • stockholder letter icon More "Real Estate" Category Stockholder Letters
 • Benford's Law Stocks icon NMRK Benford's Law Stock Score = 89


NMRK Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
Headquarters
   2026 Newmark Group.
125 Park Avenue
All rights reserved.
New York, NY 10017
NEWMARK | 3
t    1 212   372   2000
About Newmark
15 Years of Industry-Leading Growth
Newmark Group, Inc.    Nasdaq: NMRK   , together with its subsidiaries (   Newmark  ), is a world leader in commercial real estate,
seamlessly powering every phase of the property life cycle. Newmark  s comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the
platform  s global reach with market intelligence in both established and emerging property markets, Newmark provides superior
service to clients across the industry spectrum. For the twelve months ended March 31, 2026, Newmark generated revenues of
more than $3.4 billion. As of March 31, 2026, Newmark and its business partners together operated from over 185 offices with
more than 9,600 professionals across four continents.
To learn more, visit nmrk.com or follow @newmark.

Newmark Office Location
NEWMARK | 5
Newmark Client Location
Nearly a Century of Excellence
Fastest Growing
Publicly Traded Global
Commercial Real Estate Firm
Since 2011
For more information on this map, please see endnote 28 under
   Endnotes to Stockholders   Letter, Case Studies, Tables, and Charts  
later in this document.
1929
Founded in New York City
2011
Acquired by BGC; our modern growth era begins
2017
Initial public offering
2018
Spin-off completed: Newmark becomes a standalone public company
2025
Delivered record performance across all major business lines

Dear Fellow Stockholders:
Newmark  s talent-driven and client-centric business model once again delivered industryleading financial performance.1 We achieved record full-year revenues in 2025 with broadbased growth, as our annual top line in each of our three major businesses surpassed
$1 billion.2 We increased the Company  s Total Revenues 20%, GAAP EPS 100%, and
Adjusted EPS 32% in 2025.3
Our momentum accelerated in the first quarter of 2026, as we improved Total Revenues 27%,
GAAP EPS 260%, and Adjusted EPS 57%.4 Our results reflected strength across nearly all of
our service lines, which together fueled record first quarter consolidated revenues.
Our performance outpaced the Company  s publicly traded competitors, as we continued to
advise on high-profile Capital Markets and Leasing transactions, win new mandates, deepen
our relationships with existing clients, and further expand our recurring revenue businesses.5
The Company  s ongoing success is due to Newmark  s industry-leading talent and our
expansion across service lines and geographies.
ANNUAL REPORT 2025 | 7
  _                           _          I            _          I            T  
Newmark has reported double-digit year-on-year revenue growth for ten quarters in a row
in Capital Markets; seven consecutive quarters in Management Services, Servicing Fees,
and Other; and six successive quarters in Leasing and Other Commissions, all as of
March 31, 2026.
                                                                                                              rose by 12% in 2025 and 21% in
the first quarter of 2026, led by strong organic growth from Valuation & Advisory,6 solid
improvement from our high margin Servicing and Asset Management platform, and
increased revenues from our expanding suite of other Management Services businesses.
These results also benefited from recent acquisitions.7
                                        I                     climbed 17% in 2025 and 20% in the first quarter of
2026, results that meaningfully outpaced the average leasing growth of our publicly
traded full service peers.8 Newmark produced robust improvement from advising clients
across office, industrial, and retail in key markets like New York City, the San Francisco
Bay Area, and Texas.
    I                             grew by over 35% and 45% in 2025 and the first quarter of 2026,
respectively. These results included significant volume growth across every major
property type, as Newmark once again outpaced the industry in both investment sales
and originations.9 We also achieved a 28% increase in GSE/FHA10 volumes over the
trailing twelve months, which we expect to drive the future growth of our high-margin
Servicing fees.
                                                                                  and once again expanded our margins year-onyear due to our strong top line growth and ongoing cost discipline.11 As a result, Newmark
generated seven consecutive quarters of double-digit top line growth and eight quarters
in a row of at least double-digit bottom line improvement as of the first quarter of 2026.


Over the past decade, we have had a clear ambition: build a best-in-class, global, full-service
commercial real estate services firm.12 Our plan for achieving this ambition centered on three
priorities:    1) gain share in Capital Markets;    2) scale our recurring revenue businesses; and    3   
expand internationally, all while attracting, supporting, and retaining exceptional talent.
We have successfully implemented our plan by continuously focusing on hiring and retaining
the industry  s most productive professionals and providing them with the data, analytics, and
other support, including artificial intelligence tools, they need to excel.13 We view the advent
of AI not only as a defining economic force of our era, but as an accelerant for the Company
that will better enable our team members to efficiently bring new and innovative solutions to
their clients. We are using both off-the-shelf solutions and investing in proprietary technology
and data analytics capabilities accelerated by AI, and we expect this to enhance Newmark  s
productivity and efficiency over time.
The Company empowers its professionals to consistently provide clients with world-class
service, while encouraging a culture of collaboration. We have also maintained a disciplined
approach to acquisitions while making organic investments into both existing businesses
and adding new service lines. The result is a much larger, more diversified, and more
capable Newmark.
Between 2011 and the twelve months ended March 31, 2026, Newmark increased Total
Revenues by more than fifteen times to $3.475 billion. This translates into a CAGR of 21%,
which meaningfully outpaced the 13% average for our publicly traded peers over this period.14
Newmark continued to outperform more recently. We grew Total Revenues by 20% in 2025
versus 11% for the mean competitor. In the first quarter of 2026, we improved our top line by
27%, which was approximately 9 percentage points better than the public peer average. In
both of these recent periods, we have outperformed the average public competitor across
each of our major business lines.15
I                   _              I                                  
We made a deliberate decision in 2014 to focus on investing in our Capital Markets platform,
believing it to be a catalyst for growth across multiple service lines. Not only do our clients
rely on our professionals for advice with respect to financing or selling properties, but they
also need providers for leasing, appraising, and managing properties; servicing loans; and
optimizing operations. Capital Markets is therefore an important entry point into broader
relationships that drive Newmark  s overall performance.
Our platform  s success is undeniable. In 2014, Newmark had 1.1% market share in U.S.
commercial and multifamily originations and 1.8% in U.S. investment sales. By 2025, we grew
our proportion of U.S. originations by nearly 9 times to 9.7% and increased our share of U.S.
investment sales approximately six-fold to 10.3%.16
NEWMARK | 8
        _                 T              _ T          _             I_

Thanks to the international investments we have made over the past few years, Newmark is
now replicating these gains globally. Over the twelve months ended March 31, 2026, Newmark
increased its non-U.S. Investment Sales volumes by 65% year-over-year, versus 3% for overall
non-U.S. industry volumes. Over the same period, we grew our U.S. volumes in Total Debt
and Investment Sales by 79% and 43%, respectively, which outpaced corresponding industry
volumes by approximately 39 and 15 percentage points.17
                             A__      _T  A      _I                _  _    _  A        _    _  
ANNUAL REPORT 2025 | 9
Since our 2017 IPO, we have focused on expanding our Management and Servicing
businesses. These efforts have paid off spectacularly, as our recurring revenue businesses
have been Newmark  s leading growth engine. From 2017 through the trailing twelve months,
we increased revenues for our resilient service lines by nearly 250% to over $1.3 billion.
This represents a CAGR of more than 16%, exceeding that for any of our full service peers  
comparable businesses. Recurring businesses are now our largest major service line and
contribute approximately 38% of Newmark  s Total Revenues versus 24% in 2017.18
A key component of this outperformance has been our V&A platform, which generated less
than $15 million of revenue in 2017. Through a combination of organic investment, bolt-on
acquisitions, and successful cross-selling to our owner and investor clients, we substantially
increased V&A revenue to more than $207 million over the trailing twelve months. We now
appraise more than $1.4 trillion in property value annually and expect this figure to grow as we
further expand into new territories and specialty property types.19
Another growth driver is our Servicing and Asset Management platform, which generated
$298 million in high margin fees over the trailing twelve months, up 8% year-on-year. This
performance reflected a 19% year-on-year rise in our total loan portfolio to an all-time best
of $222 billion as of March 31, 2026, which more than tripled the $71 billion we recorded
at the end of 2022. Our Servicing growth has catapulted Newmark into the top ten among
commercial and multifamily loan servicers, according to the MBA.20
We are also driving growth by continuing to invest in Newmark  s suite of services across
our Occupier Solutions businesses, which collectively produced solid revenue growth in both
2025 and the first quarter of 2026.21 Working closely with our Tenant Representation Leasing
teams, our professionals provide large, global corporations and other occupiers solutions
including Facilities Management, Lease Administration, Transaction Management, Program
& Project Management, and consulting with respect to location, site selection, economic
incentives, and workplace strategy. Newmark  s recent market share gains in both Leasing
and Management Services are due in part to our ability to capture large-scale, multi-market,
and complex transactions from global clients while providing them with an expanding array of
ancillary services.
As we expand internationally to serve our growing roster of global occupier clients across
Leasing and Management Services, we also continue to successfully cross-sell between our
suite of businesses focused on investors, owners, and lenders. We therefore remain confident
in achieving our goal of over $2 billion of recurring revenues by 2029. Because our high
margin Servicing and Asset Management platform is a relatively large percentage of
Newmark  s resilient revenues, and because we have improved the overall margins for our
Management Services businesses as they have gained scale, we anticipate Management
Services, Servicing Fees, and Other to continue driving our revenue and earnings growth for
the foreseeable future.


shareholder letter icon 7/28/2026 Letter Continued (Full PDF)
 

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