Newmark Group Inc-A 2024年度报告

To Our Stockholders 6M_UIZS¼[\ITMV\TMLIVLKTQMV\ÅZ[\IXXZWIKPKWV\QV]M[\WLZQ^M[\ZWVOÅVIVKQITXMZNWZUIVKM11V\PM+WUXIVaLMTQ^MZMLLW]JTMLQOQ\ZM^MV]MIVLMIZVQVO[QUXZW^MUMV\7]Z\WXTQVMOZW_\PIKKMTMZI\MLL]ZQVOMIKPY]IZ\MZWN I[_MM`MK]\MLPQOPXZWÅTMKIXQ\ITUIZSM\[IVLTMI[QVO\ZIV[IK\QWV[_WVVM_KTQMV\[M`XIVLMLMVOIOMUMV\[_Q\PM`Q[\QVOKTQMV\[IVLJZWILMVMLW]ZZMK]ZZQVOJ][QVM[[M[_PQKPKWV\QV]M\WQVKZMI[MI[IXMZKMV\IOMWN <W\IT:M^MV]M[2<PQ[UWUMV\]UKWV\QV]MLQV\PMÅZ[\PITN WN _Q\PIQVKZMI[MQV<W\IT:M^MV]M[IVLQUXZW^MUMV\[WN WZUWZMIKZW[[MIZVQVO[UMI[]ZM[ITTLZQ^MVJaWZOIVQKOZW_\P CONSISTENT PERFORMANCE WITH DOUBLE-DIGIT GAINS Newmark reported eight consecutive quarters of solid revenue growth in Management Services,Servicing, and Other, seven quarters in a row of double-digit gains in Capital Markets, and fivesuccessive quarters of improved performance for Leasing and Other Commissions, all as of June 30,2025.4Highlights included: –Management & Servicingrevenues rose by 14% in 2024 and 12% in the first half of 2025,with continued growth from businesses including Valuation & Advisory, Occupier Solutions,Servicing and Asset Management, and Property Management.5 –Leasingfees increased by 16% for the twelve months ended June 30, 2025 (the “trailingtwelve months”) compared with the prior year period. This included a 21% improvement inthe first half of 2025, which was more than double the average Leasing revenue growth ofour publicly traded full service peers over the same period. Our outperformance was driven bydouble-digit growth in office and retail volumes and robust demand in key gateway marketslike New York City, the San Francisco Bay Area, and Boston.6We continue to expand both ourLeasing and Occupier Solutions footprints, providing corporations with comprehensive realestate solutions on a global scale in nearly 100 countries. –Capital Marketsrevenues grew by 17% in 2024 and 36% in the first half of 2025. Theseresults reflected strong gains across every major property type, as Newmark outpaced theindustry in both investment sales and origination.7We also achieved a 35% increase in FannieMae origination volumes over the trailing twelve months, which we expect to drive the futuregrowth of our high-margin Servicing revenues. –Earningsmeasures significantly improved in 2024 and in the first half of 2025, reflecting bothrobust top-line growth and ongoing cost discipline.8 TRANSFORMATIVE & INDUSTRY-LEADING GROWTH For nearly 14 years, Newmark has experienced extraordinary growth and transformation. From 2011to 2024, we increased Total Revenues by a CAGR of 21% – meaningfully outpacing the 13% averagefor our publicly traded peers. Newmark’s revenues improved by 11% in 2024 versus 8% for the meancompetitor, and by 21% in the first half of 2025, which was nearly ten percentage points above theindustry average.9 Successful Execution of Our Growth Plan In 2011, we laid out a bold plan to become a top-tier global commercial real estate services provider.We have since transformed Newmark into a leading and fully integrated real estate service providerthrough sustained investments in top talent, a thoughtful approach to growth, increased platformintegration, and superior execution. As we dramatically increased our market share in CapitalMarkets, significantly improved our recurring revenues, and meaningfully expanded our internationalfootprint, we succeeded in increasing our overall top line from just under $230 million in 2011 to over$2.9 billion over the twelve months ended June 30, 2025. Capital Markets: From Challenger to Leader In 2015, Newmark had 1.5% market share in U.S. commercial and multifamily originations and3.3% in U.S. investment sales. By the end of the trailing twelve months, we dramatically improvedto over 9% in origination, which was more than six times our market share in 2015, and to 10%in sales, which was triple our then-market share. We now rank among the leaders in U.S. andglobal investment sales, U.S. mortgage brokerage, and Fannie Mae and Freddie Mac multifamilyorigination.10 Newmark is the Go-To Provider for Innovative Solutions and Insights Our ability to advise on both routine and bespoke transactions, including portfolio sales and entity-level M&A, has made us the go-to partner for institutional investors, private equity firms, anddevelopers. For example, we completed over $20 billion in data center Capital Markets transactionsover the trailing twelve months, while also advising on site selection and energy procurement relatedto these properties. As one of today’s most sought-after and important asset classes, data centersdemand a rare combination of technical insight, market expertise, and executional precision – whichNewmark continues to deliver. Our Capital Markets platform is now a defining feature of the Company’s strength. This has in turnled to additional opportunities for Newmark to provide s