Newmark Group, Inc. (NASDAQ:NMRK) Q3 2023 Earnings Call Transcript

Alexander Goldfarb: Hi. Thank you for taking question. Just going back, Barry, I can appreciate that you don’t want to outline the FDIC details. But just in general, you guys have advised on that, you advised on the Blackstone M&A transaction. I mean clearly, you are building up more of what I guess I would term sort of traditional investment bank revenues that complement the – your brokerage verticals. So, is there just a way that we can think about holistically the addition of sort of the new revenue streams as we try to think about the company?

Barry Gosin: Well, we have – as we said last time, we – as you picked up that we were getting more heavily in the advisory business, so we are – we brought on bankers. We are starting to do more complex, more in-depth kinds of transactions where we see a real opportunity in REIT-to-REIT M&A continuations, total recaps, new investors as a whole new array of investors and debt providers in the business, and we think we are in a good place to do that. As you saw, we – last quarter, we did a $2.2 billion self-storage sale to a major – from a major institution to another major institution. Park La Brea was a $900 million debt placement. We just yesterday across the wire, will come maybe the largest multifamily office or multifamily office, 2.2 million square feet of office out of Texas that just traded yesterday.

In all these cases, in most of these cases, there were other incumbents that we are picking up these opportunities from. And we continue to be the go-to company in respect of the more creative providing the more creative solutions. So, we just see a vast array and a wider spectrum of things in the real estate business right now that will bring our talent to the table. We are in the room, and that’s the first step.

Alexander Goldfarb: Thank you.

Operator: Thank you. And that does conclude the question-and-answer session. I will now turn the conference back over to Barry Gosin for closing or additional remarks.

Barry Gosin: Well, I want to thank everybody for joining us and I look forward to next quarter. Thank you.

Operator: Thank you. That does conclude today’s conference. We do thank you for your participation. Have an excellent day.