Newmark is a commercial real estate (CRE) services firm that advises and transacts on behalf of real estate investors and owners, and large corporate occupiers. For investors and owners, Newmark's core service is Capital Markets — brokering property sales, placing debt, and originating multifamily loans through GSE/FHA programs (Fannie Mae, Freddie Mac, HUD), which Newmark then sells while retaining the servicing rights. Newmark also provides landlord leasing, valuation and advisory, and property management. For corporate occupiers, Newmark offers tenant representation leasing and Occupier Solutions, a multi-year outsourcing business where Newmark manages a client's entire real estate function. Clients include institutional owners, private equity real estate funds, REITs, and Fortune 500 companies. Newmark operates through roughly 140 offices across ~120 cities. Revenue falls into three buckets: Capital Markets, Leasing, and Management Services/Servicing (~38% of FY25 revenue), the last of which includes GSE/FHA loan servicing tied to a $211B+ portfolio, property management, and occupier outsourcing. Newmark is primarily commission-based, with profitability driven by revenue per employee — Newmark claims ~75% higher revenue per employee than full-service peers. The GSE/FHA lending business generates a growing annuity from servicing fees retained after loan sales. Newmark's growth strategy focuses on hiring high-producing brokers from competitors, expanding internationally (currently ~13% of revenues), and growing recurring revenues toward a $2B annual target by 2029.