Financial Data and Key Metrics Changes - Total revenues increased by 15.3% to over $1 billion, compared to $872.7 million in the previous year, marking an all-time high [10] - Adjusted EPS rose by 23.6% to $0.68, exceeding previous guidance by $0.04 [12] - Adjusted EBITDA was $214 million, up 17% from $182.9 million, with an improved margin on total revenues [13] Business Line Data and Key Metrics Changes - Leasing revenues increased by 13.6%, driven by strong activity in New York and Texas across retail, office, and industrial sectors [11] - Management and servicing revenues grew by 12% to over $1.24 billion, with a goal of exceeding $2 billion by 2029 [6] - Capital markets saw a 19.2% increase, reflecting significant activity in office, retail, and multifamily sectors [11] Market Data and Key Metrics Changes - Investment sales volumes increased by 50% in the fourth quarter, compared to 21% industry growth in the U.S. and 15% in Europe [7] - For the full year, investment sales volumes were up 56%, compared to 20% for overall U.S. volumes and 12% for Europe [7] - Debt origination volumes increased by 12%, with a 67% rise in 2025 origination volumes compared to a 43% increase in U.S. industry originations [7] Company Strategy and Development Direction - The company is focused on leveraging AI and digital infrastructure to enhance service offerings and drive growth [8] - Newmark aims to continue its international expansion and increase market share across nearly all business lines [7] - The strategy includes investing in talent and technology to improve efficiency and margin enhancement [8] Management's Comments on Operating Environment and Future Outlook - Management expects double-digit growth in both top and bottom lines for the third consecutive year in 2026, with record total revenues and Adjusted EPS [9] - The favorable macroeconomic backdrop for commercial real estate is anticipated to support continued growth [9] - Management highlighted the importance of AI as an accelerant for business opportunities and margin enhancement [20] Other Important Information - The company ended 2025 with $229.1 million in cash and cash equivalents and a net leverage of 0.8x [14] - Adjusted free cash flow increased by 38.4% for the year to $268.9 million [14] - The board of directors increased the share repurchase authorization to $400 million [13] Q&A Session Summary Question: AI's impact on office needs and staffing - Management noted that it is early to fully understand AI's impact, but it is seen as an accelerant for business opportunities [19][20] Question: Debt maturities and refinancing expectations - Management indicated that $2 trillion of debt is coming due over the next three years, with significant activity expected in the market [27][28] Question: Risks of property-level data becoming public - Management acknowledged that while some data is confidential, there are opportunities to use proprietary data to create value for clients [32][33] Question: Competitive landscape for talent - Management stated that recruiting remains strong, with a focus on providing a less crowded environment for brokers to thrive [64]

此外，在个人住房房产税方面，张波认为，政策的完善是对沪籍家庭改善置换需求的实质性松绑，精准 缓解置业税费顾虑，与当前二手房流通性不足的特征形成呼应。上海二手房已经成为市场成交主力，沪 籍家庭作为本地置业主力，其改善置换需求的释放是推动市场循环的关键。此次房产税政策调整，本市 户籍居民家庭中的子女成年后，购买住房属于成年子女家庭唯一住房的，即可暂免征收房产税，不仅能 鼓励沪籍家庭合理置换，更能推动二手房市场房源流通性提升。 张波表示："随着春节后市场回归常态，政策效应逐步释放，上海楼市有望成为一线城市企稳修复的标 杆，带动长三角核心城市形成联动复苏态势。" （文章来源：新华财经） 新华财经上海2月25日电在全国楼市筑底修复的关键阶段，上海于2月25日推出"沪七条"楼市调控新政， 从限购、公积金、房产税三大核心维度协同发力，以稳定市场、优化供给、提升流通为目标，助力激活 合理住房需求，打通置换链条，缓解存量流通压力，带动增量市场，在稳定市场的同时，推动行业 向"好房子"建设、高质量发展转型。 关于此次"沪七条"，58安居客研究院院长张波认为，这是针对刚需、改善、置换三类真实需求的精准赋 能，政策落地后将直接带动三 ...

CoStar Group (NasdaqGS:CSGP) Q4 2025 Earnings call February 24, 2026 05:00 PM ET Company ParticipantsAndy Florance - CEOBrett Huff - Managing DirectorChris Lown - CFOCurtis Nagle - Managing DirectorJeffrey Silber - Managing DirectorNicholas Jones - Managing DirectorPeter Christiansen - DirectorRich Simonelli - Head of Investor RelationsScott Wurtzel - DirectorSid Chhabra - Managing DirectorConference Call ParticipantsAndrew Boone - Equity Research AnalystCraig Huber - Equity Research AnalystGeorge Tong - Se ...

CoStar Group (NasdaqGS:CSGP) Q4 2025 Earnings call February 24, 2026 05:00 PM ET Company ParticipantsAndy Florance - CEOBrett Huff - Managing DirectorChris Lown - CFOCurtis Nagle - Managing DirectorJeffrey Silber - Managing DirectorNicholas Jones - Managing DirectorPeter Christiansen - DirectorRich Simonelli - Head of Investor RelationsScott Wurtzel - DirectorSid Chhabra - Managing DirectorConference Call ParticipantsAndrew Boone - Equity Research AnalystCraig Huber - Equity Research AnalystGeorge Tong - Se ...

Fourth Quarter and Full Year 2025 Highlights Forward-Looking Statements This investor presentation includes "forward-looking statements". Potential factors that may cause actual results to differ materially from those projected in these forward-looking statements are described in CoStar Group's periodic filings with the Securities and Exchange Commission ("SEC"), such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, including the "Risk Factors" sections of tho ...

Shifted from a single-product iBuyer to a four-solution platform to monetize the full spectrum of seller needs across varying levels of capital intensity. Prioritized 'readiness' over volume in 2025 by widening underwriting spreads and tightening risk guardrails to navigate an unstable housing market. Deliberately slowed acquisitions in late 2025 to clear aged inventory, entering 2026 with fewer than 60 non-contracted aged homes and improved mark-to-market strength. Optimizing for return on deployed ...

MADRID and LONDON, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Colliers announces the appointment of Laura Hernando as Chief Executive Officer (CEO) for Iberia, with her start scheduled in the second quarter of 2026. She succeeds Mikel Echavarren, who will maintain a key strategic role as Chairman for the Iberian region. Hernando will also continue as Managing Director of Hotels for Colliers Spain. Hernando brings more than two decades of expertise in the Iberian market. She has played a pivotal role in the country’s ...

A new analysis finds prospective homebuyers have seen their purchasing power rise in the last year due to higher incomes and lower mortgage rates. Zillow published a report on Monday that found a median-income U.S. household can now comfortably afford a $331,483 home with a 20% down payment. It found that the typical mortgage payment is 8.4% lower than it was a year ago when excluding taxes, insurance and assuming a 20% downpayment. Mortgage rates have fallen from an average of 6.96% in January 2025 to 6 ...

Prentice Capital Management, LP established a new position in Opendoor Technologies (NASDAQ:OPEN) during the fourth quarter, according to a February 17, 2026, SEC filing. What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Prentice Capital Management, LP reported a new holding in Opendoor Technologies. The fund acquired 552,981 shares, with the estimated transaction value totaling $3.22 million based on the average price during the quarter. The quarter-en ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $114 million, with 312 homes sold, bringing full-year revenue to $568 million on 1,591 homes sold [21] - Gross margin was 7% for the quarter and 7.4% for the full year, generating gross profit of $8 million and $42 million, respectively [21] - Adjusted EBITDA loss for Q4 was $6.9 million, with total liquidity over $55 million at quarter end, including $27 million of unrestricted cash [22] Business Line Data and Key Metrics Changes - The company focused on a multi-solution platform, transitioning from a single product to four solutions, which include Cash Offer, Cash Offer Marketplace, brokerage services, and Renovate [4][11] - Renovate generated $27 million in revenue in 2025, up approximately 50% year-over-year [17] Market Data and Key Metrics Changes - The housing market remains constrained, with existing home sales at approximately 4.1 million units, flat year-over-year and the lowest annual level since the mid-90s [7] - Nearly half of the listed homes are over 40 years old, requiring significant updates to meet modern buyer expectations [5] Company Strategy and Development Direction - The company aims to achieve approximately 1,000 transactions per quarter as it exits 2026, which is seen as a pathway to profitability [20] - The focus is on disciplined capital allocation, operational improvements, and expanding into a broader multi-solution platform to meet seller needs [4][10] Management's Comments on Operating Environment and Future Outlook - Management noted that while transaction volumes remain constrained, there are signs of greater pricing clarity and stability in core markets [8] - The company believes the low volume experienced in 2025 is temporary and expects to see increased activity and transaction growth in 2026 [24] Other Important Information - The company has removed over $140 million of annualized expenses since 2022, allowing for higher transaction volumes without proportional overhead growth [23] - The operating framework for 2026 does not require additional capital to execute, supporting plans to scale within defined guardrails [26] Q&A Session Summary Question: Impact of AI on the business and expected P&L line - Management expressed excitement about AI's impact on real estate operations, particularly in pricing sensitivity and efficiency in scheduling inspections [28][33] Question: Transaction volume bridge from Q1 2026 to year-end target - Management indicated a focus on a linear growth trend, moving from approximately 100 transactions per month to over 300 as they expand their product offerings [32] Question: Expected mix of Cash Offer products in transaction targets - The current mix is approximately two-thirds Cash Offer and one-third Cash Offer Marketplace, with expectations to move towards a 50/50 mix over time [38][39] Question: Further expense reductions and their impact on break-even EBITDA - Management acknowledged that while significant expense reductions have been made, there is still potential for further reductions, particularly in third-party spending [42][43]