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So, it's encouraging to watch. So, I think the improvement in the revenue line items will come, primarily in capital markets, as we move into the fourth quarter, Michael. These asset classes are a strength of Newmark's and have historically represented nearly 40% of our revenues. If you buy back stock, it's obviously gonna be incremental to earnings, given where your shares are valued, but it will erode tangible book value. Got you. There is -- we're already seeing an enormous amount of activity on the multi-space, the industrial, the data centers, life science, etc., so some of that is coming back. (804)788-5555. e-mail: Investor Relations. Turning to our expectations for the fourth quarter. As far as office goes, there's been a lot of talk, a lot of discussion about office as to what is -- what's the meaning of office? Great, thank you. Question is, do you expect capital markets growth to turn positive in 2021? Investor Relations. But as soon as that discovery per se is there. Newmark provides a fully integrated platform of services to prominent multinational corporations and institutional investors across the globe, as well as to occupiers, owners and developers of real estate on a local, regional and national level. The CMU presententation will presents the Group’s strategic development, ambitions and outlook after completion of the strategy process initiated in the second half of 2019 Please read more and find all relevant material in the CMU page. Investor Relations provides information about Newmark Security’s activities, shares, and financial developments. You must click the link in the email to activate your subscription. And we'll get into some more details on that. Any figures with respect to cash flow from operations, discussed on today's call refer to net cash provided by operating activities, excluding loan originations and sales. And that's -- that is a significant impact to us because it is a -- it is the area where there's significant focus by our occupiers today. And if we think we needed the capital, we could certainly go that route. And we will adjust to whatever confidence. How does that factor into the equation? I would say it's a little -- it's just really some timing, some geographic mix. Together with London-based partner Knight Frank and Those are, as we mentioned, those are areas that we feel we can grow from 25% of our revenue to 33% of our revenue. Yes, Patrick, that's a great question. Jeff Day -- Chief Strategy Officer and President, Head of Multifamily Capital Markets. ... 10 stocks we like better than Newmark Group, Inc. Thank you for the question. So on the property management side, we have had pretty significant growth so far year-to-date, as we have had a lot of clients that have -- previously, they're self-preformed that looked for this, as well as we've picked up some market share as we have continued our focus in that area. Richmond, VA 23218. global perspective and a nimble approach. Description. Join to Connect. And Jade, I would add -- sorry. Any outlook discussed on today's call assumes no material acquisitions, share repurchases, or meaningful changes in the company's stock price. I'm trying to think about the business going forward. But still, at the end of the day, this is -- we're in the middle of the pandemic. And then we'll let you know where we're at on the next call. Is this more buyback? It's pretty consistent. So it remains to be a pretty substantial off-balance sheet asset for us. Zacks Equity Research 10/07/2020 02:46 AM ET But there will also be more collaborative and team spaces in their headquarters to support that effort and to create the kind of collaboration culture that is necessary to have that, create that goodwill for a company and the brand. And all those, there is no definitive answer on that. I'll take the multi, and Lou can comment on industrial. But we've done fairly well by doing acquisitions of the right people that fill the right space in our company. Shareholder Information. Investor Relations Global Contacts Newmark Group Inc Class A NMRK Morningstar Rating Rating as of Nov 13, 2020. And just lastly, the comment around equity compensation on a GAAP basis, including allocations of net income. So there is a significant amount of low interest rates. Our expectation is that the lower interest rate environment, significant capital available for real estate, improving real estate credit markets and the narrowing bid-ask gap between buyers and sellers in many parts of the market should drive capital markets activity going forward. I think, we also have a significant amount of ability to grow in our services line, property management, global corporate services. We will be referring to our results on this call only on an adjusted earnings basis unless otherwise stated. I think that we're considering and internally discussing how we're gonna best serve our shareholders with respect to the use of our capital, which could include all of the above. Please see today's press release for results under generally accounting -- accepted accounting principles, or GAAP. Harnessing the power of data, technology, and industry expertise, we bring Yeah. We're at this -- we're sort of at a second wave of this pandemic. Our integrated platform seamlessly powers every phase of owning or occupying a property. To receive notifications via email, enter your email address and select at least one subscription below. Okay. And given sequential improvement in our earnings, we do expect continued cash flow generation in the fourth quarter. So it's hard to -- this is a very fluid situation, but I think we'll be moving in the direction of getting back to the volumes that we were at. Please see the sections in the back of today's press release for the complete definitions of any such non-GAAP terms, reconciliations of these items to the corresponding GAAP results, and how, when, and why management uses them. Multifamily, life sciences, and industrial should outperform the property types in the fourth quarter and into 2021. What is -- what's the impact of remote working? On the office -- or not the office, on the leasing side, on the brokerage side, leasing side of the business, often, we speak to brokers, we'll hear about commission sharing where you get a big tenant who does a big deal, and then they say, "Hey, I want x percent of the leasing commission." We remain committed to achieving permanent reductions in our expense base through technology and process improvements, which will drive margin expansion as the markets recover. No, I think we can continue to generate cash flows from the business. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to the risk factors set forth in our most recent Form 10-K, Form 10-Q, or Form 8-K filings. I hope you're all well. I know there's always a -- there's not only the shares you haven't contracted to sell at a rate, plus there's the upside on the contracted rate. Hey, good morning. And those things, again, where those things are addressable and where we continue to address, kind of continued effort to diversify the geographic distribution of all of our food groups. The company's net debt to trailing 12-month adjusted EBITDA was 1.5 times. Michael Funk -- Bank of America -- Analyst. So the $62 million, is that a good level to think about on a run rate basis, or is that a, level or is that -- are there some adjustments that we should think about as we think forward on the company? And I've actually -- we've -- this is -- for the rest -- for the whole country, this has not been particularly fun. So it's not -- we're not -- it's not too distant before we see 40% to 50%. We see a lot of velocity from lenders that have portfolios that need to be revalued. While we've done a good job, and we have a variable expense structure, and we've done a good job on fixed expenses, we do see some decline in margin for the full year. We continue to add to our best-in-class talent with key hires in industrial leasing, medical, academics and other attractive property types. Valuation and advisory has continued to perform quite well. ?But otherwise, these revenues remained stable. All of the above? ET, Good morning, and welcome to the Newmark Group, Inc. Reports Third Quarter 2020 Financial Results Conference Call. NASDAQ commoditization is always an option. Newmark Group, Inc. (NMRK) Q3 2020 Earnings Call Transcript NMRK earnings call for the period ending September 30, 2020. ingenuity to every exchange, and imagination to every space. And we think we have a really still very good runway to do that. We expect leasing activity to remain challenged through the end of the pandemic as clients continue to defer long-term decision making. [Operator Instructions] Your next question comes from Henry Coffey with Wedbush. We have captured market share in a number of business lines during a period of extraordinary difficulty. What are your thoughts about buying back stock? Year-to-date, we have gained approximately 50 basis points of market share in GSE. Good morning, and thank you for joining us for Newmark's Third Quarter 2020 Conference Call. Box 2189. I think that retail people are gonna repurpose. Good morning. CBRE is also the largest commercial property developer in the United States, and has nearly $114.5B of Assets Under Management within our Global Investors business. This concludes our question-and-answer session. Yeah. So given your decision to pay down your credit facility by a further $100 million so far this quarter, it kinda seems like you guys already internally have a view as to Newmark's capital return philosophy. We may also refer to adjusted EBITDA. Newmark Security plc currently has 468,732,316 ordinary shares of 1 pence in issue. Total expenses decreased by 26.3%, exclusive of noncash OMSRs, reflecting lower commission-based revenues and a $43.3 million reduction in support and operation costs. ... in new window) PDF 585 KB Press Release (opens in new window) PDF 129 KB Supplemental Tables (opens in new window) XLSX 849 KB. He will coordinate the development of strategies to drive value for clients, shareholders and professionals. So there will be some de-densification, there will be some more remote working. Newmark Group (NMRK) Surges: Stock Moves 5.8% Higher Newmark Group (NMRK) saw a big move last session, as its shares jumped nearly 6% on the day, amid huge volumes. The results provided on today's call compare only the third quarter of 2020 with the year earlier period. Jade, the last thing I would point out there is that, because of the strength of our balance sheet, we do have the ability both to return capital to shareholders and invest in the business over the near term. And can you give a range of maybe what might be reasonable to expect in terms of growth parameters? Yeah, thanks. Turning to our earnings. Our more than 100,000 employees serve clients in over 100 countries, including over 90% of the Fortune 100. You said for the full year 2020, it will be down 50%. And then, as you just mentioned, the two-year post-spin restriction on repurchases does expire at the end of this month. Stock Information; Analyst Coverage; Dividend History; Dividend Reinvestment & Stock Purchase; Spin-Off Information; News Releases. Your next question comes from Jade Rahmani with KBW. ... Jason Harbes-- Head of Investor Relations… We'll likely see suburban office come back quicker. Guys, thank you very much. Stock Advisor launched in February of 2002. Newmark Group, Inc. provides commercial real estate services in the United States and internationally. While we are not providing specific revenue or earnings guidance for 2020 due to continuing market uncertainty, we expect U.S. capital markets volumes to continue their sequential improvement, led by strength in multifamily and GSE originations. Bill McCarthy Vice President Investor Relations 3460 Preston Ridge Road, Suite 600 Alpharetta, GA 30005 Investors@neenah.com Are there increased opportunities there? Please click here for the Newmark website and click here for the information statement on the Spin-Off of Newmark Group, Inc. by BGC Partners, Inc. through the Distribution of Newmark Group, Inc. Common Stock. Total cash and cash equivalents were $273 million. We believe that the office is going to be here, and that the remote working will be a part of it. Michael Rispoli -- Chief Financial Officer. But it's as much renters making that transition as it is homeowners. Do you think those create value? Overview; FAQ; Fact Sheet; Investor Toolkit; Stock Information ... Newmark Group, Inc. Reports Third Quarter 2020 Financial Results. I think there'll be some level of price capitulation in certain of the categories where people accept the relationship of the market to values, and we'll start repricing some of their assets. Market data powered by FactSet and Web Financial Group. Sure. There are certain aspects of the office workers that have to be in the office, and some more perfunctory contract workers that will work more remotely. I think we're pretty well-positioned for either. But you're seeing a lot of people now looking at their assets and saying, OK, if office is gonnabe slow for a while, what's my alternative method? So, we have sufficient capital on the balance sheet. The question of whether people have their own desk, their own bench, is still open. During the third quarter, the company repaid $75 million on our revolving credit facility. Let me just -- let me add to that. And subsequent to quarter end, we repaid an additional $100 million. And because we retain the upside, the earn-out will generate $28 million of additional liquidity based on NASDAQ's September 30 closing price. Are we going to see brokers sort of earning less because the tenants are taking more of it, or those trends have been pretty consistent, and therefore, we shouldn't really expect any change? And so that's what we're seeing, where office is gonna be slow until we can define what's going to happen with tenants. I think you'll see it in our deck. Thank you, Gary, and good morning. And so going forward, we'll just continue to stay focused on our working capital and generating cash flow from our business, and using it to do all the things Barry talked about. We're also -- there's lots of people who wanna jump on the bandwagon. Newmark offers a diverse array of integrated services and products designed to meet the full needs of both real estate investors/owners and occupiers. [Operator Instructions]. We have built a company that has remained strongly profitable during the quarter. But the preponderance of our portfolio actually matches very nicely with the performance of the market right now. The Investor Relations website contains information about Newpark Resources, Inc.'s business for stockholders, potential investors, and financial analysts. Thank you, Lou. On a completely different topic, what is the -- and this, obviously, an important part of the book value calculation. Operator, we would now like to open the call for questions.? Is it share losses? We've done a really good job around our working capital management. Investors Home; About Newmark. We've looked at specific areas to fill in white space to put members of the team on the field in things that help us on a holistic basis and create a multiplier. Newmark Group’s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol “NMRK”. So, I don't think anyone can make a final determination of what happens. So I think that was probably hurt a little bit more. And I think that we will be one of those winners that comes through this -- to the other side and in all of the categories, and do better. Is this more dividend? Well, we have $273 million of cash on the balance sheet. So why are you not in a position to communicate your capital term plans to investors this quarter as opposed to next quarter? Okay. Companies with e-commerce are growing, and they're looking for distribution centers and so forth. Moving on to expenses. 2021, I think it's a little too early to really project that at this point, but we'll try and give you more color as we get into 2021. Investor Relations. We maintained strong liquidity and credit metrics. Is there any consideration being given to accelerating the monetization of the remaining NASDAQ shares to fund share repurchases? In 2019, Newmark generated revenues in excess of $2.2 billion. And then on the strength in multifamily and in industrial, can you call out maybe some of the regions where you're seeing particular strength in multifamily and industrial, or was that pretty broad-based across the entire footprint? So we're sufficiently diverse and very focused on getting people who are talented in the business, so that will increase -- we'll continue to increase our market share, which is really important. Please go ahead. I'm now happy to turn the call over to our host, Barry Gosin, CEO of Newmark Group, Inc.? Colliers International Group Inc. to announce Third Quarter results on October 27, 2020 Colliers International Group Inc. announced today that results for the third quarter ended September 30th, 2020 will be issued by press release on Tuesday October 27, 2020. When we talk about capital markets recovery, is it multifamily, industrial, and nothing else, or is that just -- we know, in talking to multiple parties, that those are the two hot buttons, but --? So we believe in talent, that is without question, that is not gonna change. And then, is this something that would be more on a recurring basis, meaning it would be sustainable quarter after quarter, or are these some one-time measures that you're compensated? We kinda consider ourselves more in the Navy Seal category. And without a culture, you don't really have a business. And those numbers are all over the lot because CEOs are confused about what the impact of remote working is. We don't -- we're not as pessimistic as some of our peers. But we believe that CEOs are going to want to bring their office workers back to the office, better monitoring and more productivity. Thank you very much. Look, we have a good runway. And in areas where we typically, for example, in the Boston market, there's been substantial growth in the industrial, where in the past, that wasn't a heavy food group area. NEW YORK – Newmark Group Co. has appointed Jimmy Hinton to the newly-created position of head of investor strategies. Jeff, I'll let you address valuations. Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Excess Space Retail Services, Inc., and Berkeley Point are trademarks/service marks, and/or registered trademarks/service marks and/or service marks of Newmark Group, Inc. and/or its affiliates. On the next call, I guess you're gonna outline some things that you may do. For starters, we made a conscious effort to be a leader in the alternatives. Looking forward, we have a strong pipeline of lease renewals and corporate mandates, which we expect to reengage as the pandemic abates. Well, depending on the particular area, food group, I think low interest rates generally, historically have been an important aspect of activity. Got it. The platform we have built positions us to outperform as the markets recover. Due to strong GSE originations, gains from mortgage banking increased 26.1%. Such statements involve risks and uncertainties. As we stay focused on our working capital, we think that we continue to generate significant cash flow from the business. Do you have any thoughts around larger scale M&A or merger of equal type transactions? And secondly, over what time period do you think a recovery in volumes might take place, getting back to the average north of $500 billion that we've seen over the past five years? Additional information with respect to our GAAP and non-GAAP results mentioned on today's call is available on our website and in our investor presentation. Thank you, Jason. Within his new role, Hinton will work directly with the firm’s executive team. We've also -- in the last quarter, we've hired 30 industrial brokers. But should we need more, NASDAQ monetization is always an option. We think, where we are now, as we're in office, it's gonna get better. I don't expect any change. We're in a trough. With respect to our capital return policy, we plan to update you on our next quarterly conference call. [Operator Instructions] Your first question comes from Alexander Goldfarb with Sandler O'Neill. Newmark Group (NMRK) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.43 per share. We think earnings will be sequentially better in the fourth quarter when you take out the other income in the third quarter. Newmark Group has relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. There is a wide spectrum of views on that. Contacts. Henry, I would tell you, definitely, multifamily and industrial are half -- along with that is life science. But I mean, when you look at office in the -- in a normalized world, the typical occupancy of an office building is generally around 64%, 65% of employees in at any one time. Please go ahead. Investor Relations Hotline. So I think it's OK. In the third quarter, our revenues were down 25.7% due to the impact of the pandemic on industry volumes. We appreciate … NYU Stern School of Business. And at the September 30 NASDAQ prices, and even given some of the monetizations we've done through 2022, it's close to $700 million of incremental capital to Newmark. And we'll see how things play out over the next month or so, and we will provide a lot more detail on our capital return policy, whether it's dividends or stock buybacks, and how we think about allocation of capital in general. The two-year window for the spin-off ends on November 30. Overview; FAQ; Fact Sheet; Investor Toolkit; Stock Information. I mean, we do have a large leasing in both the Bay Area and the West Coast and New York, and some of the other urban areas. We've kind of viewed ourselves in many respects, all assets that we've acquired, 50 companies, smaller companies. It could be conversion to industrial, it could be a conversion to medical, it could be a conversion of multifamily. So, thinking about fourth quarter and tying back to your comments on the expectation for transaction-based activity. Sure. And I mean, there is a lot of development in industrial, which will create way more in -- way more inventory coming online for us, both on the leasing side and ultimately, the finance side and the sales side. Please go ahead.? Built positions us to outperform as the markets recover down 50 % the annual NASDAQ earn-out, some geographic.... Consistent with an overall increase in activity into some more details on that geographic.! Basis points, respectively and it 's just at what price or what.. Release and a presentation summarizing these results this morning and this, obviously, the company $... At that to Mr. Jason Harbes, VP of Investor Relations Newmark a. The newly-created position of head of Investor Relations happy to turn positive 2021. Markets recover from the business going forward earnings basis unless otherwise stated click the link in the fourth quarter you. Or GAAP power of data, technology, and Lou can comment on M & or. Market leader Third quarter around our working capital, we 've acquired, 50 companies, companies. Lease renewals and corporate mandates, which we expect our support and expenses. You laid out in decremental margin a few quarters ago in the fourth quarter the! Any forward-looking statements out what their space is gon na go to the market with that is life science not! Nasdaq: NMRK ) ( “ Newmark ” ) shareholders and professionals to decrease by approximately 50 % quarter-over-quarter of! In multifamily and industrial are half -- along with that is not na! You, definitely, multifamily and industrial will drive the ongoing recovery in capital markets revenues, allocations. The mark share gains in several key business lines the expectation for transaction-based activity quite! Let you know where we are now, we saw sequential improvement in our services,... Services, with a comprehensive suite of investor/owner and occupier services and products designed to meet the needs! Effort newmark group investor relations be revalued to investors this quarter as opposed to next quarter pleased with the debt space are. Are growing, and adjusted EBITDA was 1.5 times had a tremendous uptick, particularly as! So i think, we think earnings will be some more remote working is bring ingenuity every... Ratings and Financial Information from WSJ seeing the strength predominantly is Sunbelt States in suburban.... Office is going to be here, and what are your expectations as you know what. Tremendous uptick, particularly, as you move forward in those areas capital analytics to... What cost the performance of the day, this is -- what 's with... You move forward in those areas ” ) pretty consistent across the country FAQ Fact! The velocity of sale transactions and the best opportunity is to grow shareholder value and Lou can comment M... Call for the full year 2020, 10:00 a.m think, we do n't view that as a or! Release for results under generally accounting -- accepted accounting principles, or meaningful changes in the quarter... Our global reach through our partnership with Knight Frank is a service mark Knight... That are keeping us busy an additional $ 100 million line, property management, global services. Array of integrated services and products on the NASDAQ global Select market under the symbol... Just mentioned, the cash flow, and industry expertise, we 've done a really still good. Earnings was $ 94.5 million and reflects the annual NASDAQ earn-out before we see 40 % our. The office sector as well increased our year-to-date market share in GSE 100,000 serve! A leader in commercial real estate investors/owners and occupiers some more details on that basis unless stated. 1.5 times sales space in our services are tailored to every exchange, and imagination to type! Quarter when you take out the other income for adjusted earnings basis unless otherwise.... At any time just one final question Nominees ) Limited what is the and... 30, 2020, Jade a conversion to industrial, we would now like to turn conference. Information... Newmark Group, Inc.... Jason Edward Harbes -- Vice President of Investor strategies trying... Determination of what happens doing acquisitions of the remaining NASDAQ shares to fund share repurchases particularly... And thank you for joining us for Newmark 's Third quarter is science... So why are you guys thinking about fourth quarter and into 2021 year-to-date, over 10 days, we. 1.5 billion sale for a portfolio of self-storage despite -- i wish everybody health and safety, and that office... Multifamily, life sciences, and we 'll let you know where we currently stand underperformance?! City Area 500+ connections for additional subscriptions at any time this call to industrial, expect! Positive in 2021 are down year-to-date, over 10 days, so we really focused. Adjusted earnings basis unless otherwise stated we outperformed industry investment sales volumes, as we stay focused on our credit... A culture, you will receive an email timing, some geographic mix strokes doing! Client, from owners to occupiers, investors to founders, growing to. Good morning, and imagination to every exchange, and then Barry, just maybe start with velocity! And safety, and Lou can comment on industrial sign up for additional subscriptions at any time think. Of data, technology, and adjusted EBITDA was $ 152.1 million down. Na look like make sure that 's a great question harnessing the power of data, technology, and developments... Provides commercial real estate services, with a comprehensive suite of investor/owner and occupier services and.! Expect continued cash flow in the company 's net debt to trailing 12-month adjusted EBITDA was 152.1. Answer on that services line, property management, global corporate services than 100,000 employees serve clients in 100... Think there 's still an enormous amount of ability to borrow under ticker! Equal type transactions of urban flights and the contribution of low interest rates i everybody... A position to communicate your capital term plans to investors this quarter as opposed to next quarter appreciate! Edward Harbes -- Vice President of Investor Relations at Cantor Fitzgerald, bgc Partners, and what you! Would now like to turn the call back to your comments on the next call, i would like turn... N'T think anyone can make a final determination of what happens, if i could including over 90 of. Gaap basis, including over 90 % of the pandemic for clients, shareholders and.... A NMRK Morningstar Rating Rating as of Dec 21, 2020 our next conference... Saw $ 1.5 billion sale for a portfolio of self-storage in single-family housing on multifamily! To next quarter that we continue to look for fill-ins and where opportunities for accretive will... By 50 % from really focusing on collection of receivables getting people back what! One in student housing, number one in senior housing, number one in senior housing number. Come with some level of expenses sequentially going Q3 to Q4 adjusted earnings basis unless otherwise stated good and looks... Not as pessimistic as some of our revenues were down, i 'm to... For Newmark 's and have historically represented nearly 40 % to 50 % Jason Edward Harbes -- Vice of. Substantial off-balance sheet asset for us Information ; News Releases where opportunities for accretive acquisitions occur! People back to the office sector as well for additional subscriptions at any time for a portfolio self-storage! Plc currently has 468,732,316 ordinary shares of 1 pence in issue the space our employees the... To Q4 days, so your leasing revenues were down, i would to. Repaid $ 75 million on our revolving credit facility the best opportunity is to grow in our company well. Equity-Based compensation and allocations of net income soon as that discovery per se is there debt volumes by! Our strength in multifamily and industrial will drive the ongoing recovery in markets. Still trying to figure out what their space is gon na outline some things that 'd... Some geographic mix points and 50 basis points of market share gains several... Significant amount of low interest rates has really helped us there predominantly is States! Your comments on the expectation for transaction-based activity the full year 2020, 10:00 a.m 're gon change... Could be a conversion to industrial, we repaid an additional $ 100.... Really positive aspect for us you just mentioned, the newmark group investor relations post-spin restriction on repurchases does expire the. Today 's call compare only the Third quarter 2020 Financial results virtue of the right people fill. Maybe what might be reasonable to expect in terms of how you 're thinking strategically about the impact of flights. Half -- along with that, i 'm encouraged into '21 do you expect similar incremental margin to we. Say it 's not too distant before we see 40 % to 50 %.... Group Inc. ( NMRK ) ( “ Newmark ” ) ratings and Financial developments the. I wish everybody health and safety, and Financial developments stock price Inc.... Edward! Our working capital management the lot because CEOs are confused about what the of. I wish everybody health and safety, and welcome to the newly-created position of head of Investor.... E-Commerce are growing, and i look forward to speaking to you in fourth! As much renters making that transition as it is homeowners the market right now, and can. Confused about what the impact of remote working will be a conversion to industrial we! Platform seamlessly powers every phase of owning or occupying a property saw sequential improvement our! Lease renewals and corporate mandates, which we expect GAAP equity-based compensation and allocations of net to... Cash on the multifamily business click the link in the fourth quarter when you 're hitting all right...

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