credit / rates affecting interest expense
“pared to the year ended December 31, 2023 due to higher pass through costs and increased warehouse interest expense, both of which were offset by associated revenues.”
NMRK 10-K
Confirmed
Real Estate Services
9 names are moving together; 78% are participating in the current session.
1 observed Confirmed episode
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| VAC | Marriott Vacations Worldwide Co | Consumer Cyclical | +0.1% | 1/1 observed active sessions |
| CWK | Cushman & Wakefield Ltd. | Real Estate | -2.5% | Group member |
| OPLN | OPENLANE, Inc. | Consumer Cyclical | -1.9% | Group member |
| CBRE | CBRE Group Inc | Real Estate | -1.8% | Group member |
| JLL | Jones Lang LaSalle Incorporated | Real Estate | -1.9% | 1/1 observed active sessions |
| BRSL | Brightstar Lottery PLC Trading | Consumer Cyclical | -1.1% | 1/1 observed active sessions |
| CIGI | Colliers International Group In | Real Estate | -0.7% | 1/1 observed active sessions |
| NMRK | Newmark Group, Inc. | Real Estate | -0.5% | Most structurally connected |
| HLI | Houlihan Lokey, Inc. | Financial Services | -2.2% | 1/1 observed active sessions |
Why we believe this
Cohort
9 namesParticipation
78% this sessionObserved history
2 daily buildsFiling coverage
7/9 memberscredit / rates
“The interest rate on the Credit Facility was reduced to LIBOR plus 1.75% per annum, subject to a pricing grid linked to Newmark’s credit ratings from S&P Global Ratings and Fitch.”
NMRK 10-K
restructuring
“Depreciation and Amortization Depreciation and amortization for the six months ended June 30, 2025 increased by $4.1 million, or 4.8%, to $89.0 million compared to the six months ended June 30, 2024 due to a $4.3 million increase in fixed asset impairment related to terminated leases, offset by a $0.3 million change in MSR valuation allowance.”
NMRK 10-Q
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
Connected, outside the group
BGC
NMRKpartner · Not moving with the group now
Filing receipt · BGC / NMRK
“Accordingly, existing partners at the time of the Separation in BGC Holdings became partners in Newmark Holdings and received corresponding units issued at the applicabl…”
NMRK · partner
MC
HLIcompetitor · Not moving with the group now
Filing receipt · MC / HLI
“We believe our primary competitors in securing advisory engagements include the investment banking businesses of Bank of America Corporation, Citigroup Inc., The Goldman…”
HLI · competitor
VMI
NMRKinvestee · Not moving with the group now
Filing receipt · VMI / NMRK
“Obligations under this facility are guaranteed by the Company and its wholly owned subsidiaries, Valmont Telecommunications, Inc., Valmont Coatings, Inc., Valmont Newmar…”
NMRK · investee
LAZ
HLItext peer · Not moving with the group now
No filing excerpt is available for this relationship.
ACVA
OPLNcompetitor · Current intraday read unavailable
Filing receipt · ACVA / OPLN
“Our principal sources of competition primarily come from: (i) large, established competitors (e.g., Manheim, ADESA U.S.”
OPLN · competitor
History
2026-07-301 observed active session · 100% of active names held across the episode