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  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
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  "notes": "The chart tracks net leverage ratio over time, with specific annotations for the spin-off, COVID-19, and interest rate environment.",
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      "kind": "callout",
      "text": "Since our spin-off from BGCP, our mean and median quarterly net leverage ratios have been under 0.8x and 0.9x, respectively, and only went above 1.5x at the height of the pandemic.",
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      "kind": "legend",
      "text": "Net Leverage; Peak Impact of the Pandemic",
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      "text": "Over the past five years, the Company has generated strong Adjusted EBITDA in a variety of macroeconomic environments. Since our spin-off from BGCP, our mean and median quarterly net leverage ratios have been under 0.8x and 0.9x, respectively, and only went above 1.5x at the height of the pandemic. We expect to continue operating with investment-grade credit metrics, including net leverage not to exceed 1.5x. Expect to end 2023 at or below 1.0x.",
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      "text": "Mean and Median Net Leverage Has Remained Below 1.0x Since Spin-Off",
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