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  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
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      "text": "Note: Throughout this document “TTM” is the trailing twelve months ended March 31, 2023, unless otherwise stated.",
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      "text": "Experienced Management Team Leading Opportunistic Hiring, M&A & Other Growth Initiatives: Proven senior management team; Best-in-class talent; Drive cross-selling; Selected by FDIC to sell Signature Bank's $60 billion loan portfolio",
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      "text": "History of Strong Operating Performance & Investment Grade Credit Metrics: 2017 – 2022 Revenue CAGR of 11%; 2017 – 2022 Adjusted EBITDA CAGR of 14%; Consistently operate with investment grade credit metrics, with net leverage at 1.3x as of March 31, 2023; 2011-2022 Revenue CAGR of 25%",
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      "text": "Strong Cash Flow Generation enabled by Continued Growth of Recurring Revenues: TTM Adjusted EBITDA of $447 million; GAAP cash flow from operations averaged ~74% of Adjusted EBITDA from 2017-2022; Recurring revenues represented 35% of TTM total revenues; $169B servicing portfolio; Highly variable expense base (~ 70%)",
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      "text": "Well Capitalized Balance Sheet and Strong Credit Profile: Investment grade credit metrics; Strong balance sheet and liquidity; Low net leverage (net debt/ TTM Adjusted EBITDA) of ~1.3x as of March 31, 2023; expected to end 2023 at or below 1.0x",
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      "text": "Credit Highlights",
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