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Stock Transactions and Unit Purchases
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stock Transactions and Unit Purchases Stock Transactions and Unit Purchases
As of December 31, 2024, Newmark has two classes of authorized common stock: Class A common stock and Class B common stock.

Class A Common Stock
Each share of Class A common stock is entitled to one vote. Newmark has 1.0 billion authorized shares of Class A common stock at $0.01 par value per share.

Changes in shares of Newmark’s Class A common stock outstanding were as follows:
 Year Ended December 31,
 202420232022
Shares outstanding at beginning of period152,639,359 150,384,605 168,272,371 
Share issuances:
LPU redemption/exchange
12,196,746 6,174,573 4,930,499 
Issuance of Class A common stock for Newmark RSUs
2,399,349 2,367,245 2,136,813 
Other474 (501,694)(36,596)
Treasury stock repurchases(17,729,096)(5,785,370)(24,918,482)
Shares outstanding at end of period149,506,832 152,639,359 150,384,605 

Class B Common Stock
Each share of Class B common stock is entitled to 10 votes and is convertible at any time into one share of Class A common stock.

As of both December 31, 2024 and 2023, there were 21.3 million shares of Newmark Class B common stock outstanding.

Share Repurchases and Unit Purchases
On November 4, 2024, Newmark’s Board re-authorized share repurchases of Newmark Class A common stock and purchases of limited partnership interests in Newmark’s subsidiaries by Newmark in an aggregate amount up to $400.0 million.
From time to time, Newmark may actively continue to repurchase shares and/or purchase units. During the year ended December 31, 2024, Newmark repurchased 17.7 million shares of Class A common stock at an average price of $11.99 per share. On September 23, 2024, the Company purchased 795,376 of Barry Gosin’s previously awarded LPUs (consisting of 123,336 APSUs, 611,167 PSUs, and 60,873 SPUs) at a price per unit of $14.19 (which was $15.34, the closing price of a share of the Company’s Class A common stock on September 23, 2024, multiplied by the then-current Exchange Ratio of 0.9248). There were 68,346 additional units purchased at a price per unit of $14.96 during the year ended December 31, 2024, and no units purchased during the year ended December 31, 2023. The transaction was approved by the Compensation Committee. As of December 31, 2024, Newmark had 371.9 million remaining from its share repurchase and unit purchase authorization. During the year ended December 31, 2023, Newmark repurchased 5.8 million shares of Class A common stock at an average price of $6.47 per share, respectively.

The following table details Newmark’s share repurchases and unit purchases for cash under the current program. The gross unit purchases and share repurchases of Newmark’s Class A common stock during the year ended December 31, 2024 were as follows (in thousands, except shares and units and per unit or share amounts):
Total
Number of
Shares/Units
Repurchased/Purchased
Average
Price Paid
per Share/Unit
Approximate
Dollar Value
of Units and
Shares That
May Yet Be
Repurchased/
Purchased
Under the 
Program
Unit Purchases
January 1, 2024 - March 31, 2024
— $— 
April 1, 2024 - June 30, 2024
— $— 
July 1, 2024 - September 30, 2024795,376 $14.19 
October 202468,346 $14.96 
November 2024— $— 
December 2024— $— 
Total Unit Purchases
863,722 $14.24 
Share Repurchases
January 1, 2024 - March 31, 20243,463,399 $10.73 
April 1, 2024 - June 30, 2024
5,502,703 $10.09 
July 1, 2024 - September 30, 20246,779,828 $13.21 
October 2024146,035 $15.55 
November 20241,837,131 $15.28 
December 2024— $— 
Total Share Repurchases
17,729,096 $11.99 $371,920 

Redeemable Partnership Interests
The changes in the carrying amount of FPUs follow (in thousands):
 December 31, 2024December 31, 2023
Balance at beginning of period:$16,244 $16,550 
Income allocation1,428 1,451 
Distributions of income(1,196)(380)
Issuance and other(2,576)(1,377)
Balance at end of period$13,900 $16,244