XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.1
Stock Transactions and Unit Redemptions
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stock Transactions and Unit Redemptions Stock Transactions and Unit Redemptions
As of March 31, 2022, 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:
 Three Months Ended March 31,
 20222021
Shares outstanding at beginning of period168,272,371 161,175,894 
Share issuances:
LPU redemption/exchange (1)
934,868 1,851,802 
Issuance of Class A common stock for Newmark RSUs1,019,474 965,469 
Other13,521 — 
Treasury stock repurchases(1,682,871)(879,243)
Shares outstanding at end of period168,557,363 163,113,922 
(1)Because they were included in the Newmark’s fully diluted share count, if dilutive, any exchange of LPUs into Class A common stock would not impact the fully diluted number of shares and units outstanding. 

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 March 31, 2022 and December 31, 2021, there were 21.3 million shares of Newmark Class B common stock outstanding.

Share Repurchases
On February 17, 2021, our Board increased its authorized share repurchases of Newmark Class A Common stock and purchases of limited partnership interests in Newmark's subsidiaries to $400.0 million. This authorization includes repurchases of shares or purchase of units from executive officers, other employees and partners, including of BGC and Cantor, as well as other affiliated persons or entities. On February 10, 2022, the Board and Audit Committee reauthorized the $400.0 million Newmark share repurchase and unit redemption authorization, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities.

From time to time, Newmark may actively continue to repurchase shares and/or purchase units. During the three months ended March 31, 2022, Newmark repurchased 1,682,871 shares of Class A common stock, respectively, at an average price of $18.35. As of March 31, 2022, Newmark had $397.2 million remaining from its share repurchase and unit purchase authorization.

The following table details Newmark's unit redemptions and share repurchases for cash, under the new program, and does not include unit redemptions and/or cancellations in connection with the grant of shares of Newmark's Class A common stock. The gross unit redemptions and share repurchases of Newmark's Class A common stock during the three months ended March 31, 2022 were as follows (in thousands except units, shares and per share amounts):
Total
Number of
Shares
Repurchased/Purchased		Average
Price Paid
per Unit
or Share		Approximate
Dollar Value
of Units and
Shares That
May Yet Be
Repurchased/
Purchased
Under the 
Program
Repurchases
January 20221,516,606 $18.53 
February 2022166,265 $16.67 
March 2022— $— 
Total Repurchases1,682,871 $18.35 $397,227 

Redeemable Partnership Interests
The changes in the carrying amount of FPUs follow (in thousands):
 March 31, 2022December 31, 2021
Balance at beginning of period:$20,947 $20,045 
Income allocation22 4,532 
Distributions of income(3,238)(1,215)
Redemptions— (2,169)
Issuance and other(327)(246)
Balance at end of period$17,404 $20,947