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Stock Transactions and Unit Redemptions
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stock Transactions and Unit Redemptions Stock Transactions and Unit Redemptions
As of June 30, 2023, 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 June 30,Six Months Ended June 30,
 2023202220232022
Shares outstanding at beginning of period153,142,810 168,557,363 150,384,605 168,272,371 
Share issuances:
LPU redemption/exchange (1)
1,158,346 2,395,043 3,086,251 3,329,911 
Issuance of Class A common stock for Newmark RSUs286,608 369,567 1,272,148 1,389,041 
Other1,051 51,314 (154,189)64,835 
Treasury stock repurchases(2,354,217)(11,370,647)(2,354,217)(13,053,518)
Shares outstanding at end of period152,234,598 160,002,640 152,234,598 160,002,640 
(1)Because they were included in 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 June 30, 2023 and December 31, 2022, 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. On November 4, 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 and six months ended June 30, 2023, Newmark repurchased 2.4 million shares of Class A common stock at an average price of $5.68. As of June 30, 2023, Newmark had $378.9 million remaining from its share repurchase and unit purchase authorization.

The following table details Newmark’s share repurchases for cash under the current program. The gross share repurchases of Newmark’s Class A common stock during the six months ended June 30, 2023 were as follows (in thousands except shares and per share amounts):
Total
Number of
Shares
Repurchased/Purchased		Average
Price Paid
per Share		Approximate
Dollar Value
of Units and
Shares That
May Yet Be
Repurchased/
Purchased
Under the 
Program
Repurchases
January 1, 2023 - March 31, 2023— — 
April 2023674 $7.08 
May 20232,315,213 $5.67 
June 202338,330 $5.75 
Total Repurchases2,354,217 $5.68 $378,900 


Redeemable Partnership Interests
The changes in the carrying amount of FPUs follow (in thousands):
 June 30, 2023December 31, 2022
Balance at beginning of period:$16,550 $20,947 
Income allocation— 2,272 
Distributions of income(380)(5,130)
Issuance and other(1,103)(1,539)
Balance at end of period$15,067 $16,550