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Stock Transactions and Unit Redemptions
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stock Transactions and Unit Redemptions Stock Transactions and Unit Redemptions
As of September 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 September 30,Nine Months Ended September 30,
 2023202220232022
Shares outstanding at beginning of period152,234,598 160,002,640 150,384,605 168,272,371 
Share issuances:
LPU redemption/exchange (1)
564,180 421,320 3,650,431 1,983,495 
Issuance of Class A common stock for Newmark RSUs380,755 297,266 1,652,903 1,686,307 
Issuance of Class A common stock
1,069,447 — 1,069,447 1,767,736 
Other— (26,742)(154,189)38,093 
Treasury stock repurchases(2,787,291)(10,163,677)(5,141,508)(23,217,195)
Shares outstanding at end of period151,461,689 150,530,807 151,461,689 150,530,807 
(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 September 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 nine months ended September 30, 2023, Newmark repurchased 2.8 million and 5.1 million shares of Class A common stock at an average price of $6.78 and $6.28. As of September 30, 2023, Newmark had $360.0 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 nine months ended September 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 1, 2023 - June 30, 2023
2,354,217 $5.68 
July 2023— $— 
August 2023— $— 
September 20232,787,291 $6.78 
Total Repurchases5,141,508 $6.28 $360,000 

Redeemable Partnership Interests
The changes in the carrying amount of FPUs follow (in thousands):
 September 30, 2023December 31, 2022
Balance at beginning of period:$16,550 $20,947 
Income allocation293 2,272 
Distributions of income(380)(5,130)
Issuance and other(1,254)(1,539)
Balance at end of period$15,209 $16,550