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Stock Transactions and Unit Redemptions
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stock Transactions and Unit Redemptions Stock Transactions and Unit Redemptions
As of June 30, 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:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Shares outstanding at beginning of period152,681,596 153,142,810 152,639,359 150,384,605 
Share issuances:
LPU redemption/exchange (1)
2,978,758 1,158,346 5,167,941 3,086,251 
Issuance of Class A common stock for Newmark RSUs372,312 286,608 1,442,339 1,272,148 
Other(145,034)1,051 101,392 (154,189)
Treasury stock repurchases(5,502,703)(2,354,217)(8,966,102)(2,354,217)
Shares outstanding at end of period150,384,929 152,234,598 150,384,929 152,234,598 
(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 both June 30, 2024 and December 31, 2023, there were 21.3 million shares of Newmark Class B common stock outstanding.

Share Repurchases
On February 10, 2022, the Board and Audit Committee authorized 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 has no expiration date and 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, 2024, Newmark repurchased 5.5 million and 9.0 million shares of Class A common stock at an average price of $10.09 per share and $10.34 per share, respectively. As of June 30, 2024, Newmark had $262.2 million remaining from its share repurchase and unit purchase authorization. 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 per share. 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, 2024 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, 2024 - March 31, 20243,463,399 $10.73 
April 2024— $— 
May 20243,884,084 $10.13 
June 20241,618,619 $9.99 
Total Repurchases8,966,102 $10.34 $262,184 

Redeemable Partnership Interests
The changes in the carrying amount of FPUs follow (in thousands):
 June 30, 2024December 31, 2023
Balance at beginning of period:$16,244 $16,550 
Income allocation37 1,451 
Distributions of income(1,158)(380)
Issuance and other(1,658)(1,377)
Balance at end of period$13,465 $16,244