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Stock Transactions and Unit Purchases
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stock Transactions and Unit Purchases Stock Transactions and Unit Purchases
As of September 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 September 30,Nine Months Ended September 30,
 2024202320242023
Shares outstanding at beginning of period150,384,929 152,234,598 152,639,359 150,384,605 
Share issuances:
LPU redemption/exchange
2,969,977 1,633,627 8,137,918 4,719,878 
Issuance of Class A common stock for Newmark RSUs
414,611 380,755 1,856,950 1,652,903 
Other(26,879)— 74,513 (154,189)
Treasury stock repurchases(6,779,828)(2,787,291)(15,745,930)(5,141,508)
Shares outstanding at end of period146,962,810 151,461,689 146,962,810 151,461,689 


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 September 30, 2024 and December 31, 2023, there were 21.3 million shares of Newmark Class B common stock outstanding.

Share Repurchases and Unit Purchases
On November 4, 2022, the Board and Audit Committee reauthorized the $400.0 million Newmark share repurchase and unit purchase 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 nine months ended September 30, 2024, Newmark repurchased 6.8 million and 15.7 million shares of Class A common stock at an average price of $13.21 per share and $11.56 per share, respectively. 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 no additional unit purchases for the three and nine months ended September 30, 2024, and no units purchased during the three and nine months ended September 30, 2023. The transaction was approved by the Compensation Committee. As of September 30, 2024, Newmark had $161.3 million remaining from its share repurchase and unit purchase authorization. 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 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 nine months ended September 30, 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 2024— $— 
August 2024— $— 
September 2024795,376 $14.19 
Total Unit Purchases
795,376 $14.19 
Share Repurchases
January 1, 2024 - March 31, 20243,463,399 $10.73 
April 1, 2024 - June 30, 2024
5,502,703 $10.09 
July 2024
— $— 
August 2024
4,512,930 $12.58 
September 2024
2,266,898 $14.46 
Total Share Repurchases
15,745,930 $11.56 $161,300 

Redeemable Partnership Interests
The changes in the carrying amount of FPUs follow (in thousands):
 September 30, 2024December 31, 2023
Balance at beginning of period:$16,244 $16,550 
Income allocation422 1,451 
Distributions of income(1,158)(380)
Issuance and other(2,143)(1,377)
Balance at end of period$13,365 $16,244