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Stock Transactions and Unit Redemptions | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Stock Transactions and Unit Redemptions | Stock Transactions and Unit Redemptions As of March 31, 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 March 31, |
|  | 2024 |  | 2023 |  |  |  |  |  |
Shares outstanding at beginning of period |  | 152,639,359 |  |  | 150,384,605 |  |  |  |  |  |  |
Share issuances: |  |  |  |  |  |  |  |  |  |
LPU redemption/exchange (1) |  | 2,189,183 |  |  | 1,927,905 |  |  |  |  |  |  |
Issuance of Class A common stock for Newmark RSUs |  | 1,070,027 |  |  | 985,540 |  |  |  |  |  |  |
Other |  | 246,426 |  |  | (155,240) |  |  |  |  |  |  |
Treasury stock repurchases |  | (3,463,399) |  |  | — |  |  |  |  |  |  |
Shares outstanding at end of period |  | 152,681,596 |  |  | 153,142,810 |  |  |  |  |  |  |
(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 March 31, 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 months ended March 31, 2024, Newmark repurchased 3.5 million shares of Class A common stock at an average price of $10.73 per share. As of March 31, 2024, Newmark had $317.7 million remaining from its share repurchase and unit purchase authorization. During the three months ended March 31, 2023, Newmark did not repurchase shares of Class A common stock. As of December 31, 2023, Newmark had $354.9 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 three months ended March 31, 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 - January 31, 2024 | 35,006 |  |  | $ | 10.85 |  |  |
February 1, 2024 - February 29, 2024 | 771,477 |  |  | $ | 10.65 |  |  |
March 1, 2024 - March 31, 2024 | 2,656,916 |  |  | $ | 10.75 |  |  |
Total Repurchases | 3,463,399 |  |  | $ | 10.73 |  |  | $ | 317,691 |
Redeemable Partnership Interests The changes in the carrying amount of FPUs follow (in thousands):
| March 31, 2024 |  | December 31, 2023
Balance at beginning of period: | $ | 16,244 |  |  | $ | 16,550 |
Income allocation | — |  |  | 1,451 |
Distributions of income | — |  |  | (380) |
Issuance and other | (713) |  |  | (1,377) |
Balance at end of period | $ | 15,531 |  |  | $ | 16,244 |

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