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Stock Transactions and Unit Purchases | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stock Transactions and Unit Purchases | Stock Transactions and Unit Purchases As of September 30, 2025, Newmark has two classes of authorized common stock: Class A common stock and Class B common stock. Class A Common Stock Each share of Newmark 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, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Shares outstanding at beginning of period |  | 154,352,509 |  |  | 150,384,929 |  |  | 149,506,832 |  |  | 152,639,359 |  |  |
Share issuances: |  |  |  |  |  |  |  |  |  |
LPU redemption/exchange |  | 2,675,722 |  |  | 2,969,977 |  |  | 15,726,341 |  |  | 8,137,918 |  |  |
Issuance of Class A common stock for Newmark RSUs |  | 463,605 |  |  | 414,611 |  |  | 2,635,130 |  |  | 1,856,950 |  |  |
Other |  | — |  |  | (26,879) |  |  | 463,207 |  |  | 74,513 |  |  |
Treasury stock repurchases |  | — |  |  | (6,779,828) |  |  | (10,839,674) |  |  | (15,745,930) |  |  |
Shares outstanding at end of period |  | 157,491,836 |  |  | 146,962,810 |  |  | 157,491,836 |  |  | 146,962,810 |  |  |
Class B Common Stock Each share of Newmark Class B common stock is entitled to 10 votes and is convertible at any time into one share of Newmark Class A common stock. As of both September 30, 2025 and December 31, 2024, there were 21.3 million shares of Newmark Class B common stock outstanding. Share Repurchases and Unit Purchases On November 4, 2024, Newmark’s Board re-authorized share repurchases of Newmark Class A common stock and purchases of limited partnership interests in Newmark’s subsidiaries by Newmark in an aggregate amount up to $400.0 million, which authorization has no expiration date. From time to time, Newmark may actively repurchase shares and/or purchase units. During the three months ended September 30, 2025, Newmark did not make any repurchases of shares or units. During the nine months ended September 30, 2025, Newmark repurchased 10.8 million shares of Newmark Class A common stock at an average price of $11.58 per share. During the three and nine months ended September 30, 2024, Newmark repurchased 6.8 million and 15.7 million shares of Newmark 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. As of September 30, 2025, Newmark had $246.4 million remaining under 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, 2025 were as follows (in thousands, except shares and per share amounts):
| Total Number of Shares Repurchased |  | Average Price Paid per Share |  | Approximate Dollar Value of Units and Shares That May Yet Be Repurchased/ Purchased Under the Program
Repurchases |  |  |  |  |
January 1, 2025 - March 31, 2025 | — |  |  | $ | — |  |  |
April 1, 2025 - June 30, 2025(1) | 10,839,674 |  |  | $ | 11.58 |  |  |
July 2025 | — |  |  | $ | — |  |  |
August 2025 | — |  |  | $ | — |  |  |
September 2025 | — |  |  | $ | — |  |  |
Total Repurchases | 10,839,674 |  |  | $ | 11.58 |  |  | $ | 246,397 |
(1) On May 16, 2025, Mr. Howard W. Lutnick agreed to sell 10.8 million shares of Newmark Class A common stock beneficially owned by him to Newmark at a price of $11.58 per share pursuant to the Company’s Share Repurchase and Unit Purchase Authorization. Such repurchase closed on May 19, 2025, and was approved by the Audit Committee. See Note 23 — “Related Party Transactions — Transactions with Executive Officers and Directors — Howard W. Lutnick, Former Executive Chairman — Sale of Newmark Class A Common Stock to the Company” for further information. Redeemable Partnership Interests The changes in the carrying amount of FPUs follow (in thousands):
| September 30, 2025 |  | December 31, 2024
Balance at beginning of period: | $ | 13,900 |  |  | $ | 16,244 |
Income allocation | 816 |  |  | 1,428 |
Distributions of income | (1,391) |  |  | (1,196) |
Issuance and other | (1,809) |  |  | (2,576) |
Balance at end of period | $ | 11,516 |  |  | $ | 13,900 |

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