Newmark Group announced on May 19, 2025, that it agreed to repurchase 10,969,523 shares of Newmark Class A common stock beneficially owned by Howard W. Lutnick, the United States Secretary of Commerce and former Executive Chairman. The aggregate purchase price was $127,027,077, based on $11.58 per share.
This repurchase was conducted under Newmark's existing stock repurchase authorization, which will have $244.9 million remaining after this transaction. The sale is in furtherance of Mr. Lutnick's U.S. government ethics agreement, requiring him to divest his ownership, voting, and economic interests in the company.
Newmark's Chief Financial Officer, Michael Rispoli, stated that this transaction presented a unique opportunity to efficiently acquire a substantial number of shares at a favorable price. The company anticipates continuing to invest in growth while returning capital to shareholders through repurchases over time.
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