Newmark Announces Repurchase of Approximately 11 Million Shares from Howard W. Lutnick, United States Secretary of Commerce, Former Executive Chairman

Core Viewpoint - Newmark Group, Inc. is repurchasing shares from Howard W. Lutnick, complying with U.S. government ethics rules, which will divest his ownership and economic interests in the company [1][4]. Group 1: Share Repurchase Details - Newmark has agreed to repurchase 10,969,523 shares of Class A common stock from Howard W. Lutnick for an aggregate purchase price of $127,027,077, at a price of $11.58 per share [2]. - Following this transaction, Newmark will have $244.9 million remaining under its existing stock repurchase authorization [2]. Group 2: Financial Implications - Newmark's CFO, Michael Rispoli, indicated that this transaction allows the company to acquire a substantial number of shares at a favorable price, supporting the company's expected strong cash generation and future investments in growth [3]. - For the twelve months ending March 31, 2025, Newmark generated revenues exceeding $2.8 billion [6]. Group 3: Ownership and Governance Changes - Mr. Lutnick has agreed to transfer his ownership in Cantor Fitzgerald to trusts for the benefit of his children, with the closing of these transactions expected in the third quarter of 2025 [3]. - The sale of shares will comply with Mr. Lutnick's U.S. government ethics agreement, effectively divesting his ownership, voting, and economic interests in Newmark [4].