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v3.25.4

Limited Partnership Interests in Newmark Holdings and BGC Holdings (Details) shares in Millions | 3 Months Ended | 12 Months Ended |  |  |  |
--- | --- | --- | --- | --- | --- | ---
Dec. 31, 2025 shares | Dec. 31, 2025 shares | Feb. 18, 2025 | Oct. 23, 2024 | Sep. 23, 2024 | Dec. 13, 2017
Related Party Transaction |  |  |  |  |  |
Limited partnership units exchange ratio | 0.4545 | 0.4545 | 0.9279 | 0.9257 | 0.9248 |
Payout period for post-termination awards |  | 4 years |  |  |  |
Percentage to preferred units | 0.6875% | 2.75% |  |  |  |
Percentage to preferred units per calendar year |  | 2.75% |  |  |  |
Class A Common Stock |  |  |  |  |  |
Related Party Transaction |  |  |  |  |  |
Limited partnership units exchange ratio |  |  |  |  |  | 1
Newmark Holdings Units | Class B Common Stock |  |  |  |  |  |
Related Party Transaction |  |  |  |  |  |
Exchangeable preferred limited partnership units (in shares) | 18.9 | 18.9 |  |  |  |
Newmark Holdings Units | Class A Common Stock |  |  |  |  |  |
Related Party Transaction |  |  |  |  |  |
Limited partnership units exchange ratio | 0.9264 | 0.9264 |  |  |  |

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