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Stock Transactions and Unit Redemptions (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Changes in Shares of Class A Common Stock Outstanding | Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Shares outstanding at beginning of period | 325,858 |  |  | 317,023 |  |  |  |  |
Share issuances: |  |  |  |  |  |  |
Redemptions/exchanges of limited partnership interests¹ | 13,145 |  |  | 6,643 |  |  |  |  |
Vesting of RSUs | 2,096 |  |  | 1,982 |  |  |  |  |
Acquisitions | 658 |  |  | 912 |  |  |  |  |
Other issuances of BGC Class A common stock | 13 |  |  | 3 |  |  |  |  |
Restricted stock forfeitures | (49) |  |  | — |  |  |  |  |
Treasury stock repurchases | (846) |  |  | — |  |  |  |  |
Shares outstanding at end of period | 340,875 |  |  | 326,563 |  |  |  |  |
____________________________ 1 Included in redemptions/exchanges of limited partnership interests for the three months ended March 31, 2023 and 2022 are 6.9 million shares of BGC Class A common stock granted in connection with the cancellation of 7.3 million LPUs, and 3.3 million shares of BGC Class A common stock granted in connection with the cancellation of 3.3 million LPUs, respectively. Because LPUs are included in the Company’s fully diluted share count if dilutive, redemptions/exchanges in connection with the issuance of BGC Class A common stock would not impact the fully diluted number of shares outstanding.
Gross Unit Redemptions and Share Repurchases of Class A Common Stock | The tables below represent the units redeemed and/or shares repurchased for cash and do not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The gross unit redemptions and share repurchases of BGC Class A common stock during the three months ended March 31, 2023 were as follows (in thousands, except for weighted-average price data):
Period |  | Total Number of Units Redeemed or Shares Repurchased |  | Weighted-Average Price Paid per Unit or Share |  | Approximate Dollar Value of Units and Shares That Could Be Redeemed/ Purchased Under the Program at March 31, 2023
Redemptions 1 |  |  |  |  |  |
January 1, 2023—March 31, 2023 |  | 23 |  |  | $ | 3.90 |  |  |
Repurchases 2 |  |  |  |  |  |
January 1, 2023—January 31, 2023 |  | — |  |  | $ | — |  |  |
February 1, 2023—February 28, 2023 |  | — |  |  | — |  |  |
March 1, 2023—March 31, 2023 |  | 846 |  |  | 4.97 |  |  |
Total Redemptions and Repurchases |  | 869 |  |  | $ | 4.95 |  |  | $ | 372,115 |
___________________________ 1.The Company redeemed an immaterial amount of LPUs during the three months ended March 31, 2023. During the three months ended March 31, 2023, the Company redeemed 23 thousand FPUs at an aggregate redemption price of $0.1 million for a weighted-average price of $3.90 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 6.9 million shares of BGC Class A common stock during the three months ended March 31, 2023, nor the limited partnership interests exchanged for 6.3 million shares of BGC Class A common stock during the three months ended March 31, 2023. 2.During the three months ended March 31, 2023, the Company repurchased 0.8 million shares of BGC Class A common stock at an aggregate price of $4.2 million for a weighted-average price of $4.97 per share. The gross unit redemptions and share repurchases of BGC Class A common stock during the three months ended March 31, 2022 were as follows (in thousands, except for weighted-average price data):
Period |  | Total Number of Units Redeemed or Shares Repurchased |  | Weighted-Average Price Paid per Unit or Share |  | Approximate Dollar Value of Units and Shares That Could Be Redeemed/ Purchased Under the Program at March 31, 2022
Redemptions 1 |  |  |  |  |  |
January 1, 2022—March 31, 2022 |  | 43 |  |  | $ | 4.01 |  |  |
Repurchases 2 |  |  |  |  |  |
January 1, 2022—March 31, 2022 |  | — |  |  | $ | — |  |  |
Total Redemptions and Repurchases |  | 43 |  |  | $ | 4.01 |  |  | $ | 191,635 |
____________________________ 1 During the three months ended March 31, 2022, the Company redeemed 14 thousand LPUs at an aggregate redemption price of $59 thousand for a weighted-average price of $4.30 per unit. During the three months ended March 31, 2022, the Company redeemed 29 thousand FPUs at an aggregate redemption price of $114 thousand for a weighted-average price of $3.88 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 3.3 million shares of BGC Class A common stock during the three months ended March 31, 2022, nor the limited partnership interests exchanged for 3.8 million shares of BGC Class A common stock during the three months ended March 31, 2022. 2The Company did not repurchase shares of BGC Class A common stock during the three months ended March 31, 2022.
Summary of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Balance at beginning of period | $ | 15,519 |  |  | $ | 18,761 |  |  |  |  |
Consolidated net income allocated to FPUs | 236 |  |  | 468 |  |  |  |  |
Earnings distributions | — |  |  | (1,074) |  |  |  |  |
FPUs exchanged | (309) |  |  | (339) |  |  |  |  |
FPUs redeemed | (23) |  |  | (30) |  |  |  |  |
Balance at end of period | $ | 15,423 |  |  | $ | 17,786 |  |  |  |  |

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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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