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Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Compensation Expense | The Company incurred compensation expense related to Class A common stock, LPUs (prior to the Corporate Conversion) and RSUs held by BGC employees as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Issuance of common stock and grants of exchangeability | $ | 242 |  |  | $ | 32,469 |  |  | $ | 154,146 |  |  | $ | 83,064 |
Allocations of net income and dividend equivalents¹ | 1,137 |  |  | 3,492 |  |  | 4,154 |  |  | 11,916 |
LPU amortization | — |  |  | 18,961 |  |  | 40,878 |  |  | 53,585 |
RSU, RSU Tax Account, and restricted stock amortization | 67,889 |  |  | 2,808 |  |  | 78,107 |  |  | 13,174 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs | $ | 69,268 |  |  | $ | 57,730 |  |  | $ | 277,285 |  |  | $ | 161,739 |
____________________________ 1 Prior to the Corporate Conversion, certain LPUs generally received quarterly allocations of net income, including the Preferred Distribution, and were generally contingent upon services being provided by the unit holders. Subsequent to the Corporate Conversion, this includes dividend equivalents on participating securities, the Preferred Return on certain RSU Tax Accounts, and quarterly allocations of net income, including the Preferred distribution to LPUs held by BGC employees in Newmark Holdings. Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings (prior to the Corporate Conversion) and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Issuance of common stock and grants of exchangeability | $ | 242 |  |  | $ | 32,469 |  |  | $ | 154,146 |  |  | $ | 83,064 |
Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated vesting schedule | $ | — |  |  | $ | 18,843 |  |  | $ | 40,848 |  |  | $ | 53,421 |
Post-termination payout | — |  |  | 118 |  |  | 30 |  |  | 164 |
LPU amortization | $ | — |  |  | $ | 18,961 |  |  | $ | 40,878 |  |  | $ | 53,585 |
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
RSU amortization | $ | 36,568 |  |  | $ | 2,808 |  |  | $ | 46,786 |  |  | $ | 13,174 |
Activity Associated with Limited Partnership Units Held by BGC Employees | A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):
| BGC LPUs |  | Newmark LPUs
Balance at December 31, 2022 | 110,348 |  |  | 9,351 |
Granted | 9,688 |  |  | 2 |
Redeemed/exchanged units | (119,803) |  |  | (448) |
Forfeited units | (233) |  |  | — |
Balance at September 30, 2023 | — |  |  | 8,905 |
Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees | A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees as of September 30, 2023, is as follows (in thousands):
| BGC LPUs |  | Newmark LPUs
Regular Units | — |  |  | 6,831 |
Preferred Units | — |  |  | 2,074 |
Balance at September 30, 2023 | — |  |  | 8,905 |
Activity Associated with Limited Partnership Units Awarded to BGC Employees | A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
BGC Holdings LPUs | — |  |  | 8,066 |  |  | 25,684 |  |  | 18,732 |
Newmark Holdings LPUs | 53 |  |  | 142 |  |  | 230 |  |  | 489 |
Total | 53 |  |  | 8,208 |  |  | 25,915 |  |  | 19,221 |
Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting | A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):
| September 30, 2023 |  | December 31, 2022
BGC Holdings LPUs | — |  |  | 47,222 |
Newmark Holdings LPUs | — |  |  | 98 |
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs | $ | — |  |  | $ | 194,951 |
Activity Associated with Restricted Stock Units | A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and dollars in thousands):
| RSUs |  | Weighted- Average Grant Date Fair Value |  | Fair Value Amount |  | Weighted- Average Remaining Contractual Term (Years)
Balance at December 31, 2022 | 12,046 |  |  | $ | 4.11 |  |  | $ | 49,486 |  |  | 2.42
Granted | 60,881 |  |  | 4.04 |  |  | 243,885 |  |  |
Delivered | (10,422) |  |  | 4.13 |  |  | (43,011) |  |  |
Forfeited | (275) |  |  | 4.15 |  |  | (1,144) |  |  |
Balance at September 30, 2023 | 62,230 |  |  | $ | 4.00 |  |  | $ | 249,216 |  |  | 6.37
| Restricted Stock |  | Weighted- Average Grant Date Fair Value |  | Fair Value Amount |  | Weighted- Average Remaining Contractual Term (Years)
Balance at December 31, 2022 | — |  |  | $ | — |  |  | $ | — |  |  | — |
Granted | 38,610 |  |  | 4.37 |  |  | 168,716 |  |  |
Delivered | (6,241) |  |  | 5.22 |  |  | (32,566) |  |  |
Forfeited | — |  |  | — |  |  | — |  |  |
Balance at September 30, 2023 | 32,369 |  |  | $ | 4.21 |  |  | $ | 136,150 |  |  | 2.29

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