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Stock Transactions and Unit Redemptions (Tables)
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
2023202220232022
Shares outstanding at beginning of period351,978 324,087 325,858 317,023 
Share issuances:
Redemptions/exchanges of limited partnership interests and contingent share obligations¹
346 11,940 30,572 23,654 
Vesting of RSUs6,145 451 8,775 3,022 
Acquisitions414 — 4,566 1,186 
Other issuances of BGC Class A common stock461 98 472 441 
Restricted stock awards2
38,610 — 38,610 — 
Restricted stock forfeitures— (43)(239)(48)
Treasury stock repurchases(8,087)(12,397)(18,747)(21,142)
Shares outstanding at end of period389,867 324,136 389,867 324,136 
____________________________
1Contingent share obligations includes shares of BGC Class A common stock issued to terminated employees per their respective separation agreements. Included in redemptions/exchanges of limited partnership interests and contingent share obligations for the three months ended September 30, 2023 and 2022 are 0.2 million shares of BGC Class A common stock granted in connection with 0.2 million contingent share obligations, and 5.8 million shares of BGC Class A common stock granted in connection with the cancellation of 6.0 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests and contingent share obligations for the nine months ended September 30, 2023 and 2022 are 20.4 million shares of BGC Class A common stock granted in connection with the cancellation of 26.4 million LPUs and settlement of 0.2 million contingent share obligations, and 13.7 million shares of BGC Class A common stock granted in connection with the cancellation of 14.1 million LPUs, respectively. Because LPUs and contingent share obligations 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.
2Included in restricted stock awards for the three and nine months ended September 30, 2023, are 26.6 million shares of restricted stock that do not receive dividends until their respective vesting and contingent conditions are met. These restricted stock awards do have voting rights.
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 and nine months ended September 30, 2023 were as follows (in thousands, except for weighted-average price data):
PeriodTotal 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 September 30, 2023
Redemptions1
January 1, 2023—March 31, 202323 $3.90 
April 1, 2023—June 30, 2023422 4.91 
July 1, 2023—September 30, 2023— — 
Total Redemptions445 $4.85 
Repurchases2,3
January 1, 2023—March 31, 2023846 $4.97 
April 1, 2023—June 30, 20239,814 4.44 
July 1, 2023—July 31, 20233,000 4.68 
August 1, 2023—August 31, 20231,612 5.01 
September 1, 2023—September 30, 20233,474 5.24 
Total Repurchases18,746 $4.70 
Total Redemptions and Repurchases19,191 $4.70 $359,656 
___________________________
1During the nine months ended September 30, 2023 the Company redeemed 0.3 million LPUs at an aggregate redemption price of $1.4 million for a weighted-average price of $4.71 per unit. During the nine months ended September 30, 2023, the Company redeemed 0.2 million FPUs at an aggregate redemption price of $0.8 million for a weighted-average price of $5.11 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 20.4 million shares of BGC Class A common stock during the nine months ended September 30, 2023, nor the limited partnership interests exchanged for 13.5 million shares of BGC Class A common stock during the nine months ended September 30, 2023.
2During the three months ended September 30, 2023, the Company repurchased 8.1 million shares of BGC Class A common stock at an aggregate price of $40.3 million for a weighted-average price of $4.99 per share.
3During the nine months ended September 30, 2023, the Company repurchased 18.7 million shares of BGC Class A common stock at an aggregate price of $88.1 million for a weighted-average price of $4.70 per share.
The gross unit redemptions and share repurchases of BGC Class A common stock during the three and nine months ended September 30, 2022 were as follows (in thousands, except for weighted-average price data):
PeriodTotal 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 September 30, 2022
Redemptions1,2
January 1, 2022—March 31, 202243 $4.01 
April 1, 2022—June 30, 20221,010 3.81 
July 1, 2022—September 30, 2022214 3.91 
Total Redemptions1,267 $3.83 
Repurchases3,4
January 1, 2022—March 31, 2022— $— 
April 1, 2022—June 30, 20228,745 3.36 
July 1, 2022—July 31, 20223,033 3.70 
August 1, 2022—August 31, 20225,916 4.14 
September 1, 2022—September 30, 20223,448 4.11 
Total Repurchases21,142 $3.75 
Total Redemptions and Repurchases22,409 $3.76 $107,655 
____________________________
1During the three months ended September 30, 2022, the Company redeemed 0.2 million LPUs at an aggregate redemption price of $0.8 million for a weighted-average price of $4.05 per unit. During the three months ended September 30, 2022, the Company redeemed 27 thousand FPUs at an aggregate redemption price of $0.1 million for a weighted-average price of $2.96 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 5.8 million shares of BGC Class A common stock during the three months ended September 30, 2022, nor the limited partnership interests exchanged for 6.1 million shares of BGC Class A common stock during the three months ended September 30, 2022.
2During the nine months ended September 30, 2022, the Company redeemed 1.2 million LPUs at an aggregate redemption price of $4.5 million for a weighted-average price of $3.88 per unit. During the nine months ended September 30, 2022, the Company redeemed 0.1 million FPUs at an aggregate redemption price of $0.3 million for a weighted-average price of $3.23 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 13.7 million shares of BGC Class A common stock during the nine months ended September 30, 2022, nor the limited partnership interests exchanged for 10.6 million shares of BGC Class A common stock during the nine months ended September 30, 2022.
3During the three months ended September 30, 2022, the Company repurchased 12.4 million shares of BGC Class A common stock at an aggregate price of $49.9 million for a weighted average price of $4.03 per share.
4During the nine months ended September 30, 2022, the Company repurchased 21.1 million shares of BGC Class A common stock at an aggregate price of $79.3 million for a weighted average price of $3.75 per share.
Summary of Changes in Carrying Amount of FPUs
The changes in the carrying amount of FPUs were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Balance at beginning of period$— $16,446 $15,519 $18,761 
Consolidated net income allocated to FPUs— 247 236 968 
Earnings distributions— (253)(236)(1,792)
FPUs exchanged— (434)(1,301)(1,153)
FPUs redeemed— (21)288 (799)
Corporate conversion— — (14,506)— 
Balance at end of period$— $15,985 $— $15,985