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Stock Transactions and Unit Redemptions (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Shares outstanding at beginning of period | 379,588 |  |  | 351,978 |  |  | 390,095 |  |  | 325,858 |
Share issuances: |  |  |  |  |  |  |
Redemptions/exchanges of limited partnership interests and contingent share obligations¹ | 180 |  |  | 346 |  |  | 1,298 |  |  | 30,572 |
Vesting of RSUs | 2,507 |  |  | 6,145 |  |  | 8,192 |  |  | 8,775 |
Acquisitions | 70 |  |  | 414 |  |  | 543 |  |  | 4,566 |
Other issuances of BGC Class A common stock | 1,278 |  |  | 461 |  |  | 6,106 |  |  | 472 |
Restricted stock awards 2 | — |  |  | 38,610 |  |  | — |  |  | 38,610 |
Restricted stock forfeitures | (300) |  |  | — |  |  | (973) |  |  | (239) |
Treasury stock repurchases 3 | (7,893) |  |  | (8,087) |  |  | (29,831) |  |  | (18,747) |
Shares outstanding at end of period 2 | 375,430 |  |  | 389,867 |  |  | 375,430 |  |  | 389,867 |
____________________________ 1 Contingent share obligations include 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, 2024 and 2023 are 0.2 million shares of BGC Class A common stock granted in connection with 0.2 million contingent share obligations, and 0.2 million shares of BGC Class A common stock granted in connection with the cancellation of 0.2 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests and contingent share obligations for the nine months ended September 30, 2024 and 2023 are 1.3 million shares of BGC Class A common stock granted in connection with 1.4 million contingent share obligations, and 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, respectively. Because LPUs were included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges of LPUs in connection with the issuance of BGC Class A common stock did not impact the fully diluted number of shares outstanding. 2 Shares outstanding at end of the period, September 30, 2024, includes 12.1 million shares of certain restricted stock awards that do not receive dividends until their respective vesting and contingent conditions are met. These restricted stock awards do have voting rights. 3 Treasury stock repurchases includes shares withheld for taxes on restricted stock vesting. See Note 7—“Stock Transactions and Unit Redemptions: Unit Redemptions and Share Repurchase Program.”
Schedule of Gross Unit Redemptions and Share Repurchases of Class A Common Stock | The tables below represent the units redeemed and/or the shares repurchased for cash or withheld to satisfy tax liabilities due upon the vesting of restricted stock 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 share repurchases of BGC Class A common stock during the three and nine months ended September 30, 2024 were as follows (in thousands, except for weighted-average price data):
Period |  | Total Number of Shares Repurchased |  | Weighted-Average Price Paid per Share |  | Approximate Dollar Value of Shares That Could Be Repurchased Under the Program at September 30, 2024
Repurchases 1,2 |  |  |  |  |  |
January 1, 2024—March 31, 2024 |  | 11,250 |  |  | $ | 7.11 |  |  |
April 1, 2024—June 30, 2024 |  | 10,688 |  |  | 8.32 |  |  |
July 1, 2024—July 31, 2024 |  | 2,040 |  |  | 8.59 |  |  |
August 1, 2024—August 31, 2024 |  | 4,807 |  |  | 9.12 |  |  |
September 1, 2024—September 30, 2024 |  | 1,046 |  |  | 9.65 |  |  |
Total Repurchases |  | 29,831 |  |  | $ | 8.06 |  |  | $ | 121,173 |
___________________________ 1 During the three months ended September 30, 2024, the Company repurchased 7.9 million shares of BGC Class A common stock for an aggregate price of $71.5 million at a weighted-average price of $9.05 per share. These repurchases include the 0.9 million restricted shares vested but withheld described in the following footnote. During the nine months ended September 30, 2024, the Company repurchased 29.8 million shares of BGC Class A common stock for an aggregate price of $240.4 million at a weighted-average price of $8.06 per share. These repurchases include the 3.6 million restricted shares vested but withheld described in the following footnote. 2 The three months ended September 30, 2024 include an aggregate of 0.9 million shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The fair value of restricted shares vested but withheld to satisfy tax liabilities was $7.5 million at a weighted-average price of $8.48 per share. The nine months ended September 30, 2024 includes an aggregate of 3.6 million shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The fair value of restricted shares vested but withheld to satisfy tax liabilities was $28.4 million at a weighted-average price of $7.98 per share. The average price paid per share for such share withholdings is based on the closing price per share on the vesting date of the restricted stock or, if such date is not a trading day, the trading day immediately prior to such vesting date. 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):
Period |  | Total Number of Units Redeemed or Shares Repurchased |  | Weighted-Average Price Paid per Unit or Share |  | Approximate Dollar Value of Shares That Could Be Redeemed/ Purchased Under the Program at September 30, 2023
Redemptions 1 |  |  |  |  |  |
January 1, 2023—March 31, 2023 |  | 23 |  |  | $ | 3.90 |  |  |
April 1, 2023—June 30, 2023 |  | 422 |  |  | 4.91 |  |  |
July 1, 2023—September 30, 2023 |  | — |  |  | — |  |  |
Total Redemptions |  | 445 |  |  | $ | 4.85 |  |  |
Repurchases 2,3 |  |  |  |  |  |
January 1, 2023—March 31, 2023 |  | 846 |  |  | $ | 4.97 |  |  |
April 1, 2023—June 30, 2023 |  | 9,814 |  |  | 4.44 |  |  |
July 1, 2023—July 31, 2023 |  | 3,000 |  |  | 4.68 |  |  |
August 1, 2023—August 31, 2023 |  | 1,612 |  |  | 5.01 |  |  |
September 1, 2023—September 30, 2023 |  | 3,474 |  |  | 5.24 |  |  |
Total Repurchases |  | 18,746 |  |  | $ | 4.70 |  |  |
Total Redemptions and Repurchases |  | 19,191 |  |  | $ | 4.70 |  |  | $ | 359,656 |
____________________________ 1 During the nine months ended September 30, 2023, the Company redeemed 0.3 million LPUs for an aggregate redemption price of $1.4 million at a weighted-average price of $4.71 per unit. During the nine months ended September 30, 2023, the Company redeemed 0.2 million FPUs for an aggregate redemption price of $0.8 million at 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. 2 During the three months ended September 30, 2023, the Company repurchased 8.1 million shares of BGC Class A common stock for an aggregate price of $40.3 million at a weighted-average price of $4.99 per share. 3 During the nine months ended September 30, 2023, the Company repurchased 18.7 million shares of BGC Class A common stock for an aggregate price of $88.1 million at a weighted-average price of $4.70 per share.
Schedule of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs were as follows (in thousands):
|  |  |  |  | Nine Months Ended September 30, 2023 |
|  |  |  |  |  |  | 2023 |
Balance at beginning of period |  |  |  |  |  |  | $ | 15,519 |  |
Consolidated net income allocated to FPUs |  |  |  |  |  |  | 236 |  |
Earnings distributions |  |  |  |  |  |  | (236) |  |
FPUs exchanged |  |  |  |  |  |  | (1,301) |  |
FPUs redeemed |  |  |  |  |  |  | 288 |  |
Corporate Conversion |  |  |  |  |  |  | (14,506) |  |
Balance at end of period |  |  |  |  |  |  | $ | — |  |

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