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Stock Transactions and Unit Redemptions (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Changes in Shares of Class A Common Stock Outstanding | Changes in shares of BGC Class A common stock outstanding for the years ended December 31, 2024 and 2023 were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Shares outstanding at beginning of period | 390,095 |  |  | 325,858 |
Share issuances: |  |  |
Redemptions/exchanges of limited partnership interests and contingent share obligations ¹ | 1,756 |  |  | 30,754 |
Vesting of RSUs | 9,996 |  |  | 13,009 |
Acquisitions | 1,062 |  |  | 4,566 |
Other issuances of BGC Class A common stock | 9,028 |  |  | 2,946 |
Restricted stock awards 2 | — |  |  | 38,610 |
Restricted stock forfeitures | (1,440) |  |  | (1,428) |
Treasury stock repurchases 3 | (36,200) |  |  | (24,220) |
Shares outstanding at end of period | 374,297 |  |  | 390,095 |
____________________________________ 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 year ended December 31, 2024 are 1.8 million shares of BGC Class A common stock granted in connection with 1.8 million contingent share obligations. Included in redemption/exchanges of limited partnership interests and contingent share obligations for the year ended December 31, 2023, are 20.5 million shares of BGC Class A common stock granted in connection with the cancellation of 26.4 million LPUs and settlements of 0.4 million contingent share obligations. 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. 2 Shares outstanding at the end of the year ended December 31, 2024, includes 6.7 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”
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 year ended December 31, 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 December 31, 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—September 30, 2024 |  | 7,893 |  | 9.05 |  |  |
October 1, 2024—October 31, 2024 |  | 6,369 |  | 9.45 |  |  |
November 1, 2024—November 30, 2024 |  | — |  |  | — |  |  |
December 1, 2024—December 31, 2024 |  | — |  |  | — |  |  |
Total Repurchases |  | 36,200 |  |  | 8.30 |  |  | $ | 350,000 |
____________________________________ 1 During the year ended December 31, 2024, the Company repurchased 36.2 million shares of BGC Class A common stock at an aggregate price of $300.5 million for a weighted-average price of $8.30 per share. These repurchases include 4.6 million restricted shares vested but withheld described in the following footnote. 2 Include 4.6 million shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The fair value of restricted shares vested, withheld to satisfy tax liabilities was $38.4 million at a weighted-average price of $8.35 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 year ended December 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/ Repurchased Under the Program at December 31, 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 |  | — |  |  | — |  |  |
October 1, 2023—December 31, 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—September 30, 2023 |  | 8,087 |  | 4.99 |  |  |
October 1, 2023—December 31, 2023 |  | 5,473 |  | $ | 5.74 |  |  |
Total Repurchases |  | 24,220 |  |  | 4.94 |  |  |
Total Redemptions and Repurchases |  | 24,665 |  |  | $ | 4.93 |  |  | $ | 333,113 |
____________________________________ 1 During the year ended December 31, 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 and 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 20.5 million shares of BGC Class A common stock during the year ended December 31, 2023, nor the limited partnership interests exchanged for 13.6 million shares of BGC Class A common stock during the year ended December 31, 2023. 2 During the year ended December 31, 2023, the Company repurchased 24.2 million shares of BGC Class A common stock at an aggregate price of $119.6 million for a weighted-average price of $4.94 per share. These repurchases includes 1.0 million restricted shares vested but withheld described in the following footnote. 3 Includes 1.0 million shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The fair value of restricted shares vested, withheld to satisfy tax liabilities was $5.0 million at a weighted-average price of $5.21 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.
Schedule of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs for the year ended December 31, 2023 were as follows (in thousands):
|  |  | Year Ended December 31,
|  |  | 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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