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Stock Transactions and Unit Redemptions | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Stock Transactions and Unit Redemptions | Stock Transactions and Unit Redemptions Class A Common Stock Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Shares outstanding at beginning of period | 374,297 |  |  | 390,095 |  |  |  |  |
Share issuances: |  |  |  |  |  |  |
Redemptions/exchanges of limited partnership interests and contingent share obligations 1 | 243 |  |  | 364 |  |  |  |  |
Vesting of RSUs | 4,823 |  |  | 3,710 |  |  |  |  |
Acquisitions | 373 |  |  | 472 |  |  |  |  |
Other issuances of BGC Class A common stock | 1,853 |  |  | 2,379 |  |  |  |  |
Restricted stock forfeitures | (271) |  |  | (636) |  |  |  |  |
Treasury stock repurchases 2 | (3,184) |  |  | (11,250) |  |  |  |  |
Shares outstanding at end of period | 378,134 |  |  | 385,134 |  |  |  |  |
____________________________ 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 March 31, 2025 and 2024 are 0.2 million shares of BGC Class A common stock granted in connection with 0.3 million contingent share obligations, and 0.4 million shares of BGC Class A common stock granted in connection with 0.4 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 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.” Class B Common Stock The Company did not issue any shares of BGC Class B common stock during the three months ended March 31, 2025 and 2024. There were 109.5 million shares of BGC Class B common stock outstanding as of both March 31, 2025 and December 31, 2024. As of March 31, 2024 there were 109.5 million shares of BGC Class B common stock outstanding. CEO Program On March 8, 2021, the Company filed a new CEO Program Shelf Registration Statement on Form S-3 with respect to the issuance and sale of up to an aggregate of $300.0 million of shares of BGC Class A common stock from time to time on a delayed or continuous basis. On July 8, 2022, the Company filed an amendment to the March 2021 Form S-3 Registration Statement. On August 3, 2022, the March 2021 Form S-3 Registration Statement was declared effective by the SEC, and the Company entered into the August 2022 Sales Agreement on August 12, 2022. The Company did not sell any shares under the August 2022 Sales Agreement. On July 3, 2023, in connection with the Corporate Conversion, BGC Group filed a post-effective amendment to the March 2021 Form S-3 Registration Statement, pursuant to which it adopted the March 2021 Form S-3 Registration Statement as its own registration statement. Also on July 3, 2023, BGC Group assumed the August 2022 Sales Agreement, as amended and restated to replace references to BGC Partners with references to BGC Group and to make other ministerial changes. BGC Group may sell up to an aggregate of $300.0 million of shares of BGC Class A common stock pursuant to the terms of the July 2023 Sales Agreement. Under the July 2023 Sales Agreement, the Company agreed to pay CF&Co 2% of the gross proceeds from the sale of shares. As of March 31, 2025, the Company had not sold any shares of BGC Class A common stock or paid any commission to CF&Co under the July 2023 Sales Agreement. For additional information on the Company’s CEO Program sales agreements, see Note 13—“Related Party Transactions.” Unit Redemptions and Share Repurchase Program The Company’s Board and Audit Committee have authorized repurchases of BGC Class A common stock and redemptions of limited partnership interests or other equity interests in the Company’s subsidiaries. On July 1, 2023, the BGC Group Board and Audit Committee approved BGC Group’s repurchase authorization in an amount up to $400.0 million. On October 30, 2024, the BGC Group Board and Audit Committee re-approved BGC Group’s share repurchase authorization in an amount up to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities. As of March 31, 2025, the Company had $326.9 million remaining from its share repurchase authorization. From time to time, the Company may actively continue to repurchase shares. The tables below represent the shares repurchased for cash or withheld to satisfy tax liabilities due upon the vesting of restricted stock. The share repurchases of BGC Class A common stock during the three months ended March 31, 2025 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 March 31, 2025
Repurchases 1,2 |  |  |  |  |  |
January 1, 2025—January 31, 2025 |  | 3,171 |  |  | $ | 9.36 |  |  |
February 1, 2025—February 28, 2025 |  | — |  |  | — |  |  |
March 1, 2025—March 31, 2025 |  | 13 |  |  | 9.35 |  |  |
Total Repurchases |  | 3,184 |  |  | $ | 9.36 |  |  | $ | 326,899 |
___________________________ 1 During the three months ended March 31, 2025, the Company repurchased 3.2 million shares of BGC Class A common stock at an aggregate price of $29.8 million for a weighted-average price of $9.36 per share. These repurchases include 0.7 million restricted shares vested but withheld described in the following footnote. 2 The three months ended March 31, 2025 include an aggregate of 0.7 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 $6.7 million at a weighted-average price of $9.06 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 share repurchases of BGC Class A common stock during the three months ended March 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 March 31, 2024
Repurchases 1,2 |  |  |  |  |  |
January 1, 2024—January 31, 2024 |  | 3,609 |  |  | $ | 6.95 |  |  |
February 1, 2024—February 29, 2024 |  | 6,586 |  |  | 7.02 |  |  |
March 1, 2024—March 31, 2024 |  | 1,055 |  |  | 8.23 |  |  |
Total Repurchases |  | 11,250 |  |  | $ | 7.11 |  |  | $ | 264,565 |
____________________________ 1 During the three months ended March 31, 2024, the Company repurchased 11.2 million shares of BGC Class A common stock for an aggregate price of $80.0 million at a weighted-average price of $7.11 per share. These repurchases include 1.4 million restricted shares vested but withheld described in the following footnote. 2Includes an aggregate of 1.4 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 $11.4 million at a weighted-average price of $7.99 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.

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