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Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Issuance of common stock and grants of exchangeability | $ | 37,239 |  |  | $ | 37,928 |  |  | $ | 99,703 |  |  | $ | 101,703 |
Allocations of net income and dividend equivalents¹ | 588 |  |  | 1,286 |  |  | 1,673 |  |  | 3,624 |
RSU, RSU Tax Account, and restricted stock amortization | 36,620 |  |  | 46,476 |  |  | 132,320 |  |  | 142,651 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs | $ | 74,447 |  |  | $ | 85,690 |  |  | $ | 233,696 |  |  | $ | 247,978 |
____________________________ 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Issuance of common stock and grants of exchangeability | $ | 37,239 |  |  | $ | 37,928 |  |  | $ | 99,703 |  |  | $ | 101,703 |
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
RSU amortization | $ | 33,877 |  |  | $ | 29,925 |  |  | $ | 115,723 |  |  | $ | 70,621 |
Schedule of Activity Associated with Limited Partnership Units Held by BGC Employees | A summary of the activity associated with Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
|  |  | Newmark LPUs
Balance at December 31, 2024 |  |  | 2,936 |
Granted |  |  | — |
Redeemed/exchanged units |  |  | (676) |
Forfeited units |  |  | (22) |
Balance at September 30, 2025 |  |  | 2,238 |
Schedule of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees | A summary of the Newmark Holdings LPUs held by BGC employees as of September 30, 2025 is as follows (in thousands):
|  |  | Newmark LPUs
Regular Units |  |  | 1,495 |
Preferred Units |  |  | 743 |
Balance at September 30, 2025 |  |  | 2,238 |
Schedule of Activity Associated with Limited Partnership Units Awarded to BGC Employees | A summary of the LPUs redeemed in connection with the issuance of Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Newmark Holdings LPUs | 152 |  |  | 1,804 |  |  | 300 |  |  | 1,926 |
Schedule of 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 fair value amount in thousands, except for per share amounts and weighted-average term):
| RSUs |  | Weighted-Average Grant Date Fair Value Per Share |  | Fair Value Amount |  | Weighted-Average Remaining Contractual Term (Years)
Balance at December 31, 2024 | 72,498 |  |  | $ | 5.24 |  |  | $ | 379,974 |  |  | 4.58
Granted | 15,552 |  |  | 9.05 |  |  | 140,692 |  |  |
Delivered | (11,717) |  |  | 5.16 |  |  | (60,475) |  |  |
Forfeited | (1,809) |  |  | 6.19 |  |  | (11,195) |  |  |
Balance at September 30, 2025 | 74,524 |  |  | $ | 6.02 |  |  | $ | 448,996 |  |  | 4.24
A summary of the activity associated with these restricted stock awards held by BGC employees is as follows (shares of restricted stock and fair value in thousands, except for per share amounts and weighted-average term):
| Restricted Stock |  | Weighted-Average Grant Date Fair Value Per Share |  | Fair Value Amount |  | Weighted-Average Remaining Contractual Term (Years)
Balance at December 31, 2024 | 7,304 |  |  | $ | 4.81 |  |  | $ | 35,119 |  |  | 0.59
Granted | — |  |  | — |  |  | — |  |  |
Delivered | (6,722) |  |  | 4.81 |  |  | (32,420) |  |  |
Forfeited | (248) |  |  | 4.92 |  |  | (1,221) |  |  |
Balance at September 30, 2025 | 334 |  |  | $ | 4.42 |  |  | $ | 1,478 |  |  | 7.75

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