| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Delaware | 86-3748217 | ||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
499 Park Avenue, New York, NY | 10022 | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Class A Common Stock, $0.01 par value | BGC | The Nasdaq Stock Market, LLC | ||||||||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
| Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
| Emerging growth company | ☐ | |||||||||||||
| Page | ||||||||
Condensed Consolidated Statements of Financial Condition—At June 30, 2023 and December 31, 2022 | ||||||||
Condensed Consolidated Statements of Operations—For the Three and Six Months Ended June 30, 2023 and June 30, 2022 | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss)—For the Three and Six Months Ended June 30, 2023 and June 30, 2022 | ||||||||
Condensed Consolidated Statements of Cash Flows—For the Six Months Ended June 30, 2023 and June 30, 2022 | ||||||||
Condensed Consolidated Statements of Changes in Equity—For the Three and Six Months Ended June 30, 2023 and June 30, 2022 | ||||||||
| TERM | DEFINITION | ||||
| BGC Financial or BGCF | BGC Financial, L.P. | ||||
| BGC Global OpCo | BGC Global Holdings, L.P., an operating partnership, which holds the non-U.S. businesses of BGC and which is owned jointly, following the closing of the Corporate Conversion, by BGC Partners and Holdings Merger Sub | ||||
| BGC Group | BGC Group, Inc., and where applicable its consolidated subsidiaries | ||||
| BGC Group Equity Plan | Eighth Amended and Restated BGC Partners Long-Term Incentive Plan, as amended and restated and renamed the “BGC Group, Inc. Long Term Incentive Plan” and assumed by BGC Group in connection with the Corporate Conversion | ||||
| BGC Group Incentive Plan | Second Amended and Restated BGC Partners Incentive Bonus Compensation Plan, as amended and restated and renamed the “BGC Group, Inc. Incentive Bonus Compensation Plan” and assumed by BGC Group in connection with the Corporate Conversion | ||||
| BGC Holdings | BGC Holdings, L.P., an entity which, prior to the Corporate Conversion, was owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners | ||||
| BGC Holdings Distribution | Pro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Holdings to its partners of all of the exchangeable limited partnership interests of Newmark Holdings owned by BGC Holdings immediately prior to the distribution, completed on the Distribution Date | ||||
| BGC OpCos | BGC U.S. OpCo and BGC Global OpCo, collectively | ||||
| BGC Partners | BGC Partners, Inc. and, where applicable, its consolidated subsidiaries | ||||
| BGC Partners Equity Plan | Eighth Amended and Restated Long Term Incentive Plan, approved by BGC Partners’ stockholders at the annual meeting of stockholders on November 22, 2021 | ||||
| BGC Partners Incentive Plan | BGC Partners’ Second Amended and Restated Incentive Bonus Compensation Plan, approved by BGC Partners’ stockholders at the annual meeting of stockholders on June 6, 2017 | ||||
| BGC U.S. OpCo | BGC Partners, L.P., an operating partnership, which holds the U.S. businesses of BGC and which is owned jointly, following the closing of the Corporate Conversion, by BGC Partners and Holdings Merger Sub | ||||
| Board | Board of Directors of the Company | ||||
| Brexit | Exit of the U.K. from the EU | ||||
| Cantor | Cantor Fitzgerald, L.P. and, where applicable, its consolidated subsidiaries | ||||
| Cantor group | Cantor and its subsidiaries other than BGC, including Newmark | ||||
| Cantor units | Limited partnership interests, prior to the Corporate Conversion, of BGC Holdings, held by the Cantor group, which BGC Holdings units were exchangeable into shares of BGC Class A common stock or BGC Class B common stock, as applicable | ||||
| CCRE | Cantor Commercial Real Estate Company, L.P. | ||||
| CECL | Current Expected Credit Losses | ||||
| CEO Program | Controlled equity offering program | ||||
| CF&Co | Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor | ||||
| CFGM | CF Group Management, Inc., the general partner of Cantor | ||||
| CFS | Cantor Fitzgerald Securities, a wholly owned broker-dealer subsidiary of Cantor | ||||
| CFTC | Commodity Futures Trading Commission | ||||
| Charity Day | BGC’s annual event held on September 11th where employees of the Company raise proceeds for charity | ||||
| TERM | DEFINITION | ||||
| Class B Issuance | Issuance by BGC Partners of 10,323,366 and 712,907 shares of BGC Class B common stock to Cantor and CFGM, respectively, in exchange for an aggregate of 11,036,273 shares of BGC Class A common stock under the Exchange Agreement, completed on November 23, 2018 | ||||
| CLOB | Central Limit Order Book | ||||
| CME | CME Group Inc., is a leading derivatives marketplace, made up of four exchanges: CME, CBOT, NYMEX and COMEX | ||||
| Company | Refers to (i) from after the effective time of the Corporate Conversion, BGC Group and its consolidated subsidiaries, including BGC Partners; and (ii) prior to the effective time of the Corporate Conversion, BGC Partners and its consolidated subsidiaries | ||||
| Company Debt Securities | The 5.375% Senior Notes, 3.750% Senior Notes, 4.375% Senior Notes, 8.000% Senior Notes and any future debt securities issued by the Company | ||||
| Company Equity Securities | BGC Group stock or other equity securities | ||||
| Compensation Committee | Compensation Committee of the Board | ||||
| Contribution Ratio | Equal to a BGC Holdings limited partnership interest multiplied by one, divided by 2.2 (or 0.4545) | ||||
| Corant | Corant Global Limited, BGC’s former Insurance brokerage business | ||||
| Corporate Conversion | A series of mergers and related transactions pursuant to which, effective at 12:02 AM Eastern Time on July 1, 2023, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group, transforming the organizational structure of the BGC businesses from an “Up-C” structure to a simplified “Full C-Corporation” structure | ||||
| Corporate Conversion Agreement | The Corporate Conversion Agreement entered into on November 15, 2022, and as amended on March 29, 2023, by and among BGC Partners, BGC Holdings, BGC Group, Inc. and other affiliated entities, and, solely for the purposes of certain provisions therein, Cantor, that provides for the Corporate Conversion of the BGC businesses | ||||
| Corporate Conversion Transactions | The Corporation Conversion Transactions refers to the series of mergers described in the Corporate Conversion Agreement and related transactions | ||||
| Corporate Conversion Mergers | The Holdings Reorganization Merger, the Corporate Merger, and the Holdings Merger, collectively | ||||
| Corporate Merger | The merger of Merger Sub 2 with and into Holdings Merger Sub on July 1, 2023 | ||||
| COVID-19 | Coronavirus Disease 2019 | ||||
| CRD | Capital Requirements Directive | ||||
| Credit Facility | A $150.0 million credit facility between BGC Partners and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018 | ||||
| DCM | Designated Contract Market | ||||
| DCO | Derivatives Clearing Organization | ||||
| Distribution Date | November 30, 2018, the date that BGC Partners and BGC Holdings completed the Spin-Off and the BGC Holdings Distribution, respectively | ||||
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
| DRIP | Dividend Reinvestment and Stock Purchase Plan | ||||
| ECB | European Central Bank | ||||
| Ed Broking | Ed Broking Group Limited, formerly a wholly owned subsidiary of the Company, acquired on January 31, 2019 and sold to The Ardonagh Group on November 1, 2021 as part of the Insurance Business Disposition | ||||
| TERM | DEFINITION | ||||
| EMIR | European Market Infrastructure Regulation | ||||
| EPS | Earnings Per Share | ||||
| ESG | Environmental, social and governance, including sustainability or similar items | ||||
| eSpeed | Various assets comprising the Fully Electronic portion of the Company’s former benchmark on-the-run U.S. Treasury brokerage, market data and co-location service businesses, sold to Nasdaq on June 28, 2013 | ||||
| EU | European Union | ||||
| Exchange Act | Securities Exchange Act of 1934, as amended | ||||
| Exchange Agreement | A letter agreement by and between BGC Partners, Cantor and CFGM, dated June 5, 2015, that, prior to the Corporate Conversion, granted Cantor and CFGM the right to exchange shares of BGC Class A common stock into shares of BGC Class B common stock on a one-to-one basis up to the limits described therein, and which agreement was terminated in connection with the Corporate Conversion | ||||
| Exchange Ratio | Ratio by which a Newmark Holdings limited partnership interest can be exchanged for shares of Newmark Class A or Class B common stock | ||||
| FASB | Financial Accounting Standards Board | ||||
| FCA | Financial Conduct Authority of the U.K. | ||||
| FCM | Futures Commission Merchant | ||||
| FDIC | Federal Deposit Insurance Corporation | ||||
| February 2012 distribution rights shares | Cantor’s deferred stock distribution rights provided to current and former Cantor partners on February 14, 2012 | ||||
| Fenics | BGC’s group of electronic brands, offering a number of market infrastructure and connectivity services, Fully Electronic marketplaces, and the Fully Electronic brokerage of certain products that also may trade via Voice and Hybrid execution, including market data and related information services, Fully Electronic brokerage, connectivity software, compression and other post-trade services, analytics related to financial instruments and markets, and other financial technology solutions; includes Fenics Growth Platforms and Fenics Markets | ||||
| Fenics Growth Platforms | Consists of Fenics UST, Fenics GO, Lucera, Fenics FX and other newer standalone platforms | ||||
| Fenics Integrated | Represents Fenics businesses that utilize sufficient levels of technology such that significant amounts of their transactions can be, or are, executed without broker intervention and have expected pre-tax margins of at least 25% | ||||
| Fenics Markets | Consists of the Fully Electronic portions of BGC’s brokerage businesses, data, network and post-trade revenues that are unrelated to Fenics Growth Platforms, as well as Fenics Integrated revenues | ||||
| FINRA | Financial Industry Regulatory Authority | ||||
| FMX | BGC’s combined U.S. Treasury and Futures electronic marketplace | ||||
| Founding Partners | Individuals who became limited partners of BGC Holdings in the mandatory redemption of interests in Cantor in connection with the 2008 separation and merger of Cantor’s BGC division with eSpeed, Inc. (provided that members of the Cantor group and Howard W. Lutnick (including any entity directly or indirectly controlled by Mr. Lutnick or any trust with respect to which he is a grantor, trustee or beneficiary) are not founding partners) and became limited partners of Newmark Holdings in the Separation | ||||
| Founding/Working Partners | Holders of FPUs | ||||
| FPUs | Founding/Working Partners units, in BGC Holdings, prior to the Corporate Conversion, or Newmark Holdings, generally redeemed upon termination of employment | ||||
| TERM | DEFINITION | ||||
| Freedom | Freedom International Brokerage Company, a 45%-owned equity method investment of the Company | ||||
| Fully Electronic | Broking transactions intermediated on a solely electronic basis rather than by Voice or Hybrid broking | ||||
Futures Exchange Group | CFLP CX Futures Exchange Holdings, LLC, CFLP CX Futures Exchange Holdings, L.P., CX Futures Exchange Holdings, LLC, CX Clearinghouse Holdings, LLC, CX Futures Exchange, L.P. and CX Clearinghouse, L.P. | ||||
| FX | Foreign exchange | ||||
| GDPR | General Data Protection Regulation | ||||
| GFI | GFI Group Inc., a wholly owned subsidiary of the Company, acquired on January 12, 2016 | ||||
| GILTI | Global Intangible Low-Taxed Income | ||||
| GUI | Graphical User Interface | ||||
| HDUs | LPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’s Consolidated Statements of Financial Condition | ||||
| Holdings Merger | The merger of Merger Sub 2 with and into Holdings Merger Sub | ||||
| Holdings Reorganization Merger | The reorganization of BGC Holdings from a Delaware limited partnership into a Delaware limited liability company through a merger with and into Holdings Merger Sub | ||||
| Holdings Merger Sub | BGC Holdings Merger Sub, LLC, a Delaware limited liability company, wholly owned subsidiary of the Company, and successor to BGC Holdings | ||||
| Hybrid | Broking transactions executed by brokers and involving some element of Voice broking and electronic trading | ||||
| ICAP | ICAP plc, a part of TP ICAP group, and a leading markets operator and provider of execution and information services | ||||
| ICE | Intercontinental Exchange | ||||
| Insurance brokerage business | The insurance brokerage business of BGC, including Corant, Ed Broking, Besso, Piiq Risk Partners, Junge, Cooper Gay, Global Underwriting and Epsilon, which business was sold to The Ardonagh Group on November 1, 2021 | ||||
| Insurance Business Disposition | The sale of the Insurance brokerage business for $534.9 million in gross cash proceeds after closing adjustments, subject to limited post-closing adjustments, completed on November 1, 2021 | ||||
| IR Act | Inflation Reduction Act of 2022 | ||||
| July 2023 Sales Agreement | CEO Program sales agreement, by and between the Company and CF&Co, dated July 3, 2023, pursuant to which the Company can offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock | ||||
| LCH | London Clearing House | ||||
| Legacy BGC Holdings Units | BGC Holdings LPUs outstanding immediately prior to the Separation | ||||
| Legacy Newmark Holdings Units | Newmark Holdings LPUs issued in connection with the Separation | ||||
| LIBOR | London Interbank Offering Rate | ||||
| TERM | DEFINITION | ||||
| LPUs | Certain limited partnership units, of BGC Holdings prior to the Corporate Conversion, or Newmark Holdings, held by certain employees of BGC and Newmark and other persons who have provided services to BGC or Newmark, which units may include APSIs, APSUs, AREUs, ARPSUs, HDUs, U.K. LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, and RPUs, along with future types of limited partnership units in Newmark Holdings | ||||
| Lucera | A wholly owned subsidiary of the Company, also known as “LFI Holdings, LLC” or “LFI,” which is a software defined network offering the trading community direct connectivity | ||||
| March 2018 Form S-3 | CEO Program shelf Registration Statement on Form S-3 filed on March 9, 2018 | ||||
| March 2018 Sales Agreement | CEO Program sales agreement, by and between BGC Partners and CF&Co, dated March 9, 2018, pursuant to which BGC Partners could offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock, which agreement expired in September 2021 | ||||
| March 2021 Form S-3 | CEO Program shelf Registration Statement on Form S-3 filed on March 8, 2021 | ||||
| Merger Sub 1 | BGC Partners II, Inc., a Delaware corporation and wholly owned subsidiary of BGC Group | ||||
| Merger Sub 2 | BGC Partners II, LLC, a Delaware limited liability company and wholly owned subsidiary of BGC Group | ||||
| MiFID II | Markets in Financial Instruments Directive II, a legislative framework instituted by the EU to regulate financial markets and improve protections for investors by increasing transparency and standardizing regulatory disclosures | ||||
| Mint Brokers | A wholly owned subsidiary of the Company, acquired on August 19, 2010, registered as an FCM with both the CFTC and the NFA | ||||
| Nasdaq | Nasdaq, Inc., formerly known as NASDAQ OMX Group, Inc. | ||||
| NDF | Non-deliverable forwards | ||||
| Newmark | Newmark Group, Inc. (NASDAQ symbol: NMRK), a publicly traded and former majority-owned subsidiary of BGC until the Distribution Date, and, where applicable, its consolidated subsidiaries | ||||
| Newmark Class A common stock | Newmark Class A common stock, par value $0.01 per share | ||||
| Newmark Class B common stock | Newmark Class B common stock, par value $0.01 per share | ||||
| Newmark Group | Newmark, Newmark Holdings, and Newmark OpCo and their respective consolidated subsidiaries, collectively | ||||
| Newmark Holdings | Newmark Holdings, L.P. | ||||
| Newmark IPO | Initial public offering of 23 million shares of Newmark Class A common stock by Newmark at a price of $14.00 per share in December 2017 | ||||
| Newmark OpCo | Newmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the business of Newmark | ||||
| NEX | NEX Group plc, an entity formed in December 2016, formerly known as ICAP | ||||
| NFA | National Futures Association | ||||
| Non-GAAP | A financial measure that differs from the most directly comparable measure calculated and presented in accordance with U.S. GAAP, such as Adjusted Earnings and Adjusted EBITDA | ||||
| N Units | Non-distributing partnership units, of BGC Holdings, prior to the Corporate Conversion, or Newmark Holdings, that may not be allocated any item of profit or loss, and may not be made exchangeable into shares of Class A common stock, including NREUs, NPREUs, NLPUs, NPLPUs, NPSUs, and NPPSUs | ||||
| TERM | DEFINITION | ||||
| OCI | Other comprehensive income (loss), including gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities (in periods prior to January 1, 2018), certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments | ||||
| OTC | Over-the-Counter | ||||
| OTF | Organized Trading Facility, a regulated execution venue category introduced by MiFID II | ||||
| PCD assets | Purchased financial assets with deterioration in credit quality since origination | ||||
| Period Cost Method | Treatment of taxes associated with the GILTI provision as a current period expense when incurred rather than recording deferred taxes for basis differences | ||||
| Poten & Partners | Poten & Partners Group, Inc., a wholly owned subsidiary of the Company, acquired on November 15, 2018 | ||||
| Preferred Distribution | Allocation of net profits of BGC Holdings or Newmark Holdings to holders of Preferred Units, at a rate of either 0.6875% (i.e., 2.75% per calendar year) or such other amount as set forth in the award documentation | ||||
| Preferred Units | Preferred partnership units, of BGC Holdings prior to the Corporate Conversion, or Newmark Holdings, such as PPSUs, which are settled for cash, rather than made exchangeable into shares of Class A common stock, are only entitled to a Preferred Distribution, and are not included in BGC’s or Newmark’s fully diluted share count | ||||
| Real Estate L.P. | CF Real Estate Finance Holdings, L.P., a commercial real estate-related financial and investment business controlled and managed by Cantor | ||||
| Record Date | Close of business on November 23, 2018, in connection with the Spin-Off | ||||
| Repurchase Agreements | Securities sold under agreements to repurchase that are recorded at contractual amounts, including interest, and accounted for as collateralized financing transactions | ||||
| Reverse Repurchase Agreements | Agreements to resell securities, with such securities recorded at the contractual amount, including accrued interest, for which the securities will be resold, and accounted for as collateralized financing transactions | ||||
| Revolving Credit Agreement | BGC Partners’ unsecured senior revolving credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, dated as of November 28, 2018, that provides for a maximum revolving loan balance of $350.0 million, bearing interest at either LIBOR or a defined base rate plus additional margin, amended on December 11, 2019 to extend the maturity date to February 26, 2021 and further amended on February 26, 2020 to extend the maturity date to February 26, 2023. On March 10, 2022, the agreement was amended and restated to increase the size of the credit facility to $375.0 million, bearing interest at either SOFR or a defined base rate plus additional margin, and extend the maturity date to March 10, 2025 | ||||
| ROU | Right-of-Use | ||||
| RSUs | BGC or Newmark restricted stock units, payable in shares of BGC Class A common stock or Newmark Class A common stock, respectively, held by certain employees of BGC or Newmark and other persons who have provided services to BGC or Newmark, or issued in connection with certain acquisitions | ||||
| RSU Tax Account | RSU Tax Accounts were issued by BGC in connection with the Corporate Conversion in the place of certain non-exchangeable Preferred Units. The RSU Tax Accounts are settled for cash, rather than vesting into shares of Class A common stock, may be entitled to a preferred return, and are not included in BGC’s fully diluted share count. The RSU Tax Accounts were issued in connection with RSUs and are to cover any withholding taxes to be paid when the RSUs vest into shares of BGC Class A common stock | ||||
| Russia’s Invasion of Ukraine | Russia’s invasion of Ukraine, which led to imposed sanctions by the U.S., U.K., EU, and other countries on Russian counterparties | ||||
| SaaS | Software as a Service | ||||
| SBSEF | Security-based Swap Execution Facility | ||||
| TERM | DEFINITION | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| Securities Act | Securities Act of 1933, as amended | ||||
| SEF | Swap Execution Facility | ||||
| Separation | Principal corporate transactions pursuant to the Separation and Distribution Agreement, by which BGC Partners, BGC Holdings and BGC U.S. OpCo and their respective subsidiaries (other than the Newmark Group) transferred to Newmark, Newmark Holdings and Newmark OpCo and their respective subsidiaries the assets and liabilities of the BGC Entity Group relating to BGC’s real estate services business, and related transactions, including the distribution of Newmark Holdings units to holders of units in BGC Holdings and the assumption and repayment of certain BGC indebtedness by Newmark | ||||
| Separation and Distribution Agreement | Separation and Distribution Agreement, by and among the BGC Entity Group, the Newmark Group, Cantor and BGC Global OpCo, originally entered into on December 13, 2017, as amended on November 8, 2018 and amended and restated on November 23, 2018 | ||||
| SOFR | Secured Overnight Financing Rate | ||||
| SPAC | Special Purpose Acquisition Company | ||||
SPAC Investment Banking Activities | Aurel’s investment banking activities with respect to SPACs | ||||
| Spin-Off | Pro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Partners to its stockholders of all the shares of common stock of Newmark owned by BGC Partners immediately prior to the Distribution Date, with shares of Newmark Class A common stock distributed to the holders of shares of BGC Class A common stock (including directors and executive officers of BGC Partners) of record on the Record Date, and shares of Newmark Class B common stock distributed to the holders of shares of BGC Class B common stock (Cantor and CFGM) of record on the Record Date, completed on the Distribution Date | ||||
| Tax Act | Tax Cuts and Jobs Act enacted on December 22, 2017 | ||||
| TDRs | Troubled Debt Restructurings | ||||
| The Ardonagh Group | The Ardonagh Group Limited, the U.K.’s largest independent insurance broker and purchaser of BGC’s Insurance brokerage business completed on November 1, 2021 | ||||
| Tower Bridge | Tower Bridge International Services L.P., a subsidiary of the Company, which is 52%-owned by the Company and 48%-owned by Cantor | ||||
| TP ICAP | TP ICAP plc, an entity formed in December 2016, formerly known as Tullett | ||||
| Tradition | Compagnie Financière Tradition (which is majority owned by Viel & Cie) | ||||
| Trident | Trident Brokerage Service LLC, a wholly owned subsidiary of the Company, acquired on February 28, 2023 | ||||
| Tullett | Tullett Prebon plc, a part of TP ICAP group and an interdealer broker, primarily operating as an intermediary in the wholesale financial and energy sectors | ||||
| U.K. | United Kingdom | ||||
| U.S. GAAP or GAAP | Generally Accepted Accounting Principles in the United States of America | ||||
| UBT | Unincorporated Business Tax | ||||
| VIE | Variable Interest Entity | ||||
| Voice | Voice-only broking transactions executed by brokers over the telephone | ||||
| June 30, 2023 | December 31, 2022 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 526,293 | $ | 484,989 | |||||||
| Cash segregated under regulatory requirements | 16,314 | 17,021 | |||||||||
| Financial instruments owned, at fair value | 40,519 | 39,319 | |||||||||
| Reverse repurchase agreements | 200,000 | — | |||||||||
| Receivables from broker-dealers, clearing organizations, customers and related broker-dealers | 1,262,933 | 559,680 | |||||||||
| Accrued commissions and other receivables, net | 320,516 | 288,471 | |||||||||
| Loans, forgivable loans and other receivables from employees and partners, net | 325,823 | 319,612 | |||||||||
| Fixed assets, net | 182,624 | 183,478 | |||||||||
| Investments | 40,031 | 38,575 | |||||||||
| Goodwill | 503,374 | 486,585 | |||||||||
| Other intangible assets, net | 200,461 | 192,783 | |||||||||
| Receivables from related parties | 9,002 | 1,444 | |||||||||
| Other assets | 453,797 | 463,014 | |||||||||
| Total assets | $ | 4,081,687 | $ | 3,074,971 | |||||||
| Liabilities, Redeemable Partnership Interest, and Equity | |||||||||||
| Short-term borrowings | $ | — | $ | 1,917 | |||||||
| Accrued compensation | 177,114 | 176,781 | |||||||||
| Payables to broker-dealers, clearing organizations, customers and related broker-dealers | 1,066,948 | 404,675 | |||||||||
| Payables to related parties | 669 | 10,550 | |||||||||
| Accounts payable, accrued and other liabilities | 623,803 | 683,104 | |||||||||
| Notes payable and other borrowings | 1,394,006 | 1,049,217 | |||||||||
| Total liabilities | 3,262,540 | 2,326,244 | |||||||||
| Commitments, contingencies and guarantees (Note 19) | |||||||||||
| Redeemable partnership interest | — | 15,519 | |||||||||
| Equity | |||||||||||
| Stockholders’ equity: | |||||||||||
Class A common stock, par value $0.01 per share; 750,000 shares authorized; 508,617 and 471,934 shares issued at June 30, 2023 and December 31, 2022, respectively; and 351,978 and 325,858 shares outstanding at June 30, 2023 and December 31, 2022, respectively | 5,086 | 4,719 | |||||||||
Class B common stock, par value $0.01 per share; 150,000 shares authorized; 45,884 shares issued and outstanding at each of June 30, 2023 and December 31, 2022, convertible into Class A common stock | 459 | 459 | |||||||||
| Additional paid-in capital | 2,667,812 | 2,559,418 | |||||||||
Treasury stock, at cost: 156,639 and 146,076 shares of Class A common stock at June 30, 2023 and December 31, 2022, respectively | (753,331) | (711,454) | |||||||||
| Retained deficit | (1,146,350) | (1,138,066) | |||||||||
| Accumulated other comprehensive income (loss) | (41,128) | (45,431) | |||||||||
| Total stockholders’ equity | 732,548 | 669,645 | |||||||||
| Noncontrolling interest in subsidiaries | 86,599 | 63,563 | |||||||||
| Total equity | 819,147 | 733,208 | |||||||||
| Total liabilities, redeemable partnership interest, and equity | $ | 4,081,687 | $ | 3,074,971 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Commissions | $ | 348,720 | $ | 309,542 | $ | 726,008 | $ | 666,206 | |||||||||||||||
| Principal transactions | 94,883 | 88,169 | 209,812 | 203,770 | |||||||||||||||||||
| Fees from related parties | 4,062 | 3,625 | 8,019 | 6,942 | |||||||||||||||||||
| Data, network and post-trade | 27,000 | 23,391 | 54,122 | 47,518 | |||||||||||||||||||
| Interest and dividend income | 13,371 | 8,961 | 18,686 | 11,396 | |||||||||||||||||||
| Other revenues | 5,044 | 2,068 | 9,300 | 6,388 | |||||||||||||||||||
| Total revenues | 493,080 | 435,756 | 1,025,947 | 942,220 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Compensation and employee benefits | 243,387 | 211,873 | 510,601 | 469,141 | |||||||||||||||||||
| Equity-based compensation and allocations of net income to limited partnership units and FPUs | 126,644 | 46,133 | 208,017 | 104,009 | |||||||||||||||||||
| Total compensation and employee benefits | 370,031 | 258,006 | 718,618 | 573,150 | |||||||||||||||||||
| Occupancy and equipment | 40,488 | 39,921 | 81,653 | 78,584 | |||||||||||||||||||
| Fees to related parties | 7,991 | 6,009 | 16,431 | 11,734 | |||||||||||||||||||
| Professional and consulting fees | 14,819 | 13,810 | 30,520 | 29,441 | |||||||||||||||||||
| Communications | 27,813 | 27,166 | 55,752 | 55,057 | |||||||||||||||||||
| Selling and promotion | 15,320 | 12,443 | 29,936 | 23,381 | |||||||||||||||||||
| Commissions and floor brokerage | 16,161 | 14,239 | 31,426 | 31,582 | |||||||||||||||||||
| Interest expense | 19,914 | 14,342 | 35,656 | 28,645 | |||||||||||||||||||
| Other expenses | 13,221 | 23,010 | 25,729 | 40,785 | |||||||||||||||||||
| Total expenses | 525,758 | 408,946 | 1,025,721 | 872,359 | |||||||||||||||||||
| Other income (losses), net: | |||||||||||||||||||||||
| Gains (losses) on equity method investments | 2,412 | 2,729 | 4,474 | 5,532 | |||||||||||||||||||
| Other income (loss) | (1,011) | 1,909 | (2,746) | 1,413 | |||||||||||||||||||
| Total other income (losses), net | 1,401 | 4,638 | 1,728 | 6,945 | |||||||||||||||||||
| Income (loss) from operations before income taxes | (31,277) | 31,448 | 1,954 | 76,806 | |||||||||||||||||||
| Provision (benefit) for income taxes | (9,067) | 15,105 | 2,994 | 29,762 | |||||||||||||||||||
| Consolidated net income (loss) | $ | (22,210) | $ | 16,343 | $ | (1,040) | $ | 47,044 | |||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest in subsidiaries | (2,506) | 1,581 | (314) | 6,310 | |||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (19,704) | $ | 14,762 | $ | (726) | $ | 40,734 | |||||||||||||||
| Per share data: | |||||||||||||||||||||||
| Basic earnings (loss) per share | |||||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (19,704) | $ | 14,762 | $ | (726) | $ | 40,734 | |||||||||||||||
| Basic earnings (loss) per share | $ | (0.05) | $ | 0.04 | $ | — | $ | 0.11 | |||||||||||||||
| Basic weighted-average shares of common stock outstanding | 391,745 | 375,613 | 383,528 | 371,988 | |||||||||||||||||||
| Fully diluted earnings (loss) per share | |||||||||||||||||||||||
| Net income (loss) for fully diluted shares | $ | (19,704) | $ | 19,710 | $ | (726) | $ | 53,348 | |||||||||||||||
| Fully diluted earnings (loss) per share | $ | (0.05) | $ | 0.04 | $ | — | $ | 0.11 | |||||||||||||||
| Fully diluted weighted-average shares of common stock outstanding | 391,745 | 507,005 | 383,528 | 504,609 | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Consolidated net income (loss) | $ | (22,210) | $ | 16,343 | $ | (1,040) | $ | 47,044 | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Foreign currency translation adjustments | 2,715 | (10,814) | 4,983 | (7,019) | |||||||||||||||||||
| Total other comprehensive income (loss), net of tax | 2,715 | (10,814) | 4,983 | (7,019) | |||||||||||||||||||
| Comprehensive income (loss) | (19,495) | 5,529 | 3,943 | 40,025 | |||||||||||||||||||
| Less: Comprehensive income (loss) attributable to noncontrolling interest in subsidiaries, net of tax | (2,185) | 100 | 366 | 5,199 | |||||||||||||||||||
| Comprehensive income (loss) attributable to common stockholders | $ | (17,310) | $ | 5,429 | $ | 3,577 | $ | 34,826 | |||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Consolidated net income (loss) | $ | (1,040) | $ | 47,044 | |||||||
| Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Fixed asset depreciation and intangible asset amortization | 38,253 | 37,154 | |||||||||
| Employee loan amortization and reserves on employee loans | 25,467 | 24,387 | |||||||||
| Equity-based compensation and allocations of net income to limited partnership units and FPUs | 208,017 | 104,009 | |||||||||
| Deferred compensation expense | 20 | 62 | |||||||||
| Losses (gains) on equity method investments | (4,474) | (5,532) | |||||||||
| Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments | 1,386 | (1,810) | |||||||||
| Amortization of discount (premium) on notes payable | 1,904 | 1,396 | |||||||||
| Impairment of fixed assets, intangible assets and investments | 2,767 | 5,226 | |||||||||
| Deferred tax provision (benefit) | (5,534) | 653 | |||||||||
| Change in estimated acquisition earn-out payables | 613 | (454) | |||||||||
| Forfeitures of Class A common stock | (796) | (17) | |||||||||
| Other | — | 823 | |||||||||
| Consolidated net income (loss), adjusted for non-cash and non-operating items | 266,583 | 212,941 | |||||||||
| Decrease (increase) in operating assets: | |||||||||||
| Reverse repurchase agreements | (200,000) | — | |||||||||
| Financial instruments owned, at fair value | (199) | 2,319 | |||||||||
| Receivables from broker-dealers, clearing organizations, customers and related broker-dealers | (700,609) | (1,576,645) | |||||||||
| Accrued commissions receivable, net | (26,077) | (14,362) | |||||||||
| Loans, forgivable loans and other receivables from employees and partners, net | (23,681) | (34,701) | |||||||||
| Receivables from related parties | (7,591) | (3,652) | |||||||||
| Other assets | (1,893) | (9,878) | |||||||||
| Increase (decrease) in operating liabilities: | |||||||||||
| Repurchase agreements | — | 900 | |||||||||
| Accrued compensation | (4,731) | (21,387) | |||||||||
| Payables to broker-dealers, clearing organizations, customers and related broker-dealers | 660,692 | 1,516,012 | |||||||||
| Payables to related parties | (3,949) | 36,331 | |||||||||
| Accounts payable, accrued and other liabilities | (39,741) | (53,910) | |||||||||
| Net cash provided by (used in) operating activities | $ | (81,196) | $ | 53,968 | |||||||
| Six Months Ended June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of fixed assets | $ | (7,081) | $ | (3,444) | |||||||
| Capitalization of software development costs | (24,470) | (22,445) | |||||||||
| Purchase of equity method investments | — | (466) | |||||||||
| Proceeds from equity method investments | 3,021 | 1,534 | |||||||||
| Payments for acquisitions, net of cash and restricted cash acquired | (26,502) | — | |||||||||
| Purchase of assets | (240) | — | |||||||||
| Net cash provided by (used in) investing activities | $ | (55,272) | $ | (24,821) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Repayments of long-term debt and collateralized borrowings | $ | (173,251) | $ | (3,177) | |||||||
| Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs | 516,579 | (33) | |||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | (13,818) | (16,629) | |||||||||
| Redemption and repurchase of limited partnership interests | (101,496) | (26,758) | |||||||||
| Dividends to stockholders | (7,558) | (7,443) | |||||||||
| Repurchase of Class A common stock | (46,481) | (26,408) | |||||||||
| Proceeds from sale of Cantor Units in BGC Holdings | 11,539 | 947 | |||||||||
| Short term borrowings, net of repayments | (1,917) | — | |||||||||
| Payments on acquisition earn-outs | (18,703) | (4,384) | |||||||||
| Net cash provided by (used in) financing activities | $ | 164,894 | $ | (83,885) | |||||||
| Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements | 12,171 | (2,920) | |||||||||
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements | 40,597 | (57,658) | |||||||||
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period | 502,010 | 566,799 | |||||||||
| Cash and cash equivalents and Cash segregated under regulatory requirements at end of period | $ | 542,607 | $ | 509,141 | |||||||
| Supplemental cash information: | |||||||||||
| Cash paid during the period for taxes | $ | 32,878 | $ | 23,089 | |||||||
| Cash paid during the period for interest | 30,812 | 26,419 | |||||||||
| Supplemental non-cash information: | |||||||||||
| Issuance of Class A common stock upon exchange of limited partnership interests | $ | 45,868 | $ | 12,779 | |||||||
| Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions | 2,761 | 2,710 | |||||||||
| ROU assets and liabilities | 2,495 | 15,693 | |||||||||
| BGC Group, Inc. Stockholders | Noncontrolling Interest in Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||
| Balance, April 1, 2023 | $ | 4,878 | $ | 459 | $ | 2,604,259 | $ | (715,081) | $ | (1,122,827) | $ | (43,522) | $ | 72,852 | $ | 801,018 | |||||||||||||||||||||||||||||||
| Consolidated net income (loss) | — | — | — | — | (19,704) | — | (2,506) | (22,210) | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | — | — | 2,394 | 321 | 2,715 | ||||||||||||||||||||||||||||||||||||||||
Equity-based compensation, 534,010 shares | 2 | — | 367 | 3 | — | — | 101 | 473 | |||||||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (3,819) | — | — | (3,819) | |||||||||||||||||||||||||||||||||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | — | — | — | — | — | — | (5,841) | (5,841) | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability and redemption of limited partnership interests, issuance of 15,974,143 shares | 160 | — | 49,811 | — | — | — | 14,681 | 64,652 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock (net of costs), 166,280 shares | 2 | — | 155 | — | — | — | 4 | 161 | |||||||||||||||||||||||||||||||||||||||
Redemption of FPUs, 133,135 units | — | — | — | — | — | — | (481) | (481) | |||||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock, 9,813,827 shares | — | — | — | (37,536) | — | — | (6,058) | (43,594) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of Class A common stock, 189,726 shares | — | — | 74 | (717) | — | — | (104) | (747) | |||||||||||||||||||||||||||||||||||||||
| Contributions of capital to and from Cantor for equity-based compensation | — | — | 119 | — | — | — | 32 | 151 | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability, redemption of limited partnership interests and issuance of Class A common stock and RSUs for acquisitions, 4,432,568 shares | 44 | — | (7) | — | — | — | (37) | — | |||||||||||||||||||||||||||||||||||||||
Cantor purchase of Cantor units from BGC Holdings upon redemption of FPUs, 6,368,964 units | — | — | — | — | — | — | 11,539 | 11,539 | |||||||||||||||||||||||||||||||||||||||
| Corporate Conversion (Note 26) | — | — | 12,988 | — | — | — | 2,096 | 15,084 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | 46 | — | — | — | — | 46 | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 5,086 | $ | 459 | $ | 2,667,812 | $ | (753,331) | $ | (1,146,350) | $ | (41,128) | $ | 86,599 | $ | 819,147 | |||||||||||||||||||||||||||||||
| BGC Group, Inc. Stockholders | Noncontrolling Interest in Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2023 | $ | 4,719 | $ | 459 | $ | 2,559,418 | $ | (711,454) | $ | (1,138,066) | $ | (45,431) | $ | 63,563 | $ | 733,208 | |||||||||||||||||||||||||||||||
| Consolidated net income (loss) | — | — | — | — | (726) | — | (314) | (1,040) | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | — | — | 4,303 | 680 | 4,983 | ||||||||||||||||||||||||||||||||||||||||
Equity-based compensation, 2,630,013 shares | 23 | — | 5,741 | 3 | — | — | 1,766 | 7,533 | |||||||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (7,558) | — | — | (7,558) | |||||||||||||||||||||||||||||||||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | — | — | — | — | — | — | (12,294) | (12,294) | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability and redemption of limited partnership interests, issuance of 29,118,664 shares | 291 | — | 86,505 | — | — | — | 26,405 | 113,201 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock (net of costs), 179,583 shares | 2 | — | 341 | — | — | — | 14 | 357 | |||||||||||||||||||||||||||||||||||||||
Redemption of FPUs, 156,049 units | — | — | — | — | — | — | (547) | (547) | |||||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock, 10,659,717 shares | — | — | — | (41,111) | — | — | (6,691) | (47,802) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of Class A common stock, 238,927 shares | — | — | 84 | (769) | — | — | (111) | (796) | |||||||||||||||||||||||||||||||||||||||
| Contributions of capital to and from Cantor for equity-based compensation | — | — | 390 | — | — | — | 116 | 506 | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability, redemption of limited partnership interests and issuance of Class A common stock and RSUs for acquisitions, 5,090,814 shares | 51 | — | 2,333 | — | — | — | 377 | 2,761 | |||||||||||||||||||||||||||||||||||||||
Cantor purchase of Cantor units from BGC Holdings upon redemption of FPUs, 6,368,964 units | — | — | — | — | — | — | 11,539 | 11,539 | |||||||||||||||||||||||||||||||||||||||
| Corporate Conversion (Note 26) | — | — | 12,988 | — | — | — | 2,096 | 15,084 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | 12 | — | — | — | — | 12 | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 5,086 | $ | 459 | $ | 2,667,812 | $ | (753,331) | $ | (1,146,350) | $ | (41,128) | $ | 86,599 | $ | 819,147 | |||||||||||||||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared per share of common stock | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||||||||||
| Dividends declared and paid per share of common stock | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||||||||||
| BGC Group, Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||
| Balance, April 1, 2022 | $ | 4,455 | $ | 459 | $ | 2,481,408 | $ | (623,734) | $ | (1,149,657) | $ | (37,123) | $ | 59,856 | $ | 735,664 | |||||||||||||||||||||||||||||||
| Consolidated net income (loss) | — | — | — | — | 14,762 | — | 1,581 | 16,343 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive gain, net of tax | — | — | — | — | — | (9,333) | (1,481) | (10,814) | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation, 589,235 shares | 6 | — | 1,274 | — | — | — | 410 | 1,690 | |||||||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (3,733) | — | — | (3,733) | |||||||||||||||||||||||||||||||||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | — | — | — | — | — | — | (1,436) | (1,436) | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability and redemption of limited partnership interests, issuance of 5,064,529 shares | 50 | — | 15,290 | — | — | — | 5,378 | 20,718 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock (net of costs), 338,503 shares | 4 | — | 3,319 | — | — | — | 3 | 3,326 | |||||||||||||||||||||||||||||||||||||||
Redemption of FPUs, 556,329 units | — | — | — | — | — | — | (61) | (61) | |||||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock, 8,745,310 shares | — | — | — | (24,753) | — | — | (4,634) | (29,387) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of Class A common stock, 4,419 shares | — | — | (1) | (13) | — | — | (3) | (17) | |||||||||||||||||||||||||||||||||||||||
| Contributions of capital to and from Cantor for equity-based compensation | — | — | (2,386) | — | — | — | (766) | (3,152) | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability, redemption of limited partnership interests and issuance of Class A common stock and RSUs for acquisitions, 281,230 shares | 3 | — | 618 | — | — | — | 113 | 734 | |||||||||||||||||||||||||||||||||||||||
Cantor purchase of Cantor units from BGC Holdings upon redemption of FPUs, 480,175 units | — | — | — | — | — | — | 947 | 947 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (129) | — | — | — | — | (129) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 4,518 | $ | 459 | $ | 2,499,393 | $ | (648,500) | $ | (1,138,628) | $ | (46,456) | $ | 59,907 | $ | 730,693 | |||||||||||||||||||||||||||||||
| BGC Group, Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2022 | $ | 4,359 | $ | 459 | $ | 2,451,135 | $ | (623,734) | $ | (1,171,919) | $ | (40,548) | $ | 43,563 | $ | 663,315 | |||||||||||||||||||||||||||||||
| Consolidated net income (loss) | — | — | — | — | 40,734 | — | 6,310 | 47,044 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive gain, net of tax | — | — | — | — | — | (5,908) | (1,111) | (7,019) | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation, 2,570,323 shares | 26 | — | 6,047 | — | — | — | 1,916 | 7,989 | |||||||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (7,443) | — | — | (7,443) | |||||||||||||||||||||||||||||||||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | — | — | — | — | — | — | 141 | 141 | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability and redemption of limited partnership interests, issuance of 11,707,619 shares | 117 | — | 37,823 | — | — | — | 12,825 | 50,765 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock (net of costs), 343,459 shares | 4 | — | 3,467 | — | — | — | 7 | 3,478 | |||||||||||||||||||||||||||||||||||||||
Redemption of FPUs, 585,717 units | — | — | — | — | — | — | (145) | (145) | |||||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock, 8,745,310 shares | — | — | — | (24,753) | — | — | (4,634) | (29,387) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of Class A common stock, 4,419 shares | — | — | (1) | (13) | — | — | (3) | (17) | |||||||||||||||||||||||||||||||||||||||
| Contributions of capital to and from Cantor for equity-based compensation | — | — | (994) | — | — | — | (328) | (1,322) | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability, redemption of limited partnership interests and issuance of Class A common stock and RSUs for acquisitions, 1,192,907 shares | 12 | — | 2,279 | — | — | — | 419 | 2,710 | |||||||||||||||||||||||||||||||||||||||
Cantor purchase of Cantor units from BGC Holdings upon redemption of FPUs, 480,175 units | — | — | — | — | — | — | 947 | 947 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (363) | — | — | — | — | (363) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 4,518 | $ | 459 | $ | 2,499,393 | $ | (648,500) | $ | (1,138,628) | $ | (46,456) | $ | 59,907 | $ | 730,693 | |||||||||||||||||||||||||||||||
| Page | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Basic earnings (loss) per share: | |||||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (19,704) | $ | 14,762 | $ | (726) | $ | 40,734 | |||||||||||||||
| Basic weighted-average shares of common stock outstanding | 391,745 | 375,613 | 383,528 | 371,988 | |||||||||||||||||||
| Basic earnings (loss) per share | $ | (0.05) | $ | 0.04 | $ | — | $ | 0.11 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Fully diluted earnings (loss) per share | |||||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (19,704) | $ | 14,762 | $ | (726) | $ | 40,734 | |||||||||||||||
Allocations of net income (loss) to limited partnership interests, net of tax | — | 4,948 | — | 12,614 | |||||||||||||||||||
| Net income (loss) for fully diluted shares | $ | (19,704) | $ | 19,710 | $ | (726) | $ | 53,348 | |||||||||||||||
| Weighted-average shares: | |||||||||||||||||||||||
| Common stock outstanding | 391,745 | 375,613 | 383,528 | 371,988 | |||||||||||||||||||
| Partnership units¹ | — | 129,163 | — | 129,420 | |||||||||||||||||||
| RSUs (Treasury stock method) | — | 1,188 | — | 2,084 | |||||||||||||||||||
| Other | — | 1,041 | — | 1,117 | |||||||||||||||||||
Fully diluted weighted-average shares of common stock outstanding | 391,745 | 507,005 | 383,528 | 504,609 | |||||||||||||||||||
| Fully diluted earnings (loss) per share | $ | (0.05) | $ | 0.04 | $ | — | $ | 0.11 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Shares outstanding at beginning of period | 340,875 | 326,563 | 325,858 | 317,023 | |||||||||||||||||||
| Share issuances: | |||||||||||||||||||||||
| Redemptions/exchanges of limited partnership interests¹ | 17,082 | 5,071 | 30,226 | 11,714 | |||||||||||||||||||
| Vesting of RSUs | 534 | 589 | 2,630 | 2,571 | |||||||||||||||||||
| Acquisitions | 3,494 | 274 | 4,152 | 1,186 | |||||||||||||||||||
| Other issuances of BGC Class A common stock | (3) | 339 | 11 | 342 | |||||||||||||||||||
| Restricted stock forfeitures | (190) | (4) | (239) | (4) | |||||||||||||||||||
| Treasury stock repurchases | (9,814) | (8,745) | (10,660) | (8,745) | |||||||||||||||||||
| Shares outstanding at end of period | 351,978 | 324,087 | 351,978 | 324,087 | |||||||||||||||||||
| 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/ Purchased Under the Program at June 30, 2023 | |||||||||||||||||
Redemptions1,2 | ||||||||||||||||||||
| January 1, 2023—March 31, 2023 | 23 | $ | 3.90 | |||||||||||||||||
| April 1, 2023—June 30, 2023 | 422 | 4.91 | ||||||||||||||||||
| Total Redemptions | 445 | $ | 4.85 | |||||||||||||||||
Repurchases3,4 | ||||||||||||||||||||
| January 1, 2023—March 31, 2023 | 846 | $ | 4.97 | |||||||||||||||||
| April 1, 2023—April 30, 2023 | 3,086 | 4.48 | ||||||||||||||||||
| May 1, 2023—May 31, 2023 | 3,300 | 4.36 | ||||||||||||||||||
| June 1, 2023—June 30, 2023 | 3,428 | 4.48 | ||||||||||||||||||
| Total Repurchases | 10,660 | $ | 4.48 | |||||||||||||||||
| Total Redemptions and Repurchases | 11,105 | $ | 4.50 | $ | 326,449 | |||||||||||||||