BGC Group, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
BGC$11.07+0.9%Stored close · as of Nov 10, 2026
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Glossary of Terms, Abbreviations and Acronyms
The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report:
| TERM | DEFINITION |
|---|---|
| 2019 Form S-4 Registration Statement | On September 13, 2019, BGC filed a registration statement on Form S-4 with respect to the offer and sale of up to 20.0 million shares of BGC Class A common stock in connection with business combination transactions, including acquisition of other businesses, assets, properties or securities |
| ADV | Average daily volume |
| AI | Artificial intelligence; technology that uses data‑driven models to perform tasks requiring human‑like analysis, output generation, or decision‑making |
| AMCOM | American Commodities Brokerage Company, which specializes in the trading of agricultural commodities associated with food and alternative fuel feedstocks, of which BGC Group acquired certain employees and net assets on December 31, 2025 |
| Americas | United States and other countries included in North America and South America |
| APAC | Asia-Pacific |
| API | Application Programming Interface |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Audit Committee | Audit Committee of the Board |
| Aurel | The Company’s French subsidiary, Aurel BGC SAS |
| BGC, the Company, we, us, or our | (i) Following the closing of the Corporate Conversion, BGC Group and, where applicable, its consolidated subsidiaries, including BGC Partners, and (ii) prior to the closing of the Corporate Conversion, BGC Partners and, where applicable, its consolidated subsidiaries |
| BGC Class A common stock or our Class A common stock | BGC Class A common stock, par value $0.01 per share |
| BGC Class B common stock or our Class B common stock | BGC Class B common stock, par value $0.01 per share |
| BGC Credit Agreement | Agreement between BGC Partners and Cantor, dated March 19, 2018, that permits each party or its subsidiaries to borrow up to $250.0 million, as amended on August 6, 2018, assumed by BGC Group on October 6, 2023, and further amended March 8, 2024, to increase the facility to $400.0 million at a rate equal to 25 basis points less than the applicable borrower’s borrowing rate under such borrower’s revolving credit agreement with unaffiliated third parties as administrative agent and lenders as may be in effect from time to time. On June 7, 2024, the agreement was amended a third time to permit BGC Group and its subsidiaries and Cantor and its subsidiaries to borrow from each other up to $400.0 million pursuant to a new category of “FICC-GSD Margin Loans” |
| BGC Derivative Markets | BGC Derivative Markets L.P. |
| BGC Entity Group | BGC Partners, BGC Holdings, BGC U.S. OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Group), collectively, and in each case as such entities existed prior to the Corporate Conversion |
| 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 indirectly wholly owned, following the closing of the Corporate Conversion, by BGC Group |
| BGC Group | BGC Group, Inc., and where applicable its consolidated subsidiaries |
| BGC Group 3.750% Senior Notes | $255.5 million principal amount of 3.750% senior notes which matured on October 1, 2024 and were issued on October 6, 2023 in connection with the Exchange Offer |
|---|---|
| BGC Group 4.375% Senior Notes | $288.2 million principal amount of 4.375% senior notes which matured on December 15, 2025 and were issued on October 6, 2023 in connection with the Exchange Offer |
| BGC Group 6.150% Senior Notes | $700.0 million principal amount of 6.150% senior notes maturing on April 2, 2030 and issued on April 2, 2025 |
| BGC Group 6.600% Senior Notes | $500.0 million principal amount of 6.600% senior notes maturing on June 10, 2029 and issued on June 10, 2024 |
| BGC Group 8.000% Senior Notes | $347.2 million principal amount of 8.000% senior notes maturing on May 25, 2028 and issued on October 6, 2023 in connection with the Exchange Offer |
| BGC Group Equity Plan | BGC Partners Equity 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 Group Notes | BGC Group 3.750% Senior Notes, BGC Group 4.375% Senior Notes, BGC Group 6.150% Senior Notes, BGC Group 6.600% Senior Notes and BGC Group 8.000% Senior Notes issued by BGC Group |
| 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 Holdings Limited Partnership Agreement | Second Amended and Restated BGC Holdings Limited Partnership Agreement |
| BGC OpCos | BGC U.S. OpCo and BGC Global OpCo, collectively |
| BGC Partners | BGC Partners, Inc. and, where applicable, its consolidated subsidiaries |
| BGC Partners 3.750% Senior Notes | $300.0 million principal amount of 3.750% senior notes which matured on October 1, 2024 and were issued on September 27, 2019. Following the Exchange Offer on October 6, 2023, $44.5 million aggregate principal amount of the BGC Partners 3.750% Senior Notes remained outstanding |
| BGC Partners 4.375% Senior Notes | $300.0 million principal amount of 4.375% senior notes which matured on December 15, 2025 and were issued on July 10, 2020. Following the Exchange Offer on October 6, 2023, $11.8 million aggregate principal amount of the BGC Partners 4.375% Senior Notes remained outstanding |
| BGC Partners 8.000% Senior Notes | $350.0 million principal amount of 8.000% senior notes maturing on May 25, 2028 and issued on May 25, 2023. Following the Exchange Offer on October 6, 2023, $2.8 million aggregate principal amount of the BGC Partners 8.000% Senior Notes remained outstanding |
| 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 Partners Notes | BGC Partners 3.750% Senior Notes, BGC Partners 4.375% Senior Notes and BGC Partners 8.000% Senior Notes issued by BGC Partners |
| BGC U.S. OpCo | BGC Partners, L.P., an operating partnership, which holds the U.S. businesses of BGC and which is indirectly wholly owned, following the closing of the Corporate Conversion, by BGC Group |
| Board | Board of Directors of the Company |
| 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 |
| Capitalab | Capitalab Limited, which was part of the Company’s post-trade business. On December 3, 2024, the Company announced the sale of Capitalab Limited to Capitolis |
| CECL | Current Expected Credit Losses |
| CF&Co | Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor |
| CFGM | CF Group Management, Inc., the general partner 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 |
| CIO | Chief Information Officer |
| CISO | Chief Information Security Officer |
| Clearing Capital Agreement | Agreement dated November 5, 2008, between BGC Partners and Cantor regarding clearing capital, as amended from time to time and assumed by BGC Group on June 7, 2024. On June 7, 2024, the agreement was amended to modify the rate charged by Cantor for posting margin in respect of trades cleared on behalf of the Company to a rate equal to Cantor’s cost of funding such margin through a draw on a third party credit facility provided to Cantor for which the use of proceeds is to finance clearinghouse margin deposits and related transactions |
| Clearing Services Agreement | Agreement dated May 9, 2006, between CF&Co and BGCF pursuant to which certain clearing services are provided to BGC and its subsidiaries from Cantor and its subsidiaries, in exchange for payment by BGC and its subsidiaries of third-party clearing costs and allocated costs. On June 7, 2024, the agreement was amended to modify the rate charged by CF&Co for posting margin in respect of trades cleared on behalf of BGCF to a rate equal to CF&Co’s cost of funding such margin through a draw on a third party credit facility provided to CF&Co for which the use of proceeds is to finance clearinghouse margin deposits and related transactions |
| CME | CME Group Inc., a leading derivatives marketplace, made up of four exchanges: CME, CBOT, NYMEX and COMEX |
| Company Debt Securities | The BGC Group Notes, the BGC Partners Notes and any future debt securities issued by the Company or its subsidiaries |
| Company Equity Securities | BGC Group stock or other equity securities |
| Compensation Committee | Compensation Committee of the Board |
| ContiCap | ContiCap SA, a wholly owned subsidiary of the Company, acquired on November 1, 2023 |
| Contribution Ratio | Equal to a BGC Holdings limited partnership interest multiplied by one, divided by 2.2 (or 0.4545) |
| Controlling Investment Trustee | Any individual serving as investment trustee of the Purchaser Trusts (currently Mr. Brandon Lutnick) whose decision with respect to investment decisions, under the terms of such trusts, controls in the event of a disagreement among the investment trustees of such trusts |
| 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 and other affiliated entities, and, solely for the purposes of certain provisions therein, Cantor, that provides for the Corporate Conversion of the BGC businesses |
| COVID-19 | Coronavirus Disease 2019 |
|---|---|
| CX Clearinghouse L.P. | A CFTC-registered DCO and former subsidiary of the Company |
| DCM | Designated Contract Market |
| DCO | Derivatives Clearing Organization |
| Deed | Mr. Sean Windeatt’s Deed of Adherence, as amended, with the U.K. Partnership regarding the terms of employment |
| 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 |
| DRIP Registration Statement | Registration statement on Form S-3 with respect to the offer and sale of up to 10.0 million shares of BGC Class A common stock under the DRIP |
| ECB | European Central Bank |
| ECS | Energy, Commodities, and Shipping |
| EMEA | Europe, Middle East, and Africa |
| EMIR | European Market Infrastructure Regulation |
| EPS | Earnings Per Share |
| 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 Offer | Consent solicitations and offers to exchange the BGC Partners 3.750% Senior Notes, BGC Partners 4.375% Senior Notes and BGC Partners 8.000% Senior Notes issued by BGC Partners for the BGC Group 3.750% Senior Notes, BGC Group 4.375% Senior Notes and BGC Group 8.000% Senior Notes issued by BGC Group, in each case with substantially similar terms to the corresponding series of BGC Partners Notes, completed on October 6, 2023 |
| Exchange Ratio | Ratio by which a Newmark Holdings limited partnership interest for which an exchange right has been granted can be exchanged for shares of Newmark Class A or Class B common stock |
| Family Branch | Each of Mr. Brandon Lutnick, Mr. Kyle S. Lutnick, Ms. Casey J. Lutnick and Mr. Ryan G. Lutnick, in each case, with their respective collective descendants, for the purpose of the Lutnick Family Voting Agreement |
| Fanatics | Fanatics Holdings Inc., a Delaware Corporation, that operates a global sports platform |
| Fanatics Markets | The prediction markets platform operated by Fanatics |
| FASB | Financial Accounting Standards Board |
| FCA | Financial Conduct Authority of the U.K. |
| FCM | Futures Commission Merchant |
| FDIC | Federal Deposit Insurance Corporation |
| 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 FMX UST, Lucera, FMX FX and other newer standalone platforms, including FMX Futures Exchange |
| 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 |
| FICC | Fixed Income Clearing Corporation |
| FICC-GSD Margin Loans | Loans made by a party under the BGC Credit Agreement, the use of proceeds of which will be to directly or indirectly (i) post margin at any clearinghouse, including without limitation the Government Securities Division of the FICC, (ii) keep funds available for the purpose of posting such margin or (iii) otherwise facilitate the clearing and settlement of trades |
| FINRA | Financial Industry Regulatory Authority |
| FMX | FMX Holdings, LLC, which holds BGC’s business of providing a Fully Electronic neutral forum in which all participants enter into electronic transactions with respect to U.S. Treasuries, U.S. treasury futures, U.S. SOFR futures and other select products |
| FMX Equity Partners | Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo, being the banks which contributed $172.0 million between April 23, 2024 and April 24, 2024 into FMX in exchange for a 25.75% ownership interest in FMX at a post-money equity valuation of $667.0 million. The FMX Equity Partners received an additional 10.3% of equity ownership subject to driving trading volumes and meeting certain volume targets across the FMX ecosystem |
| FMX Futures Exchange | FMX Futures Exchange, L.P., which is wholly owned by FMX, and operates an exchange for U.S. treasury futures and U.S. SOFR futures |
| FMX Separation | On April 23, 2024, BGC and FMX entered into a separation agreement pursuant to which BGC contributed the assets and liabilities related to FMX’s business to FMX, and pursuant to which BGC and FMX agreed to certain restrictions in the operations of their respective businesses |
| 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 Mr. Howard Lutnick (including any entity directly or indirectly controlled by Mr. Howard 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 |
| Freedom | Freedom International Brokerage Company, a 45% voting interest ownership 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 | Subsidiaries of the Company purchased from Cantor, and made up of the following entities at that time: CFLP CX Futures Exchange Holdings, LLC, CFLP CX Futures Exchange Holdings, L.P., CX Futures Exchange Holdings, LLC, CX Clearinghouse Holdings, LLC, FMX Futures Exchange and CX Clearinghouse L.P. |
| FX | Foreign exchange |
| G20 | A forum for the world’s major economies to discuss economic, social, and development issues |
| GFI | GFI Group Inc., a wholly owned subsidiary of the Company, acquired on January 12, 2016 |
| GILTI | Global Intangible Low-Taxed Income |
| Ginga | Ginga Petroleum (Singapore) Pte Ltd, a wholly owned subsidiary of the Company, acquired on March 12, 2019 |
|---|---|
| GUI | Graphical User Interface |
| HDUs | LPUs with capital accounts, which were liability awards recorded in “Accrued compensation” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition |
| HMRC | His Majesty’s Revenue and Customs, the U.K. tax authority |
| 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 |
| Investment Company Act | Investment Company Act of 1940, as amended |
| Iran conflict | The conflict between the U.S.-Israel and Iran that began on February 28, 2026 |
| kACE | kACE Financial, a provider of real-time pricing and advanced analytics platforms for complex FX derivatives sold by the Company on December 31, 2025 |
| LCH | London Clearing House |
| LIBOR | London Interbank Offering Rate |
| Liquidity | A non-GAAP financial measure, comprised of the sum of Cash and cash equivalents, Reverse Repurchase Agreements, and Financial instruments owned, at fair value, less Securities loaned and Repurchase Agreements |
| LPUs | Certain limited partnership units of BGC Holdings prior to the Corporate Conversion, or Newmark Holdings currently, 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 |
| LSEG | London Stock Exchange Group |
| 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 |
| Lutnick Family Voting Agreement | The voting and transfer agreement relating to Lutnick Family Voting Agreement Securities entered into on May 16, 2025 by Mr. Brandon Lutnick, Mr. Kyle Lutnick, Ms. Casey Lutnick, and Mr. Ryan Lutnick, each in their capacity as trustees of certain trusts (including the Purchaser Trusts) and certain other entities |
| Lutnick Family Voting Agreement Securities | Securities of the Company held by the trusts and other entities that are parties to the Lutnick Family Voting Agreement |
| Macro Hive | Macro Hive Limited |
| Majority of the Family Branches | With respect to any matter related to the Lutnick Family Voting Agreement, approval of such matter by both: (a) if there is a Controlling Investment Trustee, the Controlling Investment Trustee, and (b) if any Family Branch is entitled to vote in accordance with the Lutnick Family Voting Agreement, a majority vote of the Family Branches entitled to vote in accordance with the Lutnick Family Voting Agreement (with the Lutnick Family Voting Agreement specifying different approval standards if there is no Controlling Investment Trustee and no Family Branch entitled to vote in accordance with the Lutnick Family Voting Agreement) |
| MarketAxess | MarketAxess Holdings Inc. |
| 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. |
| NCSA | Non-Conforming Subordination Agreements |
| NDF | Non-deliverable forwards |
| Newmark | Newmark Group, Inc. (Nasdaq symbol: NMRK), a publicly traded and former majority-owned subsidiary of BGC Partners 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 23.0 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 businesses of Newmark |
| 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 Liquidity |
| N Units | Non-distributing partnership units, of BGC Holdings, prior to the Corporate Conversion, or Newmark Holdings currently, 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 |
| OBBBA | One Big Beautiful Bill Act |
| OCC | Options Clearing Corporation |
| Open Energy Group | Open Energy Group Inc., a wholly owned subsidiary of the Company, acquired on November 1, 2023 |
| OTC | Over-the-counter |
| OTC Global | OTC Global Holdings, LP |
| Peer Group | BGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc |
| 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 (prior to the Corporate Conversion) 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 Return | The lesser of the two-year treasury bond rate or 2.75% annually, as calculated on the determination amount applicable to certain RSU Tax Account awards, which may be adjusted or otherwise determined by management from time to time |
| Preferred Units | Preferred partnership units of BGC Holdings prior to the Corporate Conversion, or Newmark Holdings currently, 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 |
|---|---|
| Purchaser Trusts | Certain trusts controlled by Mr. Brandon Lutnick as trustee with decision making control which closed the purchase of all voting shares of CFGM on October 6, 2025 |
| 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 Group’s 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 and most recently amended and restated on May 15, 2026. The Revolving Credit Agreement provides for a maximum revolving loan balance of $700.0 million (which the Company has the right to increase up to $900.0 million subject to certain conditions being met), bearing interest at either SOFR or a defined base rate plus additional margin, and has a maturity date of May 15, 2030 |
| 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 BGC 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 |
| Sage | Sage Energy Partners, LP, an energy and environmental brokerage firm that the Company acquired on October 1, 2024 |
| SBSEF | Security-based Swap Execution Facility |
| 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 |
| Share Repurchase Authorization | The Company’s stock repurchase authorization, most recently re-approved by the Board and by the Audit Committee on November 5, 2025 for repurchases up to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities |
| smartTrade | smartTrade Technologies SAS; a specialist in multi-asset electronic trading and SaaS solutions |
| 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 |
| 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 |
| Tradeweb | Tradeweb Markets, Inc. |
| Tradition | Compagnie Financière Tradition SA, a Swiss based inter-dealer broker |
| 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 |
| UBT | Unincorporated Business Tax |
| U.K. | United Kingdom |
| U.K. Partnership | BGC Services (Holdings) LLP, a wholly owned subsidiary of the Company |
| U.K. Tax Matter | HMRC issue related to the tax treatment of the U.K. Partnership and its members, with respect to whether members are taxed as members or salaried employees |
| U.S. GAAP or GAAP | Generally Accepted Accounting Principles in the United States of America |
| VIE | Variable Interest Entity |
| Voice | Voice-only broking transactions executed by brokers over the telephone |
| Water Street Labs, LLC | A CFTC-registered DCM and former subsidiary of the Company |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.