25.

Subsequent Events

Fourth Quarter 2014 Dividend

On February 10, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share for the fourth quarter of 2014, payable on March 16, 2015 to Class A and Class B common stockholders of record as of March 2, 2015.

Controlled Equity Offering

Since December 31, 2014, the Company issued, pursuant to its controlled equity offering, 1.2 million shares of Class A common stock related to redemptions and exchanges of limited partnership interests as well as for general corporate purposes.

Repurchases

Since December 31, 2014, the Company has repurchased an aggregate of approximately 0.7 million shares of its Class A common stock at an aggregate purchase price of approximately $5.8 million for an average price of $7.96 per share.

Acquisition of GFI

On February 26, 2015, we successfully completed our tender offer to acquire shares of common stock, par value $0.01 per share (the “Shares”), of GFI Group Inc. (“GFI”) for $6.10 per share in cash and accepted for purchase approximately 54.6 million shares (the “Tendered Shares”) tendered to us pursuant to our offer (the “Offer”). The Tendered Shares, together with the 17.1 million Shares already owned by us, represent approximately 56.3% of GFI’s outstanding shares. We expect to issue payment for the Tendered Shares on March 3, 2015 in the aggregate amount of $332.8 million. GFI is a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets. GFI serves more than 2,500 institutional clients in operating electronic and hybrid markets for cash and derivative products across multiple asset classes.

Acquisition of ARA

During January and February of 2015 the Company completed the acquisition of an additional 6 entities of ARA and its members. ARA is the nation’s largest privately held, full service investment brokerage network, focusing exclusively on the multi-housing industry.