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Stock Transactions and Unit Redemptions
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stock Transactions and Unit Redemptions Stock Transactions and Unit Redemptions
Class A Common Stock
Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Shares outstanding at beginning of period324,087 348,795 317,023 323,018 
Share issuances:
Redemptions/exchanges of limited partnership interests¹11,940 8,446 23,654 49,033 
Vesting of RSUs451 213 3,022 1,941 
Acquisitions— 343 1,186 1,130 
Other issuances of BGC Class A common stock98 100 441 366 
Restricted stock forfeitures(43)(56)(48)(140)
Treasury stock repurchases(12,397)(24,433)(21,142)(41,940)
Shares outstanding at end of period324,136 333,408 324,136 333,408 
____________________________
1Included in redemptions/exchanges of limited partnership interests for the three months ended September 30, 2022 and 2021 are 5.8 million shares of BGC Class A common stock granted in connection with the cancellation of 6.0 million LPUs, and 5.8 million shares of BGC Class A common stock granted in connection with the cancellation of 6.9 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests for the nine months ended September 30, 2022 and 2021 are 13.7 million shares of BGC Class A common stock granted in connection with the cancellation of 14.1 million LPUs, and 21.2 million shares of BGC Class A common stock granted in connection with the cancellation of 23.2 million LPUs, respectively. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges in connection with the issuance of BGC Class A common stock would not impact the fully diluted number of shares outstanding.
Class B Common Stock
The Company did not issue any shares of BGC Class B common stock during the three and nine months ended September 30, 2022 and 2021. As of September 30, 2022 and December 31, 2021, there were 45.9 million shares of BGC Class B common stock outstanding.
CEO Program
On March 9, 2018, the Company filed the March 2018 Form S-3 and entered into the March 2018 Sales Agreement, pursuant to which the Company could offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock under the CEO Program. CF&Co is a wholly-owned subsidiary of Cantor and an affiliate of the Company. Under the March 2018 Sales Agreement, the Company agreed to pay CF&Co 2% of the gross proceeds from the sale of shares. The March 2018 Form S-3 and the March 2018 Sales Agreement expired in September 2021. As of the date of expiration, the Company had sold 17.6 million shares of BGC Class A common stock (or $210.8 million) under the March 2018 Sales Agreement. For additional information on the Company’s CEO Program sales agreements, see Note 13—“Related Party Transactions.” On March 8, 2021, the Company filed a new CEO Program shelf registration statement on Form S-3 with respect to the issuance and sale of up to an aggregate of $300.0 million of shares of BGC Class A common stock from time to time on a delayed or continuous basis (the "March 2021 Form S-3"). On July 8, 2022, the Company filed an amendment to the March 2021 Form S-3. On August 3, 2022, the March 2021 Form S-3 was declared effective by the SEC, and the Company entered into the August 2022 Sales Agreement on August 12, 2022.
Unit Redemptions and Share Repurchase Program
The Company’s Board and Audit Committee have authorized repurchases of BGC Class A common stock and redemptions of limited partnership interests or other equity interests in the Company’s subsidiaries. On August 3, 2021, the Company's Board and Audit Committee increased the BGC Partners share repurchase and unit redemption authorization to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities. As of September 30, 2022, the Company had $107.7 million remaining from its share repurchase and unit redemption authorization. From time to time, the Company may actively continue to repurchase shares and/or redeem units.
The tables below represent the units redeemed and/or shares repurchased for cash and does not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The gross unit redemptions and share repurchases of BGC Class A common stock during the three and nine months ended September 30, 2022 were as follows (in thousands, except for weighted-average price data):
PeriodTotal Number
of Units
Redeemed
or Shares
Repurchased		Weighted-Average Price
Paid per Unit
or Share		Approximate
Dollar Value
of Units and
Shares That May
Yet Be Redeemed/
Purchased
Under the Program
Redemptions1,2
January 1, 2022—March 31, 202243 $4.01 
April 1, 2022—June 30, 20221,010 3.81 
July 1, 2022—September 30, 2022214 3.91 
Total Redemptions1,267 $3.83 
Repurchases3,4
January 1, 2022—March 31, 2022— $— 
April 1, 2022—June 30, 20228,745 3.36 
July 1, 2022—July 31, 20223,033 3.70 
August 1, 2022—August 31, 20225,916 4.14 
September 1, 2022—September 30, 20223,448 4.11 
Total Repurchases21,142 $3.75 
Total Redemptions and Repurchases22,409 $3.76 $107,655 
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1.During the three months ended September 30, 2022, the Company redeemed 0.2 million LPUs at an aggregate redemption price of $0.8 million for a weighted-average price of $4.05 per unit. During the three months ended September 30, 2022, the Company redeemed 27 thousand FPUs at an aggregate redemption price of $0.1 million for a weighted-average price of $2.96 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 5.8 million shares of BGC Class A common stock during the three months ended September 30, 2022, nor the limited partnership interests exchanged for 6.1 million shares of BGC Class A common stock during the three months ended September 30, 2022.
2.During the nine months ended September 30, 2022, the Company redeemed 1.2 million LPUs at an aggregate redemption price of $4.5 million for a weighted-average price of $3.88 per unit. During the nine months ended September 30, 2022, the Company redeemed 0.1 million FPUs at an aggregate redemption price of $0.3 million for a weighted-average of $3.23 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 13.7 million shares of BGC Class A common stock during the nine months ended September 30, 2022, nor the limited partnership interests exchanged for 10.6 million shares of BGC Class A common stock during the nine months ended September 30, 2022.
3During the three months ended September 30, 2022, the Company repurchased 12.4 million shares of BGC Class A common stock at an aggregate price of $49.9 million for a weighted-average price of $4.03 per share.
4During the nine months ended September 30, 2022, the Company repurchased 21.1 million shares of BGC Class A common stock at an aggregate price of $79.3 million for a weighted-average price of $3.75 per share.
The gross unit redemptions and share repurchases of BGC Class A common stock during the three and nine months ended September 30, 2021 were as follows (in thousands, except for weighted-average price data):
PeriodTotal Number
of Units
Redeemed
or Shares
Repurchased		Weighted-Average Price
Paid per Unit
or Share		Approximate
Dollar Value
of Units and
Shares That May
Yet Be Redeemed/
Purchased
Under the Program
Redemptions1,2
January 1, 2021—March 31, 202120 $4.40 
April 1, 2021—June 30, 20214,715 5.82 
July 1, 2021—September 30, 202173 5.14 
Total Redemptions4,808 $5.81 
Repurchases3,4
January 1, 2021—March 31, 2021965 $4.56 
April 1, 2021—June 30, 202116,542 6.25 
July 1, 2021—July 31, 202110,000 5.00 
August 1, 2021—August 31, 20215,899 5.64 
September 1, 2021—September 30, 20218,534 5.10 
Total Repurchases41,940 $5.59 
Total Redemptions and Repurchases46,748 $5.62 $322,835 

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1During the three months ended September 30, 2021, the Company redeemed 16 thousand LPUs at an aggregate redemption price of $71 thousand for a weighted-average price of $4.47 per unit. During the three months ended September 30, 2021, the Company redeemed 57 thousand FPUs at an aggregate redemption price of $0.3 million for an average price of $5.33 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 5.8 million shares of BGC Class A common stock during the three months ended September 30, 2021, nor the limited partnership interests exchanged for 2.9 million shares of BGC Class A common stock during the three months ended September 30, 2021.
2During the nine months ended September 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.4 million for a weighted-average price of $5.83 per unit. During the nine months ended September 30, 2021, the Company redeemed 0.1 million FPUs at an aggregate redemption price of $0.5 million for a weighted-average price of $4.75 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 21.2 million shares of BGC Class A common stock during the nine months ended September 30, 2021, nor the limited partnership interests exchanged for 28.8 million shares of BGC Class A common stock during the nine months ended September 30, 2021.
3During the three months ended September 30, 2021, the Company repurchased 24.4 million shares of BGC Class A common stock at an aggregate price of $126.8 million for a weighted-average price of $5.19 per share.
4During the nine months ended September 30, 2021, the Company repurchased 41.9 million shares of BGC Class A common stock at an aggregate price of $234.6 million for a weighted-average price of $5.59 per share.
Redeemable Partnership Interest
The changes in the carrying amount of FPUs were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Balance at beginning of period$16,446 $19,582 $18,761 $20,674 
Consolidated net income allocated to FPUs247 — 968 958 
Earnings distributions(253)(437)(1,792)(957)
FPUs exchanged(434)(384)(1,153)(893)
FPUs redeemed(21)(90)(799)(1,111)
Balance at end of period$15,985 $18,671 $15,985 $18,671