XML 47 R37.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stock Transactions and Unit Redemptions (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Changes in Shares of Class A Common Stock Outstanding 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.
Gross Unit Redemptions and Share Repurchases of Class A Common Stock 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 
___________________________
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 

____________________________
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.
Summary of Changes in Carrying Amount of FPUs
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