Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Expense

The Company incurred compensation expense related to Class A common stock, LPUs and RSUs held by BGC employees as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Issuance of common stock and grants of exchangeability	$	51,966	$	30,135
Allocations of net income¹	2,380		3,690
LPU amortization	21,431		19,023
RSU amortization	5,596		5,028
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$	81,373	$	57,876

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1Certain LPUs generally receive quarterly allocations of net income, including the Preferred Distribution, and are generally contingent upon services being provided by the unit holders.

Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Issuance of common stock and grants of exchangeability	$	51,966	$	30,135

Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Stated vesting schedule	$	21,407	$	18,969
Post-termination payout	24		54
LPU amortization	$	21,431	$	19,023

Compensation expense related to RSUs held by BGC employees is as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
RSU amortization	$	5,596	$	5,028

Activity Associated with Limited Partnership Units Held by BGC Employees

A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):

	BGC LPUs	Newmark LPUs
Balance at December 31, 2022	110,348	9,351
Granted	4,840	—
Redeemed/exchanged units	(11,154)	(103)
Forfeited units	(108)	—
Balance at March 31, 2023	103,926	9,248

Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees

A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):

	BGC LPUs	Newmark LPUs
Regular Units	73,543	7,081
Preferred Units	30,383	2,167
Balance at March 31, 2023	103,926	9,248

Activity Associated with Limited Partnership Units Awarded to BGC Employees

A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):

	Three Months Ended March 31,
	2023	2022
BGC Holdings LPUs	10,975	5,787
Newmark Holdings LPUs	78	264
Total	11,053	6,051

Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting

A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):

	March 31, 2023		December 31, 2022
BGC Holdings LPUs	47,130		47,222
Newmark Holdings LPUs	87		98
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs	$	192,183	$	194,951

Activity Associated with Restricted Stock Units

A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and dollars in thousands):

	RSUs	Weighted- Average Grant Date Fair Value		Fair Value Amount		Weighted- Average Remaining Contractual Term (Years)
Balance at December 31, 2022	12,046	$	4.11	$	49,486	2.42
Granted	601	4.02		2,412
Delivered	(3,267)	4.23		(13,820)
Forfeited	(139)	3.97		(552)
Balance at March 31, 2023	9,241	$	4.06	$	37,526	2.45