XML 67 R50.htm IDEA: XBRL DOCUMENT v3.24.0.1
Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Compensation Expense
The Company incurred compensation expense related to Class A common stock, LPUs (prior to the Corporate Conversion) and RSUs held by BGC employees as follows (in thousands):
Year Ended December 31,
202320222021
Issuance of common stock and grants of exchangeability$171,646 $147,480 $128,107 
Allocations of net income and dividend equivalents1
6,302 13,298 34,335 
LPU amortization40,878 73,734 78,596 
RSU, RSU Tax Account, and restricted stock amortization
136,552 16,559 15,126 
Equity-based compensation and allocations of net income to limited partnership units and FPUs$355,378 $251,071 $256,164 
_______________________________________
1Prior to the Corporate Conversion, certain LPUs generally received quarterly allocations of net income, including the Preferred Distribution, and were generally contingent upon services being provided by the unit holders. Subsequent to the Corporate Conversion, this includes dividend equivalents on participating securities, the Preferred Return on certain RSU Tax Accounts, and quarterly allocations of net income, including the Preferred distribution to LPUs held by BGC employees in Newmark Holdings.
Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings (prior to the Corporate Conversion) and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
Year Ended December 31,
202320222021
Issuance of common stock and grants of exchangeability$171,646 $147,480 $128,107 
Compensation expense related to the amortization of LPUs held by BGC is as follows (in thousands):
Year Ended December 31,
202320222021
Stated vesting schedule$40,848 $74,561 $78,535 
Post-termination payout30 (827)61 
LPU amortization$40,878 $73,734 $78,596 
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
Year Ended December 31,
202320222021
RSU amortization$79,960 $16,559 $15,126 
Activity Associated with Limited Partnership Units Held by BGC Employees
Limited Partnership Units
A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs		Newmark
LPUs
Balance at December 31, 2020137,652 13,202 
Granted34,093 — 
Redeemed/exchanged units(58,832)(1,881)
Forfeited units(798)(270)
Balance at December 31, 2021112,115 11,051 
Granted27,968 — 
Redeemed/exchanged units(24,623)(1,636)
Forfeited units(5,112)(64)
Balance at December 31, 2022110,348 9,351 
Granted9,688 — 
Redeemed/exchanged units(119,812)(572)
Forfeited units(224)— 
Balance at December 31, 2023— 8,779 
Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees
A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs		Newmark
LPUs
Regular Units— 6,742 
Preferred Units— 2,037 
Balance at December 31, 2023— 8,779 
Activity Associated with Limited Partnership Units Awarded to BGC Employees
A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):
Year Ended December 31,
202320222021
BGC Holdings LPUs25,711 29,363 23,001 
Newmark Holdings LPUs301 596 1,078 
Total26,012 29,959 24,079 
Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting
A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):
December 31, 2023December 31, 2022
BGC Holdings LPUs— 47,222 
Newmark Holdings LPUs— 98 
Aggregate estimated grant date fair value of BGC and Newmark Holdings LPUs$— $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):
RSUsWeighted- Average Grant Date Fair ValueFair Value AmountWeighted- Average Remaining Contractual Term (Years)
Balance at December 31, 20208,960 $3.75 $33,582 2.46
Granted6,319 4.23 26,716 
Delivered(3,135)4.08 (12,792)
Forfeited(1,110)4.28 (4,750)
Balance at December 31, 202111,034 $3.87 $42,756 2.27
Granted7,125 4.27 30,406 
Delivered(4,858)3.86 (18,743)
Forfeited(1,255)3.93 (4,933)
Balance at December 31, 202212,046 $4.11 $49,486 2.42
Granted68,732 4.12 283,418 
Delivered(15,078)4.14 (62,494)
Forfeited(758)4.48 (3,395)
Balance at December 31, 202364,942 $4.11 $267,015 5.96
Summary of Activity Associated with Restricted Stock Awards
A summary of the activity associated with these restricted stock awards held by BGC employees is as follows (restricted stock and dollars in thousands):
Restricted Stock
Weighted-
Average
Grant
Date Fair
Value		Fair Value
Amount		Weighted-
Average
Remaining
Contractual
Term (Years)
Balance at December 31, 2022— $— $— N/A
Granted38,610 4.37 168,716 
Delivered(9,329)5.12 (47,763)
Forfeited(1,328)2.62 (3,485)
Balance at December 31, 202327,953 $4.20 $117,468 2.55