Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

First Quarter 2024 Dividend

On April 29, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share for the first quarter of 2024, payable on June 4, 2024 to BGC Class A and Class B common stockholders of record as of May 21, 2024.

Amendment to the Revolving Credit Agreement

On April 26, 2024, the Company amended and restated the Revolving Credit Agreement, to among other things, extend the maturity date to April 26, 2027 and provide the Company with the right to increase the facility up to $475.0 million, subject to certain conditions being met. The borrowing rates and financial covenants under the amended and restated Credit Agreement are substantially unchanged.

FMX Investment

On April 23, 2024, BGC and FMX entered into a separation agreement pursuant to which BGC contributed the assets and liabilities related to FMX’s business to FMX (the “FMX Separation”) and pursuant to which BGC and FMX agreed to certain restrictions in the operations of their respective businesses. Following the FMX Separation, the FMX Equity Partners contributed $171.7 million between April 23, 2024 and April 24, 2024 into FMX.

In connection with the FMX Separation, on April 23, 2024, BGC and FMX also entered into an Administrative Services Agreement and a Technology Services Agreement, pursuant to which BGC would provide certain administrative services and technology services to FMX.

Draw down on the Revolving Credit Agreement and Repayment of the BGC Credit Agreement

On April 1, 2024, the Company borrowed $275.0 million of principal amount from the Revolving Credit Agreement and subsequently repaid in full the $275.0 million of principal amount outstanding from the BGC Credit Agreement.