Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

First Quarter 2025 Dividend

On May 6, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share for the first quarter of 2025, payable on June 10, 2025 to BGC Class A and Class B common stockholders of record as of May 27, 2025.

Unsecured senior revolving credit agreement

On April 3, 2025, the Company repaid in full the $550.0 million of borrowings outstanding under the Revolving Credit Agreement.

6.150% Senior Notes

On April 2, 2025, BGC Group issued an aggregate of $700.0 million principal amount of BGC Group 6.150% Senior Notes. The notes are general senior unsecured obligations of the Company. The notes will pay interest semi-annually at a rate of 6.150% per annum, on each April 2 and October 2, commencing October 2, 2025. The BGC Group 6.150% Senior Notes will mature on April 2, 2030. The initial carrying value of the BGC Group 6.150% Senior Notes was $692.8 million, net of discount and debt issuance costs of $7.2 million. $0.4 million of underwriting fees were payable to CF&Co. The issuance costs will be amortized as interest expense and the carrying value of the BGC Group 6.150% Senior Notes will accrete up to the face amount over the term of the notes.

Acquisitions

On April 1, 2025, the Company closed its previously announced acquisition of OTC Global, an energy and commodities brokerage firm. The Company believes OTC Global’s product suite and client base are complementary to BGC’s existing ECS business and believes this acquisition will create a comprehensive platform to serve the global energy and commodities market. The Company acquired 100% of the equity in OTC Global and its subsidiaries for total consideration of $325.0 million, which included $322.5 million in cash and $2.5 million of restricted shares of BGC Class A common stock. The Company accounts for the OTC Global acquisition as a business combination under the acquisition method of accounting and records the assets acquired and liabilities assumed at their fair values as of the acquisition date. The Company has not yet completed the purchase accounting due to the timing of the acquisition, and it continues to evaluate the estimated fair values of the assets acquired and the liabilities assumed. Accordingly, the fair value of the assets and liabilities acquired, including goodwill and other intangible assets, is not yet available.

BGC Credit Agreement with Cantor

On April 4, 2025, Cantor borrowed $120.0 million from the Company under the BGC Credit Agreement. The borrowing rate as of April 4, 2025 was 6.17%. Cantor partially repaid the Company $15.0 million on April 14, 2025. As of May 9, 2025, Cantor had $105.0 million of borrowings outstanding from the Company under the BGC Credit Agreement. As of May 9, 2025, the interest rate on this facility was 6.18%.