Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Calculation of the Purchase Price Consideration Transferred

The following tables and related disclosures summarize the components of the purchase consideration transferred, the preliminary allocation of the assets acquired, and liabilities assumed based on the fair values as of April 1, 2025, and the related estimated useful lives of the amortizable intangible assets acquired.

Calculation of the purchase price consideration transferred (in thousands, except share data):

	April 1, 2025
Cash	$	318,859
Fair value of Restricted Shares of BGC Class A common stock (268,257 shares)	2,507
Other	3,634
Less: compensation arrangements with required future service periods	(15,717)
Total purchase price consideration transferred	$	309,283

The amounts of revenue and earnings from OTC Global included in the Company’s unaudited Condensed Consolidated Statement of Operations from April 1, 2025 to the period ending September 30, 2025 are as follows (in thousands):

	Revenues and Earnings included in the Company’s unaudited Condensed Consolidated Statement of Operations from April 1, 2025 to September 30, 2025
Revenues	$	227,230
Consolidated net income	$	17,548

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary allocation of the assets acquired and the liabilities assumed in the OTC Global acquisition are as follows (in thousands):

	April 1, 2025
Cash and cash equivalents	$	23,327
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	716
Accrued commissions and other receivables, net	90,941
Loans, forgivable loans and other receivables from employees and partners, net	13,650
Fixed assets, net	3,640
Finite-lived intangible assets	219,400
Investments	838
Other assets	33,468
Total identifiable assets acquired	385,980
Accrued compensation	82,899
Accounts payable, accrued and other liabilities	105,919
Total liabilities assumed	188,818
Net identifiable assets acquired	197,162
Goodwill	112,121
Net assets acquired	$	309,283

Schedule of Business Combination, Pro Forma Information

The following unaudited pro forma summary of revenues and consolidated net income presents consolidated information of the Company as if the acquisition of OTC Global had occurred on January 1, 2024 (amounts in thousands). The unaudited pro forma results are not indicative of operations that would have been achieved, nor are they indicative of future results of operations. The unaudited pro forma results do not reflect any potential cost savings or other operational efficiencies that could result from the acquisition. However, the amounts have been calculated after applying the Company’s accounting policies and adjusting the results of OTC Global, which mainly consisted of removing approximately $1.0 million and $3.0 million of OTC Global’s Goodwill amortization, for the three and nine months ended September 30, 2024, respectively, and $1.0 million for the nine months ended September 30, 2025, which had been applied under the Private Company Council Accounting Alternative for Goodwill and pursuant to ASC 350, Intangibles — Goodwill and Other.

Pro Forma Consolidated Income Statement (in thousands)
(unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Pro forma revenues	$	736,849	$	674,860	$	2,301,082	$	2,026,367
Pro forma consolidated net income	$	26,062	$	17,671	$	145,410	$	120,930