| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Delaware | 13-4063515 | ||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
499 Park Avenue, New York, NY | 10022 | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Class A Common Stock, $0.01 par value | BGCP | The Nasdaq Stock Market, LLC | ||||||||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
| Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
| Emerging growth company | ☐ | |||||||||||||
| Page | ||||||||
Condensed Consolidated Statements of Financial Condition—At March 31, 2023 and December 31, 2022 | ||||||||
Condensed Consolidated Statements of Operations—For the Three Months Ended March 31, 2023 and March 31, 2022 | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss)—For the Three Months Ended March 31, 2023 and March 31, 2022 | ||||||||
Condensed Consolidated Statements of Cash Flows—For the Three Months Ended March 31, 2023 and March 31, 2022 | ||||||||
Condensed Consolidated Statements of Changes in Equity—For the Three Months Ended March 31, 2023 and March 31, 2022 | ||||||||
| TERM | DEFINITION | ||||
| BGC Group, Inc. | BGC Group, Inc., a Delaware corporation and currently a wholly owned subsidiary of BGC Partners. BGC Group was incorporated on April 19, 2021, solely for the purpose of effecting the Corporate Conversion and to serve as the new publicly traded holding company for the BGC businesses. Immediately following the Corporate Conversion, BGC Group, Inc. Class A common stock is expected to be listed on the Nasdaq Global Select Market under the ticker symbol “BGC.” BGC Group, Inc. has not carried on any activities other than in connection with the Corporate Conversion | ||||
| BGC Holdings | BGC Holdings, L.P., an entity owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners | ||||
| BGC Holdings Distribution | Pro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Holdings to its partners of all of the exchangeable limited partnership interests of Newmark Holdings owned by BGC Holdings immediately prior to the distribution, completed on the Distribution Date | ||||
| BGC OpCos | BGC U.S. OpCo and BGC Global OpCo, collectively | ||||
| BGC Partners | BGC Partners, Inc. and, where applicable, its consolidated subsidiaries | ||||
| BGC U.S. OpCo | BGC Partners, L.P., an operating partnership, which is owned jointly by BGC and BGC Holdings and holds the U.S. businesses of BGC | ||||
| Board | Board of Directors of the Company | ||||
| Brexit | Exit of the U.K. from the EU | ||||
| Cantor | Cantor Fitzgerald, L.P. and, where applicable, its subsidiaries | ||||
| Cantor group | Cantor and its subsidiaries other than BGC Partners, including Newmark | ||||
| Cantor units | Limited partnership interests of BGC Holdings or Newmark Holdings held by the Cantor group, which units are exchangeable into shares of BGC Class A common stock or BGC Class B common stock, or Newmark Class A common stock or Newmark Class B common stock, as applicable | ||||
| CCRE | Cantor Commercial Real Estate Company, L.P. | ||||
| CECL | Current Expected Credit Losses | ||||
| CEO Program | Controlled equity offering program | ||||
| CF&Co | Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor | ||||
| CFGM | CF Group Management, Inc., the general partner of Cantor | ||||
| CFS | Cantor Fitzgerald Securities, a wholly owned broker-dealer subsidiary of Cantor | ||||
| CFTC | Commodity Futures Trading Commission | ||||
| Charity Day | BGC’s annual event held on September 11th where employees of the Company raise proceeds for charity | ||||
| Class B Issuance | Issuance by BGC of 10,323,366 and 712,907 shares of BGC Class B common stock to Cantor and CFGM, respectively, in exchange for an aggregate of 11,036,273 shares of BGC Class A common stock under the Exchange Agreement, completed on November 23, 2018 | ||||
| CLOB | Central Limit Order Book | ||||
| CME | CME Group Inc., the company that acquired NEX in November 2018 | ||||
| Company | BGC Partners, Inc. and, where applicable, its consolidated subsidiaries | ||||
| Company Debt Securities | The 5.375% Senior Notes, 3.750% Senior Notes, 4.375% Senior Notes and any future debt securities issued by the Company | ||||
| TERM | DEFINITION | ||||
| Compensation Committee | Compensation Committee of the Board | ||||
| Contribution Ratio | Equal to a BGC Holdings limited partnership interest multiplied by one, divided by 2.2 (or 0.4545) | ||||
| Corant | Corant Global Limited, BGC’s former Insurance brokerage business | ||||
| Corporate Conversion | The Corporate Conversion of the BGC businesses through a series of mergers and related transactions pursuant to which BGC Partners and BGC Holdings will become wholly owned subsidiaries of BGC Group, Inc. Once the Corporate Conversion is completed, it will have the effect of transforming the organizational structure of the BGC businesses from an Up-C structure to a simplified “Full C-Corporation” structure | ||||
| Corporate Conversion Agreement | The Corporate Conversion Agreement is the agreement entered into on November 15, 2022 by and among BGC Partners, BGC Holdings, BGC Group, Inc., and other affiliated entities, and, solely for the purposes of certain provisions therein, Cantor, that provides for the Corporate Conversion of the BGC businesses | ||||
| Corporate Conversion Transactions | The Corporation Conversion Transactions refers to the series of mergers contemplated by the Corporate Conversion Agreement and related transactions | ||||
| COVID-19 | Coronavirus Disease 2019 | ||||
| CRD | Capital Requirements Directive | ||||
| Credit Facility | A $150.0 million credit facility between the Company and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018 | ||||
| DCM | Designated Contract Market | ||||
| DCO | Derivatives Clearing Organization | ||||
| Distribution Date | November 30, 2018, the date that BGC and BGC Holdings completed the Spin-Off and the BGC Holdings Distribution, respectively | ||||
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
| ECB | European Central Bank | ||||
| Ed Broking | Ed Broking Group Limited, formerly a wholly owned subsidiary of the Company, acquired on January 31, 2019 and sold to The Ardonagh Group on November 1, 2021 as part of the Insurance Business Disposition | ||||
| EMIR | European Market Infrastructure Regulation | ||||
| EPS | Earnings Per Share | ||||
| Equity Plan | Eighth Amended and Restated Long Term Incentive Plan, approved by the Company’s stockholders at the annual meeting of stockholders on November 22, 2021 | ||||
| ESG | Environmental, social and governance, including sustainability or similar items | ||||
| eSpeed | Various assets comprising the Fully Electronic portion of the Company’s former benchmark on-the-run U.S. Treasury brokerage, market data and co-location service businesses, sold to Nasdaq on June 28, 2013 | ||||
| EU | European Union | ||||
| Exchange Act | Securities Exchange Act of 1934, as amended | ||||
| Exchange Agreement | A letter agreement by and between BGC Partners and Cantor and CFGM, dated June 5, 2015, that grants Cantor and CFGM the right to exchange shares of BGC Class A common stock into shares of BGC Class B common stock on a one-to-one basis up to the limits described therein | ||||
| Exchange Ratio | Ratio by which a Newmark Holdings limited partnership interest can be exchanged for shares of Newmark Class A or Class B common stock | ||||
| TERM | DEFINITION | ||||
| FASB | Financial Accounting Standards Board | ||||
| FCA | Financial Conduct Authority of the U.K. | ||||
| FCM | Futures Commission Merchant | ||||
| FDIC | Federal Deposit Insurance Corporation | ||||
| February 2012 distribution rights shares | Cantor’s deferred stock distribution rights provided to current and former Cantor partners on February 14, 2012 | ||||
| Fenics | BGC’s group of electronic brands, offering a number of market infrastructure and connectivity services, Fully Electronic marketplaces, and the Fully Electronic brokerage of certain products that also may trade via Voice and Hybrid execution, including market data and related information services, Fully Electronic brokerage, connectivity software, compression and other post-trade services, analytics related to financial instruments and markets, and other financial technology solutions; includes Fenics Growth Platforms and Fenics Markets | ||||
| Fenics Growth Platforms | Consists of Fenics UST, Fenics GO, Lucera, Fenics FX and other newer standalone platforms | ||||
| Fenics Integrated | Represents Fenics businesses that utilize sufficient levels of technology such that significant amounts of their transactions can be, or are, executed without broker intervention and have expected pre-tax margins of at least 25% | ||||
| Fenics Markets | Consists of the Fully Electronic portions of BGC’s brokerage businesses, data, software and post-trade revenues that are unrelated to Fenics Growth Platforms, as well as Fenics Integrated revenues | ||||
| FINRA | Financial Industry Regulatory Authority | ||||
| FMX | BGC’s combined U.S. Treasury and Futures electronic marketplace | ||||
| Founding Partners | Individuals who became limited partners of BGC Holdings in the mandatory redemption of interests in Cantor in connection with the 2008 separation and merger of Cantor’s BGC division with eSpeed, Inc. (provided that members of the Cantor group and Howard W. Lutnick (including any entity directly or indirectly controlled by Mr. Lutnick or any trust with respect to which he is a grantor, trustee or beneficiary) are not founding partners) and became limited partners of Newmark Holdings in the Separation | ||||
| Founding/Working Partners | Holders of FPUs | ||||
| FPUs | Founding/Working Partners units in BGC Holdings or Newmark Holdings that are generally redeemed upon termination of employment | ||||
| Freedom | Freedom International Brokerage Company, a 45%-owned equity method investment of the Company | ||||
| Fully Electronic | Broking transactions intermediated on a solely electronic basis rather than by Voice or Hybrid broking | ||||
Futures Exchange Group | CFLP CX Futures Exchange Holdings, LLC, CFLP CX Futures Exchange Holdings, L.P., CX Futures Exchange Holdings, LLC, CX Clearinghouse Holdings, LLC, CX Futures Exchange, L.P. and CX Clearinghouse, L.P. | ||||
| FX | Foreign exchange | ||||
| GDPR | General Data Protection Regulation | ||||
| GFI | GFI Group Inc., a wholly owned subsidiary of the Company, acquired on January 12, 2016 | ||||
| GILTI | Global Intangible Low-Taxed Income | ||||
| GUI | Graphical User Interface | ||||
| HDUs | LPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’s Consolidated Statements of Financial Condition | ||||
| TERM | DEFINITION | ||||
| Hybrid | Broking transactions executed by brokers and involving some element of Voice broking and electronic trading | ||||
| ICAP | ICAP plc, a part of TP ICAP group, and a leading markets operator and provider of execution and information services | ||||
| ICE | Intercontinental Exchange | ||||
| Incentive Plan | The Company’s Second Amended and Restated Incentive Bonus Compensation Plan, approved by the Company’s stockholders at the annual meeting of stockholders on June 6, 2017 | ||||
| Insurance brokerage business | The insurance brokerage business of BGC, including Corant, Ed Broking, Besso, Piiq Risk Partners, Junge, Cooper Gay, Global Underwriting and Epsilon, which business was sold to The Ardonagh Group on November 1, 2021 | ||||
| Insurance Business Disposition | The sale of the Insurance brokerage business for $534.9 million in gross cash proceeds after closing adjustments, subject to limited post-closing adjustments, completed on November 1, 2021 | ||||
| IR Act | Inflation Reduction Act of 2022 | ||||
| LCH | London Clearing House | ||||
| Legacy BGC Holdings Units | BGC Holdings LPUs outstanding immediately prior to the Separation | ||||
| Legacy Newmark Holdings Units | Newmark Holdings LPUs issued in connection with the Separation | ||||
| LIBOR | London Interbank Offering Rate | ||||
| LPUs | Certain limited partnership units in BGC Holdings or Newmark Holdings held by certain employees of BGC Partners or Newmark and other persons who have provided services to BGC Partners or Newmark, which units may include APSIs, APSUs, AREUs, ARPSUs, HDUs, U.K. LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, and RPUs, along with future types of limited partnership units in BGC Holdings or Newmark Holdings | ||||
| Lucera | A wholly owned subsidiary of the Company, also known as “LFI Holdings, LLC” or “LFI,” which is a software defined network offering the trading community direct connectivity | ||||
| March 2018 Form S-3 | CEO Program shelf Registration Statement on Form S-3 filed on March 9, 2018 | ||||
| March 2018 Sales Agreement | CEO Program sales agreement, by and between the Company and CF&Co, dated March 9, 2018, pursuant to which the Company could offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock, which agreement expired in September 2021 | ||||
| MEA | Middle East and Africa region | ||||
| MiFID II | Markets in Financial Instruments Directive II, a legislative framework instituted by the EU to regulate financial markets and improve protections for investors by increasing transparency and standardizing regulatory disclosures | ||||
| Mint Brokers | A wholly owned subsidiary of the Company, acquired on August 19, 2010, registered as an FCM with both the CFTC and the NFA | ||||
| Nasdaq | Nasdaq, Inc., formerly known as NASDAQ OMX Group, Inc. | ||||
| NDF | Non-deliverable forwards | ||||
| Newmark | Newmark Group, Inc. (NASDAQ symbol: NMRK), a publicly traded and former majority-owned subsidiary of BGC until the Distribution Date, and, where applicable, its consolidated subsidiaries | ||||
| Newmark Class A common stock | Newmark Class A common stock, par value $0.01 per share | ||||
| Newmark Class B common stock | Newmark Class B common stock, par value $0.01 per share | ||||
| TERM | DEFINITION | ||||
| Newmark Group | Newmark, Newmark Holdings, and Newmark OpCo and their respective subsidiaries, collectively | ||||
| Newmark Holdings | Newmark Holdings, L.P. | ||||
| Newmark IPO | Initial public offering of 23 million shares of Newmark Class A common stock by Newmark at a price of $14.00 per share in December 2017 | ||||
| Newmark OpCo | Newmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the business of Newmark | ||||
| NEX | NEX Group plc, an entity formed in December 2016, formerly known as ICAP | ||||
| NFA | National Futures Association | ||||
| Non-GAAP | A financial measure that differs from the most directly comparable measure calculated and presented in accordance with U.S. GAAP, such as Adjusted Earnings and Adjusted EBITDA | ||||
| N Units | Non-distributing partnership units of BGC Holdings or Newmark Holdings that may not be allocated any item of profit or loss, and may not be made exchangeable into shares of Class A common stock, including NREUs, NPREUs, NLPUs, NPLPUs, NPSUs, and NPPSUs | ||||
| OCI | Other comprehensive income (loss), including gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities (in periods prior to January 1, 2018), certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments | ||||
| OTC | Over-the-Counter | ||||
| OTF | Organized Trading Facility, a regulated execution venue category introduced by MiFID II | ||||
| PCD assets | Purchased financial assets with deterioration in credit quality since origination | ||||
| Period Cost Method | Treatment of taxes associated with the GILTI provision as a current period expense when incurred rather than recording deferred taxes for basis differences | ||||
| Poten & Partners | Poten & Partners Group, Inc., a wholly owned subsidiary of the Company, acquired on November 15, 2018 | ||||
| Preferred Distribution | Allocation of net profits of BGC Holdings or Newmark Holdings to holders of Preferred Units, at a rate of either 0.6875% (i.e., 2.75% per calendar year) or such other amount as set forth in the award documentation | ||||
| Preferred Units | Preferred partnership units in BGC Holdings or Newmark Holdings, such as PPSUs, which are settled for cash, rather than made exchangeable into shares of Class A common stock, are only entitled to a Preferred Distribution, and are not included in BGC’s or Newmark’s fully diluted share count | ||||
| Real Estate L.P. | CF Real Estate Finance Holdings, L.P., a commercial real estate-related financial and investment business controlled and managed by Cantor, of which Newmark owns a minority interest | ||||
| Record Date | Close of business on November 23, 2018, in connection with the Spin-Off | ||||
| Repurchase Agreements | Securities sold under agreements to repurchase that are recorded at contractual amounts, including interest, and accounted for as collateralized financing transactions | ||||
| Revolving Credit Agreement | The Company’s unsecured senior revolving credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, dated as of November 28, 2018, that provides for a maximum revolving loan balance of $350.0 million, bearing interest at either LIBOR or a defined base rate plus additional margin, amended on December 11, 2019 to extend the maturity date to February 26, 2021 and further amended on February 26, 2020 to extend the maturity date to February 26, 2023. On March 10, 2022, the agreement was amended and restated to increase the size of the credit facility to $375.0 million, bearing interest at either SOFR or a defined base rate plus additional margin, and extend the maturity date to March 10, 2025 | ||||
| ROU | Right-of-Use | ||||
| TERM | DEFINITION | ||||
| RSUs | BGC or Newmark unvested restricted stock units, payable in shares of BGC Class A common stock or Newmark Class A common stock, respectively, held by certain employees of BGC Partners or Newmark and other persons who have provided services to BGC Partners or Newmark, or issued in connection with certain acquisitions | ||||
| Russia’s Invasion of Ukraine | Russia’s invasion of Ukraine, which led to imposed sanctions by the U.S., U.K., EU, and other countries on Russian counterparties | ||||
| SaaS | Software as a Service | ||||
| SBSEF | Security-based Swap Execution Facility | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| Securities Act | Securities Act of 1933, as amended | ||||
| SEF | Swap Execution Facility | ||||
| Separation | Principal corporate transactions pursuant to the Separation and Distribution Agreement, by which BGC, BGC Holdings and BGC U.S. OpCo and their respective subsidiaries (other than the Newmark Group) transferred to Newmark, Newmark Holdings and Newmark OpCo and their respective subsidiaries the assets and liabilities of the BGC Entity Group relating to BGC’s real estate services business, and related transactions, including the distribution of Newmark Holdings units to holders of units in BGC Holdings and the assumption and repayment of certain BGC indebtedness by Newmark | ||||
| Separation and Distribution Agreement | Separation and Distribution Agreement, by and among the BGC Entity Group, the Newmark Group, Cantor and BGC Global OpCo, originally entered into on December 13, 2017, as amended on November 8, 2018 and amended and restated on November 23, 2018 | ||||
| SOFR | Secured Overnight Financing Rate | ||||
| SPAC | Special Purpose Acquisition Company | ||||
SPAC Investment Banking Activities | Aurel’s investment banking activities with respect to SPACs | ||||
| Spin-Off | Pro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC to its stockholders of all the shares of common stock of Newmark owned by BGC Partners immediately prior to the Distribution Date, with shares of Newmark Class A common stock distributed to the holders of shares of BGC Class A common stock (including directors and executive officers of BGC Partners) of record on the Record Date, and shares of Newmark Class B common stock distributed to the holders of shares of BGC Class B common stock (Cantor and CFGM) of record on the Record Date, completed on the Distribution Date | ||||
| Tax Act | Tax Cuts and Jobs Act enacted on December 22, 2017 | ||||
| TDRs | Troubled Debt Restructurings | ||||
| The Ardonagh Group | The Ardonagh Group Limited; the U.K.’s largest independent insurance broker and purchaser of BGC’s Insurance brokerage business completed on November 1, 2021 | ||||
| Tower Bridge | Tower Bridge International Services L.P., a subsidiary of the Company, which is 52%-owned by the Company and 48%-owned by Cantor | ||||
| TP ICAP | TP ICAP plc, an entity formed in December 2016, formerly known as Tullett | ||||
| Tradition | Compagnie Financière Tradition (which is majority owned by Viel & Cie) | ||||
| Trident | Trident Brokerage Service LLC, a wholly owned subsidiary of the Company, acquired on February 28, 2023 | ||||
| Tullett | Tullett Prebon plc, a part of TP ICAP group and an interdealer broker, primarily operating as an intermediary in the wholesale financial and energy sectors | ||||
| U.K. | United Kingdom | ||||
| TERM | DEFINITION | ||||
| U.S. GAAP or GAAP | Generally Accepted Accounting Principles in the United States of America | ||||
| UBT | Unincorporated Business Tax | ||||
| VIE | Variable Interest Entity | ||||
| Voice | Voice-only broking transactions executed by brokers over the telephone | ||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 493,496 | $ | 484,989 | |||||||
| Cash segregated under regulatory requirements | 16,424 | 17,021 | |||||||||
| Financial instruments owned, at fair value | 41,302 | 39,319 | |||||||||
| Receivables from broker-dealers, clearing organizations, customers and related broker-dealers | 1,852,062 | 559,680 | |||||||||
| Accrued commissions and other receivables, net | 330,544 | 288,471 | |||||||||
| Loans, forgivable loans and other receivables from employees and partners, net | 352,719 | 319,612 | |||||||||
| Fixed assets, net | 181,059 | 183,478 | |||||||||
| Investments | 38,810 | 38,575 | |||||||||
| Goodwill | 502,017 | 486,585 | |||||||||
| Other intangible assets, net | 204,553 | 192,783 | |||||||||
| Receivables from related parties | 4,135 | 1,444 | |||||||||
| Other assets | 467,150 | 463,014 | |||||||||
| Total assets | $ | 4,484,271 | $ | 3,074,971 | |||||||
| Liabilities, Redeemable Partnership Interest, and Equity | |||||||||||
| Short-term borrowings | $ | 1,968 | $ | 1,917 | |||||||
| Accrued compensation | 176,629 | 176,781 | |||||||||
| Payables to broker-dealers, clearing organizations, customers and related broker-dealers | 1,675,926 | 404,675 | |||||||||
| Payables to related parties | 2,918 | 10,550 | |||||||||
| Accounts payable, accrued and other liabilities | 688,801 | 683,104 | |||||||||
| Notes payable and other borrowings | 1,121,588 | 1,049,217 | |||||||||
| Total liabilities | 3,667,830 | 2,326,244 | |||||||||
| Commitments, contingencies and guarantees (Note 19) | |||||||||||
| Redeemable partnership interest | 15,423 | 15,519 | |||||||||
| Equity | |||||||||||
| Stockholders’ equity: | |||||||||||
Class A common stock, par value $0.01 per share; 750,000 shares authorized; 487,809 and 471,934 shares issued at March 31, 2023 and December 31, 2022, respectively; and 340,874 and 325,858 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 4,878 | 4,719 | |||||||||
Class B common stock, par value $0.01 per share; 150,000 shares authorized; 45,884 shares issued and outstanding at each of March 31, 2023 and December 31, 2022, convertible into Class A common stock | 459 | 459 | |||||||||
| Additional paid-in capital | 2,604,259 | 2,559,418 | |||||||||
Treasury stock, at cost: 146,935 and 146,076 shares of Class A common stock at March 31, 2023 and December 31, 2022, respectively | (715,081) | (711,454) | |||||||||
| Retained deficit | (1,122,827) | (1,138,066) | |||||||||
| Accumulated other comprehensive income (loss) | (43,522) | (45,431) | |||||||||
| Total stockholders’ equity | 728,166 | 669,645 | |||||||||
| Noncontrolling interest in subsidiaries | 72,852 | 63,563 | |||||||||
| Total equity | 801,018 | 733,208 | |||||||||
| Total liabilities, redeemable partnership interest, and equity | $ | 4,484,271 | $ | 3,074,971 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Revenues: | |||||||||||
| Commissions | $ | 377,288 | $ | 356,664 | |||||||
| Principal transactions | 114,929 | 115,601 | |||||||||
| Fees from related parties | 3,957 | 3,317 | |||||||||
| Data, software and post-trade | 27,122 | 24,127 | |||||||||
| Interest and dividend income | 5,315 | 2,435 | |||||||||
| Other revenues | 4,256 | 4,320 | |||||||||
| Total revenues | 532,867 | 506,464 | |||||||||
| Expenses: | |||||||||||
| Compensation and employee benefits | 267,214 | 257,268 | |||||||||
| Equity-based compensation and allocations of net income to limited partnership units and FPUs | 81,373 | 57,876 | |||||||||
| Total compensation and employee benefits | 348,587 | 315,144 | |||||||||
| Occupancy and equipment | 41,165 | 38,663 | |||||||||
| Fees to related parties | 8,440 | 5,725 | |||||||||
| Professional and consulting fees | 15,701 | 15,631 | |||||||||
| Communications | 27,939 | 27,891 | |||||||||
| Selling and promotion | 14,616 | 10,938 | |||||||||
| Commissions and floor brokerage | 15,265 | 17,343 | |||||||||
| Interest expense | 15,742 | 14,303 | |||||||||
| Other expenses | 12,508 | 17,775 | |||||||||
| Total expenses | 499,963 | 463,413 | |||||||||
| Other income (losses), net: | |||||||||||
| Gains (losses) on equity method investments | 2,062 | 2,803 | |||||||||
| Other income (loss) | (1,735) | (496) | |||||||||
| Total other income (losses), net | 327 | 2,307 | |||||||||
| Income (loss) from operations before income taxes | 33,231 | 45,358 | |||||||||
| Provision (benefit) for income taxes | 12,061 | 14,657 | |||||||||
| Consolidated net income (loss) | $ | 21,170 | $ | 30,701 | |||||||
| Less: Net income (loss) attributable to noncontrolling interest in subsidiaries | 2,192 | 4,729 | |||||||||
| Net income (loss) available to common stockholders | $ | 18,978 | $ | 25,972 | |||||||
| Per share data: | |||||||||||
| Basic earnings (loss) per share | |||||||||||
| Net income (loss) available to common stockholders | $ | 18,978 | $ | 25,972 | |||||||
| Basic earnings (loss) per share | $ | 0.05 | $ | 0.07 | |||||||
| Basic weighted-average shares of common stock outstanding | 375,220 | 368,323 | |||||||||
| Fully diluted earnings (loss) per share | |||||||||||
| Net income (loss) for fully diluted shares | $ | 24,155 | $ | 33,638 | |||||||
| Fully diluted earnings (loss) per share | $ | 0.05 | $ | 0.07 | |||||||
| Fully diluted weighted-average shares of common stock outstanding | 501,067 | 502,877 | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Consolidated net income (loss) | $ | 21,170 | $ | 30,701 | |||||||
| Other comprehensive income (loss), net of tax: | |||||||||||
| Foreign currency translation adjustments | 2,268 | 3,795 | |||||||||
| Total other comprehensive income (loss), net of tax | 2,268 | 3,795 | |||||||||
| Comprehensive income (loss) | 23,438 | 34,496 | |||||||||
| Less: Comprehensive income (loss) attributable to noncontrolling interest in subsidiaries, net of tax | 2,551 | 5,099 | |||||||||
| Comprehensive income (loss) attributable to common stockholders | $ | 20,887 | $ | 29,397 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Consolidated net income (loss) | $ | 21,170 | $ | 30,701 | |||||||
| Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Fixed asset depreciation and intangible asset amortization | 19,059 | 18,399 | |||||||||
| Employee loan amortization and reserves on employee loans | 13,900 | 9,894 | |||||||||
| Equity-based compensation and allocations of net income to limited partnership units and FPUs | 81,373 | 57,876 | |||||||||
| Deferred compensation expense | 11 | 30 | |||||||||
| Losses (gains) on equity method investments | (2,062) | (2,803) | |||||||||
| Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments | 1,325 | (136) | |||||||||
| Amortization of discount (premium) on notes payable | 855 | 700 | |||||||||
| Impairment of fixed assets, intangible assets and investments | 1,770 | 2,120 | |||||||||
| Deferred tax provision (benefit) | 1,128 | 1,509 | |||||||||
| Change in estimated acquisition earn-out payables | 674 | 224 | |||||||||
| Forfeitures of Class A common stock | (49) | — | |||||||||
| Other | — | 780 | |||||||||
| Consolidated net income (loss), adjusted for non-cash and non-operating items | 139,154 | 119,294 | |||||||||
| Decrease (increase) in operating assets: | |||||||||||
| Financial instruments owned, at fair value | (1,563) | 5,041 | |||||||||
| Receivables from broker-dealers, clearing organizations, customers and related broker-dealers | (1,291,324) | (1,592,749) | |||||||||
| Accrued commissions receivable, net | (36,347) | (45,382) | |||||||||
| Loans, forgivable loans and other receivables from employees and partners, net | (44,604) | (16,600) | |||||||||
| Receivables from related parties | (2,617) | (2,174) | |||||||||
| Other assets | (2,091) | (5,292) | |||||||||
| Increase (decrease) in operating liabilities: | |||||||||||
| Repurchase agreements | — | 7,511 | |||||||||
| Accrued compensation | (5,297) | (8,364) | |||||||||
| Payables to broker-dealers, clearing organizations, customers and related broker-dealers | 1,270,560 | 1,546,421 | |||||||||
| Payables to related parties | (7,220) | 23,952 | |||||||||
| Accounts payable, accrued and other liabilities | 5,836 | (41,541) | |||||||||
| Net cash provided by (used in) operating activities | $ | 24,487 | $ | (9,883) | |||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of fixed assets | $ | (2,327) | $ | (1,030) | |||||||
| Capitalization of software development costs | (12,210) | (11,042) | |||||||||
| Purchase of equity method investments | — | (343) | |||||||||
| Proceeds from equity method investments | 1,828 | 77 | |||||||||
| Payments for acquisitions, net of cash and restricted cash acquired | (26,177) | — | |||||||||
| Purchase of assets | (110) | — | |||||||||
| Net cash provided by (used in) investing activities | $ | (38,996) | $ | (12,338) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Repayments of long-term debt and collateralized borrowings | $ | (61,621) | $ | (1,584) | |||||||
| Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs | 135,000 | (6) | |||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | (14,263) | (6,868) | |||||||||
| Redemption and repurchase of limited partnership interests | (34,454) | (11,794) | |||||||||
| Dividends to stockholders | (3,739) | (3,710) | |||||||||
| Repurchase of Class A common stock | (4,208) | — | |||||||||
| Net cash provided by (used in) financing activities | $ | 16,715 | $ | (23,962) | |||||||
| Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements | 5,704 | 2,970 | |||||||||
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements | 7,910 | (43,213) | |||||||||
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period | 502,010 | 566,799 | |||||||||
| Cash and cash equivalents and Cash segregated under regulatory requirements at end of period | $ | 509,920 | $ | 523,586 | |||||||
| Supplemental cash information: | |||||||||||
| Cash paid during the period for taxes | $ | 9,593 | $ | 4,353 | |||||||
| Cash paid during the period for interest | 14,615 | 13,283 | |||||||||
| Supplemental non-cash information: | |||||||||||
| Issuance of Class A common stock upon exchange of limited partnership interests | $ | 31,179 | $ | 14,809 | |||||||
| Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions | 2,761 | 1,976 | |||||||||
| ROU assets and liabilities | 1,625 | 1,686 | |||||||||
| BGC Partners, Inc. Stockholders | Noncontrolling Interest in Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2023 | $ | 4,719 | $ | 459 | $ | 2,559,418 | $ | (711,454) | $ | (1,138,066) | $ | (45,431) | $ | 63,563 | $ | 733,208 | |||||||||||||||||||||||||||||||
| Consolidated net income (loss) | — | — | — | — | 18,978 | — | 2,192 | 21,170 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | — | — | 1,909 | 359 | 2,268 | ||||||||||||||||||||||||||||||||||||||||
Equity-based compensation, 2,096,003 shares | 21 | — | 5,374 | — | — | — | 1,665 | 7,060 | |||||||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (3,739) | — | — | (3,739) | |||||||||||||||||||||||||||||||||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | — | — | — | — | — | — | (6,453) | (6,453) | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability and redemption of limited partnership interests, issuance of 13,144,521 shares | 131 | — | 36,694 | — | — | — | 11,724 | 48,549 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock (net of costs), 13,303 shares | — | — | 186 | — | — | — | 10 | 196 | |||||||||||||||||||||||||||||||||||||||
Redemption of FPUs, 22,914 units | — | — | — | — | — | — | (66) | (66) | |||||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock, 845,890 shares | — | — | — | (3,575) | — | — | (633) | (4,208) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of Class A common stock, 49,201 shares | — | — | 10 | (52) | — | — | (7) | (49) | |||||||||||||||||||||||||||||||||||||||
| Contributions of capital to and from Cantor for equity-based compensation | — | — | 271 | — | — | — | 84 | 355 | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability, redemption of limited partnership interests and issuance of Class A common stock and RSUs for acquisitions, 658,246 shares | 7 | — | 2,340 | — | — | — | 414 | 2,761 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (34) | — | — | — | — | (34) | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 4,878 | $ | 459 | $ | 2,604,259 | $ | (715,081) | $ | (1,122,827) | $ | (43,522) | $ | 72,852 | $ | 801,018 | |||||||||||||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared per share of common stock | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per share of common stock | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||||||||||||||
| BGC Partners, Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2022 | $ | 4,359 | $ | 459 | $ | 2,451,135 | $ | (623,734) | $ | (1,171,919) | $ | (40,548) | $ | 43,563 | $ | 663,315 | |||||||||||||||||||||||||||||||
| Consolidated net income (loss) | — | — | — | — | 25,972 | — | 4,729 | 30,701 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive gain, net of tax | — | — | — | — | — | 3,425 | 370 | 3,795 | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation, 1,981,088 shares | 20 | — | 4,773 | — | — | — | 1,506 | 6,299 | |||||||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (3,710) | — | — | (3,710) | |||||||||||||||||||||||||||||||||||||||
| Earnings distributions to limited partnership interests and other noncontrolling interests | — | — | — | — | — | — | 1,577 | 1,577 | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability and redemption of limited partnership interests, issuance of 6,643,090 shares | 67 | — | 22,533 | — | — | — | 7,447 | 30,047 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock (net of costs), 4,956 shares | — | — | 148 | — | — | — | 4 | 152 | |||||||||||||||||||||||||||||||||||||||
Redemption of FPUs, 29,388 units | — | — | — | — | — | — | (84) | (84) | |||||||||||||||||||||||||||||||||||||||
| Contributions of capital to and from Cantor for equity-based compensation | — | — | 1,392 | — | — | — | 438 | 1,830 | |||||||||||||||||||||||||||||||||||||||
Grant of exchangeability, redemption of limited partnership interests and issuance of Class A common stock and RSUs for acquisitions, 911,677 shares | 9 | — | 1,661 | — | — | — | 306 | 1,976 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (234) | — | — | — | — | (234) | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 4,455 | $ | 459 | $ | 2,481,408 | $ | (623,734) | $ | (1,149,657) | $ | (37,123) | $ | 59,856 | $ | 735,664 | |||||||||||||||||||||||||||||||
| Page | ||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Basic earnings (loss) per share: | |||||||||||
| Net income (loss) available to common stockholders | $ | 18,978 | $ | 25,972 | |||||||
| Basic weighted-average shares of common stock outstanding | 375,220 | 368,323 | |||||||||
| Basic earnings (loss) per share | $ | 0.05 | $ | 0.07 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Fully diluted earnings (loss) per share | |||||||||||
| Net income (loss) available to common stockholders | $ | 18,978 | $ | 25,972 | |||||||
Allocations of net income (loss) to limited partnership interests, net of tax | 5,177 | 7,666 | |||||||||
| Net income (loss) for fully diluted shares | $ | 24,155 | $ | 33,638 | |||||||
| Weighted-average shares: | |||||||||||
| Common stock outstanding | 375,220 | 368,323 | |||||||||
| Partnership units¹ | 120,451 | 129,680 | |||||||||
| RSUs (Treasury stock method) | 4,008 | 3,681 | |||||||||
| Other | 1,388 | 1,193 | |||||||||
Fully diluted weighted-average shares of common stock outstanding | 501,067 | 502,877 | |||||||||
| Fully diluted earnings (loss) per share | $ | 0.05 | $ | 0.07 | |||||||
| Three Months Ended March 31, | ||||||||||||||
| 2023 | 2022 | |||||||||||||
| Shares outstanding at beginning of period | 325,858 | 317,023 | ||||||||||||
| Share issuances: | ||||||||||||||
| Redemptions/exchanges of limited partnership interests¹ | 13,145 | 6,643 | ||||||||||||
| Vesting of RSUs | 2,096 | 1,982 | ||||||||||||
| Acquisitions | 658 | 912 | ||||||||||||
| Other issuances of BGC Class A common stock | 13 | 3 | ||||||||||||
| Restricted stock forfeitures | (49) | — | ||||||||||||
| Treasury stock repurchases | (846) | — | ||||||||||||
| Shares outstanding at end of period | 340,875 | 326,563 | ||||||||||||
| Period | Total Number of Units Redeemed or Shares Repurchased | Weighted-Average Price Paid per Unit or Share | Approximate Dollar Value of Units and Shares That Could Be Redeemed/ Purchased Under the Program at March 31, 2023 | |||||||||||||||||
Redemptions1 | ||||||||||||||||||||
| January 1, 2023—March 31, 2023 | 23 | $ | 3.90 | |||||||||||||||||
Repurchases2 | ||||||||||||||||||||
| January 1, 2023—January 31, 2023 | — | $ | — | |||||||||||||||||
| February 1, 2023—February 28, 2023 | — | — | ||||||||||||||||||
| March 1, 2023—March 31, 2023 | 846 | 4.97 | ||||||||||||||||||
| Total Redemptions and Repurchases | 869 | $ | 4.95 | $ | 372,115 | |||||||||||||||
| Period | Total Number of Units Redeemed or Shares Repurchased | Weighted-Average Price Paid per Unit or Share | Approximate Dollar Value of Units and Shares That Could Be Redeemed/ Purchased Under the Program at March 31, 2022 | |||||||||||||||||
Redemptions1 | ||||||||||||||||||||
| January 1, 2022—March 31, 2022 | 43 | $ | 4.01 | |||||||||||||||||
Repurchases2 | ||||||||||||||||||||
| January 1, 2022—March 31, 2022 | — | $ | — | |||||||||||||||||
| Total Redemptions and Repurchases | 43 | $ | 4.01 | $ | 191,635 | |||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Balance at beginning of period | $ | 15,519 | $ | 18,761 | |||||||
| Consolidated net income allocated to FPUs | 236 | 468 | |||||||||
| Earnings distributions | — | (1,074) | |||||||||
| FPUs exchanged | (309) | (339) | |||||||||
| FPUs redeemed | (23) | (30) | |||||||||
| Balance at end of period | $ | 15,423 | $ | 17,786 | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers1: | |||||||||||
| Contract values of fails to deliver | $ | 1,639,830 | $ | 404,076 | |||||||
| Receivables from clearing organizations | 170,925 | 132,149 | |||||||||
| Other receivables from broker-dealers and customers | 30,842 | 19,693 | |||||||||
| Net pending trades | 3,420 | — | |||||||||
| Open derivative contracts | 7,045 | 3,762 | |||||||||
| Total | $ | 1,852,062 | $ | 559,680 | |||||||
Payables to broker-dealers, clearing organizations, customers and related broker-dealers1: | |||||||||||
| Contract values of fails to receive | $ | 1,529,893 | $ | 362,682 | |||||||
| Payables to clearing organizations | 122,224 | 16,855 | |||||||||
| Other payables to broker-dealers and customers | 16,241 | 15,871 | |||||||||
| Net pending trades | — | 1,634 | |||||||||
| Open derivative contracts | 7,568 | 7,633 | |||||||||
| Total | $ | 1,675,926 | $ | 404,675 | |||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
| Derivative contract | Assets | Liabilities | Notional Amounts1 | Assets | Liabilities | Notional Amounts1 | ||||||||||||||||||||||||||||||||
| FX swaps | $ | 6,453 | $ | 5,662 | $ | 742,441 | $ | 3,134 | $ | 5,796 | $ | 586,020 | ||||||||||||||||||||||||||
| Forwards | 564 | 977 | 248,746 | 603 | 569 | 197,278 | ||||||||||||||||||||||||||||||||
| Interest rate swaps | 28 | — | 103,231,849 | 25 | — | 2,114,412 | ||||||||||||||||||||||||||||||||
| Futures | — | 929 | 4,733,162 | — | 1,268 | 4,253,088 | ||||||||||||||||||||||||||||||||
| Total | $ | 7,045 | $ | 7,568 | $ | 108,956,198 | $ | 3,762 | $ | 7,633 | $ | 7,150,798 | ||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||
| Gross Amounts | Gross Amounts Offset | Net Amounts Presented in the Statements of Financial Condition1 | |||||||||||||||
| Assets | |||||||||||||||||
| FX swaps | $ | 6,994 | $ | (541) | $ | 6,453 | |||||||||||
| Forwards | 588 | (24) | 564 | ||||||||||||||
| Interest rate swaps | 19,710 | (19,682) | 28 | ||||||||||||||
| Futures | 47,987 | (47,987) | — | ||||||||||||||
| Total derivative assets | $ | 75,279 | $ | (68,234) | $ | 7,045 | |||||||||||
| Liabilities | |||||||||||||||||
| FX swaps | $ | 6,203 | $ | (541) | $ | 5,662 | |||||||||||
| Forwards | 1,001 | (24) | 977 | ||||||||||||||
| Futures | 48,916 | (47,987) | 929 | ||||||||||||||
| Interest rate swaps | 19,682 | $ | (19,682) | — | |||||||||||||
| Total derivative liabilities | $ | 75,802 | $ | (68,234) | $ | 7,568 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Gross Amounts | Gross Amounts Offset | Net Amounts Presented in the Statements of Financial Condition1 | |||||||||||||||
| Assets | |||||||||||||||||
| FX swaps | $ | 3,623 | $ | (489) | $ | 3,134 | |||||||||||
| Forwards | 746 | (143) | 603 | ||||||||||||||
| Interest Rate Swaps | 895 | (870) | 25 | ||||||||||||||
| Futures | 64,769 | (64,769) | — | ||||||||||||||
| Total derivative assets | $ | 70,033 | $ | (66,271) | $ | 3,762 | |||||||||||
| Liabilities | |||||||||||||||||
| FX swaps | $ | 6,285 | $ | (489) | $ | 5,796 | |||||||||||
| Futures | 66,037 | (64,769) | 1,268 | ||||||||||||||
| Forwards | 712 | (143) | 569 | ||||||||||||||
| Interest Rate Swaps | 870 | (870) | — | ||||||||||||||
| Total derivative liabilities | $ | 73,904 | $ | (66,271) | $ | 7,633 | |||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Derivative contract | 2023 | 2022 | ||||||||||||
| Futures | $ | 3,421 | $ | 4,409 | ||||||||||
| FX swaps | 770 | 329 | ||||||||||||
| FX/commodities options | 41 | 100 | ||||||||||||
| Interest rate swaps | 28 | — | ||||||||||||
| Gains, net | $ | 4,260 | $ | 4,838 | ||||||||||
| Assets at Fair Value at March 31, 2023 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Netting and Collateral | Total | |||||||||||||||||||||||||
| Financial instruments owned, at fair value—Domestic government debt | $ | 31,943 | $ | — | $ | — | $ | — | $ | 31,943 | |||||||||||||||||||
| Financial instruments owned, at fair value—Foreign government debt | — | 8,850 | — | — | 8,850 | ||||||||||||||||||||||||
| Financial instruments owned, at fair value—Equities | 489 | — | — | — | 489 | ||||||||||||||||||||||||
| Financial instruments owned, at fair value—Corporate bonds | — | 20 | — | — | 20 | ||||||||||||||||||||||||
| FX swaps | — | 6,994 | — | (541) | 6,453 | ||||||||||||||||||||||||
| Forwards | — | 588 | — | (24) | 564 | ||||||||||||||||||||||||
| Interest rate swaps | — | 19,710 | — | (19,682) | 28 | ||||||||||||||||||||||||
| Futures | — | 47,987 | — | (47,987) | — | ||||||||||||||||||||||||
| Total | $ | 32,432 | $ | 84,149 | $ | — | $ | (68,234) | $ | 48,347 | |||||||||||||||||||
| Liabilities at Fair Value at March 31, 2023 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Netting and Collateral | Total | |||||||||||||||||||||||||
| FX swaps | $ | — | $ | 6,203 | $ | — | $ | (541) | $ | 5,662 | |||||||||||||||||||
| Forwards | — | 1,001 | — | (24) | 977 | ||||||||||||||||||||||||
| Futures | — | 48,916 | — | (47,987) | 929 | ||||||||||||||||||||||||
| Interest rate swaps | — | 19,682 | — | (19,682) | — | ||||||||||||||||||||||||
| Contingent consideration | — | — | 27,673 | — | 27,673 | ||||||||||||||||||||||||
| Total | $ | — | $ | 75,802 | $ | 27,673 | $ | (68,234) | $ | 35,241 | |||||||||||||||||||
| Assets at Fair Value at December 31, 2022 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Netting and Collateral | Total | |||||||||||||||||||||||||
| Financial instruments owned, at fair value—Domestic government debt | $ | 31,175 | $ | — | $ | — | $ | — | $ | 31,175 | |||||||||||||||||||
| Financial instruments owned, at fair value—Foreign government debt | — | 7,678 | — | — | 7,678 | ||||||||||||||||||||||||
| Financial instruments owned, at fair value—Equities | 466 | — | — | — | 466 | ||||||||||||||||||||||||
| FX swaps | — | 3,623 | — | (489) | 3,134 | ||||||||||||||||||||||||
| Forwards | — | 746 | — | (143) | 603 | ||||||||||||||||||||||||
| Interest rate swaps | — | 895 | (870) | 25 | |||||||||||||||||||||||||
| Futures | — | 64,769 | — | (64,769) | — | ||||||||||||||||||||||||
| Total | $ | 31,641 | $ | 77,711 | $ | — | $ | (66,271) | $ | 43,081 | |||||||||||||||||||
| Liabilities at Fair Value at December 31, 2022 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Netting and Collateral | Total | |||||||||||||||||||||||||
| FX swaps | — | 6,285 | — | (489) | 5,796 | ||||||||||||||||||||||||
| Futures | $ | — | $ | 66,037 | $ | — | $ | (64,769) | $ | 1,268 | |||||||||||||||||||
| Forwards | — | 712 | — | (143) | 569 | ||||||||||||||||||||||||
| Interest rate swaps | — | 870 | — | (870) | — | ||||||||||||||||||||||||
| Contingent consideration | — | — | 24,279 | — | 24,279 | ||||||||||||||||||||||||
| Total | $ | — | $ | 73,904 | $ | 24,279 | $ | (66,271) | $ | 31,912 | |||||||||||||||||||
| Unrealized (gains) losses for the period included in: | |||||||||||||||||||||||||||||||||||||||||||||||
| Opening Balance at January 1, 2023 | Total realized and unrealized (gains) losses included in Net income (loss)¹ | Unrealized (gains) losses included in Other comprehensive income (loss)² | Purchases/ Issuances | Sales/ Settlements | Closing Balance at March 31, 2023 | Net (income) loss on Level 3 Assets/Liabilities Outstanding at March 31, 2023 | Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued and other liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | $ | 24,279 | $ | 674 | $ | — | $ | 4,675 | $ | (1,955) | $ | 27,673 | $ | 924 | $ | — | |||||||||||||||||||||||||||||||
| Unrealized (gains) losses for the period included in: | |||||||||||||||||||||||||||||||||||||||||||||||
| Opening Balance at January 1, 2022 | Total realized and unrealized (gains) losses included in Net income (loss)¹ | Unrealized (gains) losses included in Other comprehensive income (loss)² | Purchases/ Issuances | Sales/ Settlements | Closing Balance at March 31, 2022 | Net (income) loss on Level 3 Assets/Liabilities Outstanding at March 31, 2022 | Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued and other liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||