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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Numbers: 0-28191
_________________________________________________
BGC Partners, Inc.
(Exact name of registrant as specified in its charter)
_________________________________________________
Delaware13-4063515
(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)
(212) 610-2200
(Registrant’s telephone number, including area code)
___________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.01 par valueBGCPThe Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.      Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller Reporting Company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No
On May 5, 2023, the registrant had 338,487,099 shares of Class A common stock, $0.01 par value, and 45,884,380 shares of Class B common stock, $0.01 par value, outstanding.


BGC PARTNERS, INC.
TABLE OF CONTENTS
Page
Condensed Consolidated Statements of Operations—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



GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS
The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report:
TERMDEFINITION
3.750% Senior NotesThe Company’s $300.0 million principal amount of 3.750% senior notes maturing on October 1, 2024 and issued on September 27, 2019
4.375% Senior NotesThe Company’s $300.0 million principal amount of 4.375% senior notes maturing on December 15, 2025 and issued on July 10, 2020
5.375% Senior NotesThe Company’s $450.0 million principal amount of 5.375% senior notes maturing on July 24, 2023 and issued on July 24, 2018
Adjusted EarningsA non-GAAP financial measure used by the Company to evaluate financial performance, which primarily excludes (i) certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash and do not dilute existing stockholders, and (ii) certain gains and charges that management believes do not best reflect the ordinary results of BGC
ADVAverage daily volume
AlgomiAlgomi Limited, a wholly owned subsidiary of the Company, acquired on March 6, 2020
APIApplication Programming Interface
April 2008 distribution rights sharesCantor’s deferred stock distribution rights provided to current and former Cantor partners on April 1, 2008
AquaAqua Securities L.P., an alternative electronic trading platform, which offers new pools of block liquidity to the global equities markets and is a 49%-owned equity method investment of the Company and 51% owned by Cantor
ASCAccounting Standards Codification
ASUAccounting Standards Update
Audit CommitteeAudit Committee of the Board
August 2022 Sales AgreementCEO Program sales agreement, by and between the Company and CF&Co, dated August 12, 2022, pursuant to which the Company can offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock
BessoBesso Insurance Group Limited, formerly a wholly owned subsidiary of the Company, acquired on February 28, 2017. Sold to The Ardonagh Group on November 1, 2021 as part of the Insurance Business Disposition
BGCBGC Partners, Inc. and, where applicable, its consolidated subsidiaries
BGC or our Class A common stockBGC Partners Class A common stock, par value $0.01 per share
BGC or our Class B common stockBGC Partners Class B common stock, par value $0.01 per share
BGC Credit AgreementAgreement between the Company and Cantor, dated March 19, 2018, that provides for each party or its subsidiaries to borrow up to $250.0 million, as amended on August 6, 2018 to increase the facility to $400.0 million
BGC Entity GroupBGC, BGC Holdings, and BGC U.S. OpCo, and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Group), collectively
BGC Financial or BGCFBGC Financial, L.P.
BGC Global OpCoBGC Global Holdings, L.P., an operating partnership, which is owned jointly by BGC and BGC Holdings and holds the non-U.S. businesses of BGC
2

TERMDEFINITION
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 HoldingsBGC Holdings, L.P., an entity owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners
BGC Holdings DistributionPro-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 OpCosBGC U.S. OpCo and BGC Global OpCo, collectively
BGC PartnersBGC Partners, Inc. and, where applicable, its consolidated subsidiaries
BGC U.S. OpCoBGC Partners, L.P., an operating partnership, which is owned jointly by BGC and BGC Holdings and holds the U.S. businesses of BGC
BoardBoard of Directors of the Company
BrexitExit of the U.K. from the EU
CantorCantor Fitzgerald, L.P. and, where applicable, its subsidiaries
Cantor groupCantor and its subsidiaries other than BGC Partners, including Newmark
Cantor unitsLimited 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
CCRECantor Commercial Real Estate Company, L.P.
CECLCurrent Expected Credit Losses
CEO ProgramControlled equity offering program
CF&CoCantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor
CFGMCF Group Management, Inc., the general partner of Cantor
CFSCantor Fitzgerald Securities, a wholly owned broker-dealer subsidiary of Cantor
CFTCCommodity Futures Trading Commission
Charity DayBGC’s annual event held on September 11th where employees of the Company raise proceeds for charity
Class B IssuanceIssuance 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
CLOBCentral Limit Order Book
CMECME Group Inc., the company that acquired NEX in November 2018
CompanyBGC Partners, Inc. and, where applicable, its consolidated subsidiaries
Company Debt SecuritiesThe 5.375% Senior Notes, 3.750% Senior Notes, 4.375% Senior Notes and any future debt securities issued by the Company
3

TERMDEFINITION
Compensation CommitteeCompensation Committee of the Board
Contribution RatioEqual to a BGC Holdings limited partnership interest multiplied by one, divided by 2.2 (or 0.4545)
CorantCorant Global Limited, BGC’s former Insurance brokerage business
Corporate ConversionThe 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 AgreementThe 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 TransactionsThe Corporation Conversion Transactions refers to the series of mergers contemplated by the Corporate Conversion Agreement and related transactions
COVID-19Coronavirus Disease 2019
CRDCapital Requirements Directive
Credit FacilityA $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
DCMDesignated Contract Market
DCODerivatives Clearing Organization
Distribution DateNovember 30, 2018, the date that BGC and BGC Holdings completed the Spin-Off and the BGC Holdings Distribution, respectively
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act
ECBEuropean Central Bank
Ed BrokingEd 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
EMIREuropean Market Infrastructure Regulation
EPSEarnings Per Share
Equity PlanEighth Amended and Restated Long Term Incentive Plan, approved by the Company’s stockholders at the annual meeting of stockholders on November 22, 2021
ESGEnvironmental, social and governance, including sustainability or similar items
eSpeedVarious 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
EUEuropean Union
Exchange ActSecurities Exchange Act of 1934, as amended
Exchange AgreementA 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 RatioRatio by which a Newmark Holdings limited partnership interest can be exchanged for shares of Newmark Class A or Class B common stock
4

TERMDEFINITION
FASBFinancial Accounting Standards Board
FCAFinancial Conduct Authority of the U.K.
FCMFutures Commission Merchant
FDICFederal Deposit Insurance Corporation
February 2012 distribution rights sharesCantor’s deferred stock distribution rights provided to current and former Cantor partners on February 14, 2012
FenicsBGC’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 PlatformsConsists of Fenics UST, Fenics GO, Lucera, Fenics FX and other newer standalone platforms
Fenics IntegratedRepresents 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 MarketsConsists 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
FINRAFinancial Industry Regulatory Authority
FMXBGC’s combined U.S. Treasury and Futures electronic marketplace
Founding PartnersIndividuals 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 PartnersHolders of FPUs
FPUsFounding/Working Partners units in BGC Holdings or Newmark Holdings that are generally redeemed upon termination of employment
FreedomFreedom International Brokerage Company, a 45%-owned equity method investment of the Company
Fully ElectronicBroking 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.
FXForeign exchange
GDPRGeneral Data Protection Regulation
GFIGFI Group Inc., a wholly owned subsidiary of the Company, acquired on January 12, 2016
GILTIGlobal Intangible Low-Taxed Income
GUIGraphical User Interface
HDUsLPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’s Consolidated Statements of Financial Condition
5

TERMDEFINITION
HybridBroking transactions executed by brokers and involving some element of Voice broking and electronic trading
ICAPICAP plc, a part of TP ICAP group, and a leading markets operator and provider of execution and information services
ICEIntercontinental Exchange
Incentive PlanThe 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 businessThe 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 ActInflation Reduction Act of 2022
LCHLondon Clearing House
Legacy BGC Holdings UnitsBGC Holdings LPUs outstanding immediately prior to the Separation
Legacy Newmark Holdings UnitsNewmark Holdings LPUs issued in connection with the Separation
LIBORLondon Interbank Offering Rate
LPUsCertain 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
LuceraA 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-3CEO Program shelf Registration Statement on Form S-3 filed on March 9, 2018
March 2018 Sales AgreementCEO 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
MEAMiddle East and Africa region
MiFID IIMarkets 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 BrokersA wholly owned subsidiary of the Company, acquired on August 19, 2010, registered as an FCM with both the CFTC and the NFA
NasdaqNasdaq, Inc., formerly known as NASDAQ OMX Group, Inc.
NDFNon-deliverable forwards
NewmarkNewmark 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 stockNewmark Class A common stock, par value $0.01 per share
Newmark Class B common stockNewmark Class B common stock, par value $0.01 per share
6

TERMDEFINITION
Newmark GroupNewmark, Newmark Holdings, and Newmark OpCo and their respective subsidiaries, collectively
Newmark HoldingsNewmark Holdings, L.P.
Newmark IPOInitial 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 OpCoNewmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the business of Newmark
NEXNEX Group plc, an entity formed in December 2016, formerly known as ICAP
NFANational Futures Association
Non-GAAPA 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 UnitsNon-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
OCIOther 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
OTCOver-the-Counter
OTFOrganized Trading Facility, a regulated execution venue category introduced by MiFID II
PCD assetsPurchased financial assets with deterioration in credit quality since origination
Period Cost MethodTreatment of taxes associated with the GILTI provision as a current period expense when incurred rather than recording deferred taxes for basis differences
Poten & PartnersPoten & Partners Group, Inc., a wholly owned subsidiary of the Company, acquired on November 15, 2018
Preferred DistributionAllocation 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 UnitsPreferred 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 DateClose of business on November 23, 2018, in connection with the Spin-Off
Repurchase AgreementsSecurities sold under agreements to repurchase that are recorded at contractual amounts, including interest, and accounted for as collateralized financing transactions
Revolving Credit AgreementThe 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
ROURight-of-Use
7

TERMDEFINITION
RSUsBGC 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 UkraineRussia’s invasion of Ukraine, which led to imposed sanctions by the U.S., U.K., EU, and other countries on Russian counterparties
SaaSSoftware as a Service
SBSEFSecurity-based Swap Execution Facility
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SEFSwap Execution Facility
SeparationPrincipal 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 AgreementSeparation 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
SOFRSecured Overnight Financing Rate
SPAC
Special Purpose Acquisition Company
SPAC Investment Banking Activities
Aurel’s investment banking activities with respect to SPACs
Spin-OffPro-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 ActTax Cuts and Jobs Act enacted on December 22, 2017
TDRsTroubled Debt Restructurings
The Ardonagh GroupThe 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 BridgeTower Bridge International Services L.P., a subsidiary of the Company, which is 52%-owned by the Company and 48%-owned by Cantor
TP ICAPTP ICAP plc, an entity formed in December 2016, formerly known as Tullett
Tradition
Compagnie Financière Tradition (which is majority owned by Viel & Cie)
TridentTrident Brokerage Service LLC, a wholly owned subsidiary of the Company, acquired on February 28, 2023
TullettTullett 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
8

TERMDEFINITION
U.S. GAAP or GAAPGenerally Accepted Accounting Principles in the United States of America
UBTUnincorporated Business Tax
VIEVariable Interest Entity
VoiceVoice-only broking transactions executed by brokers over the telephone
9

SPECIAL NOTE ON FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q contains forward-looking statements. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “possible,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “intends,” and similar expressions are intended to identify forward-looking statements.
Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below:
macroeconomic and other challenges and uncertainties resulting from Russia’s Invasion of Ukraine, rising global interest rates, inflation and the Federal Reserve’s responses thereto, including increasing interest rates, fluctuations in the U.S. dollar, liquidity concerns regarding banking and financial institutions, changes in the U.S. and global economies and financial markets, including economic activity, employment levels, supply chain issues and market liquidity, and increasing energy costs, as well as the various actions taken in response to the challenges and uncertainties by governments, central banks and others, including consumer and corporate clients and customers;
the impact of the COVID-19 pandemic, including possible successive waves or variants of the virus, the emergence of new viruses, the continued distribution of effective vaccines and governmental and public reactions thereto, the combined impact of the flu and other seasonal illnesses, and the impact of a return to office for our employees on our operations;
market conditions, including rising interest rates, fluctuations in the U.S. dollar, trading volume, turmoil across regional banks and certain global investment banks, currency fluctuations and volatility in the demand for the products and services we provide, possible disruptions in trading, potential deterioration of equity and debt capital markets and cryptocurrency markets, the impact of significant changes in interest rates generally and on our ability to access the capital markets as needed or on reasonable terms and conditions;
pricing, commissions and fees, and market position with respect to any of our products and services and those of our competitors;
the effect of industry concentration and reorganization, reduction of customers, and consolidation;
liquidity, regulatory, cash and clearing capital requirements and the impact of credit market events, rising interest rates, fluctuations in the U.S. dollar, and market uncertainty, and political events and conflicts and actions taken by governments and businesses in response thereto on the credit markets and interest rates;
our relationships and transactions with Cantor and its affiliates, including CF&Co, and CCRE, our structure, including BGC Holdings, which is owned by us, Cantor, our employee partners and other partners, and the BGC OpCos, which are owned jointly by us and BGC Holdings, the timing and impact of any possible changes to our structure, including the Corporate Conversion, any related transactions, conflicts of interest or litigation, including with respect to executive compensation matters, any impact of Cantor’s results on our credit ratings and associated outlooks, any loans to or from us or Cantor, BGC Holdings, or the BGC OpCos, including the balances and interest rates thereof from time to time and any convertible or equity features of any such loans, CF&Co’s acting as our sales agent or underwriter under our CEO Program or other offerings, Cantor’s holdings of the Company’s Debt Securities, CF&Co’s acting as a market maker in the Company’s Debt Securities, CF&Co’s acting as our financial advisor in connection with potential acquisitions, dispositions, or other transactions, and our participation in various investments, stock loans or cash management vehicles placed by or recommended by CF&Co;
the structural, financial, tax, employee retention and other impacts of our expected Corporate Conversion;
the integration of acquired businesses and their operations and back office functions with our other businesses;
the effect on our businesses of any extraordinary transactions, including the Corporate Conversion, the timing and terms of any such transaction, including potential dilution, taxes, costs, and other impacts, and our ability to complete such transaction on our anticipated schedule;
the rebranding of our current businesses or risks related to any potential dispositions of all or any portion of our existing or acquired businesses;
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market volatility as a result of the effects of rising interest rates, fluctuations in the U.S. dollar, global inflation rates, potential economic downturns, including recessions, and similar effects, which may not be predictable in future periods;
economic or geopolitical conditions or uncertainties, the actions of governments or central banks, including the pursuit of trade, border control or other related policies by the U.S. and/or other countries (including U.S.-China trade relations), recent economic and political volatility in the U.K., rising political and other tensions between the U.S. and China, political and labor unrest, conflict in the Middle East, Russia, Ukraine or other jurisdictions, the impact of U.S. government shutdowns, elections, political unrest, boycotts, stalemates or other social and political developments, and the impact of terrorist acts, acts of war or other violence or political unrest, as well as natural disasters or weather-related or similar events, including hurricanes and heat waves as well as power failures, communication and transportation disruptions, and other interruptions of utilities or other essential services and the impacts of pandemics and other international health emergencies;
risks inherent in doing business in international markets, and any failure to identify and manage those risks, as well as the impact of Russia’s ongoing Invasion of Ukraine and additional sanctions and regulations imposed by governments and related counter-sanctions, including any related reserves;
the effect on our businesses, our clients, the markets in which we operate, our Corporate Conversion, and the economy in general of changes in the U.S. and foreign tax and other laws, including changes in tax rates, repatriation rules, and deductibility of interest, potential policy and regulatory changes in other countries, sequestrations, uncertainties regarding the debt ceiling and the federal budget, responses to rising global inflation rates, and other potential political policies;
our dependence upon our key employees, our ability to build out successful succession plans, the impact of absence due to illness or leave of certain key executive officers or employees and our ability to attract, retain, motivate and integrate new employees, as well as the competing demands on the time of certain of our executive officers who also provide services to Cantor, Newmark and various other ventures and investments sponsored by Cantor;
the effect on our businesses of changes in interest rates, changes in benchmarks, including the transition away from LIBOR, the transition to alternative benchmarks such as SOFR, the effect on our business and revenues of the fluctuating U.S. dollar, rising interest rates and market uncertainty, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, increases and decreases in the federal funds interest rate and other actions to moderate inflation, increases or decreases in deficits and the impact of changing government tax rates, and other changes to monetary policy, and potential political impasses or regulatory requirements, including increased capital requirements for banks and other institutions or changes in legislation, regulations and priorities;
extensive regulation of our businesses and customers, changes in regulations relating to financial services companies and other industries, and risks relating to compliance matters, including regulatory examinations, inspections, investigations and enforcement actions, and any resulting costs, increased financial and capital requirements, enhanced oversight, remediation, fines, penalties, sanctions, and changes to or restrictions or limitations on specific activities, including potential delays in accessing markets, including due to our regulatory status and actions, operations, and compensatory arrangements, and growth opportunities, including acquisitions, hiring, and new businesses, products, or services;
factors related to specific transactions or series of transactions, including credit, performance, and principal risk, trade failures, counterparty failures, and the impact of fraud and unauthorized trading;
costs and expenses of developing, maintaining, and protecting our intellectual property, as well as employment, regulatory, and other litigation and proceedings, and their related costs, including judgments, indemnities, fines, or settlements paid and the impact thereof on our financial results and cash flows in any given period;
certain financial risks, including the possibility of future losses, indemnification obligations, assumed liabilities, reduced cash flows from operations, increased leverage, reduced availability under our credit agreements, and the need for short- or long-term borrowings, including from Cantor, our ability to refinance our indebtedness, and changes to interest rates and liquidity or our access to other sources of cash relating to acquisitions, dispositions, or other matters, potential liquidity and other risks relating to our ability to maintain continued access to credit and availability of financing necessary to support our ongoing business needs, on terms acceptable to us, if at all, and risks associated with the resulting leverage, including
11

potentially causing a reduction in our credit ratings and the associated outlooks and increased borrowing costs as well as interest rate and foreign currency exchange rate fluctuations;
risks associated with the temporary or longer-term investment of our available cash, including in the BGC OpCos, defaults or impairments on our investments, joint venture interests, stock loans or cash management vehicles and collectability of loan balances owed to us by partners, employees, the BGC OpCos or others;
our ability to enter new markets or develop new products, offerings, trading desks, marketplaces, or services for existing or new clients, including our ability to develop new Fenics platforms and products, to successfully launch our FMX initiative and to attract investors thereto, the risks inherent in operating our cryptocurrency business and in safekeeping cryptocurrency assets, and efforts to convert certain existing products to a Fully Electronic trade execution, and to induce such clients to use these products, trading desks, marketplaces, or services and to secure and maintain market share;
the impact of any restructuring or similar transactions, including the Corporate Conversion, on our ability to enter into marketing and strategic alliances and business combinations, attract investors or partners or engage in other transactions in the financial services and other industries, including acquisitions, tender offers, dispositions, reorganizations, partnering opportunities and joint ventures, the failure to realize the anticipated benefits of any such transactions, relationships or growth, and the future impact of any such transactions, relationships or growth on our other businesses and our financial results for current or future periods, the integration of any completed acquisitions and the use of proceeds of any completed dispositions, the impact of amendments and/or terminations of strategic arrangements, and the value of and any hedging entered into in connection with consideration received or to be received in connection with such dispositions and any transfers thereof;
our estimates or determinations of potential value with respect to various assets or portions of our businesses, such as Fenics, including with respect to the accuracy of the assumptions or the valuation models or multiples used;
our ability to manage turnover and hire, train, integrate and retain personnel, including brokers, salespeople, managers, technology professionals and other front-office personnel, back-office and support services, and departures of senior personnel;
our ability to expand the use of technology and maintain access to the intellectual property of others for Hybrid and Fully Electronic trade execution in our product and service offerings, and otherwise;
our ability to effectively manage any growth that may be achieved, including outside the U.S., while ensuring compliance with all applicable financial reporting, internal control, legal compliance, and regulatory requirements;
our ability to identify and remediate any material weaknesses or significant deficiencies in our internal controls which could affect our ability to properly maintain books and records, prepare financial statements and reports in a timely manner, control our policies, practices and procedures, operations and assets, assess and manage our operational, regulatory and financial risks, and integrate our acquired businesses and brokers, salespeople, managers, technology professionals and other front-office personnel;
the impact of unexpected market moves and similar events;
information technology risks, including capacity constraints, failures, or disruptions in our systems or those of the clients, counterparties, exchanges, clearing facilities, or other parties with which we interact, including increased demands on such systems and on the telecommunications infrastructure from remote working, cyber-security risks and incidents, compliance with regulations requiring data minimization and protection and preservation of records of access and transfers of data, privacy risk and exposure to potential liability and regulatory focus;
the effectiveness of our governance, risk management, and oversight procedures and impact of any potential transactions or relationships with related parties;
the impact of our ESG or “sustainability” ratings on the decisions by clients, investors, ratings agencies, potential clients and other parties with respect to our businesses, investments in us, our borrowing opportunities or the market for and trading price of BGC Class A common stock, Company Debt Securities, or other matters;
the fact that the prices at which shares of our Class A common stock are or may be sold in offerings, acquisitions, or other transactions may vary significantly, and purchasers of shares in such offerings or other
12

transactions, as well as existing stockholders, may suffer significant dilution if the price they paid for their shares is higher than the price paid by other purchasers in such offerings or transactions;
the impact of reductions to our dividends and distributions and the timing and amounts of any future dividends or distributions, including our ability to meet expectations with respect to payments of dividends and distributions and repurchases of shares of our Class A common stock and purchases or redemptions of limited partnership interests in BGC Holdings, or other equity interests in us or any of our other subsidiaries, including the BGC OpCos, including from Cantor, our executive officers, other employees, partners, and others, and the net proceeds to be realized by us from offerings of shares of BGC Class A common stock and Company Debt Securities, and our ability to pay any excise tax that may be imposed on the repurchase of shares; and
the effect on the markets for and trading prices of our Class A common stock and Company Debt Securities of various offerings and other transactions, including offerings of our Class A common stock and convertible or exchangeable debt or other securities, our repurchases of shares of our Class A common stock and purchases or redemptions of BGC Holdings limited partnership interests or other equity interests in us or in our subsidiaries, any exchanges by Cantor of shares of our Class A common stock for shares of our Class B common stock, any exchanges or redemptions of limited partnership units and issuances of shares of our Class A common stock in connection therewith, including in corporate or partnership restructurings, our payment of dividends on our Class A common stock and distributions on limited partnership interests in BGC Holdings and the BGC OpCos, convertible arbitrage, hedging, and other transactions engaged in by us or holders of our outstanding shares, Company Debt Securities or other securities, share sales and stock pledge, stock loans, and other financing transactions by holders of our shares (including by Cantor or others), including of shares acquired pursuant to our employee benefit plans, unit exchanges and redemptions, corporate or partnership restructurings, acquisitions, conversions of shares of our Class B common stock and our other convertible securities into shares of our Class A common stock, and distributions of our Class A common stock by Cantor to its partners, including the April 2008 and February 2012 distribution rights shares.
The foregoing risks and uncertainties, as well as those risks and uncertainties set forth in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2022, may cause actual results and events to differ materially from the forward-looking statements. The information included herein is given as of the filing date of this Quarterly Report on Form 10-Q with the SEC, and future results or events could differ significantly from these forward-looking statements. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are available to the public from the SEC’s website at www.sec.gov.
Our website address is www.bgcpartners.com. Through our website we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4 and 5 and Schedules 13D with respect to our securities filed on behalf of Cantor, CFGM, our directors and our executive officers; and amendments to those documents. Our website also contains additional information with respect to our industry and businesses. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Quarterly Report on Form 10-Q.
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PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except per share data)
(unaudited)
March 31, 2023December 31, 2022
Assets
Cash and cash equivalents$493,496 $484,989 
Cash segregated under regulatory requirements16,424 17,021 
Financial instruments owned, at fair value41,302 39,319 
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers1,852,062 559,680 
Accrued commissions and other receivables, net330,544 288,471 
Loans, forgivable loans and other receivables from employees and partners, net352,719 319,612 
Fixed assets, net181,059 183,478 
Investments38,810 38,575 
Goodwill502,017 486,585 
Other intangible assets, net204,553 192,783 
Receivables from related parties4,135 1,444 
Other assets467,150 463,014 
Total assets$4,484,271 $3,074,971 
Liabilities, Redeemable Partnership Interest, and Equity
Short-term borrowings$1,968 $1,917 
Accrued compensation176,629 176,781 
Payables to broker-dealers, clearing organizations, customers and related broker-dealers1,675,926 404,675 
Payables to related parties2,918 10,550 
Accounts payable, accrued and other liabilities688,801 683,104 
Notes payable and other borrowings1,121,588 1,049,217 
Total liabilities3,667,830 2,326,244 
Commitments, contingencies and guarantees (Note 19)
Redeemable partnership interest15,423 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 capital2,604,259 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’ equity728,166 669,645 
Noncontrolling interest in subsidiaries72,852 63,563 
Total equity801,018 733,208 
Total liabilities, redeemable partnership interest, and equity$4,484,271 $3,074,971 
The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.
15

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
20232022
Revenues:
Commissions$377,288 $356,664 
Principal transactions114,929 115,601 
Fees from related parties3,957 3,317 
Data, software and post-trade27,122 24,127 
Interest and dividend income5,315 2,435 
Other revenues4,256 4,320 
Total revenues532,867 506,464 
Expenses:
Compensation and employee benefits267,214 257,268 
Equity-based compensation and allocations of net income to limited partnership units and FPUs81,373 57,876 
Total compensation and employee benefits348,587 315,144 
Occupancy and equipment41,165 38,663 
Fees to related parties8,440 5,725 
Professional and consulting fees15,701 15,631 
Communications27,939 27,891 
Selling and promotion14,616 10,938 
Commissions and floor brokerage15,265 17,343 
Interest expense15,742 14,303 
Other expenses12,508 17,775 
Total expenses499,963 463,413 
Other income (losses), net:
Gains (losses) on equity method investments2,062 2,803 
Other income (loss)(1,735)(496)
Total other income (losses), net327 2,307 
Income (loss) from operations before income taxes33,231 45,358 
Provision (benefit) for income taxes12,061 14,657 
Consolidated net income (loss)$21,170 $30,701 
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries2,192 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 outstanding375,220 368,323 
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 outstanding501,067 502,877 
The accompanying Notes to the unaudited Condensed Consolidated Financial Statements
are an integral part of these financial statements.
16

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
Three Months Ended March 31,
20232022
Consolidated net income (loss)$21,170 $30,701 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments2,268 3,795 
Total other comprehensive income (loss), net of tax2,268 3,795 
Comprehensive income (loss)23,438 34,496 
Less: Comprehensive income (loss) attributable to noncontrolling interest in subsidiaries, net of tax2,551 5,099 
Comprehensive income (loss) attributable to common stockholders$20,887 $29,397 
The accompanying Notes to the unaudited Condensed Consolidated Financial Statements
are an integral part of these financial statements.
17

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March 31,
20232022
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 amortization19,059 18,399 
Employee loan amortization and reserves on employee loans13,900 9,894 
Equity-based compensation and allocations of net income to limited partnership units and FPUs81,373 57,876 
Deferred compensation expense11 30 
Losses (gains) on equity method investments(2,062)(2,803)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments1,325 (136)
Amortization of discount (premium) on notes payable855 700 
Impairment of fixed assets, intangible assets and investments1,770 2,120 
Deferred tax provision (benefit)1,128 1,509 
Change in estimated acquisition earn-out payables674 224 
Forfeitures of Class A common stock(49) 
Other 780 
Consolidated net income (loss), adjusted for non-cash and non-operating items139,154 119,294 
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-dealers1,270,560 1,546,421 
Payables to related parties(7,220)23,952 
Accounts payable, accrued and other liabilities5,836 (41,541)
Net cash provided by (used in) operating activities$24,487 $(9,883)
The accompanying Notes to the unaudited Condensed Consolidated Financial Statements
are an integral part of these financial statements.
18

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(in thousands)
(unaudited)
Three Months Ended March 31,
20232022
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 investments1,828 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 costs135,000 (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 requirements5,704 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 interest14,615 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 acquisitions2,761 1,976 
ROU assets and liabilities1,625 1,686 
The accompanying Notes to the unaudited Condensed Consolidated Financial Statements
are an integral part of these financial statements.
19

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2023
(in thousands, except share and per share amounts)
(unaudited)
BGC Partners, Inc. StockholdersNoncontrolling
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,
2023202220222021
Dividends declared per share of common stock$0.01 $0.01 
Dividends declared and paid
per share of common stock
$0.01 $0.01 
The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.
20

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2022
(in thousands, except share amounts)
(unaudited)
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 

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.
21

BGC PARTNERS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Page