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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________________________________\n\nFORM 10-Q\n\n_________________________________________________\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Quarterly Period Ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number: 001-35591\n\n_________________________________________________\n\nBGC Group, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n_________________________________________________\n\nDelaware86-3748217\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n499 Park Avenue, New York, NY\n10022\n\n(Address of principal executive offices)(Zip Code)\n\n(212) 610-2200\n\n(Registrant’s telephone number, including area code)\n\n___________________________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading\nSymbol(s)Name of each exchange on which registered\n\nClass A Common Stock, $0.01 par valueBGCThe Nasdaq Stock Market, LLC\n\nIndicate 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\n\nIndicate 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\n\nIndicate 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.\n\nLarge accelerated filer☒Accelerated filer☐\n\nNon-accelerated filer☐Smaller Reporting Company☐\n\nEmerging growth company☐\n\nIf 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.    ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No\n\nOn May 8, 2026, the registrant had 369,603,684 shares of Class A common stock, $0.01 par value, and 109,452,953 shares of Class B common stock, $0.01 par value, outstanding.\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nBGC GROUP, INC.\n\nTABLE OF CONTENTS\n\nPage\n\n[PART I—FINANCIAL INFORMATION](#i396e4e334a6441819f202190898eb463_19)\n\n[Glossary of Terms, Abbreviations and Acronyms](#i396e4e334a6441819f202190898eb463_10)\n\n[2](#i396e4e334a6441819f202190898eb463_10)\n\n[Special Note on Forward-Looking Information](#i396e4e334a6441819f202190898eb463_13)\n\n[11](#i396e4e334a6441819f202190898eb463_13)\n\n[ITEM 1](#i396e4e334a6441819f202190898eb463_22)\n\n[Financial Statements (unaudited)](#i396e4e334a6441819f202190898eb463_22)\n\n[16](#i396e4e334a6441819f202190898eb463_19)\n\n[Condensed Consolidated Statements of Financial Condition—At](#i396e4e334a6441819f202190898eb463_25)March 31, 2026[and](#i396e4e334a6441819f202190898eb463_25)December 31, 2025\n\n[16](#i396e4e334a6441819f202190898eb463_25)\n\n[Condensed Consolidated Statements of Operations—For the](#i396e4e334a6441819f202190898eb463_28)Three Months Ended March 31, 2026[and](#i396e4e334a6441819f202190898eb463_28)March 31, 2025\n\n[17](#i396e4e334a6441819f202190898eb463_28)\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss)—For the](#i396e4e334a6441819f202190898eb463_31)Three Months Ended March 31, 2026[and](#i396e4e334a6441819f202190898eb463_31)March 31, 2025\n\n[18](#i396e4e334a6441819f202190898eb463_31)\n\n[Condensed Consolidated Statements of Cash Flows—For the](#i396e4e334a6441819f202190898eb463_34)Three Months Ended March 31, 2026 [and](#i396e4e334a6441819f202190898eb463_34)March 31, 2025\n\n[19](#i396e4e334a6441819f202190898eb463_34)\n\n[Condensed Consolidated Statements of Changes in Equity—For the](#i396e4e334a6441819f202190898eb463_40)Three Months Ended March 31, 2026 and March 31, 2025\n\n[21](#i396e4e334a6441819f202190898eb463_40)\n\n[Notes to Condensed Consolidated Financial Statements](#i396e4e334a6441819f202190898eb463_49)\n\n[23](#i396e4e334a6441819f202190898eb463_49)\n\n[ITEM 2](#i396e4e334a6441819f202190898eb463_238)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i396e4e334a6441819f202190898eb463_238)\n\n[67](#i396e4e334a6441819f202190898eb463_238)\n\n[ITEM 3](#i396e4e334a6441819f202190898eb463_412)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i396e4e334a6441819f202190898eb463_412)\n\n[91](#i396e4e334a6441819f202190898eb463_412)\n\n[ITEM 4](#i396e4e334a6441819f202190898eb463_415)\n\n[Controls and Procedures](#i396e4e334a6441819f202190898eb463_415)\n\n[93](#i396e4e334a6441819f202190898eb463_415)\n\n[PART II—OTHER INFORMATION](#i396e4e334a6441819f202190898eb463_418)\n\n[ITEM 1](#i396e4e334a6441819f202190898eb463_421)\n\n[Legal Proceedings](#i396e4e334a6441819f202190898eb463_421)\n\n[94](#i396e4e334a6441819f202190898eb463_421)\n\n[ITEM 1A](#i396e4e334a6441819f202190898eb463_424)\n\n[Risk Factors](#i396e4e334a6441819f202190898eb463_424)\n\n[94](#i396e4e334a6441819f202190898eb463_424)\n\n[ITEM 2](#i396e4e334a6441819f202190898eb463_427)\n\n[Unregistered Sales of Equity Securities](#i396e4e334a6441819f202190898eb463_427)[and](#i396e4e334a6441819f202190898eb463_427)[Use of Proceeds](#i396e4e334a6441819f202190898eb463_427)\n\n[94](#i396e4e334a6441819f202190898eb463_427)\n\n[ITEM 3](#i396e4e334a6441819f202190898eb463_430)\n\n[Defaults Upon Senior Securities](#i396e4e334a6441819f202190898eb463_430)\n\n[94](#i396e4e334a6441819f202190898eb463_430)\n\n[ITEM 4](#i396e4e334a6441819f202190898eb463_433)\n\n[Mine Safety Disclosures](#i396e4e334a6441819f202190898eb463_433)\n\n[94](#i396e4e334a6441819f202190898eb463_433)\n\n[ITEM 5](#i396e4e334a6441819f202190898eb463_436)\n\n[Other Information](#i396e4e334a6441819f202190898eb463_436)\n\n[94](#i396e4e334a6441819f202190898eb463_436)\n\n[ITEM 6](#i396e4e334a6441819f202190898eb463_439)\n\n[Exhibits](#i396e4e334a6441819f202190898eb463_439)\n\n[95](#i396e4e334a6441819f202190898eb463_439)\n\n[Signatures](#i396e4e334a6441819f202190898eb463_442)\n\n[96](#i396e4e334a6441819f202190898eb463_442)\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nGLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS\n\nThe following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report:\n\nTERMDEFINITION\n\n2019 Form S-4 Registration StatementOn September 13, 2019, BGC filed a registration statement on Form S-4 with respect to the offer and sale of up to 20.0 million shares of BGC Class A common stock in connection with business combination transactions, including acquisition of other businesses, assets, properties or securities\n\nADVAverage daily volume\n\nAIArtificial Intelligence; technology that uses data‑driven models to perform tasks requiring human‑like analysis, output generation, or decision‑making\n\nAMCOMAmerican Commodities Brokerage Company, which specializes in the trading of agricultural commodities associated with food and alternative fuel feedstocks, of which BGC Group acquired certain employees and net assets on December 31, 2025\n\nAmericasUnited States and other countries included in North America and South America\n\nAPACAsia-Pacific\n\nAPIApplication Programming Interface\n\nASCAccounting Standards Codification\n\nASUAccounting Standards Update\n\nAudit CommitteeAudit Committee of the Board\n\nAurelThe Company’s French subsidiary, Aurel BGC SAS\n\nBGC, the Company, we, us, or our\n(i) Following the closing of the Corporate Conversion, BGC Group and, where applicable, its consolidated subsidiaries, including BGC Partners, and (ii) prior to the closing of the Corporate Conversion, BGC Partners and, where applicable, its consolidated subsidiaries\n\nBGC Class A common stock or our Class A common stockBGC Class A common stock, par value $0.01 per share\n\nBGC Class B common stock or our Class B common stockBGC Class B common stock, par value $0.01 per share\n\nBGC Credit Agreement\nAgreement between BGC Partners and Cantor, dated March 19, 2018, that permits each party or its subsidiaries to borrow up to $250.0 million, as amended on August 6, 2018, assumed by BGC Group on October 6, 2023, and further amended March 8, 2024, to increase the facility to $400.0 million at a rate equal to 25 basis points less than the applicable borrower’s borrowing rate under such borrower’s revolving credit agreement with unaffiliated third parties as administrative agent and lenders as may be in effect from time to time. On June 7, 2024, the agreement was amended a third time to permit BGC Group and its subsidiaries and Cantor and its subsidiaries to borrow from each other up to $400.0 million pursuant to a new category of “FICC-GSD Margin Loans”\n\nBGC Derivative MarketsBGC Derivative Markets L.P.\n\nBGC Entity GroupBGC Partners, BGC Holdings, BGC U.S. OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Group), collectively, and in each case as such entities existed prior to the Corporate Conversion\n\nBGCFBGC Financial, L.P.\n\nBGC Global OpCoBGC Global Holdings, L.P., an operating partnership, which holds the non-U.S. businesses of BGC and which is indirectly wholly owned, following the closing of the Corporate Conversion, by BGC Group\n\nBGC GroupBGC Group, Inc., and where applicable its consolidated subsidiaries\n\n2\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nBGC Group 3.750% Senior Notes$255.5 million principal amount of 3.750% senior notes which matured on October 1, 2024 and were issued on October 6, 2023 in connection with the Exchange Offer\n\nBGC Group 4.375% Senior Notes$288.2 million principal amount of 4.375% senior notes which matured on December 15, 2025 and were issued on October 6, 2023 in connection with the Exchange Offer\n\nBGC Group 6.150% Senior Notes$700.0 million principal amount of 6.150% senior notes maturing on April 2, 2030 and issued on April 2, 2025\n\nBGC Group 6.600% Senior Notes$500.0 million principal amount of 6.600% senior notes maturing on June 10, 2029 and issued on June 10, 2024\n\nBGC Group 8.000% Senior Notes$347.2 million principal amount of 8.000% senior notes maturing on May 25, 2028 and issued on October 6, 2023 in connection with the Exchange Offer\n\nBGC Group Equity Plan\nBGC Partners Equity Plan, as amended and restated and renamed the “BGC Group, Inc. Long Term Incentive Plan” and assumed by BGC Group in connection with the Corporate Conversion\n\nBGC Group Incentive PlanSecond Amended and Restated BGC Partners Incentive Bonus Compensation Plan, as amended and restated and renamed the “BGC Group, Inc. Incentive Bonus Compensation Plan” and assumed by BGC Group in connection with the Corporate Conversion\n\nBGC Group NotesBGC Group 3.750% Senior Notes, BGC Group 4.375% Senior Notes, BGC Group 6.150% Senior Notes, BGC Group 6.600% Senior Notes and BGC Group 8.000% Senior Notes issued by BGC Group\n\nBGC HoldingsBGC Holdings, L.P., an entity which, prior to the Corporate Conversion, was owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners\n\nBGC 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\n\nBGC Holdings Limited Partnership Agreement Second Amended and Restated BGC Holdings Limited Partnership Agreement\n\nBGC OpCosBGC U.S. OpCo and BGC Global OpCo, collectively\n\nBGC PartnersBGC Partners, Inc. and, where applicable, its consolidated subsidiaries\n\nBGC Partners 3.750% Senior Notes$300.0 million principal amount of 3.750% senior notes which matured on October 1, 2024 and were issued on September 27, 2019. Following the Exchange Offer on October 6, 2023, $44.5 million aggregate principal amount of the BGC Partners 3.750% Senior Notes remained outstanding\n\nBGC Partners 4.375% Senior Notes$300.0 million principal amount of 4.375% senior notes which matured on December 15, 2025 and were issued on July 10, 2020. Following the Exchange Offer on October 6, 2023, $11.8 million aggregate principal amount of the BGC Partners 4.375% Senior Notes remained outstanding\n\nBGC Partners 8.000% Senior Notes$350.0 million principal amount of 8.000% senior notes maturing on May 25, 2028 and issued on May 25, 2023. Following the Exchange Offer on October 6, 2023, $2.8 million aggregate principal amount of the BGC Partners 8.000% Senior Notes remained outstanding\n\nBGC Partners Equity PlanEighth Amended and Restated Long Term Incentive Plan, approved by BGC Partners’ stockholders at the annual meeting of stockholders on November 22, 2021\n\nBGC Partners Incentive PlanBGC Partners’ Second Amended and Restated Incentive Bonus Compensation Plan, approved by BGC Partners’ stockholders at the annual meeting of stockholders on June 6, 2017\n\nBGC Partners Notes\n\nBGC Partners 3.750% Senior Notes, BGC Partners 4.375% Senior Notes and BGC Partners 8.000% Senior Notes issued by BGC Partners\n\nBGC U.S. OpCoBGC Partners, L.P., an operating partnership, which holds the U.S. businesses of BGC and which is indirectly wholly owned, following the closing of the Corporate Conversion, by BGC Group\n\nBoardBoard of Directors of the Company\n\nCantorCantor Fitzgerald, L.P. and, where applicable, its consolidated subsidiaries\n\n3\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nCantor groupCantor and its subsidiaries other than BGC, including Newmark\n\nCantor unitsLimited partnership interests, prior to the Corporate Conversion, of BGC Holdings, held by the Cantor group, which BGC Holdings units were exchangeable into shares of BGC Class A common stock or BGC Class B common stock, as applicable\n\nCapitalabCapitalab Limited, which was part of the Company’s post-trade business. On December 3, 2024, the Company announced the sale of Capitalab Limited to Capitolis\n\nCECLCurrent Expected Credit Losses\n\nCF&CoCantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor\n\nCFGMCF Group Management, Inc., the general partner of Cantor\n\nCFTCCommodity Futures Trading Commission\n\nCharity DayBGC’s annual event held on September 11th where employees of the Company raise proceeds for charity\n\nCIOChief Information Officer\n\nCISOChief Information Security Officer\n\nClearing Capital AgreementAgreement dated November 5, 2008, between BGC Partners and Cantor regarding clearing capital, as amended from time to time and assumed by BGC Group on June 7, 2024. On June 7, 2024, the agreement was amended to modify the rate charged by Cantor for posting margin in respect of trades cleared on behalf of the Company to a rate equal to Cantor’s cost of funding such margin through a draw on a third party credit facility provided to Cantor for which the use of proceeds is to finance clearinghouse margin deposits and related transactions\n\nClearing Services Agreement\nAgreement dated May 9, 2006, between CF&Co and BGCF pursuant to which certain clearing services are provided to BGC and its subsidiaries from Cantor and its subsidiaries, in exchange for payment by BGC and its subsidiaries of third-party clearing costs and allocated costs. On June 7, 2024, the agreement was amended to modify the rate charged by CF&Co for posting margin in respect of trades cleared on behalf of BGCF to a rate equal to CF&Co’s cost of funding such margin through a draw on a third party credit facility provided to CF&Co for which the use of proceeds is to finance clearinghouse margin deposits and related transactions\n\nCMECME Group Inc., a leading derivatives marketplace, made up of four exchanges: CME, CBOT, NYMEX and COMEX\n\nCompany Debt SecuritiesThe BGC Group Notes, the BGC Partners Notes and any future debt securities issued by the Company or its subsidiaries\n\nCompany Equity SecuritiesBGC Group stock or other equity securities\n\nCompensation CommitteeCompensation Committee of the Board\n\nContiCapContiCap SA, a wholly owned subsidiary of the Company, acquired on November 1, 2023\n\nContribution RatioEqual to a BGC Holdings limited partnership interest multiplied by one, divided by 2.2 (or 0.4545)\n\nControlling Investment Trustee\nAny individual serving as investment trustee of the Purchaser Trusts (currently Mr. Brandon Lutnick) whose decision with respect to investment decisions, under the terms of such trusts, controls in the event of a disagreement among the investment trustees of such trusts\n\nCorporate ConversionA series of mergers and related transactions pursuant to which, effective at 12:02 AM Eastern Time on July 1, 2023, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group, transforming the organizational structure of the BGC businesses from an “Up-C” structure to a simplified “Full C-Corporation” structure\n\nCorporate Conversion AgreementThe Corporate Conversion Agreement entered into on November 15, 2022, and as amended on March 29, 2023, by and among BGC Partners, BGC Holdings, BGC Group and other affiliated entities, and, solely for the purposes of certain provisions therein, Cantor, that provides for the Corporate Conversion of the BGC businesses\n\n4\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nCOVID-19Coronavirus Disease 2019\n\nCredit FacilityA $150.0 million credit facility between BGC Group and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018\n\nDCMDesignated Contract Market\n\nDCODerivatives Clearing Organization\n\nDeed Mr. Sean Windeatt’s Deed of Adherence, as amended, with the U.K. Partnership regarding the terms of employment\n\nDistribution DateNovember 30, 2018, the date that BGC Partners and BGC Holdings completed the Spin-Off and the BGC Holdings Distribution, respectively\n\nDodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act\n\nDRIPDividend Reinvestment and Stock Purchase Plan\n\nDRIP Registration StatementRegistration statement on Form S-3 with respect to the offer and sale of up to 10.0 million shares of BGC Class A common stock under the DRIP\n\nECBEuropean Central Bank\n\nECSEnergy, Commodities, and Shipping\n\nEMEAEurope, Middle East, and Africa\n\nEMIREuropean Market Infrastructure Regulation\n\nEPSEarnings Per Share\n\neSpeedVarious 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\n\nEUEuropean Union\n\nExchange ActSecurities Exchange Act of 1934, as amended\n\nExchange OfferConsent solicitations and offers to exchange the BGC Partners 3.750% Senior Notes, BGC Partners 4.375% Senior Notes and BGC Partners 8.000% Senior Notes issued by BGC Partners for the BGC Group 3.750% Senior Notes, BGC Group 4.375% Senior Notes and BGC Group 8.000% Senior Notes issued by BGC Group, in each case with substantially similar terms to the corresponding series of BGC Partners Notes, completed on October 6, 2023\n\nExchange RatioRatio by which a Newmark Holdings limited partnership interest for which an exchange right has been granted can be exchanged for shares of Newmark Class A or Class B common stock\n\nFamily BranchEach of Mr. Brandon Lutnick, Mr. Kyle S. Lutnick, Ms. Casey J. Lutnick and Mr. Ryan G. Lutnick, in each case, with their respective collective descendants, for the purpose of the Lutnick Family Voting Agreement\n\nFASBFinancial Accounting Standards Board\n\nFCAFinancial Conduct Authority of the U.K.\n\nFCMFutures Commission Merchant\n\nFDICFederal Deposit Insurance Corporation\n\nFenicsBGC’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\n\n5\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nFenics Growth PlatformsConsists of FMX UST, Lucera, FMX FX and other newer standalone platforms, including FMX Futures Exchange\n\nFenics 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%\n\nFenics MarketsConsists of the Fully Electronic portions of BGC’s brokerage businesses, data, network and post-trade revenues that are unrelated to Fenics Growth Platforms, as well as Fenics Integrated revenues\n\nFICC\nFixed Income Clearing Corporation\n\nFICC-GSD Margin LoansLoans made by a party under the BGC Credit Agreement, the use of proceeds of which will be to directly or indirectly (i) post margin at any clearinghouse, including without limitation the Government Securities Division of the FICC, (ii) keep funds available for the purpose of posting such margin or (iii) otherwise facilitate the clearing and settlement of trades\n\nFINRAFinancial Industry Regulatory Authority\n\nFMX\nFMX Holdings, LLC, which holds BGC’s business of providing a Fully Electronic neutral forum in which all participants enter into electronic transactions with respect to U.S. Treasuries, U.S. treasury futures, U.S. SOFR futures and other select products\n\nFMX Equity PartnersBank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo, being the banks which contributed $172 million between April 23, 2024 and April 24, 2024 into FMX in exchange for a 25.75% ownership interest in FMX at a post-money equity valuation of $667 million. The FMX Equity Partners received an additional 10.3% of equity ownership subject to driving trading volumes and meeting certain volume targets across the FMX ecosystem\n\nFMX Futures ExchangeFMX Futures Exchange, L.P., which is wholly owned by FMX, and operates an exchange for U.S. treasury futures and U.S. SOFR futures\n\nFMX SeparationOn April 23, 2024, BGC and FMX entered into a separation agreement pursuant to which BGC contributed the assets and liabilities related to FMX’s business to FMX, and pursuant to which BGC and FMX agreed to certain restrictions in the operations of their respective businesses\n\nFounding Partners\nIndividuals 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 Mr. Howard Lutnick (including any entity directly or indirectly controlled by Mr. Howard 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\n\nFreedomFreedom International Brokerage Company, a 45% voting interest ownership equity method investment of the Company\n\nFully ElectronicBroking transactions intermediated on a solely electronic basis rather than by Voice or Hybrid broking\n\nFutures Exchange GroupA wholly owned subsidiary of the Company made up of the following entities: CFLP CX Futures Exchange Holdings, LLC, CFLP CX Futures Exchange Holdings, L.P., CX Futures Exchange Holdings, LLC, CX Clearinghouse Holdings, LLC, FMX Futures Exchange and CX Clearinghouse, L.P.\n\nFXForeign exchange\n\nG20A forum for the world’s major economies to discuss economic, social, and development issues\n\nGFIGFI Group Inc., a wholly owned subsidiary of the Company, acquired on January 12, 2016\n\nGILTIGlobal Intangible Low-Taxed Income\n\nGingaGinga Petroleum (Singapore) Pte Ltd, a wholly owned subsidiary of the Company, acquired on March 12, 2019\n\nGUIGraphical User Interface\n\n6\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nHDUsLPUs with capital accounts, which were liability awards recorded in “Accrued compensation” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition\n\nHybridBroking transactions executed by brokers and involving some element of Voice broking and electronic trading\n\nICAPICAP plc, a part of TP ICAP group, and a leading markets operator and provider of execution and information services\n\nICEIntercontinental Exchange\n\nInvestment Company ActInvestment Company Act of 1940, as amended\n\nIran conflict\n\nThe conflict between the U.S.-Israel and Iran that began on February 28, 2026\n\nkACEkACE Financial, a provider of real-time pricing and advanced analytics platforms for complex FX derivatives sold by the Company on December 31, 2025\n\nLCHLondon Clearing House\n\nLIBORLondon Interbank Offering Rate\n\nLiquidityA non-GAAP financial measure, comprised of the sum of Cash and cash equivalents, Reverse Repurchase Agreements, and Financial instruments owned, at fair value, less Securities loaned and Repurchase Agreements\n\nLPUs\nCertain limited partnership units of BGC Holdings prior to the Corporate Conversion, or Newmark Holdings currently, held by certain employees of BGC and Newmark and other persons who have provided services to BGC 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 Newmark Holdings\n\nLSEGLondon Stock Exchange Group\n\nLuceraA 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\n\nLutnick Family Voting AgreementThe voting and transfer agreement relating to Lutnick Family Voting Agreement Securities entered into on May 16, 2025 by Mr. Brandon Lutnick, Mr. Kyle Lutnick, Ms. Casey Lutnick, and Mr. Ryan Lutnick, each in their capacity as trustees of certain trusts (including the Purchaser Trusts) and certain other entities\n\nLutnick Family Voting Agreement SecuritiesSecurities of the Company held by the trusts and other entities that are parties to the Lutnick Family Voting Agreement\n\nMacro HiveMacro Hive Limited\n\nMajority of the Family Branches\nWith respect to any matter related to the Lutnick Family Voting Agreement, approval of such matter by both: (a) if there is a Controlling Investment Trustee, the Controlling Investment Trustee, and (b) if any Family Branch is entitled to vote in accordance with the Lutnick Family Voting Agreement, a majority vote of the Family Branches entitled to vote in accordance with the Lutnick Family Voting Agreement (with the Lutnick Family Voting Agreement specifying different approval standards if there is no Controlling Investment Trustee and no Family Branch entitled to vote in accordance with the Lutnick Family Voting Agreement).\n\nMarketAxessMarketAxess Holdings Inc.\n\nMiFID 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\n\nMint BrokersA wholly owned subsidiary of the Company, acquired on August 19, 2010, registered as an FCM with both the CFTC and the NFA\n\nNasdaqNasdaq, Inc., formerly known as NASDAQ OMX Group, Inc.\n\nNDFNon-deliverable forwards\n\n7\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nNCSA\n\nNon-Conforming Subordination Agreements\n\nNewmarkNewmark Group, Inc. (Nasdaq symbol: NMRK), a publicly traded and former majority-owned subsidiary of BGC Partners until the Distribution Date, and, where applicable, its consolidated subsidiaries\n\nNewmark Class A common stockNewmark Class A common stock, par value $0.01 per share\n\nNewmark Class B common stockNewmark Class B common stock, par value $0.01 per share\n\nNewmark GroupNewmark, Newmark Holdings, and Newmark OpCo and their respective consolidated subsidiaries, collectively\n\nNewmark HoldingsNewmark Holdings, L.P.\n\nNewmark 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\n\nNewmark OpCoNewmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the businesses of Newmark\n\nNFANational Futures Association\n\nNon-GAAPA financial measure that differs from the most directly comparable measure calculated and presented in accordance with U.S. GAAP, such as Liquidity\n\nN Units\nNon-distributing partnership units, of BGC Holdings, prior to the Corporate Conversion, or Newmark Holdings currently, 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\n\nOBBBAOne Big Beautiful Bill Act\n\nOCCOptions Clearing Corporation\n\nOpen Energy GroupOpen Energy Group Inc., a wholly owned subsidiary of the Company, acquired on November 1, 2023\n\nOTCOver-the-counter\n\nOTC GlobalOTC Global Holdings, LP\n\nPeriod Cost MethodTreatment of taxes associated with the GILTI provision as a current period expense when incurred rather than recording deferred taxes for basis differences\n\nPeer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc\n\nPoten & PartnersPoten & Partners Group, Inc., a wholly owned subsidiary of the Company, acquired on November 15, 2018\n\nPreferred DistributionAllocation of net profits of BGC Holdings (prior to the Corporate Conversion) 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\n\nPreferred ReturnThe lesser of the two-year treasury bond rate or 2.75% annually, as calculated on the determination amount applicable to certain RSU Tax Account awards, which may be adjusted or otherwise determined by management from time to time\n\nPreferred Units\nPreferred partnership units of BGC Holdings prior to the Corporate Conversion, or Newmark Holdings currently, 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\n\n8\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nPurchaser Trusts\nCertain trusts controlled by Mr. Brandon Lutnick as trustee with decision making control which closed the purchase of all voting shares of CFGM on October 6, 2025\n\nRecord DateClose of business on November 23, 2018, in connection with the Spin-Off\n\nRepurchase AgreementsSecurities sold under agreements to repurchase that are recorded at contractual amounts, including interest, and accounted for as collateralized financing transactions\n\nReverse Repurchase AgreementsAgreements to resell securities, with such securities recorded at the contractual amount, including accrued interest, for which the securities will be resold, and accounted for as collateralized financing transactions\n\nRevolving Credit AgreementBGC Group’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 and most recently amended and restated on April 26, 2024 and amended on December 6, 2024. The Revolving Credit Agreement provides for a maximum revolving loan balance of $700.0 million bearing interest at either SOFR or a defined base rate plus additional margin, and has a maturity date of April 26, 2027\n\nROURight-of-use\n\nRSUsBGC or Newmark 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 or Newmark and other persons who have provided services to BGC or Newmark, or issued in connection with certain acquisitions\n\nRSU Tax AccountRSU Tax Accounts were issued by BGC in connection with the Corporate Conversion in the place of certain non-exchangeable Preferred Units. The RSU Tax Accounts are settled for cash, rather than vesting into shares of BGC Class A common stock, may be entitled to a Preferred Return, and are not included in BGC’s fully diluted share count. The RSU Tax Accounts were issued in connection with RSUs and are to cover any withholding taxes to be paid when the RSUs vest into shares of BGC Class A common stock\n\nRussia’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\n\nSageSage Energy Partners, LP, an energy and environmental brokerage firm that the Company acquired on October 1, 2024\n\nSBSEFSecurity-based Swap Execution Facility\n\nSECU.S. Securities and Exchange Commission\n\nSecurities ActSecurities Act of 1933, as amended\n\nSEFSwap Execution Facility\n\nSeparationPrincipal corporate transactions pursuant to the Separation and Distribution Agreement, by which BGC Partners, 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\n\nSeparation 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\n\nShare Repurchase AuthorizationThe Company’s stock repurchase authorization, most recently re-approved by the Board and by the Audit Committee on November 5, 2025 for repurchases up to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities\n\nsmartTradesmartTrade Technologies SAS; a specialist in multi-asset electronic trading and SaaS solutions\n\nSOFRSecured Overnight Financing Rate\n\nSPACSpecial Purpose Acquisition Company\n\n9\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nSPAC Investment Banking ActivitiesAurel’s investment banking activities with respect to SPACs\n\nSpin-OffPro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Partners 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\n\nTax ActTax Cuts and Jobs Act enacted on December 22, 2017\n\nTower BridgeTower Bridge International Services L.P., a subsidiary of the Company, which is 52%-owned by the Company and 48%-owned by Cantor\n\nTP ICAPTP ICAP plc, an entity formed in December 2016, formerly known as Tullett\n\nTradewebTradeweb Markets, Inc.\n\nTradition\nCompagnie Financière Tradition SA, a Swiss based inter-dealer broker\n\nTridentTrident Brokerage Service LLC, a wholly owned subsidiary of the Company, acquired on February 28, 2023\n\nTullettTullett Prebon plc, a part of TP ICAP group and an interdealer broker, primarily operating as an intermediary in the wholesale financial and energy sectors\n\nU.K.United Kingdom\n\nU.K. PartnershipBGC Services (Holdings) LLP, a wholly owned subsidiary of the Company\n\nU.S. GAAP or GAAPGenerally Accepted Accounting Principles in the United States of America\n\nUBTUnincorporated Business Tax\n\nVIEVariable Interest Entity\n\nVoiceVoice-only broking transactions executed by brokers over the telephone\n\n10\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nSPECIAL NOTE ON FORWARD-LOOKING INFORMATION\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. 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. 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. Such statements are based upon current expectations that involve risks and uncertainties.\n\nOur 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:\n\n•macroeconomic and other challenges and uncertainties, including those resulting from the Iran conflict and other unrest in the Middle East (including the disruption of global energy supply chains and the closure or disruption of the Strait of Hormuz), the conflict between Ukraine and Russia, conflicts in Latin America and other ongoing or new conflicts in those or other regions or jurisdictions, downgrades of U.S. Treasuries, fluctuating global interest rates, current or expected inflation rates and the Federal Reserve’s responses thereto, stagflation, fluctuations in the value of global currencies, including the U.S. dollar, liquidity concerns regarding and changes in capital requirements for banking and financial institutions, changes in the U.S. and global economies and financial markets, including economic activity, employment levels, global trade relations, volatility in tariffs imposed by the U.S. and foreign governments and other factors driving trade uncertainty, reductions in government spending, recession fears, infrastructure spending, supply chain issues and increased technology costs, market liquidity, and energy and other commodity costs, as well as the various actions taken in response to these challenges and uncertainties by governments, central banks and others, including consumers and corporate clients and customers, as well as potential changes in these factors;\n\n•market conditions and volatility, including fluctuations in interest rates and trading volumes, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, increases or decreases in deficits and the impact of changing government tax rates, interpretations of tax law and policy, repatriation rules, deductibility of interest, and other changes or potential changes to monetary policy, changing regulatory requirements or changes in legislation, regulations and priorities, possible turmoil across regional banks and certain global investment banks, volatility in the demand for the products and services we provide, possible disruptions in trading, potential deterioration of equity and debt capital markets and commodity and cryptocurrency markets, and potential economic downturns, including recessions, and similar effects, which may not be predictable in future periods;\n\n•our ability to access the capital markets as needed or on reasonable terms and conditions;\n\n•our ability to enter and succeed in new markets or develop new products, offerings, trade desks, marketplaces, or services for existing or new clients and, to pursue new operations and business initiatives, including our ability to develop new Fenics platforms and products, to successfully launch new initiatives which could require significant capital and significant efforts by management, including engaging partners on satisfactory terms, to manage long lead times to scale a successful venture, to convert certain existing products to a Fully Electronic trade execution, to successfully incorporate internally generated, acquired or third-party artificial intelligence into our products and any efforts by our competitors to do the same, and efforts to induce such clients to use these products, trading desks, marketplaces, or services and to secure and maintain market share, and our ability to manage the risks inherent in operating our cryptocurrency business and in safekeeping cryptocurrency assets;\n\n•pricing, commissions and fees, and market position with respect to any of our products and services and those of our competitors;\n\n•the effect of industry concentration and reorganization, reduction of customers, and consolidation;\n\n•liquidity, regulatory, cash and clearing capital requirements;\n\n11\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\n•our relationships and transactions with Cantor and its affiliates, including CF&Co our structure, the timing and impact of any actual or future changes to our organization or structure, any related party transactions, any challenges to our interpretation or application of complex tax laws to our structure, conflicts of interest or litigation, including with respect to executive compensation matters or other transactions with our current and former executive officers, and with the U.S. government or governmental entities, any impact of Cantor’s results on our credit ratings and associated outlooks, any clearing capital agreements, clearing services agreements, Repurchase Agreements or Reverse Repurchase Agreements with or loans to or from us or Cantor, including the balances and interest rates thereof from time to time and any convertible or equity features of any such financing transactions, CF&Co’s acting as our sales agent, initial purchaser or underwriter from time to time, Cantor’s holdings of Company Debt Securities, CF&Co’s acting as a market maker in Company Debt Securities, CF&Co’s acting as our financial advisor in connection with certain capital markets transactions and potential acquisitions, dispositions, divestitures or other transactions, and our participation in various investments, stock loans or cash management vehicles placed by or recommended by CF&Co;\n\n•the ongoing integration of acquired and new businesses, their technology, personnel and their operations and back-office functions with our other businesses and uncertainties related to the timing of the closing of such acquisitions, synergies, and revenue growth generated from such new, acquired or to be acquired businesses, as well as increased costs resulting from such businesses and our ability to control those and related costs, including with respect to the OTC Global acquisition;\n\n•the rebranding or repositioning of certain aspects of our current businesses to adapt to and better address the needs of our clients or risks related to any potential dispositions of all or any portion of our existing or acquired businesses;\n\n•pandemics and other international health incidents or emergencies, and the impact of 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;\n\n•risks inherent in doing business in international markets or with international partners, and any failure to identify and manage those risks, including 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, economic and political volatility in the U.K. and Europe, political and other tensions between the U.S. and China, the conflict between Ukraine and Russia, conflicts in the Middle East (including the ongoing Iran conflict), Latin America, other ongoing or new conflicts or other international tensions, hostilities and instability in those or other regions or jurisdictions, additional sanctions and regulations imposed by governments and related counter-sanctions and impacts to cross-border trade and travel as well as potential changes in these factors;\n\n•the impact of any full or partial U.S. government shutdowns, other political developments, or reduced government staffing, including uncertainties regarding the debt ceiling, the federal budget and the deployment of federal funds, immigration policy, elections, political protests or unrest, boycotts, demonstrations, stalemates or other social and political developments, such as terrorist acts, acts of war or other violence, and potential changes in these factors;\n\n•the effect on our businesses, our clients, the markets in which we operate and the economy in general of changes in U.S. and foreign tax and other laws, including but not limited to the OBBBA, changes in tax rates, interpretations of tax law, the impact of potential changes in U.K. tax rates and amendments to the application of National Insurance rules which impact our U.K. Partnership and its members, repatriation rules, and deductibility of interest, potential policy and regulatory changes in other countries, sequestrations, responses to global inflation rates, and other potential changes to tax and other policies resulting from elections and changes in governments;\n\n•the effect on our business of leadership changes and our dependence upon our key employees, as well as the competing demands on the time of certain of our key employees who also provide services to Cantor, Newmark and various other ventures and investments sponsored by Cantor or otherwise, our ability to build out successful succession plans, the impact of absence due to illness or leave of certain officers or employees and our ability to attract, retain, motivate and integrate new employees, and our ability to enforce post-employment restrictive covenants on awards previously granted to certain of our key employees and future awards or otherwise;\n\n12\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\n•extensive regulation of our businesses and customers, the timing of regulatory approvals, changes in regulations relating to financial services companies and other industries, and risks relating to U.S. and foreign tax and compliance matters, including regulatory examinations, inspections, audits, investigations and enforcement actions, unavailability of certain tax credits or reliefs or additional tax liabilities or assessments, 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, as well as risks related to our taking actions to ensure that we and our subsidiaries are not deemed investment companies under the Investment Company Act;\n\n•factors related to specific transactions or series of transactions, including credit, performance, and principal risk, trade failures, potential counterparty failures, and the impact of fraud and unauthorized trading;\n\n•costs and expenses of developing, maintaining, and protecting our intellectual property, utilizing third-party software licensed under “open source” licenses, as well as employment, regulatory, and other litigation and proceedings, and their related costs, including costs and expenses related to acquisitions and other matters, including judgments, indemnities, fines, or settlements paid, reputational risk, requirements that we stop selling or redesign affected products or services, rebrand or restrict our products or services or pay damages to satisfy indemnification commitments with our customers, and the impact thereof on our financial results and cash flows in any given period;\n\n•certain other 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, including in the credit markets, on acceptable terms and rates, and changes to interest rates and market 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 the 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 potentially causing a reduction in our credit ratings and associated outlooks and increased borrowing costs as well as interest rate and foreign currency exchange rate fluctuations;\n\n•risks associated with the temporary or longer-term investment of our available cash, including in the BGC OpCos, defaults or impairments on our investments (including investments in non-marketable securities), joint venture interests, stock loans or cash management vehicles, costs associated with alterations to and collectability of loan balances owed to us by employees, the BGC OpCos or others;\n\n•the impact of any restructuring or similar other transformative transactions, acquisitions, or divestitures on our ability to enter into marketing and strategic alliances or business combinations and attract investors or partners or engage in restructuring, rebranding or other transactions in the financial services and other industries, including acquisitions, divestitures, tender offers, exchange 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 or divestitures, the impact of amendments and/or terminations of any 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;\n\n•our estimates or determinations of potential value with respect to various assets or portions of our businesses, including Fenics, FMX and other businesses;\n\n•the timing of completion of or impacts of our current cost reduction program on our ability to enhance profitability and margins, the impacts of any related short-term increases to our compensation and employee benefits expenses, and our ability to realize the anticipated cost savings from such programs;\n\n•our ability to manage turnover and hire, train, integrate and retain personnel, including brokers, salespeople, managers, other front-office personnel, technology professionals, back-office and support services and personnel, and departures of senior personnel;\n\n•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;\n\n13\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\n•the impact of artificial intelligence on the economy, our industry, our products and business, and the businesses of our clients and vendors;\n\n•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;\n\n•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, other front-office personnel and technology professionals;\n\n•the impact of unexpected market moves and similar events;\n\n•information technology risks, including capacity constraints, failures, or disruptions in our operational systems or infrastructure, or those of our 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, cybersecurity 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;\n\n•the expansion of our cybersecurity and AI processes to include new businesses, or the integration of the cybersecurity and AI processes of acquired businesses;\n\n•the effectiveness of our governance, risk management, and oversight procedures and the impact of any potential transactions or relationships with related parties;\n\n•the impact of our Corporate Responsibility 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, as well as the impact and potential cost to us of any policies, legislation, or initiatives in opposition to our Corporate Responsibility or “sustainability” policies;\n\n•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 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;\n\n•the impact of any potential future changes in our capital deployment priorities or any future reductions to our dividends and the timing and amounts of any future dividends, including on our stock price and on our ability to meet expectations with respect to payments of dividends and repurchases of shares of our Class A common stock, or other equity interests in us or any of our other subsidiaries, including from Cantor, our executive officers, other employees, and others, and our ability to pay any excise tax that may be imposed on the repurchase of shares; and\n\n•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 or other equity interests in us or in our subsidiaries, our payment of dividends on our Class A common stock, 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 pledges, 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, corporate restructurings, acquisitions, conversions of shares of our Class B common stock and any other convertible securities into shares of our Class A common stock.\n\nThe 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, 2025, 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.\n\n14\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nWHERE YOU CAN FIND MORE INFORMATION\n\nWe 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.\n\nOur website address is www.bgcg.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 business. 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.\n\n15\n\n[Table of Contents](#i396e4e334a6441819f202190898eb463_7)\n\nPART I—FINANCIAL INFORMATION"}