45 unchanged sentences
If any of our data processing systems do not operate properly or are disabled or if there are other shortcomings or failures in our internal processes, people or systems, we could suffer impairment to our liquidity, financial loss, a disruption of our businesses, liability to clients, regulatory intervention or reputational damage.
−Removed: These systems may fail to operate properly or become disabled as a result of events that are wholly or partially beyond our control, including cybersecurity incidents, a disruption of electrical or communications services or our inability to occupy one or more of our buildings.
+Added: These systems may fail to operate properly or become disabled as a result of events that are wholly or partially beyond our control, including cybersecurity incidents or other failures of our or third party information technology systems, a disruption of electrical or communications services or our inability to occupy one or more of our buildings.
The inability of our systems to accommodate an increasing volume of transactions could also constrain our ability to expand our businesses.
7 unchanged sentences
Foreign Currency Risk
−Removed: BGC is exposed to risks associated with changes in FX rates.
+Added: We are exposed to risks associated with changes in FX rates.
Changes in FX rates create volatility in the U.S.
−Removed: dollar equivalent of the Company’s revenues and expenses.
−Removed: In addition, changes in the remeasurement of BGC’s foreign currency denominated financial assets and liabilities are recorded as part of its results of operations and fluctuate with changes in foreign currency rates.
+Added: dollar equivalent of the our revenues and expenses.
+Added: In addition, changes in the remeasurement of our foreign currency denominated financial assets and liabilities are recorded as part of its results of operations and fluctuate with changes in foreign currency rates.
BGC monitors the net exposure in foreign currencies on a daily basis and hedges its exposure as deemed appropriate with highly rated major financial institutions.
−Removed: The majority of the Company’s foreign currency exposure is related to the U.S.
+Added: The majority of our foreign currency exposure is related to the U.S.
dollar versus the pound sterling and the euro.
8 unchanged sentences
These debt obligations are not currently subject to fluctuations in interest rates, although in the event of refinancing or issuance of new debt, such debt could be subject to changes in interest rates.
−Removed: In addition, as of December 31, 2024, BGC had $200.0 million borrowings outstanding under its Revolving Credit Agreement.
+Added: As of December 31, 2025, BGC had $240.0 million borrowings outstanding under its Revolving Credit Agreement.
The Revolving Credit Agreement interest rate on borrowings is based on SOFR or a defined base rate plus additional margin.
−Removed: As of December 31, 2024, BGC did not have any borrowings outstanding under its BGC Credit Agreement.
+Added: As of December 31, 2025, BGC had $20.0 million of borrowings outstanding under its BGC Credit Agreement.
Borrowings under the BGC Credit Agreement bear interest at a rate equal to 25 basis points less than the applicable borrower’s borrowing rate under its revolving credit agreement with third party banks, or if FICC-GSD Margin Loans, at a rate equal to the overnight interest rate actually earned by the borrower or its affiliates on borrowings under the applicable FICC-GSD Margin Loan that are posted to clearinghouses or kept available for posting at clearinghouses.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.