Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our Class A common stock is traded on the Nasdaq Global Select Market under the symbol “BGC.” There is no public trading market for our Class B common stock, which is held by Cantor, CFGM, and entities controlled by members and by an individual member of the Lutnick family.
As of February 27, 2026, there were 908 holders of record of our Class A common stock and 6 holders of record of our Class B common stock.
Our Board of Directors and our Audit Committee have authorized repurchases of our Class A common stock and redemptions of equity interests in our subsidiaries, including from Cantor, our executive officers, other employees, and others, including Cantor employees and partners. On October 30, 2024, the BGC Group Board and Audit Committee re-approved BGC Group’s Share Repurchase Authorization in an amount up to $400.0 million. On November 5, 2025, the BGC Group Board and Audit Committee re-approved BGC Group ’ s Share Repurchase Authorization in an amount up to $400.0 million, for which there is no expiration date. As of December 31, 2025 we had approximately $389.2 million remaining under this authorization and may continue to actively make repurchases or purchases, or cease to make such repurchases or purchases, from time to time.
The table below sets forth certain information regarding BGC’s repurchases of its common stock during the fiscal quarter ended December 31, 2025 (in thousands, except for price paid per share):
Period Total Number
of Shares Repurchased 1
Weighted-
Average Price
Paid per Share
Total Number
of Shares Repurchased Under Publicly Announced Program
Approximate
Dollar Value
of Shares That May
Yet Be
Repurchased
Under the Program 2
October 1, 2025—October 31, 2025
6,200 $ 9.22 6,200
November 1, 2025—November 30, 2025
1,191 9.10 1,189
December 1, 2025—December 31, 2025
— — —
Total Repurchases 7,391 $ 9.20 7,389 $ 389,179
____________________________________
1 Includes 2 thousand shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The fair value of restricted shares vested but withheld to satisfy tax liabilities was $21 thousand at a weighted-average price of $9.12 per share. The average price paid per share for such share withholdings is based on the closing price per share on the vesting date of the restricted stock or, if such date is not a trading day, the trading day immediately prior to such vesting date.
2 Represents amount available under the Share Repurchase Authorization, which was authorized by the Board and Audit Committee on November 5, 2025 up to an amount of $400.0 million for which there is no expiration date.
Capital Deployment Priorities, Dividend Policy and Repurchase Program
BGC’s current capital allocation priorities are to use our liquidity to return capital to stockholders and to continue investing in the growth of our business. While we paid quarterly dividends of $0.02 per share in 2025, we plan to continue to prioritize share repurchases over dividends and distributions. We repurchased 30.2 million shares of BGC Class A common stock during the year ended December 31, 2025. In addition, from January 1, 2026 through February 27, 2026, we repurchased 0.2 million shares of BGC Class A common stock.
Any dividends, if and when declared by our Board, will be paid on a quarterly basis. The dividend to our common stockholders is expected to be calculated based on a number of factors. No assurance can be made, however, that a dividend will be paid each quarter. The declaration, payment, timing, and amount of any future dividends payable by us will be at the sole discretion of our Board.
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We are a holding company, with no direct operations, and therefore we are able to pay dividends only from our available cash on hand and funds received from distributions from BGC U.S. OpCo and BGC Global OpCo. Our ability to pay dividends may also be limited by regulatory considerations as well as by covenants contained in financing or other agreements. In addition, under Delaware law, dividends may be payable only out of surplus, which is our net assets minus our capital (as defined under Delaware law), or, if we have no surplus, out of our net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. Accordingly, any unanticipated accounting, tax, regulatory or other charges against net income may adversely affect our ability to declare and pay dividends. While we intend to declare and pay dividends quarterly, there can be no assurance that our Board will declare dividends at all or on a regular basis or that the amount of our dividends will not change.
Performance Graph
On July 1, 2023, BGC completed its Corporate Conversion to a Full C-Corporation in order to reorganize and simplify its organizational structure. As a result of the Corporate Conversion, BGC Group became the public holding company for, and successor to, BGC Partners, and each share of BGC Partners Class A common stock trading on Nasdaq under the ticker “BGCP” was converted into one share of BGC Group Class A common stock trading on Nasdaq under the ticker “BGC.”
The performance graph below shows a comparison of the cumulative total stockholder return of $100 invested in shares of the Company (identified as shares of BGC Partners, Inc. prior to July 1, 2023 and BGC Group, Inc. on July 1, 2023 and following) on December 31, 2020, measured on December 31, 2021, December 31, 2022, December 31, 2023, December 31, 2024, and December 31, 2025. The returns of the Peer Group have been weighted at the beginning of the period according to their U.S. dollar stock market capitalizations for purposes of arriving at a Peer Group average.
Total returns are shown on a “net dividend” basis, which reflects tax effects on dividend reinvestments from companies operating under certain U.K. and European tax jurisdictions, according to local tax laws.
2021 2022 2023 2024 2025
BGC Group, Inc.
$ 117.20 $ 96.03 $ 185.31 $ 234.30 $ 232.93
Russell 2000
114.82 91.35 106.82 119.14 134.40
S&P 500
128.71 105.40 133.10 166.40 196.16
Peer Group
81.54 87.21 111.72 159.99 226.97
* The charts above reflect $100 invested on 12/31/20 in stock or index, including reinvestment of dividends.
** Peer group indices use beginning of period market capitalization weighting. The above graph was prepared by Zacks Investment Research, Inc. and used with its permission. All rights reserved. Copyright 1980-2026. Index data provided by Copyright Standard and Poor’s Inc. and Copyright Russell Investments. Used with permission. All rights reserved.
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ITEM 6. [RESERVED]