v3.26.1
Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
The Company incurred compensation expense related to Class A common stock and RSUs held by BGC employees, and grants of exchangeability to Newmark Holdings units held by BGC employees, as follows (in thousands):
Three Months Ended March 31,
20262025
Issuance of common stock and grants of exchangeability$31,196 $26,641 
Allocations of net income and dividend equivalents¹916 551 
RSU, RSU Tax Account, and restricted stock amortization51,329 48,131 
Equity-based compensation and allocations of net income to limited partnership units$83,441 $75,323 
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1This includes dividend equivalents on participating securities, the Preferred Return on certain RSU Tax Accounts, and quarterly allocations of net income, including the Preferred Distribution to Newmark Holdings Preferred Units held by BGC employees.
Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
Three Months Ended March 31,
20262025
Issuance of common stock and grants of exchangeability$31,196 $26,641 
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
Three Months Ended March 31,
20262025
RSU amortization
$47,037 $39,657 
Schedule of Activity Associated with Limited Partnership Units Held by BGC Employees
A summary of the activity associated with Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
Newmark Holdings LPUs
Balance at December 31, 20252,140 
Granted— 
Redeemed/exchanged units(57)
Forfeited units(1)
Balance at March 31, 20262,082 
Schedule of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees
A summary of the Newmark Holdings LPUs held by BGC employees as of March 31, 2026 is as follows (in thousands):
Newmark Holdings LPUs
Regular Units1,391 
Preferred Units691 
Balance at March 31, 20262,082 
Schedule of Activity Associated with Limited Partnership Units Awarded to BGC Employees
A summary of the Newmark Holdings LPUs redeemed in connection with the issuance of Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):
Three Months Ended March 31,
20262025
Newmark Holdings LPUs33 99 
Schedule of Activity Associated with Restricted Stock Units
A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and fair value amount in thousands, except for per share amounts and weighted-average term):
RSUs
Weighted-Average
Grant Date Fair Value
 Per Share
Fair Value AmountWeighted-Average Remaining
Contractual Term (Years)
Balance at December 31, 202577,643 $6.28 $487,312 3.84
Granted3,909 7.99 31,222 
Delivered(5,610)5.71 (32,039)
Forfeited(68)9.12 (620)
Balance at March 31, 202675,874 $6.40 $485,875 4.73
A summary of the activity associated with these restricted stock awards held by BGC employees is as follows (shares of restricted stock and fair value in thousands, except for per share amounts and weighted-average term):
Restricted Stock
Weighted-Average
Grant Date Fair Value Per Share
Fair Value AmountWeighted-Average Remaining
Contractual Term (Years)
Balance at December 31, 2025306 $4.43 $1,356 6.37
Granted— — — 
Delivered(6)4.43 (26)
Forfeited— — — 
Balance at March 31, 2026300 $4.43 $1,330 6.29