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[Form 4] BGC Group, Inc. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Very Negative)
Form Type
4
Rhea-AI Filing Summary

Howard W. Lutnick, a director and 10% owner of BGC Group, Inc. (BGC), reported multiple transactions effective 10/06/2025 that materially changed his indirect holdings and voting interests. He closed a sale of the voting shares of CF Group Management, Inc. (the managing general partner of Cantor Fitzgerald, L.P.) for $200,000, after which he no longer beneficially owned the 93,340,477 Class B shares held by CFLP or the 2,972,524 Class B shares held by CFGM. He also sold equity interests in KBCR Management Partners and Tangible Benefits for an aggregate $13,096,795.70, relinquishing 2,335,967 Class B shares and 600,938 Class A shares those entities held. Separately, the company repurchased 337,765 Class A shares originating in retirement accounts at $9.2082 per share. Lutnick sold 8,973,721 Class B shares held directly to CFLP at $9.2082 per share (net of specified dividend adjustments). The filing disclaims beneficial ownership of securities held by the listed entities beyond any pecuniary interest.

Howard W. Lutnick, un consigliere e proprietario del 10% di BGC Group, Inc. (BGC), ha riportato molteplici operazioni efficaci 10/06/2025 che hanno modificato sostanzialmente le sue partecipazioni indirette e i suoi diritti di voto. Ha chiuso una vendita delle azioni di voto di CF Group Management, Inc. (il managing general partner di Cantor Fitzgerald, L.P.) per $200,000, dopo la quale non possiede più beneficiamente le 93,340,477 azioni di Classe B detenute da CFLP né le 2,972,524 azioni di Classe B detenute da CFGM. Ha inoltre venduto interessi azionari in KBCR Management Partners e Tangible Benefits per un totale di $13,096,795.70, rinunciando a 2,335,967 azioni di Classe B e 600,938 azioni di Classe A detenute da tali entità. Separatamente, la società ha riacquistato 337,765 azioni di Classe A originarie da conti pensionistici a $9.2082 per azione. Lutnick ha venduto 8,973,721 azioni di Classe B detenute direttamente a CFLP a $9.2082 per azione (netto delle specifiche rettifiche sui dividendi). La dichiarazione nega la proprietà benefica delle securities detenute dalle entità indicate oltre a qualsiasi interesse pecuniario.

Howard W. Lutnick, director y titular del 10% de BGC Group, Inc. (BGC), reportó múltiples operaciones con efecto 10/06/2025 que cambiaron materialmente sus participaciones indirectas y sus derechos de voto. Cerró una venta de las acciones de voto de CF Group Management, Inc. (el socio general administrador de Cantor Fitzgerald, L.P.) por $200,000, tras lo cual ya no poseía beneficiosamente las 93,340,477 acciones Clase B en poder de CFLP ni las 2,972,524 acciones Clase B de CFGM. También vendió intereses en KBCR Management Partners y Tangible Benefits por un total de $13,096,795.70, cediendo 2,335,967 acciones Clase B y 600,938 acciones Clase A de esas entidades. Por separado, la empresa recompró 337,765 acciones Clase A originarias de cuentas de jubilación a $9.2082 por acción. Lutnick vendió 8,973,721 acciones Clase B de su propiedad directamente a CFLP a $9.2082 por acción (netas de los ajustes de dividendos especificados). La presentación niega la propiedad beneficiosa de las securidades mantenidas por las entidades listadas más allá de cualquier interés pecuniario.

Howard W. Lutnick은 BGC Group, Inc. (BGC)의 이사이자 10% 소유주로, 10/06/2025으로 발효된 다수의 거래를 보고했습니다. 이는 그의 간접 보유 및 의결권에 중대한 변화를 가져왔습니다. 그는 Cantor Fitzgerald, L.P.의 관리 일반 파트너인 CF Group Management, Inc.의 의결주식 판매를 $200,000에 마감했고, 그 결과 CFLP가 보유한 93,340,477주 Class B 주식과 CFGM이 보유한 2,972,524주 Class B 주식을 더 이상 유익하게 소유하지 않게 되었습니다. 또한 KBCR Management Partners 및 Tangible Benefits의 지분을 총 $13,096,795.70에 매각하여 그 엔티티들이 보유한 2,335,967주 Class B와 600,938주 Class A를 포기했습니다. 별도로 회사는 은퇴계정에서 유래된 337,765주 Class A를 주당 $9.2082에 재매입했습니다. Lutnick은 CFLP에 직접 매각한 8,973,721주 Class B 주식을 주당 $9.2082의 가격으로 팔았고(특정 배당 조정 제외). 이 공시는 열거된 엔티티가 보유한 증권의 실질적 소유권은 pecuniary 이익을 넘어서는 경우가 없다고 부인합니다.

Howard W. Lutnick, administrateur et propriétaire à 10% de BGC Group, Inc. (BGC), a déclaré plusieurs transactions effectives 10/06/2025 qui ont sensiblement modifié ses participations indirectes et ses droits de vote. Il a clôturé une vente des actions de vote de CF Group Management, Inc. (le managing general partner de Cantor Fitzgerald, L.P.) pour $200,000, après quoi il ne possédait plus bénéficiairement les 93,340,477 actions Classe B détenues par CFLP ni les 2,972,524 actions Classe B détenues par CFGM. Il a également vendu des intérêts dans KBCR Management Partners et Tangible Benefits pour un total de $13,096,795.70, renonçant à 2,335,967 actions Classe B et 600,938 actions Classe A détenues par ces entités. Par ailleurs, l'entreprise a racheté 337,765 actions Classe A issues de comptes-retraite à $9.2082 par action. Lutnick a vendu 8,973,721 actions Classe B détenues directement à CFLP à $9.2082 par action (nettes des ajustements de dividendes spécifiés). Le dépôt déclare nier la propriété bénéficiaire des valeurs détenues par les entités listées au-delà de tout intérêt financier.

Howard W. Lutnick, Direktor und 10% Eigentümer von BGC Group, Inc. (BGC), meldete mehrere Transaktionen, die am 10/06/2025 wirksam wurden und seine indirekten Beteiligungen und Stimmrechte wesentlich veränderten. Er schloss den Verkauf der Stimmrechtsaktien von CF Group Management, Inc. (dem managing general partner von Cantor Fitzgerald, L.P.) für $200,000 ab, wonach er nicht mehr vorteilhaft die 93,340,477 Class B-Aktien, die von CFLP gehalten werden, oder die 2,972,524 Class B-Aktien von CFGM besaß. Er verkaufte auch Eigenkapitalanteile an KBCR Management Partners und Tangible Benefits für insgesamt $13,096,795.70 und verzichtete auf 2,335,967 Class B-Aktien und 600,938 Class A-Aktien dieser Einheiten. Unabhängig davon kaufte das Unternehmen 337,765 Class A-Aktien, die aus Rentenkonten stammen, zu $9.2082 pro Aktie zurück. Lutnick verkaufte 8,973,721 Class B-Aktien, die er direkt an CFLP hielt, zu $9.2082 pro Aktie (netto der angegebenen Dividendenausgleiche). Die Einreichung bestreitet die beherrschende Eigentümerschaft an Wertpapieren, die von den aufgeführten Einheiten gehalten werden, über jedes rein finanzielle Interesse hinaus.

Howard W. Lutnick، مدير ومالك 10% من BGC Group, Inc. (BGC)، أبلغ عن عدد من المعاملات الفعالة 10/06/2025 التي غيّرت بشكل جوهري ممتلكاته غير المباشرة وحقوق التصويت الخاصة به. أنهى بيع أسهم التصويت لدى CF Group Management, Inc. (الشريك الإداري العام لشركة Cantor Fitzgerald, L.P.) بمبلغ $200,000، وبعد ذلك لم يعد يمتلك بشكل مستفيد 93,340,477 سهماً من فئة B المملوكة لـ CFLP أو 2,972,524 سهماً من فئة B المملوكة لـ CFGM. كما باع مصالح Equity في KBCR Management Partners و Tangible Benefits بمجموع $13,096,795.70، متخلياً عن 2,335,967 سهماً من فئة B و 600,938 سهماً من فئة A لتلك الكيانات. على نحو منفصل، اشترت الشركة 337,765 سهماً من فئة A منشأها من حسابات التقاعد بسعر $9.2082 للسهم. باع Lutnick 8,973,721 سهماً من فئة B مملوكة مباشرة لـ CFLP بسعر $9.2082 للسهم (صافي تعديلات الأرباح المحددة). وتنفي الشكوى الملكية المفيدة للأوراق المالية التي تحتفظ بها الكيانات المدرجة بخلاف أي مصلحة مالية.

Howard W. Lutnick，是 BGC Group, Inc. (BGC) 的董事及 10% 的所有者，报告了若干交易，于 10/06/2025 生效，实质性地改变了他的间接持有和表决权。 他关闭了对 CF Group Management, Inc.（Cantor Fitzgerald, L.P. 的管理普通合伙人）的投票权股权交易，金额为 $200,000，此后他不再実益拥有 CFLP 持有的 93,340,477 份 B 类股票，或 CFGM 持有的 2,972,524 份 B 类股票。他还出售了对 KBCR Management Partners 和 Tangible Benefits 的股权，总额 $13,096,795.70，放弃了这两家实体所持的 2,335,967 份 B 类股和 600,938 份 A 类股。另据披露，公司回购了来自退休账户的 337,765 份 A 类股，价格为每股 $9.2082。Lutnick 还以每股 $9.2082 的价格直接向 CFLP 出售了 8,973,721 份 B 类股（扣除具体股息调整后的净额）。该申报否认对所列实体持有证券的实益所有权，超出任何金钱利益之外。

Positive
  • Completed orderly transfers of voting interests, with proceeds reported ($200,000 and $13,096,795.70)
  • Company repurchased 337,765 Class A shares under existing authorization at a VWAP‑based price ($9.2082)
  • Pricing based on published 3‑day VWAP with specified dividend adjustments, providing transparent valuation mechanics
Negative
  • Material reduction in Lutnick's indirect voting holdings following sale of CFGM voting shares (loss of beneficial ownership of 93,340,477 and 2,972,524 Class B shares)
  • Substantial transfers of entity interests (KBCR and Tangible Benefits) that removed 2,335,967 Class B and 600,938 Class A shares from his indirect holdings

Insights

Significant transfer of voting control and indirect holdings away from Lutnick.

The transactions show voting shares of CFGM and equity interests in related entities moved to trusts controlled by Brandon G. Lutnick and to CFLP, and Lutnick disclaims beneficial ownership beyond pecuniary interests. This reduces Lutnick's direct or indirect voting stake tied to CFGM and related partners while retaining limited pecuniary exposure as disclosed.

Key dependencies include the post‑transaction ownership structure of CFLP and related trusts and any remaining pecuniary interests. Watch any future disclosures clarifying voting control and trustee arrangements over the next several reporting periods.

Large block transfers and a company repurchase executed at VWAP‑based pricing.

The report documents sales totaling $13,296,795.70 in aggregate reported sale proceeds ($200,000 for CFGM voting shares and $13,096,795.70 for KBCR/Tangible Benefits interests) plus the repurchase of 337,765 Class A shares at $9.2082 each under the issuer's repurchase authorization. Pricing references a 3‑day VWAP from May 14–16, 2025 adjusted for after‑tax dividend amounts.

Immediate effects include a reduction in Lutnick's directly held Class B and Class A balances and a modest liquidity realization. Monitor subsequent Form 4/Form 5 filings for any residual pecuniary interest disclosures or additional repurchases within the next fiscal quarter.

Howard W. Lutnick, un consigliere e proprietario del 10% di BGC Group, Inc. (BGC), ha riportato molteplici operazioni efficaci 10/06/2025 che hanno modificato sostanzialmente le sue partecipazioni indirette e i suoi diritti di voto. Ha chiuso una vendita delle azioni di voto di CF Group Management, Inc. (il managing general partner di Cantor Fitzgerald, L.P.) per $200,000, dopo la quale non possiede più beneficiamente le 93,340,477 azioni di Classe B detenute da CFLP né le 2,972,524 azioni di Classe B detenute da CFGM. Ha inoltre venduto interessi azionari in KBCR Management Partners e Tangible Benefits per un totale di $13,096,795.70, rinunciando a 2,335,967 azioni di Classe B e 600,938 azioni di Classe A detenute da tali entità. Separatamente, la società ha riacquistato 337,765 azioni di Classe A originarie da conti pensionistici a $9.2082 per azione. Lutnick ha venduto 8,973,721 azioni di Classe B detenute direttamente a CFLP a $9.2082 per azione (netto delle specifiche rettifiche sui dividendi). La dichiarazione nega la proprietà benefica delle securities detenute dalle entità indicate oltre a qualsiasi interesse pecuniario.

Howard W. Lutnick, director y titular del 10% de BGC Group, Inc. (BGC), reportó múltiples operaciones con efecto 10/06/2025 que cambiaron materialmente sus participaciones indirectas y sus derechos de voto. Cerró una venta de las acciones de voto de CF Group Management, Inc. (el socio general administrador de Cantor Fitzgerald, L.P.) por $200,000, tras lo cual ya no poseía beneficiosamente las 93,340,477 acciones Clase B en poder de CFLP ni las 2,972,524 acciones Clase B de CFGM. También vendió intereses en KBCR Management Partners y Tangible Benefits por un total de $13,096,795.70, cediendo 2,335,967 acciones Clase B y 600,938 acciones Clase A de esas entidades. Por separado, la empresa recompró 337,765 acciones Clase A originarias de cuentas de jubilación a $9.2082 por acción. Lutnick vendió 8,973,721 acciones Clase B de su propiedad directamente a CFLP a $9.2082 por acción (netas de los ajustes de dividendos especificados). La presentación niega la propiedad beneficiosa de las securidades mantenidas por las entidades listadas más allá de cualquier interés pecuniario.

Howard W. Lutnick은 BGC Group, Inc. (BGC)의 이사이자 10% 소유주로, 10/06/2025으로 발효된 다수의 거래를 보고했습니다. 이는 그의 간접 보유 및 의결권에 중대한 변화를 가져왔습니다. 그는 Cantor Fitzgerald, L.P.의 관리 일반 파트너인 CF Group Management, Inc.의 의결주식 판매를 $200,000에 마감했고, 그 결과 CFLP가 보유한 93,340,477주 Class B 주식과 CFGM이 보유한 2,972,524주 Class B 주식을 더 이상 유익하게 소유하지 않게 되었습니다. 또한 KBCR Management Partners 및 Tangible Benefits의 지분을 총 $13,096,795.70에 매각하여 그 엔티티들이 보유한 2,335,967주 Class B와 600,938주 Class A를 포기했습니다. 별도로 회사는 은퇴계정에서 유래된 337,765주 Class A를 주당 $9.2082에 재매입했습니다. Lutnick은 CFLP에 직접 매각한 8,973,721주 Class B 주식을 주당 $9.2082의 가격으로 팔았고(특정 배당 조정 제외). 이 공시는 열거된 엔티티가 보유한 증권의 실질적 소유권은 pecuniary 이익을 넘어서는 경우가 없다고 부인합니다.

Howard W. Lutnick, administrateur et propriétaire à 10% de BGC Group, Inc. (BGC), a déclaré plusieurs transactions effectives 10/06/2025 qui ont sensiblement modifié ses participations indirectes et ses droits de vote. Il a clôturé une vente des actions de vote de CF Group Management, Inc. (le managing general partner de Cantor Fitzgerald, L.P.) pour $200,000, après quoi il ne possédait plus bénéficiairement les 93,340,477 actions Classe B détenues par CFLP ni les 2,972,524 actions Classe B détenues par CFGM. Il a également vendu des intérêts dans KBCR Management Partners et Tangible Benefits pour un total de $13,096,795.70, renonçant à 2,335,967 actions Classe B et 600,938 actions Classe A détenues par ces entités. Par ailleurs, l'entreprise a racheté 337,765 actions Classe A issues de comptes-retraite à $9.2082 par action. Lutnick a vendu 8,973,721 actions Classe B détenues directement à CFLP à $9.2082 par action (nettes des ajustements de dividendes spécifiés). Le dépôt déclare nier la propriété bénéficiaire des valeurs détenues par les entités listées au-delà de tout intérêt financier.

Howard W. Lutnick, Direktor und 10% Eigentümer von BGC Group, Inc. (BGC), meldete mehrere Transaktionen, die am 10/06/2025 wirksam wurden und seine indirekten Beteiligungen und Stimmrechte wesentlich veränderten. Er schloss den Verkauf der Stimmrechtsaktien von CF Group Management, Inc. (dem managing general partner von Cantor Fitzgerald, L.P.) für $200,000 ab, wonach er nicht mehr vorteilhaft die 93,340,477 Class B-Aktien, die von CFLP gehalten werden, oder die 2,972,524 Class B-Aktien von CFGM besaß. Er verkaufte auch Eigenkapitalanteile an KBCR Management Partners und Tangible Benefits für insgesamt $13,096,795.70 und verzichtete auf 2,335,967 Class B-Aktien und 600,938 Class A-Aktien dieser Einheiten. Unabhängig davon kaufte das Unternehmen 337,765 Class A-Aktien, die aus Rentenkonten stammen, zu $9.2082 pro Aktie zurück. Lutnick verkaufte 8,973,721 Class B-Aktien, die er direkt an CFLP hielt, zu $9.2082 pro Aktie (netto der angegebenen Dividendenausgleiche). Die Einreichung bestreitet die beherrschende Eigentümerschaft an Wertpapieren, die von den aufgeführten Einheiten gehalten werden, über jedes rein finanzielle Interesse hinaus.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
X
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
LUTNICK HOWARD W
(Last) (First) (Middle)
C/O BGC GROUP, INC.
499 PARK AVENUE
(Street)
NEW YORK NY 10022
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BGC Group, Inc. [ BGC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class B Common Stock, par value $0.01 per share 10/06/2025 S 96,313,001 D (1) 3,946,149 I See Footnotes(6)(7)
Class B Common Stock, par value $0.01 per share 10/06/2025 S 3,946,149 D (2) 0 I See Footnotes(6)(7)
Class A Common Stock, par value $0.01 per share 10/06/2025 S 600,939 D (2) 337,765 I See Footnotes(7)
Class A Common Stock, par value $0.01 per share 10/06/2025 D(3)(4) 337,765 D $9.2082(3)(4) 0 I See Footnotes(3)(4)
Class B Common Stock, par value $0.01 per share 10/06/2025 S 8,973,721 D $9.2082(5) 0(6) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. On October 6, 2025, the reporting person, in his capacity as trustee of a trust, closed the sale to trusts controlled by Brandon G. Lutnick of all of the voting shares of CF Group Management, Inc. ("CFGM"), which is the Managing General Partner of Cantor Fitzgerald, L.P. ("CFLP"). Following the close of the transaction, the reporting person no longer has beneficial ownership of the 93,340,477 shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of BGC Group, Inc. (the "Company") held by CFLP or the 2,972,524 shares of Class B Common Stock held by CFGM. The aggregate sale price of the voting shares of CFGM was $200,000.
2. On October 6, 2025, the reporting person, in his capacity as trustee of a trust, in a transaction effective concurrently with the transaction described in footnote (1), closed the sale to certain other trusts controlled by Brandon G. Lutnick of all of the outstanding equity interests in KBCR Management Partners, LLC ("KBCR") and Tangible Benefits, LLC ("Tangible Benefits"). Following the close of the transaction, the reporting person no longer has beneficial ownership of the 2,335,967 shares of Class B Common Stock held by KBCR, 600,938 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of the Company held by KBCR, or the 1,610,182 shares of Class B Common Stock held by Tangible Benefits. The aggregate sale price of the equity interests in KBCR and Tangible Benefits was $13,096,795.70.
3. On October 6, 2025, in a transaction effective immediately after the transaction described in footnote (1), the Company repurchased an aggregate of 337,765 shares of Class A Common Stock beneficially owned by the reporting person and originating from retirement accounts, including certain shares held by his spouse, in transactions exempt pursuant to Rule 16b-3 of the Securities Exchange Act of 1934, as amended consisting of (i) 293,049 shares held in a Keogh retirement account, (ii) 34,921 shares held in other retirement accounts, and (iii) 9,795 shares held in retirement accounts for the reporting person's spouse. The price per share for the sale was $9.2082, which is equal to the 3-day volume weighted average price of the Company's Class A Common Stock on the Nasdaq Global Select Market on May 14, May 15 and May 16, 2025, reduced by $0.04 per share,
4. (Continued from Footnote 3) which is equal to the amount of the after-tax portion of the (i) dividends declared on such shares of Class A Common Stock but unpaid and with record dates between May 16, 2025 and the transaction date that are payable to Howard W. Lutnick and his spouse, as applicable, and (ii) dividends paid on such shares of Class A Common Stock to the reporting person and his spouse, as applicable, between May 16, 2025 and the transaction date. The transactions were approved by the Audit Committee of the Company and were made pursuant to the Company's existing stock repurchase authorization.
5. On October 6, 2025, in a transaction effective immediately after the transaction described in footnote (1), the reporting person closed the sale of 8,973,721 shares of Class B Common Stock held directly by the reporting person to CFLP. The price per share for the sale was $9.2082, which is equal to the 3-day volume weighted average price of the Company's Class A Common Stock on the Nasdaq Global Select Market on May 14, May 15 and May 16, 2025, reduced by $0.032 per share, which is equal to the amount of the after-tax portion of the (i) dividends declared on such shares of Class B Common Stock but unpaid and with record dates between May 16, 2025 and the transaction date that are payable to the reporting person and (ii) dividends paid on such shares of Class B Common Stock to the reporting person between May 16, 2025 and the transaction date.
6. The shares of Class B Common Stock are convertible at any time on a one-for-one basis (subject to adjustment) into shares of Class A Common Stock.
7. CFGM is the Managing General Partner of CFLP and KBCR is a non-managing General Partner of CFLP. The reporting person was the sole voting member of KBCR and Tangible Benefits, through trusts, prior to the transactions described in footnote (2). The reporting person disclaims beneficial ownership of all securities held by CFLP, CFGM, KBCR, and Tangible Benefits in excess of his pecuniary interest, if any, and this report shall not be deemed an admission that he was the beneficial owner of, or had pecuniary interest in, any such excess securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
/s/ Howard W. Lutnick 10/06/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Howard W. Lutnick report in the BGC (BGC) Form 4 filed 10/06/2025?

He reported sales and transfers that removed his beneficial ownership of voting shares of CFGM and equity interests in KBCR and Tangible Benefits, plus a company repurchase of 337,765 Class A shares at $9.2082 per share.

How much cash consideration was disclosed for the CFGM voting shares and the KBCR/Tangible Benefits interests?

The filing shows aggregate consideration of $200,000 for the CFGM voting shares and $13,096,795.70 for the KBCR and Tangible Benefits equity interests.

How many Class B and Class A shares were affected by these transactions?

Affected amounts include 93,340,477 and 2,972,524 Class B shares previously held via CFLP/CFGM, 2,335,967 Class B shares from KBCR, and 600,938 Class A shares from KBCR; additionally 8,973,721 Class B shares were sold directly by Lutnick to CFLP and 337,765 Class A shares were repurchased.

At what price were the repurchased Class A shares and sold Class B shares transacted?

Both the repurchase of Class A shares and the sale of certain Class B shares used a price of $9.2082 per share, derived from the 3‑day VWAP on May 14–16, 2025 with small dividend‑related adjustments.

Does the filing state Lutnick retains any beneficial ownership of the securities held by CFLP, CFGM, KBCR, or Tangible Benefits?

The filing disclaims beneficial ownership of those securities in excess of any pecuniary interest, and Lutnick states this report should not be deemed an admission of beneficial ownership beyond any pecuniary interest.
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