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[SCHEDULE 13D/A] BGC Group, Inc. SEC Filing

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Form Type
SCHEDULE 13D/A

BGC Group ownership shifts as family transfers close and voting control consolidates. The reporting group describes the closing of transactions that moved substantial Class B and related interests from Howard W. Lutnick to trusts and entities controlled by Brandon G. Lutnick. As a result of the closings, certain entities controlled by the Lutnick family collectively hold voting and dispositive power over large blocks of stock, including 102,314,198 shares of Class A Common Stock acquirable on conversion of Class B shares, representing 21.9% for CFLP and in aggregate providing Mr. Brandon G. Lutnick potential beneficial ownership of 75.1% of total voting power. The filing lists purchase prices: $9.2082 per share for 8,973,721 Class B shares and aggregate consideration of $13,096,795.70 for certain LLC interests. A voting and transfer agreement and an irrevocable proxy are disclosed to reflect voting arrangements.

Cambiamenti di proprietà del gruppo BGC mentre le transazioni familiari si chiudono e il controllo di voto si consolida. Il gruppo di reporting descrive la chiusura delle operazioni che hanno spostato quote sostanziali della Classe B e relativi interessi da Howard W. Lutnick verso trust ed entità controllate da Brandon G. Lutnick. A seguito delle chiusure, alcune entità controllate dalla famiglia Lutnick detengono collettivamente potere di voto e disposizione su grandi blocchi di azioni, inclusi 102.314.198 titoli di Classe A ordinaria acquisibili tramite conversione di azioni di Classe B, rappresentando 21,9% per CFLP e, nel complesso, offrendo a Mr. Brandon G. Lutnick una potenziale proprietà benefica di 75,1% del potere di voto totale. L'esposto elenca i prezzi di acquisto: $9.2082 per 8.973.721 azioni di Classe B e una controparte complessiva di $13.096.795,70 per alcuni interessi LLC. È stato divulgato un accordo di voto e trasferimento e una procura irrevocabile per riflettere gli accordi di voto.

El cambio de propiedad del grupo BGC a medida que se cierran las transferencias familiares y se consolida el control de votación. El grupo de informes describe el cierre de operaciones que movieron participaciones sustanciales de la Clase B e intereses relacionados desde Howard W. Lutnick a fideicomisos y entidades controladas por Brandon G. Lutnick. Como resultado de los cierres, ciertas entidades controladas por la familia Lutnick ejercen colectivamente el poder de voto y dispositiva sobre grandes bloques de acciones, incluidas 102,314,198 acciones ordinarias de Clase A adquiribles mediante conversión de acciones de Clase B, representando 21,9% para CFLP y, en conjunto, proporcionando al Sr. Brandon G. Lutnick una posible titularidad beneficiosa de 75,1% del poder de voto total. El expediente enumera los precios de compra: $9.2082 por acción para 8.973.721 acciones de Clase B y una contraprestación total de $13.096.795,70 por ciertos intereses de LLC. Se divulga un acuerdo de voto y transferencia y una proxy irrevocable para reflejar los arreglos de votación.

BGC 그룹의 소유권 이동: 가족 간 이전이 마감되고 의결권 통제가 집중됩니다. 보고 그룹은 하워드 W. 루트닉(Howard W. Lutnick)에서 브랜든 G. 루트닉(Brandon G. Lutnick)이 관리하는 신탁 및 엔티티로의 상당한 클래스 B 주식 및 관련 이익의 이동 거래가 마감되었다고 설명합니다. 마감으로 인해 루트닉 가문이 관리하는 특정 엔티티들이 대량의 주식에 대해 의결권 및 처분권을 공동으로 보유하게 되며, 102,314,198의 클래스 A 일반주가 클래스 B 주식으로 전환 가능하고 이를 통해 CFLP의 21.9%를Represent하며, 총 의결권의 75.1%의 잠재적 실질소유를 브랜든 G. 루트닉에게 제공합니다. 제출문에는 매수 가격으로 $9.2082의 주당가가 8,973,721주의 클래스 B 주식에 대해 명시되어 있고, 특정 LLC 지분에 대한 총 대가로 $13,096,795.70가 기재되어 있습니다. 의결 및 이전 계약과 취소 불가 위임장을 공개하여 의결 약정을 반영합니다.

Les changements de propriété du groupe BGC alors que les transferts familiaux se concluent et que le contrôle des votes se consolide. Le groupe de signalement décrit la clôture des transactions qui ont déplacé des participations substantielles de Classe B et des intérêts associés depuis Howard W. Lutnick vers des fiducies et des entités contrôlées par Brandon G. Lutnick. Suite à ces clôtures, certaines entités contrôlées par la famille Lutnick détiennent collectivement le pouvoir de vote et la dispositive sur de grands blocs d'actions, y compris 102 314 198 actions ordinaires de Classe A pouvant être obtenues par conversion des actions de Classe B, représentant 21,9% pour CFLP et, dans l'ensemble, offrant à M. Brandon G. Lutnick une éventuelle propriété bénéficiaire de 75,1% du pouvoir de vote total. Le dossier indique les prix d'achat : $9.2082 par action pour 8 973 721 actions de Classe B et une contrepartie globale de $13 096 795,70 pour certains intérêts de LLC. Un accord de vote et de transfert et une procuration irrévocable sont divulgués pour refléter les arrangements de vote.

BGC-Gruppenbesitzwechsel, während familiäre Übertragungen abgeschlossen werden und die Stimmrechtskontrolle konsolidiert wird. Die meldende Gruppe beschreibt den Abschluss von Transaktionen, die substanzielle Class-B-Anteile und damit zusammenhängende Interessen von Howard W. Lutnick auf Treuhänder und von Brandon G. Lutnick kontrollierte Einheiten übertragen haben. Infolge der Abschlüsse halten bestimmte Einheiten, die von der Lutnick-Familie kontrolliert werden, gemeinsam Stimm- und Verfügungsgewalt über große Aktienblöcke, einschließlich 102.314.198 Class-A-Stammaktien, die durch Umwandlung von Class-B-Aktien erwerbbar sind, was 21,9% für CFLP entspricht und insgesamt Brandon G. Lutnick potenzielles wirtschaftliches Eigentum an 75,1% der gesamten Stimmkraft verleiht. Die Einreichung listet Kaufpreise auf: $9.2082 pro Aktie für 8.973.721 Class-B-Aktien und eine Gesamtberührung von $13.096.795,70 für bestimmte LLC-Anteile. Ein Stimm- und Übertragungsabkommen sowie eine irrevocable Proxy werden offengelegt, um Abstimmungsvorgaben widerzuspiegeln.

تحولات ملكية مجموعة BGC مع إقفال تحويلات الأسرة وتراكُز سيطرة التصويت. يصف فريق الإبلاغ إغلاق الصفقات التي نقلت حصصاً كبيرة من فئة B واهتمامات ذات صلة من هورود ڈبليو. لوتنِك إلى الثقة والكيانات التي تسيطر عليها براندون جي. لوتنِك. نتيجة الإغلاقات، تمكِّن بعض الكيانات التي تسيطر عليها عائلة لوتنيك من امتلاك سلطة تصويت وتصرف جماعيين على كتل كبيرة من الأسهم، بما في ذلك 102,314,198 سهماً من فئة A عادية يمكن الحصول عليها عن طريق تحويل أسهم فئة B، وهو ما يمثل 21.9% لـ CFLP ويمكِّن بشكل إجمالي براندون جي. لوتنِك من امتلاك مفترض فاعل لــ 75.1% من إجمالي القوة التصويتية. يذكر الملف الأسعار الشراء: $9.2082 للسهم الواحد ل8,973,721 سهماً من فئة B وتقييم إجمالي قدره $13,096,795.70 لبعض مصالح LLC. كما يُفصح عن اتفاقية تصويت ونقل وتوكيل قابل لسحب لإظهار ترتيب التصويت.

BGC集团所有权在家族转让完成后发生变动,投票控制趋于集中。 报告组描述了将大量的B类股及相关权益从Howard W. Lutnick转移至Brandon G. Lutnick控制的信托与实体的交易闭幕。由于这些完成,部分由Lutnick家族控制的实体共同持有对大量股票的投票权和处置权,其中包括102,314,198股可通过转换B类股获得的A类普通股,对CFLP的代表为21.9%,并在总体上使Brandon G. Lutnick具有潜在的75.1%的总投票权。 filings列出购买价格:$9.2082每股,涉及8,973,721股B类股,以及对某些LLC权益的总对价为$13,096,795.70。还披露了投票与转让协议及一份不可撤销的代理权,以反映投票安排。

Positive
  • Clear transfer documentation (purchase agreements and exhibits) provides legal clarity on ownership changes
  • Voting arrangements (voting and transfer agreement, irrevocable proxy) centralize decision-making, reducing uncertainty about who will vote the transferred shares
Negative
  • Marked concentration of voting power with Mr. Brandon G. Lutnick (may be deemed to hold 75.1% of voting power), which increases governance concentration risk
  • Large pledged block of 10,000,000 shares of Class B Common Stock remains pledged under the partner loan program, representing potential encumbrance

Insights

Consolidation of voting control to Brandon G. Lutnick materially concentrates governance rights.

The closed transactions transfer voting control of large Class B interests and related entities so that Mr. Brandon G. Lutnick may be deemed to hold 75.1% of total voting power. The filing documents shared voting and dispositive arrangements over 102,314,198 shares acquirable upon conversion and multiple voting agreements among family trusts and management entities.

Concentrated control reduces the influence of other public holders and centralizes strategic decision rights. Key near-term items to watch include whether the voting and transfer agreement (Exhibit 68) or the irrevocable proxy (Exhibit 75) impose timing or transfer limits and any future amendments to capital structure or governance that require majority votes during the next 12 months.

Cambiamenti di proprietà del gruppo BGC mentre le transazioni familiari si chiudono e il controllo di voto si consolida. Il gruppo di reporting descrive la chiusura delle operazioni che hanno spostato quote sostanziali della Classe B e relativi interessi da Howard W. Lutnick verso trust ed entità controllate da Brandon G. Lutnick. A seguito delle chiusure, alcune entità controllate dalla famiglia Lutnick detengono collettivamente potere di voto e disposizione su grandi blocchi di azioni, inclusi 102.314.198 titoli di Classe A ordinaria acquisibili tramite conversione di azioni di Classe B, rappresentando 21,9% per CFLP e, nel complesso, offrendo a Mr. Brandon G. Lutnick una potenziale proprietà benefica di 75,1% del potere di voto totale. L'esposto elenca i prezzi di acquisto: $9.2082 per 8.973.721 azioni di Classe B e una controparte complessiva di $13.096.795,70 per alcuni interessi LLC. È stato divulgato un accordo di voto e trasferimento e una procura irrevocabile per riflettere gli accordi di voto.

El cambio de propiedad del grupo BGC a medida que se cierran las transferencias familiares y se consolida el control de votación. El grupo de informes describe el cierre de operaciones que movieron participaciones sustanciales de la Clase B e intereses relacionados desde Howard W. Lutnick a fideicomisos y entidades controladas por Brandon G. Lutnick. Como resultado de los cierres, ciertas entidades controladas por la familia Lutnick ejercen colectivamente el poder de voto y dispositiva sobre grandes bloques de acciones, incluidas 102,314,198 acciones ordinarias de Clase A adquiribles mediante conversión de acciones de Clase B, representando 21,9% para CFLP y, en conjunto, proporcionando al Sr. Brandon G. Lutnick una posible titularidad beneficiosa de 75,1% del poder de voto total. El expediente enumera los precios de compra: $9.2082 por acción para 8.973.721 acciones de Clase B y una contraprestación total de $13.096.795,70 por ciertos intereses de LLC. Se divulga un acuerdo de voto y transferencia y una proxy irrevocable para reflejar los arreglos de votación.

BGC 그룹의 소유권 이동: 가족 간 이전이 마감되고 의결권 통제가 집중됩니다. 보고 그룹은 하워드 W. 루트닉(Howard W. Lutnick)에서 브랜든 G. 루트닉(Brandon G. Lutnick)이 관리하는 신탁 및 엔티티로의 상당한 클래스 B 주식 및 관련 이익의 이동 거래가 마감되었다고 설명합니다. 마감으로 인해 루트닉 가문이 관리하는 특정 엔티티들이 대량의 주식에 대해 의결권 및 처분권을 공동으로 보유하게 되며, 102,314,198의 클래스 A 일반주가 클래스 B 주식으로 전환 가능하고 이를 통해 CFLP의 21.9%를Represent하며, 총 의결권의 75.1%의 잠재적 실질소유를 브랜든 G. 루트닉에게 제공합니다. 제출문에는 매수 가격으로 $9.2082의 주당가가 8,973,721주의 클래스 B 주식에 대해 명시되어 있고, 특정 LLC 지분에 대한 총 대가로 $13,096,795.70가 기재되어 있습니다. 의결 및 이전 계약과 취소 불가 위임장을 공개하여 의결 약정을 반영합니다.

Les changements de propriété du groupe BGC alors que les transferts familiaux se concluent et que le contrôle des votes se consolide. Le groupe de signalement décrit la clôture des transactions qui ont déplacé des participations substantielles de Classe B et des intérêts associés depuis Howard W. Lutnick vers des fiducies et des entités contrôlées par Brandon G. Lutnick. Suite à ces clôtures, certaines entités contrôlées par la famille Lutnick détiennent collectivement le pouvoir de vote et la dispositive sur de grands blocs d'actions, y compris 102 314 198 actions ordinaires de Classe A pouvant être obtenues par conversion des actions de Classe B, représentant 21,9% pour CFLP et, dans l'ensemble, offrant à M. Brandon G. Lutnick une éventuelle propriété bénéficiaire de 75,1% du pouvoir de vote total. Le dossier indique les prix d'achat : $9.2082 par action pour 8 973 721 actions de Classe B et une contrepartie globale de $13 096 795,70 pour certains intérêts de LLC. Un accord de vote et de transfert et une procuration irrévocable sont divulgués pour refléter les arrangements de vote.

BGC-Gruppenbesitzwechsel, während familiäre Übertragungen abgeschlossen werden und die Stimmrechtskontrolle konsolidiert wird. Die meldende Gruppe beschreibt den Abschluss von Transaktionen, die substanzielle Class-B-Anteile und damit zusammenhängende Interessen von Howard W. Lutnick auf Treuhänder und von Brandon G. Lutnick kontrollierte Einheiten übertragen haben. Infolge der Abschlüsse halten bestimmte Einheiten, die von der Lutnick-Familie kontrolliert werden, gemeinsam Stimm- und Verfügungsgewalt über große Aktienblöcke, einschließlich 102.314.198 Class-A-Stammaktien, die durch Umwandlung von Class-B-Aktien erwerbbar sind, was 21,9% für CFLP entspricht und insgesamt Brandon G. Lutnick potenzielles wirtschaftliches Eigentum an 75,1% der gesamten Stimmkraft verleiht. Die Einreichung listet Kaufpreise auf: $9.2082 pro Aktie für 8.973.721 Class-B-Aktien und eine Gesamtberührung von $13.096.795,70 für bestimmte LLC-Anteile. Ein Stimm- und Übertragungsabkommen sowie eine irrevocable Proxy werden offengelegt, um Abstimmungsvorgaben widerzuspiegeln.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


CANTOR FITZGERALD, L. P.
Signature:/s/ Brandon G. Lutnick
Name/Title:Brandon G. Lutnick/ Chief Executive Officer
Date:10/06/2025
CF Group Management, Inc.
Signature:/s/ Brandon G. Lutnick
Name/Title:Brandon G. Lutnick/ Chief Executive Officer
Date:10/06/2025
Brandon G. Lutnick
Signature:/s/ Brandon G. Lutnick
Name/Title:Brandon G. Lutnick / Self
Date:10/06/2025
Comments accompanying signature:
Signature page to Brandon Lutnick BGC Schedule 13D/A re: closing of divestiture

FAQ

What change in voting power does the Schedule 13D/A report for BGC (BGC)?

The filing states that, following the transactions, Mr. Brandon G. Lutnick may be deemed to have beneficial ownership of 75.1% of the total voting power of the Company's common stock.

How many Class A shares are associated with CFLP's conversion rights?

CFLP is reported as having shared voting and dispositive power over 102,314,198 shares of Class A Common Stock acquirable upon conversion of the same number of Class B shares.

What price was paid for the Class B shares sold to CFLP?

The sale of 8,973,721 shares of Class B Common Stock closed at $9.2082 per share, equal to the 3‑day VWAP referenced in the filing.

What was the aggregate consideration for interests in KBCR and Tangible Benefits?

The aggregate purchase price for the interests in KBCR and Tangible Benefits was $13,096,795.70, paid in cash by the purchasing trusts.

Are there formal agreements governing voting among the family trusts?

Yes. The filing references a Voting and Transfer Agreement (Exhibit 68) effective October 6, 2025, and an irrevocable proxy granted by Howard W. Lutnick to Brandon G. Lutnick (Exhibit 75).

Does Howard W. Lutnick retain any ownership or voting power after the closings?

No. The filing states Howard W. Lutnick no longer has beneficial ownership or voting or dispositive power over the Company's securities and will file an amendment reflecting zero ownership.
BGC Group, Inc.

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