Howard W. Lutnick Sells All BGC Holdings; Reporting Status Ends

Rhea-AI Filing Summary

BGC Group, Inc. filing amends a prior Schedule 13D to report that Howard W. Lutnick has completed the previously disclosed divestiture of his holdings in the company in connection with his appointment as the U.S. Secretary of Commerce. The sale closed on 10/06/2025, and the amendment states Mr. Lutnick no longer holds any Class A or Class B Common Stock and has 0 voting or dispositive power. The filing formally records that he ceased to be a beneficial owner of more than 5% of the Class A Common Stock and is no longer a Reporting Person.

Positive

• Completed divestiture recorded: Mr. Lutnick reports 0 shares and no voting or dispositive power
• Clear disclosure linking the sale to his appointment as U.S. Secretary of Commerce and finalizing reporting status

Negative

• Founder/executive no longer a >5% owner of Class A Common Stock, reducing insider ownership concentration
• Loss of direct founder influence reflected by zero voting and dispositive power

Insights

Corporate Governance Analyst

Founder completed divestiture and relinquished reporting status.

The amendment confirms that Howard W. Lutnick sold all holdings and now reports 0 shares and no voting or dispositive power as of 10/06/2025. This converts a previously disclosed, partial ownership position into a complete exit for governance and disclosure purposes.

This change removes a > 5% beneficial owner from filings, which may simplify shareholder register dynamics and reduce related-party disclosure requirements in periodic reports over the near term.

Regulatory Compliance Specialist

Filing documents a mandated reporting change after a public office appointment.

The Schedule 13D amendment ties the divestiture to Mr. Lutnick's appointment as U.S. Secretary of Commerce and records the transaction date as 10/06/2025. The statement replaces prior Schedule 13D entries by other related amendments and confirms that prior voting/dispositive powers are relinquished.

Investors and compliance teams should note the final amendment status and that no further beneficial ownership disclosure from Mr. Lutnick is required unless his status changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 20)

BGC Group, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)

088929104

(CUSIP Number)

Stephen M. Merkel, Esq.
Cantor Fitzgerald, L.P., 499 Park Avenue
New York, NY, 10022
(212) 610-2200

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/06/2025

(Date of Event Which Requires Filing of This Statement)

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

CUSIP No. 088929104

1

Name of reporting person

Howard W. Lutnick

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.00 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.01 per share
(b)	Name of Issuer: BGC Group, Inc.
(c)	Address of Issuer's Principal Executive Offices: 499 PARK AVENUE, NEW YORK, NEW YORK , 10022.
Item 1 Comment: This Amendment No. 20B (this "Amendment") amends the Schedule 13D, dated April 1, 2008 (the "Original 13D"), subsequently amended by Amendment No. 1 to the Original 13D, dated June 10, 2008 ("Amendment No. 1"), Amendment No. 2 to the Original 13D, dated December 1, 2008 ("Amendment No. 2"), Amendment No. 3 to the Original 13D, dated January 30, 2009 ("Amendment No. 3"), Amendment No. 4 to the Original 13D, dated May 7, 2009 ("Amendment No. 4"), Amendment No. 5 to the Original 13D, dated August 3, 2009 ("Amendment No. 5"), Amendment No. 6 to the Original 13D, dated November 3, 2009 ("Amendment No. 6"), Amendment No. 7 to the Original 13D, dated April 1, 2010 ("Amendment No. 7"), Amendment No. 8 to the Original 13D, dated February 17, 2011 ("Amendment No. 8"), Amendment No. 9 to the Original 13D, dated January 16, 2013 ("Amendment No. 9"), Amendment No. 10 to the Original 13D, dated July 2, 2015 ("Amendment No. 10"), Amendment No. 11 to the Original 13D, dated December 23, 2016 ("Amendment No. 11"), Amendment No. 12 to the Original 13D, dated May 25, 2018 ("Amendment No. 12"), Amendment No. 13 to the Original 13D, dated November 23, 2018 ("Amendment No. 13"), Amendment No. 14 to the Original 13D, dated November 16, 2022 ("Amendment No. 14"), Amendment No. 15 to the Original 13D, dated May 26, 2023 ("Amendment No. 15"), Amendment No. 16 to the Original 13D, dated July 12, 2023 ("Amendment No. 16"), Amendment No. 17 to the Original 13D, dated November 21, 2024 ("Amendment No. 17"), Amendment No. 18 to the Original 13D, dated February 19, 2025 ("Amendment No. 18"), and Amendment No. 19 to the Original 13D, dated May 19, 2025 ("Amendment No. 19") filed by Cantor Fitzgerald, L.P., a Delaware limited partnership ("CFLP"), CF Group Management, Inc., a New York corporation ("CFGM"), and Howard W. Lutnick, and Amendment No. 20A to the Original 13D, dated October 6, 2025 ("Amendment No. 20A") filed by CFLP, CFGM and Brandon G. Lutnick. Except as specifically provided herein, this Amendment No. 20B does not modify any of the information previously reported in the Original 13D as so amended. Capitalized terms used in this Amendment but not defined herein shall have the respective meanings ascribed to them in the Original 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9, Amendment No. 10, Amendment No. 11, Amendment No. 12, Amendment No. 13, Amendment No. 14, Amendment No. 15, Amendment No. 16, Amendment No. 17, Amendment No. 18, Amendment No. 19 or Amendment No. 20A as the case may be. Unless otherwise noted, the terms "Class A Common Stock" and "Class B Common Stock" refer to the Class A Common Stock, par value $0.01 per share, and Class B Common Stock, par value $0.01 per share, respectively, of BGC Group, Inc., a Delaware corporation (the "Company"). This Amendment No. 20B is being filed solely by Howard W. Lutnick to indicate that he no longer has any voting or dispositive power of the securities of the Company and therefore has ceased to be a Reporting Person.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture In accordance with the transactions described in Amendment No. 19, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and the Company's former Chief Executive Officer and former Chairman of the Board of Directors, has completed his previously announced divestiture of his holdings in the Company in connection with his appointment as the U.S. Secretary of Commerce. The sale of such interests was completed on October 6, 2025, and as a result, Mr. Howard W. Lutnick no longer has any voting or dispositive power over any of the securities of the Company and is filing this Amendment as a final amendment to reflect his zero ownership.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 is hereby amended and restated as follows: As of October 6, 2025, Mr. Howard Lutnick does not beneficially own any shares of Class A Common Stock or Class B Common Stock.
(b)	Number of shares of Class A Common Stock beneficially owned as to which Howard W. Lutnick has: (i) sole power to vote or direct the vote: 0 (ii) shared power to vote or direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose of or to direct the disposition: 0
(c)	See Item 4 of this Amendment, of Amendment No. 19 and of Amendment No. 20A, which are each incorporated by reference herein.
(d)	N/A
(e)	As of October 6, 2025, Mr. Howard W. Lutnick ceased to be a beneficial owner of more than 5% of the Class A Common Stock.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Howard W. Lutnick

Signature:	/s/ Howard W. Lutnick
Name/Title:	Howard W. Lutnick/ Self
Date:	10/06/2025

FAQ

What did the BGC (BGC) Schedule 13D/A filed on 10/06/2025 disclose?

The amendment states that Howard W. Lutnick completed the sale of his holdings on 10/06/2025 and now beneficially owns 0 shares with no voting or dispositive power.

Does Howard W. Lutnick still hold more than 5% of BGC Class A stock?

No. The filing confirms he ceased to be a beneficial owner of more than 5% of the Class A Common Stock as of 10/06/2025.

Why was this final Schedule 13D/A filed for BGC (BGC)?

It was filed to amend prior Schedule 13D disclosures and report that Mr. Lutnick no longer has any voting or dispositive power after completing his divestiture tied to his appointment as U.S. Secretary of Commerce.

What voting and dispositive powers does Lutnick retain in BGC after the sale?

He retains none: the filing lists 0 sole and 0 shared voting power and 0 sole and 0 shared dispositive power.

Is this Schedule 13D/A a final amendment for Howard W. Lutnick?

Yes. The amendment states it is being filed solely by Mr. Lutnick to indicate he has ceased to be a Reporting Person and reflects his zero ownership.