# EDGAR Filing Document

**Accession Number:** 0001094831
**File Stem:** 0001213900-25-108272
**Filing Date:** 2025-11
**Character Count:** 223682
**Document Hash:** c1b6eecb66da4035dc408d7249bd04db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-108272.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001213900-25-108272

**CONFORMED SUBMISSION TYPE**: S-3ASR

**PUBLIC DOCUMENT COUNT**: 57

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BGC Group, Inc.
- **CENTRAL INDEX KEY:** 0001094831
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 863748217
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291427
- **FILM NUMBER:** 251467150

**BUSINESS ADDRESS:**
- **STREET 1:** 499 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-610-2200

**MAIL ADDRESS:**
- **STREET 1:** 499 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BGC Partners, Inc.
- **DATE OF NAME CHANGE:** 20080404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ESPEED INC
- **DATE OF NAME CHANGE:** 19990913

**As filed with the Securities and Exchange Commission on November 10, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-3**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

 ****

 ****

**BGC Group, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **86-3748217** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(IRS Employer**<br> **Identification Number)** |

---

**499 Park Avenue**

**New York, New York 10022**

**(212) 610-2200**

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Stephen M. Merkel**

**Chairman of the Board, Executive Vice President and General Counsel**

**BGC Group, Inc.**

**499 Park Avenue**

**New York, New York 10022**

**(212) 610-2200**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

 ****

***Copies to:***

**Leland S. Benton**

**Morgan, Lewis & Bockius LLP**

**1111 Pennsylvania Ave., NW**

**Washington, DC 20004**

**(202) 739-3000**

**Approximate date of commencement of proposed sale to the public:** From time to time after the effective date of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PROSPECTUS**

**BGC GROUP, INC.**

**4.375% Senior Notes due 2025**

**8.000% Senior Notes due 2028**

**6.600% Senior Notes due 2029**

**6.150% Senior Notes due 2030**

This prospectus of BGC Group, Inc., which we refer to as "BGC Group," "BGC," the "Company," "we," "us," or "our," may be used by our affiliate, Cantor Fitzgerald & Co., which we refer to as "CF&Co," in connection with offers and sales by CF&Co of:

● our 4.375% Senior Notes due 2025 (CUSIP No. 088929 AB0), which we refer to as the "2025 Notes,"

● our 8.000% Senior Notes due 2028 (CUSIP No. 088929 AC8), which we refer to as the "2028 Notes,"

● our 6.600% Senior Notes due 2029 (CUSIP No. 05555L AB7), which we refer to as the "2029 Notes," and

● our 6.150% Senior Notes due 2030 (CUSIP No. 05555L AD3), which we refer to as the "2030 Notes,"

in market-making transactions. Market-making transactions in the 2025 Notes, the 2028 Notes, the 2029 Notes, and the 2030 Notes, which we refer to collectively as the "Notes," may occur in the open market or may be privately negotiated at prevailing market prices at the time of sale or at related or negotiated prices. In these transactions, CF&Co may act as principal or agent, including as agent for the counterparty in a transaction in which CF&Co acts as principal, or as agent for both counterparties in a transaction in which CF&Co does not act as a principal. CF&Co may receive compensation in the form of discounts and commissions, including from both counterparties in some cases. Other affiliates of ours may also engage in market-making transactions of this kind and may use this prospectus for that purpose.

We will not receive any proceeds from these market-making transactions.

Neither CF&Co, nor any of our other affiliates, has any obligation to make a market in our Notes, and CF&Co, or any such other affiliate, may discontinue market-making activities at any time without notice.

The Notes are not listed on any exchange.

**Investing in our securities involves risks. See "*Risk Factors*" beginning on page 4 of this prospectus, as well as the risks described under "*Special Note on Forward-Looking Information*" and under "*Risk Factors*" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we refer to as the "SEC," and any updates to those risks contained in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, all of which we incorporate by reference herein other than as specified.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is November 10, 2025.**

**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [SUMMARY](#a_002) | 1 |
| [RISK FACTORS](#a_003) | 4 |
| [USE OF PROCEEDS](#a_004) | 6 |
| [DESCRIPTION OF THE NOTES](#a_005) | 7 |
| [PLAN OF DISTRIBUTION](#a_006) | 20 |
| [LEGAL MATTERS](#a_007) | 21 |
| [EXPERTS](#a_008) | 21 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_009) | 21 |
| [DOCUMENTS INCORPORATED BY REFERENCE](#a_010) | 22 |

---

**You should rely only on the information provided in this prospectus, as well as the information incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus or any documents incorporated by reference is accurate as of any date other than the date of the applicable document. Since the respective dates of this prospectus and the documents incorporated by reference, our business, financial condition, results of operations and prospects might have changed.**

i

**ABOUT THIS PROSPECTUS**

This prospectus and the documents incorporated by reference herein include important information about us, the Notes, this offering, and other information you should know before investing. You should read this prospectus together with the additional information described under the headings "*Where You Can Find More Information*" and "*Documents Incorporated by Reference*."

Terms used in this prospectus, unless otherwise defined herein, have the meanings set forth in the "*Glossary of Terms, Abbreviations and Acronyms*" section of our latest Annual Report on Form 10-K filed with the SEC, which we refer to as the "*Glossary*," and any updates to the Glossary or any new Glossary contained in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, all of which we incorporate by reference herein other than as specified.

This prospectus incorporates by reference market data, industry statistics and other data that have been obtained from, or compiled from, information made available by third parties. We have not independently verified their data. This prospectus and the information incorporated by reference herein include trademarks, service marks and trade names owned by us or other companies. All trademarks, service marks and trade names included or incorporated by reference into this prospectus are the property of their respective owners.

ii

**SUMMARY**

 

*This summary highlights information contained elsewhere or incorporated by reference in this prospectus. This summary may not contain all of the information that is important to you, and it is qualified in its entirety by the more detailed information and financial statements, including the notes to those financial statements, appearing elsewhere or incorporated by reference in this prospectus. Please see the sections titled "*Where You Can Find More Information*" and "*Documents Incorporated by Reference*." Before making an investment decision, we encourage you to consider the information contained in and incorporated by reference in this prospectus, including the risks discussed under the heading "*Risk Factors*" beginning on page 4 of this prospectus, as well as the "*Risk Factors*" and "*Risk Factor Summary*" sections of our latest Annual Report on Form 10-K filed with the SEC, and any updates to those risks or new risks contained in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, all of which we incorporate by reference herein other than as specified.*

 

*When we use the words "BGC Group," "BGC," "we," "us," "our" or the "Company" in this section of the Summary, we are referring to BGC Group, Inc. and its consolidated subsidiaries.* 

**The Company**

We are a leading global marketplace, data, and financial technology company across the Energy, Commodities and Shipping ("ECS") and financial markets. We specialize in the brokerage and trade execution of a broad range of ECS products, including listed derivatives and physical commodities in the oil and refined, and environmental and energy transition, markets, as well as ship chartering. Additionally, we provide brokerage services across fixed income securities such as government bonds and corporate bonds, as well as related interest rate derivatives and credit derivatives, foreign exchange, equities and futures and options. Our business also provides network and connectivity solutions, market data and related information services, and post-trade services.

Our integrated platform is designed to provide flexibility to customers with regard to price discovery, trade execution and transaction processing, as well as accessing liquidity through our platforms, for transactions executed either over the counter or through an exchange. Through our electronic brands, we offer multiple trade execution, market infrastructure and connectivity services, as well as post-trade services.

Our clients include many of the world's largest banks, broker-dealers, trading firms, hedge funds, governments, corporations, investment firms, commodity trading firms and end users, such as producers and consumers. BGC is a global operation with offices across all major geographies, including New York and London, as well as in Beijing, Bogota, Brisbane, Cape Town, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Johannesburg, Madrid, Manila, Melbourne, Mexico City, Miami, Milan, Monaco, Nyon, Palm Beach, Paris, Perth, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, Wellington and Zurich.

**Executive Offices**

Our executive offices are located at 499 Park Avenue, New York, New York 10022, while our international headquarters are located at Five Churchill Place, Canary Wharf, London E14 5RD, United Kingdom.

Our telephone number is (212) 610-2200. Our website is located at *www.bgcg.com*, and our e-mail address is *info@bgcg.com*. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this prospectus (except for SEC filings expressly incorporated by reference herein).

**The Offering**

The summary below describes the principal terms of the Notes. Certain of the terms described below are subject to important limitations and exceptions. The "*Description of the Notes*" section of this prospectus contains a more detailed description of the terms of the Notes. For purposes of this portion of the Summary, references to the "Company," "we," "our" and "us" refer only to BGC Group, Inc., and not to our subsidiaries.

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| | |
|:---|:---|
| Issuer | BGC Group, Inc. |
| Notes Offered | $288,153,000 aggregate principal amount of 2025 Notes. |
|  | $347,227,000 aggregate principal amount of 2028 Notes. |
|  | $500,000,000 aggregate principal amount of 2029 Notes. |
|  | $700,000,000 aggregate principal amount of 2030 Notes. |
| Maturity Date | The 2025 Notes will mature on December 15, 2025. |
|  | The 2028 Notes will mature on May 25, 2028. |
|  | The 2029 Notes will mature on June 10, 2029. |
|  | The 2030 Notes will mature on April 2, 2030. |
| Ranking | The Notes are our senior unsecured obligations and rank equally in right of payment with each other and with all of our existing and future senior unsecured debt and senior in right of payment to our debt that is expressly subordinated to the Notes, if any. The Notes rank effectively junior to our secured debt to the extent of the value of the assets securing such debt. The Notes are also structurally subordinated to all debt and other liabilities and commitments (including trade payables) of our subsidiaries. <br>The indentures and supplemental indentures pursuant to which the Notes were issued do not limit the amount of debt that we or our subsidiaries may incur. We have agreed in the applicable supplemental indenture for each series of Notes to use the net proceeds from the initial offering of such series of Notes (after deducting the initial purchasers' discount and expenses paid by us in connection with the initial offering of such series of Notes) or an equivalent amount to make loans to our subsidiaries pursuant to one or more promissory notes. So long as the Notes of a particular series are outstanding, (1) the aggregate principal amount of all such promissory notes related to such series shall be not less than the amount of the net proceeds from the initial offering of the Notes of such series (or if less, the aggregate principal amount of the Notes of such series then outstanding), (2) such promissory notes related to such series shall bear interest at rates that shall not be less than that borne by the Notes of such series, and (3) such promissory notes related to such series shall have terms not later than the stated maturity date of the Notes of such series; provided, that any transfer of such obligation from one subsidiary to another or any refinancing of any such obligation by another subsidiary shall be permitted from time to time. We further agreed that for so long as the Notes remain outstanding, any indebtedness for borrowed money we incur after the date of original issuance of the Notes in one transaction, or in a series of related transactions, that is in excess of $50.0 million will be subject to a similar covenant. |
| Interest and Payment Dates | Interest on the 2025 Notes accrues at a rate of 4.375% per annum. Interest on the 2025 Notes is payable semi-annually in arrears on June 15 and December 15 of each year. |
|  | Interest on the 2028 Notes accrues at a rate of 8.000% per annum. Interest on the 2028 Notes is payable semi-annually in arrears on May 25 and November 25 of each year. |

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| | |
|:---|:---|
|  | Interest on the 2029 Notes accrues at a rate of 6.600% per annum. Interest on the 2029 Notes is payable semi-annually in arrears on June 10 and December 10 of each year. |
|  | Interest on the 2030 Notes accrues at a rate of 6.150% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on April 2 and October 2 of each year. |
|  | The interest rates payable on each series of the Notes will be subject to adjustment from time to time based on the debt rating assigned by specific rating agencies to such series. See "*Description of the Notes—Interest Rate Adjustment Based on Rating Events*." |
| Optional Redemption | We may redeem some or all of the 2025 Notes at any time or from time to time for cash at 100% of the principal amount of such 2025 Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date. |
|  | We may redeem some or all of the 2028 Notes at any time or from time to time for cash (i) prior to April 25, 2028, at the "make-whole" redemption prices set forth under "*Description of the Notes—Optional Redemption*," and (ii) on or after April 25, 2028, at 100% of the principal amount of such 2028 Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date.<br>We may redeem some or all of the 2029 Notes at any time or from time to time for cash (i) prior to May 10, 2029, at the "make-whole" redemption prices set forth under "*Description of the Notes—Optional Redemption*," and (ii) on or after May 10, 2029, at 100% of the principal amount of such 2029 Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date.<br>We may redeem some or all of the 2030 Notes at any time or from time to time for cash (i) prior to March 2, 2030, at the "make-whole" redemption prices set forth under "*Description of the Notes—Optional Redemption*," and (ii) on or after March 2, 2030, at 100% of the principal amount of such 2030 Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date.  |
| Change of Control; Offer to Repurchase | If a Change of Control Triggering Event described under "*Description of the Notes—Offer to Repurchase Upon a Change of Control Triggering Event*" occurs, we must offer to repurchase the Notes for cash at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the repurchase date. See "*Description of the Notes—Offer to Repurchase Upon a Change of Control Triggering Event*." |
| Use of Proceeds | We will not receive any of the proceeds from the market-making activities in our Notes by CF&Co or any of our other affiliates pursuant to this prospectus. |
| Trustee | The trustee for the 2025 Notes and the 2028 Notes is UMB Bank, N.A. The trustee for the 2029 Notes is Wilmington Trust, National Association. The trustee for the 2030 Notes is Argent Institutional Trust Company, as successor trustee to The Huntington National Bank. |
| Governing Law | The indentures, the supplemental indentures and the Notes themselves are governed by the laws of the State of New York without regard to conflict of laws principles thereof. |
| Risk Factors | Please read the information contained in and incorporated by reference under the heading "*Risk Factors*" on page 4 of this prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus. We incorporate by reference into this prospectus the "*Risk Factor Summary*" section of our latest Annual Report on Form 10-K filed with the SEC, which we refer to as the "*Risk Factor Summary*," and any updates to the Risk Factor Summary contained in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, all of which we incorporate by reference herein other than as specified. |

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**RISK FACTORS**

*In addition to the other information included in this prospectus, you should carefully consider the risks described under "*Special Note on Forward-Looking Information*," "*Risk Factors*" and "*Risk Factor Summary*" set forth in our most recent Annual Report on Form 10-K, and any updates to those risks contained in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC that are incorporated by reference in this prospectus, other than as specified, and the following risks, before investing in the Notes.* 

 

*The risks and uncertainties discussed below and in the documents referred to above, as well as other matters discussed in this prospectus and in those documents, could materially and adversely affect our business, financial condition, liquidity and results of operations and the market prices of the Notes. Moreover, the risks and uncertainties discussed below and in the foregoing documents are not the only risks and uncertainties that we face, and our business, financial condition, liquidity and results of operations and the market prices of the Notes could be materially adversely affected by other matters that are not known to us or that we currently do not consider to be material risks to our business.*

**Risks Related to the Notes**

 ****

***The Notes are structurally subordinated to the obligations of our subsidiaries and effectively junior to any secured indebtedness, and this may limit our ability to satisfy our obligations under the Notes.***

The Notes are our senior unsecured obligations and rank equally with each other and all of our other indebtedness that is not expressly subordinated to the Notes.

We conduct substantially all of our operations through our subsidiaries. We do not have any material assets other than our direct and indirect ownership in the equity of our operating subsidiaries. As a result, our cash flow and our ability to service our debt, including the Notes, are dependent upon the earnings of our subsidiaries. In addition, we are dependent on the distribution of earnings, loans or other payments by our subsidiaries to us. Certain regulatory requirements and debt and security agreements entered into by our subsidiaries contain or may contain various restrictions, including restrictions on payments by our subsidiaries to us and the transfer by our subsidiaries of assets pledged as collateral. In the event of a bankruptcy, liquidation, dissolution, reorganization or similar proceeding with respect to any of our subsidiaries, we, as an equity owner of such subsidiary, and therefore holders of our debt, including the Notes, will be subject to the prior claims of such subsidiary's creditors, including trade creditors, and any preferred equity holders.

The Notes are also effectively subordinated to any secured indebtedness we may incur to the extent of the value of the collateral securing such indebtedness. In the event of a bankruptcy, liquidation, dissolution, reorganization or similar proceeding with respect to us, the holders of any secured indebtedness will be entitled to proceed directly against the collateral that secures such secured indebtedness. Therefore, such collateral will not be available for satisfaction of any amounts owed under our unsecured indebtedness, including the Notes, until such secured indebtedness is satisfied in full.

***There are limited covenants and protections in the indentures and supplemental indentures.***

While the indentures and the supplemental indentures governing the Notes contain terms intended to provide protection to holders upon the occurrence of certain events involving significant corporate transactions, these terms are limited and may not be sufficient to protect an investment in the Notes. For example, there are no financial covenants in the indentures or the supplemental indentures. As a result, we are not restricted under the terms of the Notes from entering into transactions that could increase the total amount of our outstanding indebtedness, adversely affect our capital structure or our credit ratings or associated outlooks, or otherwise adversely affect the holders of the Notes.

As described under "*Description of the Notes—Offer to Repurchase Upon a Change of Control Triggering Event*," upon the occurrence of a Change of Control Triggering Event, holders are entitled to require us to repurchase their Notes for cash at 101% of their principal amount. However, the definition of the term "Change of Control Triggering Event" is limited and does not cover a variety of transactions (such as acquisitions by us, recapitalizations or "going private" transactions involving our affiliates) that could negatively affect the value of the Notes. For a Change of Control Triggering Event to occur, there must be not only a change of control transaction as defined in the supplemental indentures, but also a ratings downgrade resulting from such transaction. If we were to enter into a significant corporate transaction that negatively affects the value of the Notes, but would not constitute a Change of Control Triggering Event, holders would not have any rights to require us to repurchase the Notes prior to their maturity, which could adversely affect their investment.

***Ratings of the Notes may not reflect all risks of an investment in the Notes, and changes in our credit ratings and associated outlooks could adversely affect the market prices of the Notes.***

Our long-term debt is currently rated by four nationally recognized statistical rating organizations. A debt rating is not a recommendation to purchase, sell or hold the Notes. Moreover, a debt rating does not reflect all risks of an investment in the Notes and does not take into account market price or suitability for a particular investor.

The market prices of the Notes are based on a number of factors, including our ratings and associated outlooks with major rating agencies. Rating agencies revise their ratings and associated outlooks for the companies that they follow from time to time, and our ratings and associated outlooks may be revised or withdrawn in their entirety at any time. We cannot be sure that rating agencies will maintain their current ratings and associated outlooks. We undertake no obligation to maintain the ratings and associated outlooks or to advise holders of the Notes of any change in ratings or associated outlooks. A negative change in our ratings or associated outlooks could have an adverse effect on the market prices or liquidity of the Notes, and a negative change in the ratings of a series of the Notes could increase the interest rates payable on such series.

 ****

***Changes in the credit markets could adversely affect the market prices of the Notes.***

The market prices of the Notes are based on a number of factors, including the prevailing interest rates being paid by other companies similar to us and the overall condition of the financial markets.

The condition of the credit markets and prevailing interest rates have fluctuated in the past and can be expected to fluctuate in the future. Fluctuations in these factors could have an adverse effect on the price and liquidity of the Notes.

 ****

***There may not be an active trading market for the Notes, which could adversely affect the price of the Notes in the secondary market and your ability to resell the Notes should you desire to do so.***

We do not intend to apply for listing of the Notes on any securities exchange, and there may not be an active trading market for any of the Notes.

We cannot make any assurance as to:

● the existence of an active trading market for the Notes;

● the liquidity of any trading market that may exist;

● the ability of holders to sell their Notes; or

● the price at which the holders would be able to sell their Notes.

Neither CF&Co, nor any of our other affiliates, has any obligation to make a market in our Notes, and CF&Co or any such other affiliate may discontinue market-making activities at any time without notice.

The trading market for and the future market prices of the Notes will depend on many factors, including prevailing interest rates, our credit ratings and associated outlooks published by the rating agencies that rate our indebtedness, the market for similar securities and our operating performance and financial condition. If an active trading market for the Notes does exist, there is no assurance that it will continue. If an active trading market for the Notes does not exist or does not continue, the market prices and liquidity of the Notes are likely to be adversely affected, and the Notes may trade at a discount.

 ****

***We may not be able to repurchase the Notes upon a Change of Control Triggering Event.***

Upon the occurrence of a Change of Control Triggering Event, unless we have exercised our right to redeem the Notes as described under "*Description of the Notes—Optional Redemption*," holders of Notes will have the right to require us to repurchase all or any part of their Notes at a price in cash equal to 101% of the then-outstanding aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but excluding, the date of purchase. If we experience a Change of Control Triggering Event, we can offer no assurance that we would have sufficient financial resources available to satisfy our obligations to repurchase any or all of the Notes should any holder elect to cause us to do so. Our failure to repurchase the Notes as required would result in a default under the applicable indenture and supplemental indenture for each series of Notes, which in turn could result in defaults under agreements governing certain of our other indebtedness, including the acceleration of the payment of any borrowings thereunder, and have material adverse consequences for us and the holders of the Notes.

**USE OF PROCEEDS**

We will not receive any of the proceeds from the market-making activities in our Notes by CF&Co or any of our other affiliates pursuant to this prospectus.

**DESCRIPTION OF THE NOTES**

 

*We issued the 2025 Notes and the 2028 Notes under an indenture, dated as of October 6, 2023, as supplemented, in the case of the 2025 Notes, by the Second Supplemental Indenture thereto, dated as of October 6, 2023, and in the case of the 2028 Notes, by the Third Supplemental Indenture thereto, dated as of October 6, 2023, in each case with UMB Bank, N.A., as trustee ("UMB Bank"). We issued the 2029 Notes under an indenture, dated as of June 10, 2024, as supplemented by the First Supplemental Indenture thereto, dated as of June 10, 2024, with Wilmington Trust, National Association, as trustee ("WTNA"). We issued the 2030 Notes under an indenture, dated as of April 2, 2025, with Argent Institutional Trust Company, as successor trustee to The Huntington National Bank ("Argent" and collectively with UMB Bank and WTNA, the "Trustees" and each, a "Trustee").* 

 

*Each of the aforementioned indentures and supplemental indentures have been filed as exhibits to the registration statement of which this prospectus is a part. The statements made in this section relating to the Notes are summaries of the material provisions thereof and do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the Notes, the applicable indenture and supplemental indenture, including the definitions therein of certain terms. You should read these documents carefully to fully understand the terms of the Notes because they, and not this description, will define your rights as holders of the Notes.*

 

*Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Notes and applicable indenture and supplemental indenture. In this description, the terms the "Company," "we," "us" and "our" refer only to BGC Group, Inc. and not to any of its subsidiaries.*

 

*The registered holder of a Note will be treated as the owner of it for all purposes. Only registered holders will have rights under the applicable indenture and supplemental indenture.*

 

*Each of the 2025 Notes, the 2028 Notes, the 2029 Notes, and the 2030 Notes is referred to herein as a "series of Notes" or the "Notes."*

**General**

The Notes are our senior unsecured obligations and rank equally in right of payment with all of our other senior unsecured indebtedness from time to time outstanding. The 2025 Notes, the 2028 Notes, the 2029 Notes, and the 2030 Notes will mature on December 15, 2025, May 25, 2028, June 10, 2029, and April 2, 2030 respectively, unless previously redeemed or repurchased in full by us as provided below under *"—Optional Redemption*" or "—*Offer to Repurchase Upon a Change of Control Triggering Event*."

The 2025 Notes bear interest at the rate of 4.375% per annum from June 15, 2023 to the stated maturity or date of earlier redemption. Interest on the 2025 Notes is payable semi-annually in arrears on each June 15 and December 15 to the persons in whose names such 2025 Notes are registered at the close of business on the immediately preceding June 1 and December 1 (whether or not a business day), respectively.

The 2028 Notes bear interest at the rate of 8.000% per annum from May 25, 2023 to the stated maturity or date of earlier redemption. Interest on the 2028 Notes is payable semi-annually in arrears on each May 25 and November 25 to the persons in whose names such 2028 Notes are registered at the close of business on the immediately preceding May 10 and November 10 (whether or not a business day), respectively.

The 2029 Notes bear interest at the rate of 6.600% per annum from June 10, 2024 to the stated maturity or date of earlier redemption. Interest on the 2029 Notes is payable semi-annually in arrears on each June 10 and December 10, 2024, to the persons in whose names such 2029 Notes are registered at the close of business on the immediately preceding May 26 and November 25 (whether or not a business day), respectively.

The 2030 Notes bear interest at the rate of 6.150% per annum from April 2, 2025 to the stated maturity or date of earlier redemption. Interest on the 2030 Notes is payable semi-annually in arrears on each April 2 and October 2 to the persons in whose names such 2030 Notes are registered at the close of business on the immediately preceding March 18 and September 17 (whether or not a business day), respectively.

See "*—Interest Rate Adjustment Based on Rating Events*" below for a description of how the interest rate of each series of the Notes is subject to certain adjustments from time to time based on the credit ratings assigned to such series of the Notes by specific rating agencies.

Interest payments in respect of each series of Notes will equal the amount of interest accrued from and including the immediately preceding interest payment date in respect of which interest has been paid or duly provided for (or from and including the date of issue, if no interest has been paid or duly provided for with respect to the applicable series of Notes), to, but excluding, the applicable interest payment date or stated maturity date or date of early redemption, as the case may be. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. The principal and interest (including any additional interest), if any, on the Notes will be payable through The Depository Trust Company, which we refer to as the "Depository," as described under "—*Book-Entry System*" and "—*Same-Day Funds Settlement and Payment*."

If an interest payment date or the stated maturity date or date of early redemption of a series of Notes falls on a Saturday, Sunday or other day on which banking institutions in The City of New York, or, in the case of the 2029 Notes and the 2030 Notes, the place of payment, are authorized or obligated by law or executive order to close, the required payment due on such date will instead be made on the next business day. No further interest will accrue as a result of such delayed payment.

We issued, the 2025 Notes, the 2028 Notes, the 2029 Notes, and the 2030 Notes initially in aggregate principal amounts of $288,153,000, $347,227,000, $500,000,000, and $700,000,000, respectively. The indentures and supplemental indentures do not limit the aggregate principal amount of the debt securities which we may issue thereunder and provide that we may issue debt securities thereunder from time to time in one or more series. We may, from time to time, without the consent of or notice to holders of the Notes, issue and sell additional debt securities ranking equally and ratably with any series of the Notes in all respects and having the same terms as the applicable series (other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and initial interest payment date of such additional debt securities), so that such additional debt securities shall be consolidated and form a single series with the applicable series for all purposes, including voting; provided that such additional debt securities are fungible with the previously issued Notes of the applicable series for U.S. federal income tax purposes.

We have agreed in the applicable supplemental indenture for each series of Notes to use the net proceeds from the initial offering of such series of Notes (after deducting the initial purchasers' discount and expenses paid by us in connection with the initial offering of such series of Notes) or an equivalent amount to make loans to our subsidiaries pursuant to one or more promissory notes. So long as the Notes of a particular series are outstanding, (1) the aggregate principal amount of all such promissory notes related to such series shall be not less than the amount of the net proceeds from the initial offering of the Notes of such series (or if less, the aggregate principal amount of the Notes of such series then outstanding), (2) such promissory notes related to such series shall bear interest at rates that shall not be less than that borne by the Notes of such series, and (3) such promissory notes related to such series shall have terms not later than the stated maturity date of the Notes of such series; provided, that any transfer of such obligation from one subsidiary to another or any refinancing of any such obligation by another subsidiary shall be permitted from time to time. We further agreed that for so long as the Notes remain outstanding, any indebtedness for borrowed money we incur after the date of original issuance of the Notes in one transaction, or in a series of related transactions, that is in excess of $50.0 million will be subject to a similar covenant.

The Notes have been issued only in fully registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes may be presented for transfer (duly endorsed or accompanied by a written instrument of transfer, if so required by us or the security registrar) or exchanged for other notes (containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount) at the office or agency maintained by us for such purposes (initially the corporate trust office of the applicable Trustee). Such transfer or exchange will be made without service charge, but we may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses then payable. Prior to the due presentment of a Note for registration of transfer, we, the applicable Trustee and any other agent of ours or the applicable Trustee may treat the registered holder of such Notes as the owner of such Notes for the purpose of receiving payments of principal of and interest on such Notes and for all other purposes whatsoever. A transferor will also provide or cause to be provided to the applicable Trustee all information necessary to allow such Trustee to comply with any applicable tax reporting obligations, including without limitation any cost-basis reporting obligations under Internal Revenue Code of 1986, as amended (the "Code"), Section 6045. The Trustees may rely on the information provided to them and shall have no responsibility to verify or ensure the accuracy of such information.

Except as described below under "*—Offer to Repurchase Upon a Change of Control Triggering Event*" and "*—Interest Rate Adjustment Based on Rating Events*," the applicable indenture and supplemental indenture for each series of Notes do not contain provisions that would limit our ability to incur unsecured indebtedness or that would afford holders of any series of the Notes protection in the event of a sudden and significant decline in our credit quality or a takeover, recapitalization or highly leveraged or similar transaction involving us. Accordingly, we could in the future enter into transactions that could increase the amount of indebtedness outstanding at that time or otherwise affect our capital structure or the credit rating of each series of the Notes.

The Notes are not entitled to the benefit of any mandatory redemption or sinking fund.

**Optional Redemption**

Each series of Notes may be redeemed in whole at any time or in part from time to time, at our option, on not less than 10 days' nor more than 60 days' notice prior to the date fixed for redemption. Any redemption notice given in respect of a redemption may be subject to the satisfaction of one or more conditions precedent set forth in the notice of redemption.

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***2025 Notes***

If the 2025 Notes are redeemed on or after the September 15, 2025, the redemption price for the 2025 Notes to be redeemed will equal 100% of the principal amount of such 2025 Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

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***2028 Notes / 2029 Notes / 2030 Notes***

If the 2028 Notes, 2029 Notes or 2030 Notes are redeemed prior to the date that is one month prior to their respective stated maturities (for each such series, the "Par Call Date"), the redemption price (expressed as a percentage of principal amount and rounded to three decimal places) for the Notes to be redeemed will be equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii)(a) the sum of the present values of the remaining scheduled payments of principal of the Notes to be redeemed and interest thereon discounted to the redemption date (assuming such Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points in the case of the 2028 Notes and 35 basis points in the case of the 2029 Notes and the 2030 Notes, less (b) interest accrued to the redemption date, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.

If such Notes are redeemed on or after the applicable Par Call Date, the redemption price for the Notes to be redeemed will equal 100% of the principal amount of such Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

The following terms are relevant to the determination of the redemption price for the 2028 Notes, the 2029 Notes, and the 2030 Notes:

"Treasury Rate" means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities—Treasury constant maturities—Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we shall select, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the yield for the Treasury constant maturity on H.15 exactly
equal to the period from the redemption date to the applicable Par Call Date (the "Remaining Life"); or

&nbsp;&nbsp;&nbsp;&nbsp;(2) if there is no such Treasury constant maturity on H.15 exactly
equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter
than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall
interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding
the result to three decimal places; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) if there is no such Treasury constant maturity on H.15 shorter
than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For
purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal
to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, or, if published, no longer contains the yields for nominal Treasury constant maturities, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) we shall select (a) the United States Treasury security maturing
on the applicable Par Call Date, subject to clause (3) below, or (b) if there is no United States Treasury security maturing on the applicable
Par Call Date, then the United States Treasury security with the maturity date that is closest to the applicable Par Call, subject to
clauses (2) and (3) below, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) if there is no United States Treasury security described
in clause (1), but there are two or more United States Treasury securities with maturity dates equally distant from the applicable Par
Call Date, one or more with maturity dates preceding the applicable Par Call Date and one or more with maturity dates following applicable
Par Call Date, we shall select the United States Treasury security with a maturity date preceding and closest to the applicable Par Call
Date, subject to clause (3) below; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) if there are two or more United States Treasury securities
meeting the criteria of the preceding clauses (1) or (2), we shall select from among these two or more United States Treasury securities
the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United
States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph,
the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked
prices of such United States Treasury security (expressed as a percentage of principal amount and rounded to three decimal places) at
11:00 a.m., New York City time.

Our actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

**Offer to Repurchase Upon a Change of Control Triggering Event**

If a Change of Control Triggering Event occurs, unless we have exercised our right to redeem the applicable series of Notes as described above, holders of such Notes will have the right to require us to repurchase all or any part (in minimum original principal amounts of $2,000 and integral multiples of $1,000 in excess thereof) of their Notes pursuant to the offer described below (the "Change of Control Offer") on the terms set forth in the notes of each series of Notes. In the Change of Control Offer, we will be required to offer payment in cash equal to 101% of the then outstanding aggregate principal amount of each series of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but not including the date of purchase (the "Change of Control Payment"). Within 30 days following any Change of Control Triggering Event, we will be required to mail a notice to holders of the applicable series of Notes (with a copy to the applicable Trustee) describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the applicable series of Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the "Change of Control Payment Date"), pursuant to the procedures required by the applicable series of Notes and the applicable supplemental indenture and described in such notice. We must comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the applicable series of Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the applicable series of Notes, we will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Triggering Event provisions of such Notes by virtue of such conflicts.

On the Change of Control Payment Date, we will be required, to the extent lawful, to:

● accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

● deposit with the applicable paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and

● deliver or cause to be delivered to the applicable Trustee the Notes properly accepted together with a certificate executed by us, stating the aggregate principal amount of Notes or portions of Notes being purchased.

We will not be required to make a Change of Control Offer for a series of Notes upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer for such series in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Offer made by us and the third party repurchases all Notes of such series properly tendered and not withdrawn under its offer. In addition, we will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an event of default under the applicable indenture or supplemental indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

The change of control feature of the Notes may in certain circumstances make more difficult or discourage a sale or takeover of us and, thus, the removal of incumbent management. We could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a Change of Control under the Notes, but that could increase the amount of our indebtedness outstanding at such time or otherwise affect our capital structure or credit ratings on the Notes.

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable:

"Below Investment Grade Rating Event" means that both Rating Agencies (as defined below) shall have ceased to rate the applicable series of Notes at an Investment Grade Rating on any date during the period (the "Trigger Period") commencing 60 days prior to the first public announcement by us of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings change). If a Rating Agency is not providing a rating for such Notes at the commencement of any Trigger Period, the applicable series of Notes will be deemed to have ceased to be rated an Investment Grade Rating by such Rating Agency during that Trigger Period.

A "Change of Control" will be deemed to have occurred at such time after the original issuance of the applicable series of Notes when any of the following has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;(1) a "person" or "group" within the
meaning of Section 13(d) of the Exchange Act other than us, our subsidiaries, our and their respective employee benefit plans and any
Permitted Holder, has become the direct or indirect "beneficial owner," as defined in Rule 13d-3 under the Exchange Act,
of our capital stock representing, in the aggregate, more than 50% of the voting power of all classes of our capital stock; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) our liquidation or dissolution or the stockholders of the
Company approve any plan or proposal for our liquidation or dissolution; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) any conveyance, transfer, sale, lease or other disposition
of all or substantially all of the properties and assets of ours to another Person, other than:

● any transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that does not result in any reclassification, conversion,
exchange or cancellation of our outstanding equity interests; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pursuant to which holders of our outstanding equity interests,
immediately prior to the transaction, have the entitlement to exercise, directly or indirectly, 50% or more of the total voting power
of all equity interests entitled to vote generally in elections of directors or managers of the continuing or surviving or successor
entity immediately after giving effect to such issuance; or

● any transfer of assets or similar transaction solely for the purpose of changing our jurisdiction of organization and resulting in a reclassification, conversion or exchange of our outstanding equity interests, if at all, solely into outstanding equity interests of the surviving entity or a direct or indirect parent of the surviving entity; or

● any conveyance, transfer, sale, lease or other disposition with or into any of our subsidiaries, so long as such conveyance, transfer, sale, lease or other disposition is not part of a plan or a series of transactions designed to or having the effect of merging or consolidating with, or conveying, transferring, selling, leasing or disposing all or substantially all of our properties and assets to, any other Person.

Notwithstanding the foregoing, no Change of Control will be deemed to have occurred in the event any successor issuer of the applicable series of Notes shall be a corporation so long as one or more Permitted Holders shall maintain the beneficial ownership of shares of the capital stock of such successor possessing the voting power under normal circumstances to elect, or one or more Permitted Holders shall have the contractual right to elect, a majority of the directors of such successor corporation. Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (a) Cantor Fitzgerald, L.P. ("Cantor") becomes a wholly owned subsidiary of a holding company and (b) the holders of the voting capital stock of such holding company immediately following that transaction are substantially the same as the holders of Cantor's voting partnership interests immediately prior to that transaction.

"Change of Control Triggering Event" means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

"Fitch" means Fitch Ratings.

"Investment Grade Rating" means a rating equal to or higher than BBB- (or the equivalent) by Fitch or BBB- (or the equivalent) by S&P.

"Permitted Holder" means Howard W. Lutnick, any Person controlled by him or any trust established for Mr. Lutnick's benefit or for the benefit of his spouse, any of his descendants or any of his relatives, in each case, so long as he is alive and, upon his death or incapacity, any person who shall, as a result of Mr. Lutnick's death or incapacity, become a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) of our capital stock by operation of a trust, by will or the laws of descent and distribution or by operation of law.

"Person" means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or agency or political subdivision thereof.

"Rating Agencies" means (1) each of Fitch and S&P; and (2) if either Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) under the Exchange Act, selected by us (as certified by a resolution of our Board of Directors) as a replacement agency for Fitch or S&P, or both of them, as the case may be.

"S&P" means S&P Global Ratings, a division of S&P Global Inc.

**Interest Rate Adjustment Based on Rating Events**

The interest rate payable on each series of the Notes will be subject to adjustments from time to time if each of the Rating Agencies downgrades (or subsequently upgrades) the debt rating assigned to such series of Notes, in the manner described below. For the purposes of this section "*Interest Rate Adjustment Based on Rating Events*," the term "Rating Agencies" is defined with respect to each series of the Notes as defined in the section "*Offer to Repurchase Upon a Change of Control Triggering Event*" above.

If the rating from each of the Rating Agencies of a series of the Notes is downgraded to a rating set forth in the immediately following table (a "Downgrade Event"), the interest rate on such series of Notes will increase such that it will equal the interest rate payable on such series of Notes on the date of the initial issuance thereof plus the percentage set forth opposite the applicable rating from the table below:

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| | |
|:---|:---|
| **Debt Rating (each Rating Agency)** | **Percentage** |
| BBB- or higher | —% |
| BB+ | 0.50% |
| BB or lower | 1.00% |

---

For the avoidance of doubt, any increase in the interest payable on the Notes shall require a decrease in the rating of such series of Notes by each of the Rating Agencies to the relevant threshold ratings set forth above.

If, subsequent to a Downgrade Event, either Rating Agency upgrades its respective rating of such series of the Notes to any of the threshold ratings set forth above, the interest rate on such series of Notes will be decreased such that the interest rate for such series of Notes equals the interest rate payable on such series of Notes on the date of the initial issuance thereof plus the percentage set forth opposite the applicable rating from the table above. For the avoidance of doubt, any decrease in the interest payable on a series of the Notes shall require an upgrade in the rating of such series of Notes by only one of the Rating Agencies to the relevant threshold ratings set forth above.

For so long as (i) only one of the Rating Agencies provides a rating of a series of the Notes or (ii) such series of Notes is not rated by either of the Rating Agencies, the interest rate on such series of Notes will increase such that it will equal the interest rate payable on such series of Notes on the date of the initial issuance thereof plus 1.00%.

Any interest rate increase or decrease described above will take effect from the first day of the interest period during which a rating change requires an adjustment in the interest rate. If either Rating Agency changes its rating of a series of the Notes more than once during any particular interest period, the last change by such Rating Agency will control for purposes of any interest rate increase or decrease with respect to such series of Notes described above relating to such Rating Agency's action. We will communicate an increase or decrease to the applicable Trustee in the form of an officer's certificate under the applicable indenture that will include the new interest rate and the effective date of such interest rate increase or decrease.

If the interest rate payable on a series of the Notes is increased as described above, the term "interest," as used with respect to such series of Notes, will be deemed to include any such additional interest unless the context otherwise requires.

**Certain Covenants**

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***Limitations on Liens on Stock of Subsidiaries***

Under the applicable supplemental indenture for each series of the Notes, we covenant that, so long as any of the Notes of such series are outstanding, we will not, and we will not permit any Designated Subsidiary to, create, assume, incur, guarantee or otherwise permit to exist any Indebtedness secured by any mortgage, pledge, lien, security interest or other encumbrance (a "Lien") upon any shares of capital stock of any Designated Subsidiary directly or indirectly held by us (whether such capital stock is now owned or hereafter acquired) without effectively providing concurrently that the applicable series of Notes (and, if we so elect, any other Indebtedness of ours that is not subordinate to such series of Notes and with respect to which the governing instruments of such Indebtedness require us, or pursuant to which we are otherwise obligated, to provide such security) will be secured equally and ratably with, or prior to, such Indebtedness for at least the time period such other Indebtedness is so secured. The foregoing will not apply to Liens on the securities of any entity existing at the time it becomes a Designated Subsidiary (and any extensions, renewals or replacements thereof).

For purposes of the indentures, "capital stock" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including preferred stock, but excluding any debt securities convertible into such equity.

For purposes of the supplemental indentures, the term "Designated Subsidiary" means each of (i) BGC Holdings Merger Sub, LLC, (ii) BGC Partners, Inc., (iii) BGC Global Holdings, L.P., (iv) BGC Partners, L.P., and (v) any other direct or indirect subsidiary now owned or hereafter acquired by us for which (a) the Net Assets constitute, as of the last day of the most recently ended fiscal quarter, 5% or more of our Total Stockholders' Equity or (b) the net revenues constitute, as of the last day of the most recently ended fiscal quarter, 10% or more of the consolidated net revenues of ours during the most recently ended period of four consecutive fiscal quarters; provided, however, that the following shall not be Designated Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;(1) any Person in which the Company or any of its subsidiaries
does not own sufficient equity or voting interests to elect a majority of the directors (or persons performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;(2) any Person whose financial results would not be consolidated
with those of the Company and its consolidated subsidiaries in accordance with accounting principles generally accepted in the United
States of America ("U.S. GAAP");

&nbsp;&nbsp;&nbsp;&nbsp;(3) any Person which is a subsidiary of a BGC Group subsidiary,
the common equity of which is registered under Section 12(b) or 12(g) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) any subsidiary of any Person described in clauses (1), (2)
or (3) above.

The term "Indebtedness" means, without duplication, with respect to any Person, whether or not contingent:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the principal of and any premium and interest on (a) indebtedness
of such Person for money borrowed or (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment
of which such Person is responsible or liable;

&nbsp;&nbsp;&nbsp;&nbsp;(2) all capitalized lease obligations of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;(3) all obligations of such Person incurred or assumed as the
deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding
trade accounts payable arising in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;(4) all obligations of such Person for the reimbursement of any
obligor on any banker's acceptance, bank guarantees, surety bonds or similar credit transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) any amendments, modifications, refundings, renewals or extensions
of any indebtedness or obligation described as Indebtedness in clauses (1) through (4) above;

if and to the extent any of the preceding items (other than letters of credit) would appear as a liability upon a balance sheet of such Person prepared in accordance with U.S. GAAP; provided, however, the term "Indebtedness" includes all of the following items, whether or not any such items would appear as a liability on a balance sheet of such Person prepared in accordance with U.S. GAAP:

&nbsp;&nbsp;&nbsp;&nbsp;(i) all Indebtedness of others secured by any Lien on any property
or asset of such Person (whether or not such Indebtedness is assumed by such Person);

&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent not otherwise included, any guarantee by such
Person of Indebtedness of any other Person; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) preferred stock or other equity interests providing for mandatory
redemption or sinking fund or similar payments issued by any subsidiary of such Person.

The term "Net Assets" means, with respect to any Person, the excess (if positive) of (a) such Person's consolidated assets over (b) such Person's consolidated liabilities, in each case determined in accordance with U.S. GAAP.

The term "Total Stockholders' Equity" means, as of the date of determination, without duplication, all items which in conformity with U.S. GAAP would be included under total stockholders' equity on our consolidated statement of financial condition. For the avoidance of doubt, Total Stockholders' Equity is inclusive of noncontrolling interests in subsidiaries on our consolidated statement of financial condition.

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***Consolidation, Merger or Sale***

We may not consolidate or merge with or into, or transfer or lease all or substantially all of our assets to, any Person unless either (a) we will be the continuing entity or (b) the successor entity or Person to which our assets are transferred or leased is an entity organized under the laws of the United States, any state of the United States or the District of Columbia and it expressly assumes our obligations on each series of the Notes and under each of the indentures and supplemental indentures. In addition, we cannot effect such a transaction unless immediately after giving effect to such transaction, no default or event of default under the applicable indenture shall have occurred and be continuing. Subject to certain exceptions, when the Person to whom our assets are transferred or leased has assumed our obligations under each series of the Notes and the applicable indentures and supplemental indentures, we will be discharged from all our obligations under each series of the Notes and the indentures and supplemental indentures, except in limited circumstances.

This covenant does not apply to any recapitalization transaction, a change of control of us or a highly leveraged transaction, unless the transaction or change of control was structured to include a merger or consolidation or transfer or lease of all or substantially all of our assets.

**Modification, Amendment or Waiver**

We may from time to time amend or supplement the applicable indenture with respect to any series of Notes and the Notes of such series without the consent of registered holders of such series to, among other things, (i) modify the restrictions on and procedures for resale, attempted resale, and other transfers of the Notes of such series or interests therein to reflect any change in applicable law or regulation (or interpretation thereof) or in practices relating to the resale or transfer of restricted securities generally or (ii) cure any ambiguity or defect in and to correct or supplement any provision of the applicable indenture or any Note of such series that may be inconsistent with any other provision in the applicable indenture or the Notes of such series, provided, however, that any such cure, correction or supplement shall not adversely affect the interests of the holders of the Notes of such series in any material respect.

With certain exceptions, we may make modifications and amendments of the applicable indenture and supplemental indenture with respect to any series of Notes with the consent of the registered holders of not less than a majority in aggregate principal amount of the Notes of such series outstanding at the time. Compliance with certain covenants may be waived on behalf of registered holders of Notes of a series, either generally or in a specific instance and either before or after the time for compliance with those covenants, with the consent of holders of not less than a majority in aggregate principal amount of the then outstanding Notes of such series. Nevertheless, without the consent of each registered holder of the Notes affected thereby, no such modification or amendment may, among other things, reduce the principal of or interest on any of the outstanding Notes, extend the stated maturity of the Notes, change the interest payment dates or terms of payment for the Notes, or reduce the percentage of registered holders necessary to modify or amend the indentures and the Notes.

**Events of Default**

Unless otherwise indicated, the term "Event of Default," when used in the applicable indenture and supplemental indenture with respect to each series of Notes means any of the following:

● failure to pay interest (including any additional interest) for 30 days after the date payment on any Note of such series is due and payable;

● failure to pay principal or premium, if any, on any Note of such series when due, either at maturity, upon any redemption, by declaration or otherwise;

● a default by us in the payment in respect of any Indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond, debenture, Note, guarantee or similar instrument, in an aggregate principal amount of at least $100 million, beyond any applicable grace period, or default in the performance or compliance with any term respecting such debt, if as a consequence such debt becomes due and payable before its stated maturity, and such default shall not have been rescinded or annulled or such Indebtedness shall not have been discharged and such default continues for a period of 30 consecutive days after written notice to us by the applicable Trustee or the holders of not less than 25% in aggregate principal amount of the Notes of such series;

● failure by us to perform any other covenant ("other covenants") in the applicable indenture and supplemental indenture or the applicable Note of such series for 90 days after notice that performance was required; or

● events related to our bankruptcy, insolvency, reorganization or liquidation.

If an Event of Default relating to the payment of interest (including any additional interest) or principal with respect to the Notes of a series has occurred and is continuing, the applicable Trustee or the holders of not less than 25% in aggregate principal amount of the Notes of such series may declare the entire principal of the Notes of such series to be due and payable immediately.

If an Event of Default relating to the performance of other covenants occurs and is continuing, and a responsible officer of the applicable Trustee has actual knowledge of such Event of Default, then such Trustee or the holders of not less than 25% in aggregate principal amount of the Notes of a series may declare the entire principal amount of the Notes of such series to be due and payable immediately.

The holders of not less than a majority in aggregate principal amount of the Notes of a series may, after satisfying conditions, rescind and annul any of the above-described declarations and consequences.

If an Event of Default relating to events of our bankruptcy, insolvency, reorganization or liquidation occurs and is continuing, then the principal amount of the Notes of each series outstanding, and any accrued interest, will automatically become due and payable immediately, without any declaration or other act by the applicable Trustee or any holder.

Each indenture imposes limitations on suits brought by holders of Notes against us. Except as provided below, no holder of Notes of a series may institute any action against us under the applicable indenture unless:

● the holder has previously given to the applicable Trustee written notice of default and continuance of that default;

● the holders of at least 25% in principal amount of the Notes of such series have requested in writing that the applicable Trustee institute the action;

● the requesting holders have offered the applicable Trustee security or indemnity satisfactory to it for expenses and liabilities that may be incurred by bringing the action;

● the applicable Trustee has not instituted the action within 60 days after the request; and

● the applicable Trustee has not received inconsistent direction by the holders of a majority in principal amount of the outstanding Notes of such series.

Notwithstanding the foregoing, each holder of Notes of any series has the right, which is absolute and unconditional, to receive payment of the principal of, and premium and interest, if any, on, the Notes when due and to institute suit for the enforcement of any such payment, and such rights may not be impaired without the consent of that holder of Notes.

We will be required to file annually with each Trustee a certificate, signed by an officer of the Company, stating whether or not the officer knows of any default by us in the performance, observance or fulfillment of any condition or covenant of the applicable indenture.

**Discharge, Defeasance and Covenant Defeasance**

We can discharge or defease our obligations under the applicable indenture and supplemental indenture with respect to any series of Notes and the Notes of such series as set forth below.

We may discharge our obligations to holders of Notes of any series that have not already been delivered to the applicable Trustee for cancellation and that have become due and payable within one year (or are scheduled for redemption within one year). We may effect a discharge by irrevocably depositing with such Trustee cash, as trust funds, in an amount certified to be sufficient without reinvestment to pay when due, whether at maturity, upon redemption or otherwise, the principal of, and premium, if any, and interest on, the Notes of such series.

We may also discharge any and all of our obligations to holders of Notes of any series at any time ("legal defeasance"). We also may be released from the obligations imposed by any covenants of any series of Notes and provisions of the applicable indenture and supplemental indenture with respect to such series of Notes, and we may omit to comply with those covenants without creating an Event of Default with respect to such series of Notes ("covenant defeasance"). We may effect legal defeasance and covenant defeasance only if, among other things:

● we irrevocably deposit with the applicable Trustee cash or U.S. government obligations, as trust funds, in an amount certified by a written opinion of a nationally recognized firm of independent certified public accountants to be sufficient without reinvestment to pay when due (whether at maturity, upon redemption, or otherwise) the principal of, and premium, if any, and interest on all outstanding Notes of the applicable series; and

● we deliver to the applicable Trustee an opinion of counsel from a nationally recognized law firm to the effect that the holders and beneficial owners of the Notes applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance or covenant defeasance and that legal defeasance or covenant defeasance will not otherwise alter the holders' and beneficial owners' U.S. federal income tax treatment of principal, premium, if any, and interest payments on the Notes of the applicable series, which opinion, in the case of legal defeasance, must be based on a ruling of the Internal Revenue Service or a change in U.S. federal income tax law issued or pronounced after the date of this prospectus.

Although we may discharge or defease our obligations under the applicable indenture and supplemental indenture as described in the two preceding paragraphs, we may not avoid, among other things, our duty to register the transfer or exchange of any Notes, to replace any temporary, mutilated, destroyed, lost or stolen Notes or to maintain an office or agency in respect of the Notes or any of our other obligations that expressly survive any defeasance or termination.

**Book-Entry System**

The certificates representing the Notes of each series have been issued in the form of one or more fully-registered global notes without coupons (each, a "Global Note") and have been deposited with, or on behalf of, the Depository and registered in the name of Cede & Co., as the nominee of the Depository. Except in limited circumstances, the Notes are not issuable in definitive form. Unless and until they are exchanged in whole or in part for the individual Notes represented thereby, any interests in a Global Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any nominee of the Depository to a successor depository or any nominee of such successor.

The Depository is under no obligation to provide its services as depositary for the certificates of any series of Notes and may discontinue providing its services at any time. Neither we nor the Trustees will have any responsibility for the performance by the Depository or its direct or indirect participants under the rules and procedures governing the Depository. As noted above, owners of beneficial interests in a Global Note will not receive certificates representing their interests. However, we will prepare and deliver certificates for the Notes of that series in exchange for beneficial interests in a Global Note if:

● the Depository notifies us that it is unwilling or unable to continue as a depositary for such Global Note of any series or if the Depository ceases to be a clearing agency registered under the Exchange Act and a successor depositary is not appointed by us within 90 days after the notification or of our becoming aware of the Depository's ceasing to be so registered, as the case may be;

● we determine, in our sole discretion, not to have the Notes of any series represented by one or more Global Notes; or

● an Event of Default has occurred and is continuing with respect to the Notes of any series, and the Depository wishes to exchange such Global Notes for definitive certificated Notes.

Any beneficial interest in a Global Note that is exchangeable under the circumstances described in the preceding sentence will be exchangeable for Notes in definitive certificated form registered in the names that the Depository shall direct. It is expected that these directions will be based upon directions received by the Depository from its participants with respect to ownership of beneficial interests in a Global Note.

The Depository has advised us that the Depository is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. The Depository holds securities that its participants ("Direct Participants") deposit with the Depository. The Depository also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. The Depository is a wholly owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for the Depository, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the Depository system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly.

Conveyance of notices and other communications by the Depository to Direct Participants, by Direct Participants to indirect participants and by Direct Participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from time to time.

Redemption notices shall be sent to the Depository or its nominee. If less than all of the Notes of a series are being redeemed, the Depository will reduce the amount of the interest of Direct Participants in such Notes in accordance with its procedures.

A beneficial owner of Notes of a series shall give written notice to elect to have its Notes repurchased or tendered, through its participant through the applicable procedures of the Depository and shall effect delivery of such Notes by causing the Direct Participant to transfer the participant's interest in such Notes, on the Depository's records, in accordance with the applicable procedures of the Depository. The requirement for physical delivery of Notes in connection with a repurchase or tender will be deemed satisfied when the ownership rights in such Notes are transferred by Direct Participants on the Depository's records and followed by a book-entry credit of such Notes in accordance with the applicable procedures of the Depository account. In connection with any proposed transfer outside of the book-entry only system, there shall be provided to the applicable Trustee all information necessary to allow such Trustee to comply with any applicable tax reporting obligations, including without limitation any cost-basis reporting obligations under Code Section 6045. The Trustees may rely on the information provided to them and shall have no responsibility to verify or ensure the accuracy of such information.

In any case where a vote may be required with respect to the Notes of any series, neither the Depository nor Cede & Co. will give consents for or vote a Global Note. Under its usual procedures, the Depository will mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy assigns the consenting or voting rights of Cede & Co. to those Direct Participants to whose accounts the Notes are credited on the record date identified in a listing attached to the omnibus proxy.

Principal of and premium, if any, and interest, if any, on a Global Note will be paid to Cede & Co., as nominee of the Depository. The Depository's practice is to credit Direct Participants' accounts on the relevant payment date unless the Depository has reason to believe that it will not receive payments on the payment date. Payments by direct and indirect participants to beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for the account of customers in bearer form or registered in "street name." Those payments will be the responsibility of participants and not of the Depository or us, subject to any legal requirements in effect from time to time. Payment of principal, premium, if any, and interest, if any, to Cede & Co. is our responsibility, disbursement of payments to Direct Participants is the responsibility of the Depository, and disbursement of payments to the beneficial owners is the responsibility of direct and indirect participants.

The rules applicable to the Depository and its Direct Participants are on file with the SEC. The information in this section concerning the Depository and the Depository's book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy thereof.

**Same-Day Funds Settlement and Payment**

All payments of principal, premium if any, and interest in respect of Notes in book-entry form will be made by us in immediately available funds to the accounts specified by the Depository.

**Governing Law**

The indentures, the supplemental indentures and the Notes are governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in that state.

**Concerning the Trustees**

UMB Bank, N.A. is the trustee for the indenture governing the 2025 Notes and the 2028 Notes and serves as the registrar and paying agent for such Notes. We maintain corporate trust relationships in the ordinary course of business with UMB.

Wilmington Trust, National Association is the trustee for the indenture governing the 2029 Notes and serves as the registrar and paying agent for such Notes. We maintain relationships in the ordinary course of business with WTNA. An affiliate of WTNA currently serves as a co-syndication agent and as a joint lead arranger and joint bookrunner under our Second Amended and Restated Credit Agreement, dated as of April 26, 2024, as amended.

Argent Institutional Trust Company, as successor trustee to The Huntington National Bank, is the trustee for the indenture governing the 2030 Notes and serves as the registrar and paying agent for such Notes. We may maintain relationships in the ordinary course of business with Argent.

**PLAN OF DISTRIBUTION**

This prospectus may be used by CF&Co, our affiliate, in connection with offers and sales of the Notes in market-making transactions in the Notes. Market-making transactions may occur in the open market or may be privately negotiated at prevailing market prices at the time of sale or at related or negotiated prices. In these transactions, CF&Co may act as principal or agent, including as agent for the counterparty in a transaction in which CF&Co acts as principal, or as agent for both counterparties in a transaction in which CF&Co does not act as principal. CF&Co may receive compensation in the form of discounts and commissions, including from both counterparties in some cases. Other affiliates of ours may also engage in market-making transactions of this kind and may use this prospectus for that purpose. CF&Co, or any of our other affiliates, will conduct these offers and sales in compliance with the requirements of the Financial Industry Regulatory Authority ("FINRA"), including FINRA Rule 5121, regarding a FINRA member firm's offers and sales of securities of an affiliate and related conflicts of interest. CF&Co, or any of our other affiliates, may not make sales to any discretionary account pursuant to this prospectus unless it has received prior specific written approval of the transaction from the discretionary account holder.

The 2029 Notes and the 2030 Notes in the aggregate principal amounts of $1.8 million (CUSIP No. 05555L AA9) and $0.2 million (CUSIP Nos. 05555L AC5 and U2100K AB3), respectively, that were sold in the initial offerings of such notes and not tendered to us by the holders thereof in our SEC-registered exchange offers which expired on September 27, 2024, and October 3, 2025, respectively, will be covered by this market-making prospectus only after they are freely tradable in the hands of the holder.

We will not receive any proceeds from these market-making transactions.

Information about the trade and settlement dates, as well as the purchase price, for a market-making transaction will be provided to the purchaser in a separate confirmation of sale.

Neither CF&Co, nor any of our other affiliates, has any obligation to make a market in the Notes, and CF&Co, or any such other affiliate, may discontinue market-making activities at any time without notice.

**LEGAL MATTERS**

The validity of the Notes offered and sold pursuant to this prospectus has been passed upon for us by Morgan, Lewis & Bockius LLP, Washington, District of Columbia.

**EXPERTS**

The consolidated financial statements and schedule of BGC Group, Inc. appearing in BGC Group, Inc.'s Annual Report (Form 10-K) for the year ended December 31, 2024, and the effectiveness of BGC Group, Inc.'s internal control over financial reporting as of December 31, 2024 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements and schedule are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are available to the public from the SEC's website at *www.sec.gov*.

Our website address is *www.bgcg.com*. Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4 and 5 and Schedules 13D with respect to our securities filed on behalf of Cantor, CF Group Management, Inc., the general partner of Cantor, our directors and our executive officers; and amendments to those documents. Our website also contains additional information with respect to our industry and business. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this prospectus (except for SEC filings expressly incorporated by reference herein).

**DOCUMENTS INCORPORATED BY REFERENCE**

We "incorporate by reference" the documents listed below. The information that we incorporate by reference is considered to be part of this prospectus. Specifically, we incorporate by reference:

● Our Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1094831/000162828025009421/bgcg-20241231.htm) for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025;

● Our Amendment No. 1 to our Annual Report on [Form 10-K/A](http://www.sec.gov/Archives/edgar/data/1094831/000121390025037499/ea0239363-10ka1_bgcgroup.htm) for the fiscal year ended December 31, 2024, filed with the SEC on April 30, 2025;

● Our Definitive Proxy Statement for our 2025 Annual Meeting of Stockholders, filed with the SEC on [September 30, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1094831/000121390025093426/ea0258456-01.htm) ;

● Our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025 and September 30, filed with the SEC on [May 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000162828025024645/bgcp-20250331.htm) , [August 11, 2025](http://www.sec.gov/Archives/edgar/data/1094831/000162828025039532/bgcp-20250630.htm) , and [November 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1094831/000162828025051029/bgcp-20250930.htm) , respectively;

● Our Current Reports on Form 8-K, filed with the SEC on [February 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000162828025005560/bgcp-20250214.htm) (other than as indicated therein), [February 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000121390025015309/ea0231344-8k_bgc.htm) , [March 27, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000101376225002847/ea023552601-8k_bgcgroup.htm) , [April 2, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000121390025028059/ea0236501-8k_bgc.htm) , [May 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000162828025022879/bgcp-20250507.htm) (other than as indicated therein), [May 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000121390025045119/ea0242685-8k_bgc.htm) (other than as indicated therein), [July 31, 2025](http://www.sec.gov/Archives/edgar/data/1094831/000162828025036853/bgcp-20250731.htm) (other than as indicated therein), [August 27, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001094831/000121390025080947/ea0253579-8k_bgcgroup.htm) , [October 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1094831/000121390025096611/ea0260087-8k_bgcgroup.htm) , and [November 6, 2025](https://www.sec.gov/Archives/edgar/data/1094831/000162828025049883/bgcp-20251106.htm) (other than as indicated therein); and

● all documents filed by us with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before the completion of the offerings contemplated hereby.

Any statement contained in this prospectus, or in a document incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded to the extent that a statement contained herein, or in any subsequently filed document that also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

You may obtain copies of these documents, at no cost to you, from our website (*www.bgcg.com*), or by writing or telephoning us at:

Investor Relations

BGC Group, Inc.

499 Park Avenue

New York, New York 10022

(212) 610-2426

**BGC GROUP, INC.**

**4.375% Senior Notes due 2025**

**8.000% Senior Notes due 2028**

**6.600% Senior Notes due 2029**

**6.150% Senior Notes due 2030**

**PART II**

**Information Not Required in Prospectus**

**Item 14. Other Expenses of Issuance and Distribution.**

The following table sets forth the costs and expenses payable in connection with the offering of the securities being registered, all of which will be paid by BGC Group, Inc. (the "Registrant"). All amounts are estimates except the Securities and Exchange Commission (the "SEC") registration fee.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee | $0 |
| Printing and engraving expenses | 2500 |
| Legal fees and expenses | 35000 |
| Accounting fees and expenses | 20000 |
| Trustees fees and expenses | 21500 |
| Miscellaneous | 1000 |
| **Total** | $80000 |

---

**Item 15. Indemnification of Directors and Officers.**

Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent of the Registrant. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaws, agreement, vote of stockholders or disinterested directors or otherwise. BGC Group's Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide for indemnification by BGC Group of its directors and officers to the fullest extent permitted by the DGCL.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability of (1) a director or officer for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (2) a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) a director under Section 174 of the DGCL, (4) a director or officer for any transaction from which the director or officer derived an improper personal benefit or (5) an officer in any action by or in the right of the corporation. BGC Group's Amended and Restated Certificate of Incorporation provides for such limitation of liability to the fullest extent permitted by the DGCL.

BGC Group maintains standard policies of insurance under which coverage is provided (1) to its directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of BGC Group, and (2) to BGC Group with respect to payments which may be made by it to such directors and officers pursuant to any indemnification provision contained in its Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws or otherwise as a matter of law.

**Item 16. Exhibits.**

The Exhibit Index set forth below is hereby incorporated by reference in response to this Item 16.

**EXHIBIT INDEX**

The following exhibits are included or incorporated by reference in this registration statement on Form S-3.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1 | [Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to BGC Partners, Inc.'s Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)](https://www.sec.gov/Archives/edgar/data/1094831/000119312508025543/ddefm14a.htm) |
| 2.2 | [Amendment No. 1, dated as of November 5, 2007, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to BGC Partners, Inc.'s Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)](https://www.sec.gov/Archives/edgar/data/1094831/000119312508025543/ddefm14a.htm) |
| 2.3 | [Amendment No. 2, dated as of February 1, 2008, to the Agreement and Plan of Merger, dated as of May 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to BGC Partners, Inc.'s Definitive Proxy Statement on Schedule 14A filed with the SEC on February 11, 2008)](https://www.sec.gov/Archives/edgar/data/1094831/000119312508025543/ddefm14a.htm) |
| 2.4\* | [Separation Agreement, dated as of March 31, 2008, by and among Cantor Fitzgerald, L.P., BGC Partners, LLC, BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to Exhibit 2.4 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on April 7, 2008)](https://www.sec.gov/Archives/edgar/data/1094831/000119312508076419/dex24.htm) |
| 2.5\* | [Purchase Agreement, dated as of April 1, 2013, by and among BGC Partners, Inc., BGC Partners, L.P., The NASDAQ OMX Group, Inc., and for certain limited purposes, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 8, 2013)](https://www.sec.gov/Archives/edgar/data/1094831/000119312513324796/d557162dex21.htm) |
| 2.6\* | [Tender Offer Agreement executed by BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., dated February 19, 2015 (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on February 25, 2015)](https://www.sec.gov/Archives/edgar/data/1094831/000119312515062642/d881063dex21.htm) |
| 2.7 | [Stock Purchase Agreement, dated November 15, 2015, by and among GFINet, Inc., GFI TP Holdings Pte Ltd, Intercontinental Exchange, Inc., and, solely for the purposes set forth therein, GFI Group Inc. and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on November 18, 2015)](https://www.sec.gov/Archives/edgar/data/1094831/000119312515380877/d65842dex101.htm) |
| 2.8\* | [Agreement and Plan of Merger, dated December 22, 2015, by and among BGC Partners, Inc., JPI Merger Sub 1, Inc., JPI Merger Sub 2, LLC, Jersey Partners Inc., New JP Inc., Michael Gooch and Colin Heffron (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on December 23, 2015)](https://www.sec.gov/Archives/edgar/data/1094831/000119312515412791/d109454dex21.htm) |
| 2.9\* | [Transaction Agreement, dated as of July 17, 2017, by and among BGC Partners, Inc. BGC Partners, L.P., Cantor Fitzgerald, L.P., Cantor Commercial Real Estate Company, L.P., Cantor Sponsor, L.P., CF Real Estate Finance Holdings, L.P. and CF Real Estate Finance Holdings GP, LLC (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on July 21, 2017)](https://www.sec.gov/Archives/edgar/data/1094831/000119312517232460/d423378dex21.htm) |
| 2.10\* | [Amended and Restated Separation and Distribution Agreement, dated as of November 23, 2018, by and among Cantor Fitzgerald, L.P., BGC Partners, Inc., BGC Holdings, L.P., BGC Partners, L.P., BGC Global Holdings, L.P., Newmark Group, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed on November 27, 2018)](https://www.sec.gov/Archives/edgar/data/1094831/000119312518334553/d658901dex21.htm) |
| 2.11 | [Agreement for the Sale and Purchase of the Share Capital of Ed Broking Group Limited and Besso Insurance Group Limited, Dated May 26, 2021, by and Among Tower Bridge (One) Limited, Ardonagh Specialty Holdings 2 Limited, The Ardonagh Group Limited and BGC Partners, Inc. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 6, 2021)](https://www.sec.gov/Archives/edgar/data/1094831/000162828021016076/exhibit2_projectleaf-spaxe.htm) |

---

---

| | |
|:---|:---|
| 2.12 | [Deed of Variation in Respect of the Agreement for the Sale and Purchase of the Share Capital of Ed Broking Group Limited and Besso Insurance Group Limited, dated August 25, 2021, by and among Tower Bridge (One) Limited, Ardonagh Specialty Holdings 2 Limited, The Ardonagh Group Limited and BGC Partners, Inc. (incorporated by reference to Exhibit 2.2 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021)](https://www.sec.gov/Archives/edgar/data/1094831/000162828021022289/exhibit22deedofvariationto.htm) |
| 2.13 | [Deed of Variation in Respect of the Agreement for the Sale and Purchase of the Share Capital of Ed Broking Group Limited and Besso Insurance Group Limited, dated October 31, 2021, by and among Tower Bridge (One) Limited, Ardonagh Specialty Holdings 2 Limited, The Ardonagh Group Limited and BGC Partners, Inc. (incorporated by reference to Exhibit 2.3 to BGC Partners, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021)](https://www.sec.gov/Archives/edgar/data/1094831/000162828021022289/exhibit23deedofvariationin.htm) |
| 2.14\*\* | [Corporate Conversion Agreement, dated as of November 15, 2022, by and among BGC Partners, Inc., BGC Group, Inc., BGC Holdings, L.P., BGC GP, LLC, BGC Partners II, Inc., BGC Partners II, LLC, BGC Holdings Merger Sub, LLC and, solely for the purposes of certain provisions therein, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 2.1 to BGC Partners, Inc.'s Current Report on Form 8-K filed with the SEC on November 16, 2022)](https://www.sec.gov/Archives/edgar/data/1094831/000119312522286325/d393364dex21.htm) |
| 2.15 | [Amendment to the Corporate Conversion Agreement, dated as of March 29, 2023, by and among BGC Partners, Inc., BGC Group, Inc., BGC Holdings, L.P., BGC GP, LLC, BGC Partners II, Inc., BGC Partners II, LLC, BGC Holdings Merger Sub, LLC and, solely for the purposes of certain provisions therein, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit 2.15 to BGC Partners, Inc.'s Annual Report on Form 10-K/A filed with the SEC on April 28, 2023)](https://www.sec.gov/Archives/edgar/data/1094831/000119312523126920/d429604dex215.htm) |
| 4.1 | [Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on October 6, 2023)](https://www.sec.gov/Archives/edgar/data/1094831/000119312523252370/d489529dex42.htm) |
| 4.2 | [Second Supplemental Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as Trustee, with respect to BGC Group, Inc.'s 4.375% Senior Notes due 2025 (incorporated by reference to Exhibit 4.4 to BGC Group, Inc.'s Form 8-K filed with the SEC on October 6, 2023)](https://www.sec.gov/Archives/edgar/data/0001094831/000119312523252370/d489529dex44.htm) |
| 4.3 | [Third Supplemental Indenture, dated as of October 6, 2023, between BGC Group, Inc. and UMB Bank, N.A., as Trustee, with respect to BGC Group, Inc.'s 8.000% Senior Notes due 2028 (incorporated by reference to Exhibit 4.5 to BGC Group, Inc.'s Form 8-K filed with the SEC on October 6, 2023)](https://www.sec.gov/Archives/edgar/data/1094831/000119312523252370/d489529dex45.htm) |
| 4.4 | [Indenture, dated as of June 10, 2024, between BGC Group, Inc. and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on June 10, 2024)](https://www.sec.gov/Archives/edgar/data/1094831/000119312524158371/d715293dex41.htm) |
| 4.5 | [First Supplemental Indenture, dated as of June 10, 2024, between BGC Group, Inc. and Wilmington Trust, National Association, as Trustee, with respect to BGC Group, Inc.'s 6.600% Senior Notes due 2029 (incorporated by reference to Exhibit 4.2 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on June 10, 2024)](https://www.sec.gov/Archives/edgar/data/1094831/000119312524158371/d715293dex42.htm) |
| 4.6 | [Indenture, dated as of April 2, 2025, between BGC Group, Inc. and The Huntington National Bank, as trustee (incorporated by reference to Exhibit 4.1 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on April 2, 2025)](http://www.sec.gov/Archives/edgar/data/1094831/000121390025028059/ea023650101ex4-1_bgc.htm) |
| 4.7 | [First Supplemental Indenture, dated as of April 2, 2025, between BGC Group, Inc. and The Huntington National Bank, as trustee (incorporated by reference to Exhibit 4.2 to BGC Group, Inc.'s Current Report on Form 8-K filed with the SEC on April 2, 2025)](https://www.sec.gov/Archives/edgar/data/1094831/000121390025028059/ea023650101ex4-2_bgc.htm) |
| 4.8 | [Form of BGC Group, Inc.'s 4.375% Senior Notes due 2025 (included as Exhibit A to Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/1094831/000119312523252370/d489529dex44.htm) |

---

---

| | |
|:---|:---|
| 4.9 | [Form of BGC Group, Inc.'s 8.000% Senior Notes due 2028 (included as Exhibit A to Exhibit 4.3)](https://www.sec.gov/Archives/edgar/data/1094831/000119312523252370/d489529dex45.htm) |
| 4.1 | [Form of BGC Group, Inc.'s 6.600% Senior Notes due 2029 (included as Exhibit A to Exhibit 4.5)](https://www.sec.gov/Archives/edgar/data/1094831/000119312524158371/d715293dex42.htm) |
| 4.11 | [Form of BGC Group, Inc.'s 6.150% Senior Notes due 2030 (included as Exhibit A to Exhibit 4.7)](https://www.sec.gov/Archives/edgar/data/1094831/000121390025028059/ea023650101ex4-2_bgc.htm) |
| 5.1 | [Opinion of Morgan, Lewis & Bockius LLP](ea026384501ex5-1_bgc.htm) |
| 23.1 | [Consent of Ernst & Young LLP](ea026384501ex23-1_bgc.htm) |
| 23.2 | [Consent of Morgan, Lewis & Bockius LLP (included in Exhibit 5.1)](ea026384501ex5-1_bgc.htm) |
| 24.1 | [Power of Attorney (included on the signature page)](#pa_001) |
| 25.1 | [Form T-1 Statement of Eligibility, dated as of November 3, 2025, of UMB Bank, N.A. to act as trustee under the Indenture between BGC Group, Inc. and UMB Bank, N.A., as Trustee](ea026384501ex25-1_bgc.htm) |
| 25.2 | [Form T-1 Statement of Eligibility, dated as of November 10, 2025, of Wilmington Trust, National Association to act as trustee under the Indenture between BGC Group, Inc. and Wilmington Trust, National Association, as Trustee](ea026384501ex25-2_bgc.htm) |
| 25.3 | [Form T-1 Statement of Eligibility, dated as of November 3, 2025, of Argent Institutional Trust Company to act as successor trustee under the Indenture between BGC Group, Inc. and The Huntington National Bank, as Trustee](ea026384501ex25-3_bgc.htm) |
| 107 | [Filing Fee Table](ea026384501ex-fee_bgc.htm) |

---

\* Certain schedules and similar attachments have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant will supplementally furnish a copy of them to the SEC upon request.

\*\* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant will supplementally furnish a copy of them to the SEC upon request.

**Item 17. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act");

(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that:

Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in the registration statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act to any purchaser:

(i) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, BGC Group, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York on November 10, 2025.

---

| | |
|:---|:---|
| **BGC GROUP, INC.** | **BGC GROUP, INC.** |
| /s/ Sean A. Windeatt | /s/ Sean A. Windeatt |
| Name: | Sean A. Windeatt |
| Title: | Co-Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each of the undersigned, whose signature appears below, hereby constitutes and appoints Sean A. Windeatt and Jason W. Hauf, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this registration statement and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, or his, her or their substitute or substitutes, and each of them, full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this registration statement or any amendments hereto in the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons on behalf of the Registrant, BGC Group, Inc., in the capacities indicated on November 10, 2025.

---

| | |
|:---|:---|
| **Name and Signature** | **Title** |
| /s/ Sean A. Windeatt | Co-Chief Executive Officer (Co-Principal Executive Officer) |
| Sean A. Windeatt |  |
| /s/ John A. Abularrage | Co-Chief Executive Officer (Co-Principal Executive Officer) |
| John A. Abularrage |  |
| /s/ JP Aubin | Co-Chief Executive Officer (Co-Principal Executive Officer) |
| JP Aubin |  |
| /s/ Jason W. Hauf | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
| Jason W. Hauf |  |
| /s/ Stephen M. Merkel | Chairman of the Board of Directors |
| Stephen M. Merkel |  |
| /s/ Brandon G. Lutnick | Director |
| Brandon G. Lutnick |  |
| /s/ William D. Addas | Director |
| William D. Addas |  |
| /s/ Linda A. Bell | Director |
| Linda A. Bell |  |
| /s/ Arthur U. Mbanfeo | Director |
| Arthur U. Mbanefo |  |
| /s/ David P. Richards | Director |
| David P. Richards |  |

---

## Exhibit 5.1

**Exhibit 5.1**

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004-2541

November 10, 2025

BGC Group, Inc.

499 Park Avenue

New York, New York 10022

Re: BGC Group, Inc. Registration Statement on Form S-3

Ladies and Gentlemen:

We have acted as counsel to BGC Group, Inc., a Delaware corporation (the "Company"), in connection with the filing of the referenced Registration Statement on Form S-3 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), with the Securities and Exchange Commission (the "SEC"). The Registration Statement relates to the offer and sale of an indeterminate amount of the Company's 4.375% Senior Notes due 2025 (CUSIP No. 088929 AB0) (the "2025 Notes"), 8.000% Senior Notes due 2028 (CUSIP No. 088929 AC8) (the "2028 Notes"), 6.600% Senior Notes due 2029 (CUSIP No. 05555L AB7) (the "2029 Notes"), and 6.150% Senior Notes due 2030 (CUSIP No. 05555L AD3) (the "2030 Notes" and together with the 2025 Notes, the 2028 Notes and the 2029 Notes, the "Notes") in connection with market-making transactions in the Notes by affiliates of the Company.

The 2025 Notes and the 2028 Notes have been issued pursuant to a base indenture, dated as of October 6, 2023, as supplemented, in the case of the 2025 Notes, by the Second Supplemental Indenture thereto, dated as of October 6, 2023, and in the case of the 2028 Notes, by the Third Supplemental Indenture thereto, dated as of October 6, 2023 (as supplemented, the "UMB Bank Indenture"), in each case that the Company entered into with UMB Bank, N.A., as trustee ("UMB Bank"). The 2029 Notes have been issued pursuant to a base indenture, dated as of June 10, 2024, as supplemented by the First Supplemental Indenture thereto, dated as of June 10, 2024 (as supplemented, the "WTNA Indenture"), between the Company and Wilmington Trust, National Association, as trustee ("WTNA"). The 2030 Notes have been issued pursuant to a base indenture, dated as of April 2, 2025, as supplemented by the First Supplemental Indenture thereto, dated as of April 2, 2025 (as supplemented, and with the UMB Bank Indenture and the WTNA Indenture, the "Indentures"), between the Company and Argent Institutional Trust Company, as successor trustee to The Huntington National Bank (collectively with UMB Bank and WTNA, the "Trustees").

In connection with this opinion letter, we have examined originals, or copies certified or otherwise identified to our satisfaction, of (i) the Amended and Restated Certificate of Incorporation of the Company and the Amended and Restated Bylaws of the Company, (ii) the Registration Statement and the prospectus included therein (the "Prospectus"), (iii) each of the Indentures, (iv) the Global Notes representing the Notes, and (v) such other documents and records as we have deemed necessary.

We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity with the originals of all documents submitted to us as copies (whether in PDF, another electronic format, or otherwise) and the authenticity of the originals of all documents submitted to us as copies. With respect to matters of fact relevant to the opinions expressed below, we have relied upon representations and certificates of officers of the Company and representations made by the Company in documents examined by us.

We have also assumed for purposes of the opinions expressed below that each of the Indentures has been duly authorized, executed and delivered by the applicable Trustee; that each of the Trustees has the requisite organizational and legal power and authority to perform its obligations under the applicable Indenture; that each of the Indentures constitutes a legal, valid and binding obligation of the applicable Trustee; and that each of the Indentures will be qualified under the Trust Indenture Act of 1939, as amended, upon the filing of the Registration Statement.

Based upon the foregoing, we are of the opinion that each of the Notes constitutes a legal, valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms.

The opinions expressed above are subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting enforcement of creditors' rights or remedies generally, and (ii) general principles of equity (whether such principles are considered in a proceeding at law or equity), including the discretion of the court before which any proceeding may be brought, concepts of good faith, reasonableness and fair dealing and standards of materiality.

We render the foregoing opinions as members of the bar of the State of New York and express no opinion as to laws other than the laws of the State of New York, the General Corporation Law of the State of Delaware (including the statutory provisions, all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the foregoing) and the federal laws of the United States of America.

We hereby consent to the use of this opinion letter as Exhibit 5.1 to the Registration Statement and to the reference to us under the caption "*Legal Matters*" in the Prospectus. In giving such consent, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the SEC thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Morgan, Lewis & Bockius LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" in the Registration Statement (Form S-3) and related Prospectus of BGC Group, Inc. in connection with offers and sales by an affiliate of its registered 4.375% Senior Notes due 2025, 8.000% Senior Notes due 2028, 6.600% Senior Notes due 2029 and 6.150% Senior Notes due 2030, and to the incorporation by reference therein of our reports dated March 3, 2025, with respect to the consolidated financial statements and schedule of BGC Group, Inc. and the effectiveness of internal control over financial reporting of BGC Group, Inc., included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

---

| |
|:---|
| /s/ Ernst & Young LLP |
| New York, New York |
| November 10, 2025 |

---

## Exhibit 25.1

**Exhibit 25.1**

**UNITED STATES**

**securities and exchange commission**

**Washington, D.C. 20549**

**FORM T-1**

**Statement of Eligibility Under**

**The Trust Indenture Act of 1939 of a** 

**Corporation Designated to Act as Trustee**

Check if an Application to Determine Eligibility of

a Trustee Pursuant to Section 305(b)(2)

**UMB BANK, NATIONAL ASSOCIATION**

(Exact name of trustee as specified in its charter)

**44-0194180**

(I.R.S. Employer Identification No.)

---

| | |
|:---|:---|
| **1010 Grand Blvd.**<br> **Kansas City, Missouri** | **<br> 64106** |
| (Address of principal executive offices) | (Zip Code) |

---

David Massa

UMB BANK, NATIONAL ASSOCIATION

100 William Street, Suite 1850

New York, NY 10038

(646) 650-3790

(Name, address and telephone number of agent for service)

**BGC Group, Inc.**

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **86-3748217** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **499 Park Avenue**<br> **New York, New York**  | **<br> 10022** |
| (Address of principal executive offices) | (Zip Code) |

---

**Debt Securities**

(Title of the indenture securities)

**<u>FORM T-1</u>**

**Item 1.** **GENERAL INFORMATION*.*** Furnish the following information as to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) *Name and address of each examining or supervising authority to which it is subject.* 

The Comptroller of the Currency

Mid-Western District<br> 2345 Grand Avenue, Suite 700<br> Kansas City, Missouri 64108<br>Federal Reserve Bank of Kansas City<br> Federal Reserve P.O. Station<br> Kansas City, Missouri 64198<br>Supervising Examiner<br> Federal Deposit Insurance Corporation<br> 720 Olive Street, Suite 2909<br> St. Louis, Missouri 63101

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) *Whether it is authorized to exercise corporate trust powers.* 

Yes.

**Item 2.** **AFFILIATIONS WITH OBLIGOR.** *If the obligor is an affiliate of the Trustee, describe each such affiliation.*

None.

---

| | |
|:---|:---|
| **Items 3-15.** | *Items 3-15 are not applicable because, to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.* |

---

---

| | |
|:---|:---|
| **Item16.** | **LIST OF EXHIBITS.** *List below all exhibits filed as a part of this statement of eligibility and qualification.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Articles of Association of the Trustee (Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-74008).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certificate of Authority from the Comptroller of the Currency evidencing a change of the corporate title of the Association (Exhibit
2 to Form T-1 filed with Registration Statement No. 333-74008).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certificate from the Comptroller of the Currency evidencing authority to exercise corporate trust powers and a letter evidencing a
change of the corporate title of the Association (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-74008).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Bylaws, as amended, of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-74008).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Registration Statement No. 333-74008).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Report of Condition of the Trustee as of June 30, 2025 published pursuant to law or the requirements of its supervising or examining
authority, attached as Exhibit 7.

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, UMB BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the city of New York, State of New York on the 3rd day of November, 2025.

---

| | |
|:---|:---|
| UMB BANK, NATIONAL ASSOCIATION | UMB BANK, NATIONAL ASSOCIATION |
| By: | /s/ David Massa |
|  | David Massa |
|  | Senior Vice President |

---

**<u>Exhibit 7</u>**

(See Attached)

![](ex25-1_001.jpg)

Umb Bank, National Association - FDIC Certificate Number: 8273 Consolidated Report of Condition for Insured Banks and Savings Associations for June 30, 2025 Submitted to CDR on 07/31/2025 at 03:57 PM FFIEC 031 Page 16 of 85 RC - 1 All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter. Schedule RC — Balance Sheet 1.a. 1.b. 2.a. 2.b. 2.c. 3.a. 3.b. 4.a. 4.b. 4.c. 4.d. 5. 6. 7. 8. 9. 10. 11. 12. 13.a. 13.a.1. 13.a.2. 13.b. 13.b.1. 13.b.2. 14.a. 14.b. 15. 16. 1 Includes cash items in process of collection and unposted debits. 2 Includes time certificates of deposit not held for trading. 3 Institutions should report in item 2.a amounts net of any applicable allowance for credit losses, and item 2.a should equal Schedule RC - B, item 8, column A, less Schedule RI - B, Part II, item 7, column B. 4 Item 2.c is to be completed by all institutions. See the instructions for this item and the Glossary entry for "Securities Activities" for further detail on accounting for investments in equity securities. 5 Includes all securities resale agreements, regardless of maturity. 6 Institutions should report in items 3.b and 11 amounts net of any applicable allowance for credit losses. 7 Includes noninterest - bearing, demand, time, and savings deposits. 8 Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, "Other borrowed money." 9 Includes all securities repurchase agreements, regardless of maturity. Amount RCFD Dollar Amounts in Thousands Assets 1. Cash and balances due from depository institutions (from Schedule RC - A): a. Noninterest - bearing balances and currency and coin (1)......................................................................................... b. Interest - bearing balances (2).......................................................................................................................... ... ....... 2. Securities: a. Held - to - maturity securities (from Schedule RC - B, column A) (3)............................................................................. b. Available - for - sale debt securities (from Schedule RC - B, column D)......................................................................... c. Equity securities with readily determinable fair values not held for trading (4)....................................................... 3. Federal funds sold and securities purchased under agreements to resell: 1,102,972 0081 9,996,186 0071 5,495,182 JJ34 12,162,669 1773 11,550 JA22 0 B987 RCON a. Federal funds sold......................................................................................................................... ... ................ b. Securities purchased under agreements to resell (5,6)................................................................................... 737,191 B989 RCFD RCFD 4. Loans and lease financing receivables (from Schedule RC - C): a. Loans and leases held for sale......................................................................................................................... ... ...... 5,738 5369 36,807,933 B528 b. Loans and leases held for investment............................................................................. c. LESS: Allowance for credit losses on loans and leases.................................................... 389,918 3123 36,418,015 B529 d. Loans and leases held for investment, net of allowance (item 4.b minus 4.c)......................................................... 5. Trading assets (from Schedule RC - D)........................................................................................................................... 6. Premises and fixed assets (including right - of - use assets)............................................................................................ 7. Other real estate owned (from Schedule RC - M).......................................................................................................... 8. Investments in unconsolidated subsidiaries and associated companies..................................................................... 9. Direct and indirect investments in real estate ventures.............................................................................................. 10. Intangible assets (from Schedule RC - M)...................................................................................................................... 11. Other assets (from Schedule RC - F) (6)......................................................................................................................... 12. Total assets (sum of items 1 through 11)..................................................................................................................... Liabilities 13. Deposits: a. In domestic offices (sum of totals of columns A and C from Schedule RC - E, Part I) 21,866 3545 375,152 2145 4,077 2150 0 2130 0 3656 2,304,623 2143 2,803,770 2160 71,438,991 2170 RCON 60,599,246 2200 19,091,396 6631 RCON (1) Noninterest - bearing (7).................................................................................... (2) Interest - bearing................................................................................................ 41,507,850 6636 RCON RCFN b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from Schedule RC - E, Part II) 0 2200 0 6631 RCFN (1) Noninterest - bearing......................................................................................... (2) Interest - bearing................................................................................................ 0 6636 RCFN 14. Federal funds purchased and securities sold under agreements to repurchase: 62,274 B993 RCON a. Federal funds purchased in domestic offices (8).............................................................................................. b. Securities sold under agreements to repurchase (9)....................................................................................... 15. Trading liabilities (from Schedule RC - D)............................................................................................................. 16. Other borrowed money (includes mortgage indebtedness) (from Schedule RC - M).......................................... 2,870,332 B995 RCFD 0 3548 RCFD 0 3190 RCFD Reporting Period: June 30, 2025 August 06, 2025 8:59 AM

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Umb Bank, National Association - FDIC Certificate Number: 8273 Schedule RC — Continued Submitted to CDR on 07/31/2025 at 03:57 PM FFIEC 031 Page 17 of 85 RC - 2 Amount RCFD Dollar Amounts in Thousands Liabilities - continued 17. and 18. Not applicable 19. Subordinated notes and debentures (1)...................................................................................................................... 20. Other liabilities (from Schedule RC - G)......................................................................................................................... 21. Total liabilities (sum of items 13 through 20).............................................................................................................. 22. Not applicable Equity Capital Bank Equity Capital 23. Perpetual preferred stock and related surplus............................................................................................................ 24. Common stock........................................................................................................................ ... .................................. 25. Surplus (excludes all surplus related to preferred stock)............................................................................................. 26. a. Retained earnings..................................................................................................................... ... ............................ b. Accumulated other comprehensive income (2)....................................................................................................... c. Other equity capital components (3)........................................................................................................................ 27. a. Total bank equity capital (sum of items 23 through 26.c)........................................................................................ b. Noncontrolling (minority) interests in consolidated subsidiaries............................................................................ 28. Total equity capital (sum of items 27.a and 27.b)........................................................................................................ 29. Total liabilities and equity capital (sum of items 21 and 28)........................................................................................ 0 3200 890,824 2930 64,422,676 2948 0 3838 21,250 3230 4,214,287 3839 3,227,271 3632 (446,493) B530 0 A130 7,016,315 3210 0 3000 7,016,315 G105 71,438,991 3300 19. 20. 21. 23. 24. 25. 26.a. 26.b. 26.c. 27.a. 27.b. 28. 29. Memoranda To be reported with the March Report of Condition. 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2024......................................................................................................................... ... ..... M.1. 1a = An integrated audit of the reporting institution's financial statements and its internal control over financial reporting conducted in accordance with the standards of the American Institute of Certified Public Accountants (AICPA) or the Public Company Accounting Oversight Board (PCAOB) by an indepen - dent publicaccountant that submits a report on the institution 1b = An audit of the reporting institution's financial statements only conducted in accordance with the auditing standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the institution 2a = An integrated audit of the reporting institution's parent holding company's consolidated financial statements and its internal control over financial reporting conducted in accordance with the standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the consolidated holding company (but not on the institution separately) 2b = An audit of the reporting institution's parent holding company's consolidated financial statements only conducted in accordance with the auditing standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the consolidated holding company (but not on the institution separately) 3 = This number is not to be used 4 = Directors' examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state - chartering authority) 5 = Directors' examination of the bank performed by other external auditors (may be required by state - chartering authority) 6 = Review of the bank's financial statements by external auditors 7 = Compilation of the bank's financial statements by external auditors 8 = Other audit procedures (excluding tax preparation work) 9 = No external audit work To be reported with the March Report of Condition. 2. Bank's fiscal year - end date (report the date in MMDD format)...................................................................................... M.2. 1 Includes limited - life preferred stock and related surplus. 2 Includes, but is not limited to, net unrealized holding gains (losses) on available - for - sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments. 3 Includes treasury stock and unearned Employee Stock Ownership Plan shares. Number RCFD NR 6724 Date RCON NR 8678 Reporting Period: June 30, 2025 August 06, 2025 8:59 AM

## Exhibit 25.2

**Exhibit 25.2** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM T-1**

**☐** Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

(Exact name of trustee as specified in its charter)

**16-1486454**

(I.R.S. Employer Identification Number)

---

| | |
|:---|:---|
| **1100 North Market Street**<br>**Wilmington, DE** | <br>**19890-0001** |
| (Address of principal executive offices) | (Zip Code) |

---

**Kyle Barry**

**Senior Vice President**

**Wilmington Trust Company**

**285 Delaware Ave.**

**Buffalo, NY 14202**

**(716) 839-6909**

(Name, address and telephone number of agent for service)

**BGC Group, Inc.**

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**86-3748217** |
| &nbsp;&nbsp;(State or other jurisdiction of incorporation or organization) | &nbsp;&nbsp;(I.R.S. Employer Identification Number) |

---

---

| | |
|:---|:---|
| **499 Park Avenue**<br>**New York, New York** | **10022** |
| (Address of principal executive offices) | (Zip Code) |

---

**Debt Securities**

(Title of the indenture securities)

**ITEM 1. GENERAL INFORMATION.**

Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority
to which it is subject.

Comptroller of Currency, Washington, D.C.

Federal Deposit Insurance Corporation, Washington, D.C.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

---

| | |
|:---|:---|
| **ITEM 2.** | **AFFILIATIONS WITH THE OBLIGOR.** |

---

If the obligor is an affiliate of the trustee, describe each affiliation:

Based upon an examination of the books and records of the trustee and information available to the trustee, the obligor is not an affiliate of the trustee.

**ITEM 3 – 15.** Not applicable.

---

| | |
|:---|:---|
| **ITEM 16.** | **LIST OF EXHIBITS.** |

---

Listed below are all exhibits filed as part of this Statement of Eligibility and Qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy
of the Charter for Wilmington Trust, National Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 authority of Wilmington Trust, National Association to commence business was granted under
 the Charter for Wilmington Trust, National Association, incorporated herein by reference
 to Exhibit 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 authorization to exercise corporate trust powers was granted under the Charter for Wilmington
 Trust, National Association, incorporated herein by reference to Exhibit 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 copy of the existing By-Laws of Trustee, as now in effect, attached hereto as Exhibit 4 of
 this Form T-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 consent of Wilmington Trust, National Association as required by Section 321(b) of the Trust
 Indenture Act of 1939, attached hereto as Exhibit 6 of this Form T-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Current
 Report of the Condition of Wilmington Trust, National Association, published pursuant to
 law or the requirements of its supervising or examining authority, attached hereto as Exhibit
 7 of this Form T-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Not
 applicable.

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Minneapolis, and State of Minnesota, on the 10th day of November, 2025.

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Karleen R. Bratland |
| Name: | Karleen R. Bratland |
| Title: | Assistant Vice President |

---

**EXHIBIT 1**

**CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION**

**ARTICLES OF ASSOCIATION**

**OF**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

For the purpose of organizing an association to perform any lawful activities of national banks, the undersigned do enter into the following articles of association:

FIRST. The title of this association shall be Wilmington Trust, National Association.

SECOND. The main office of the association shall be in the City of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office and its branches.

THIRD. The board of directors of this association shall consist of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value is greater. Any combination of common or preferred stock of the association or holding company may be used.

Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the number of directors between meetings of shareholders to a number which:

1) exceeds by more than two the number of directors last elected by shareholders where the number was 15 or less; or

2) exceeds by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.

Directors shall be elected for terms of one year and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualifies or until there is a decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.

FOURTH. There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls on a legal holiday in the state in which the association is located, on the next following banking day. If no election is held on the day fixed, or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders' meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The sole shareholder of the bank is permitted to waive notice of the shareholders' meeting.

In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.

Nominations for election to the board of directors may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:

1) The name and address of each proposed nominee.

2) The principal occupation of each proposed nominee.

3) The total number of shares of capital stock of the association that will be voted for each proposed nominee.

4) The name and residence address of the notifying shareholder.

5) The number of shares of capital stock of the association owned by the notifying shareholder.

Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.

A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.

A director may be removed by shareholders at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against the director's removal.

FIFTH. The authorized amount of capital stock of this association shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States.

No holder of shares of the capital stock of any class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association, whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of two-thirds of the bank's outstanding voting shares. Unless otherwise specified in these articles of association or required by law, (1) all matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.

Unless otherwise specified in these articles of association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval. If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series so affected must vote together as a single voting group on the proposed amendment.

Shares of one class or series may be issued as a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the board of directors for the share dividend.

Unless otherwise provided in the bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.

If a shareholder is entitled to fractional shares pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional shares; (b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering enough script or warrants to equal a full share; (c) if there is an established and active market in the association's stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional fraction required for a full share; (d) remit the cash equivalent of the fraction to the shareholder; or (e) sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such additional conditions as: (1) that the script or warrants will become void if not exchanged for full shares before a specified date; and (2) that the shares for which the script or warrants are exchangeable may be sold at the option of the association and the proceeds paid to scriptholders.

The association, at any time and from time to time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

SIXTH. The board of directors shall appoint one of its members president of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of the association, and such other officers and employees as may be required to transact the business of this association.

A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the bylaws.

The board of directors shall have the power to:

1) Define the duties of the officers, employees, and agents of the association.

2) Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees, and agents of the association.

3) Fix the compensation and enter into employment contracts with its officers and employees upon reasonable terms and conditions consistent with applicable law.

4) Dismiss officers and employees.

5) Require bonds from officers and employees and to fix the penalty thereof.

6) Ratify written policies authorized by the association's management or committees of the board.

7) Regulate the manner in which any increase or decrease of the capital of the association shall be made, provided that nothing herein shall restrict the power of shareholders to increase or decrease the capital of the association in accordance with law, and nothing shall raise or lower from two-thirds the percentage required for shareholder approval to increase or reduce the capital.

8) Manage and administer the business and affairs of the association.

9) Adopt initial bylaws, not inconsistent with law or the articles of association, for managing the business and regulating the affairs of the association.

10) Amend or repeal bylaws, except to the extent that the articles of association reserve this power in whole or in part to shareholders.

11) Make contracts.

12) Generally perform all acts that are legal for a board of directors to perform.

SEVENTH. The board of directors shall have the power to change the location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware, but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.

EIGHTH. The corporate existence of this association shall continue until termination according to the laws of the United States.

NINTH. The board of directors of this association, or any one or more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice of the shareholders' meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.

TENTH. For purposes of this Article Tenth, the term "institution-affiliated party" shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).

Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.

Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these articles of association and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors may rely on such opinion in authorizing the requested indemnification.

In the event that all of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.

To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any restrictive amendment of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.

The rights of indemnification and to the advancement of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.

If this Article Tenth or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.

The association may, upon affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated parties.

ELEVENTH. These articles of association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount. The association's board of directors may propose one or more amendments to the articles of association for submission to the shareholders.

**EXHIBIT 4**

 **BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

**AMENDED AND RESTATED BYLAWS**

**(Effective as of March 7, 2024)**

**AMENDED AND RESTATED BYLAWS OF**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

**ARTICLE I**

**<u>Meetings of Shareholders</u>**

**Section 1. Annual Meeting**. The annual meeting of shareholders shall be held on such date and at such time as may be designated by the chair of the Board of Directors, the chief executive officer, the president, the chief operating officer, the secretary, or the Board of Directors for the purpose of the election of directors and for the transaction of such other business as may properly come before the meeting, except such date shall not be a legal holiday in Delaware. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior to the date thereof, addressed to each shareholder at his or her address appearing on the books of the association. If, for any cause, an election of directors is not made on that date, an election may be held on any subsequent day within 60 days of the date fixed, to be designated by the Board of Directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares. In these circumstances, at least 10 days' notice must be given by first class mail to shareholders.

**Section 2. Special Meetings**. The chair of the Board of Directors, the president, the chief executive officer, the secretary, or the Board of Directors may call a special meeting of the shareholders. A special meeting shall be called to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting. Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association a notice stating the purpose of the meeting.

The Board of Directors may fix a record date for determining shareholders entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting. The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for the meeting describing the purpose or purposes for which it is to be held.

**Section 3. Adjournment**. If an annual or special shareholders' meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election takes place, at least ten days' notice of the new election must be given to the shareholders by first-class mail.

**Section 4. Nominations of Directors**. Nominations for election to the Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital stock of the association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management of the association, shall be made in writing and shall be delivered or mailed to the president of the association, not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; *provided, however,* that if less than 21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The name and address of each proposed nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The principal occupation of each proposed nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The total number of shares of capital stock of the association that will be voted for each proposed nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name and residence of the notifying shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The number of shares of capital stock of the association owned by the notifying shareholder

Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chair of the meeting, and upon his/her instructions, all votes cast for each such nominee may be disregarded.

**Section 5. Proxies**. Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. A director or an attorney of the association may act as proxy for shareholders voting if they are not also employed as an officer of the association. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be accepted.

**Section 6. Quorum**. A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the articles of association. If a meeting for the election of directors is not held on the fixed date, at least 10 days' notice must be given by first-class mail to the shareholders.

**ARTICLE II**

**<u>Directors</u>**

**Section 1. Board of Directors**. The Board of Directors shall have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate powers of the association shall be vested in and may be exercised by the Board of Directors.

**Section 2. Number**. The Board of Directors shall consist of not less than five nor more than twenty-five members, unless the OCC has exempted the association from the 25-member limit. The exact number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full Board of Directors or by resolution of a majority of the shareholders at any meeting thereof. The Board of Directors may not increase the number of directors between meetings of shareholders to a number which: (a) exceeds by more than 2 the number of directors last elected by shareholders where the number was 15 or less; or (b) exceeds by more than 4 the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the association from the 25-member limit.

**Section 3. Qualifications.** Each director must be a citizen of the United States and must own in his or her own right either shares of the capital stock of the association or a company that controls the association that has not less than an aggregate par value of $1,000, an aggregate shareholders' equity of $1,000, or an aggregate fair market value of $1,000. The value of the common or preferred stock held by a director is valued as of the date purchased or the date on which the individual became a director, whichever is greater.

**Section 4. Organization Meeting**. After each annual meeting of shareholders at which directors shall have been elected, the Board of Directors shall meet as soon as practicable for the purpose of organization and the transaction of other business. Such first regular meeting shall be held at any place as may be designated by the chair, the president or the Board of Directors for such first regular meeting or, in default of such designation, where the immediately preceding meeting of shareholders was held.

**Section 5. Regular Meetings**. Regular meetings of the Board of Directors shall be held on such dates and at such places as may be designated from time to time by the chair. No notice of regular meetings shall be necessary.

**Section 6. Special Meetings**. Special meetings of the Board of Directors may be called at any time by the chair, the chief executive officer, the president or by a majority of the then- acting directors by vote at a meeting or in writing, or by a majority of the members of the executive committee, if one is constituted, by vote at a meeting or in writing. A special meeting of the Board of Directors shall be held on such date and at any place as may be designated from time to time by the Board of Directors. In the absence of such designation, such meeting shall be held at such place as may be designated in the call. Each member of the Board of Directors shall be given notice stating the date, time and place, by letter, electronic delivery or in person, of each special meeting not less than one day before the meeting. Such notice need not specify the purpose for which the meeting is called, unless required by the Articles of Association or the bylaws.

**Section 7. Quorum**. A majority of the entire Board then in office shall constitute a quorum at any meeting, except when otherwise provided by law or these Bylaws, but a lesser number may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors to fill vacancies in conformance with Article II, Section 11. If a quorum is present, the board of directors may take action through the vote of a majority of the directors who are in attendance. No director may vote by proxy.

**Section 8. Attendance by Electronic, Telephonic or Similar Means.** Any one or more members of the Board of Directors or any committee thereof may participate in a regular or special meeting of such board or committee by, or conduct the meeting through the use of, conference telephone or other communications equipment by which all directors or committee members participating may simultaneously hear each other during the meeting. Participation in a meeting by these means constitutes presence in person at a meeting.

**Section 9. Procedures**. The order of business and all other matters of procedure at every meeting of the Board of Directors may be determined by the person presiding at the meeting.

**Section 10. Removal of Directors**. Any director may be removed for cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by vote of the shareholders. Any director may be removed without cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by the vote of the holders of a majority of the shares of the association entitled to vote. Any director may be removed for cause at any meeting of the directors, notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of Directors.

**Section 11. Vacancies**. When any vacancy occurs among the directors, a majority of the remaining members of the Board of Directors may appoint a director to fill such vacancy until the next election at any regular meeting of the Board of Directors, or at a special meeting called for that purpose at which a quorum is present, or if the directors remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority of all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section 2 of Article I. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled before the vacancy occurs but the new director may not take office until the vacancy occurs.

**Section 12. Consent of Directors without a Meeting**. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is taken by all members of the Board. The action may be evidenced by one or more written consents signed by each director before or after such action, describing the action taken, and included in the minutes or filed with the corporate records. A director's consent to action taken without a meeting may be in electronic form and delivered by electronic means.

**Section 13. Ratification**. The board of directors may ratify and make binding on the association any action or inaction by the association or its officers to the extent that the Board of Directors or the shareholders could have originally authorized the matter and as permitted by law. Moreover, any action or inaction questioned in any shareholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the shareholders, and if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

**ARTICLE III**

**<u>Committees</u>**

**Section 1. Executive Committee**. The Board of Directors may appoint an Executive Committee, which shall have and may exercise, during the intervals between meetings of the Board of Directors, all the powers of the Board of Directors in the management of the business, properties and affairs of the association except as prohibited by law, the Articles of Association or these Bylaws. All acts done and powers conferred by the Executive Committee shall be deemed to be and may be certified as being, done or conferred under authority of the Board of Directors.

**Section 2. Trust Audit Committee.** Unless delegated pursuant to Section 5 of this Article III, there shall be a Trust Audit Committee composed of not less than 2 directors, appointed by the Board of Directors, which shall, at least once during each calendar year make suitable audits of the association's fiduciary activities or cause suitable audits to be made by auditors responsible only to the Board, and at such time shall ascertain whether fiduciary powers have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles. Such committee: (1) must not include any officers of the association or an affiliate who participate significantly in the administration of the association's fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee to which the Board of Directors has delegated power to manage and control the fiduciary activities of the bank.

**Section 3. Examining Committee**. Unless delegated pursuant to Section 5 of this Article III, there shall be an examining committee composed of not less than 2 directors, exclusive of any active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations to be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board of directors at the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner of conducting the affairs of the association as shall be deemed advisable.

**Section 4. Other Committees**. The Board of Directors may from time to time by resolution adopted by affirmative vote of a majority of the Board of Directors, appoint other committees of the Board of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee of the Board of Directors shall be composed of fewer than three (3) directors. The Board of Directors may also appoint one or more directors as alternative members of a committee. All acts done and powers conferred by the Board of Directors on committees of the Board of Directors shall be deemed to be and may be certified as being, done or conferred under that authority of the Board of Directors.

**Section 5. Delegation of Responsibility and Authority**. The responsibility, authority and constitution of any committee under this Article III may, if authorized by law, be given over to a duly constituted committee of the association's parent corporation by resolution adopted by the Board of Directors.

**ARTICLE IV**

**<u>Officers and Employees</u>**

**Section 1 Officers.** The Board of Directors shall annually, at the Annual Reorganization Meeting of the Board of Directors following the annual meeting of shareholders, appoint or elect a chair of the Board, a chief executive officer, a president, one (1) or more senior executive vice presidents, a corporate secretary, a treasurer, a chief auditor, and such other officers as it may determine, each to hold office until the next Annual Reorganization meeting.

The officers below the level of senior executive vice president may be elected as follows: the head of the Human Resources Department of M&T Bank, or his or her designee, may appoint officers up to and including (without limitation as to title or number) one (1) or more executive vice presidents, senior vice presidents, vice presidents, assistant vice presidents, assistant secretaries, assistant treasurers, and assistant auditors, and any other officer positions as they deem necessary and appropriate, except the chair of the board, chief executive officer, president, any "Executive Officer" of the association for the purposes of Regulation O (codified at 12 C.F.R. §215.2(e)(1)), and any "Senior Executive Officer" within the meaning of 12 C.F.R. §5.51(c)(4) may only be appointed by the Board of Directors.

**Section 2. Chair of the Board**. The Board of Directors shall appoint one of its members to be the chair of the Board to serve at its pleasure. Such person shall preside at all meetings of the Board of Directors. The chair of the Board shall supervise the carrying out of the policies adopted or approved by the Board of Directors; shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such further powers and duties as from time to time may be conferred upon or assigned by the Board of Directors.

**Section 3. President**. The Board of Directors shall appoint one of its members to be the president of the association. The president shall be a member of the Board of Directors. In the absence of the chair, the president shall preside at any meeting of the Board of Directors. The president shall have general executive powers and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president, or imposed by these Bylaws. The president shall also have and may exercise such further powers and duties as from time to time may be conferred or assigned by the Board of Directors.

**Section 4. Vice President**. The Board of Directors may appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the Board of Directors. One vice president shall be designated by the Board of Directors, in the absence of the president, to perform all the duties of the president.

**Section 5. Secretary**. The Board of Directors shall appoint a secretary or other designated officer who shall be secretary of the Board of Directors and of the association and who shall keep accurate minutes of all meetings. The secretary shall attend to the giving of all notices required by these Bylaws; shall be custodian of the corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, or imposed by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the Board of Directors.

**Section 6. Other Officers**. The Board of Directors may appoint one or more assistant vice presidents, one or more trust officers, one or more officers, one or more assistant secretaries, one or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as from time to time may appear to the Board of Directors to be required or desirable to transact the business of the association. Such officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by the Board of Directors, the chair of the Board, or the president. The Board of Directors may authorize an officer to appoint one or more officers or assistant officers.

**Section 7. Resignation**. An officer may resign at any time by delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective date.

**ARTICLE V**

**<u>Stock and Stock Certificates</u>**

**Section 1. Transfers**. Shares of stock shall be transferable on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall in proportion to such shareholder's shares, succeed to all rights of the prior holder of such shares. The Board of Directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.

**Section 2. Stock Certificates**. Certificates of stock shall bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually, by facsimile process, or electronic means by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the Board of Directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly endorsed and otherwise comply with the requirements of 12

U.S.C. 52 and 12 C.F.R. §7.2016(b).

**Section 3. Lost, Stolen or Destroyed Certificates**. In case any certificate representing shares shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer or officers thereunder duly authorized by the Board of Directors, may authorize the issue of a substitute certificate or substitute shares in uncertificated form in the place of the certificate so lost, stolen or destroyed.

**Section 4. Fixing of Record Date**. The Board of Directors may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall be the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 10 days before the meeting.

**ARTICLE VII**

**<u>Corporate Seal</u>**

**Section 1. Seal**. The seal of the association shall be in such form as may be determined from time to time by the Board of Directors. The president, the treasurer, the secretary or any assistant treasurer or assistant secretary, or other officer thereunto designated by the Board of Directors shall have authority to affix the corporate seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be facsimile.

**ARTICLE VIII**

**<u>Miscellaneous Provisions</u>**

**Section 1. Fiscal Year**. The fiscal year of the association shall be the calendar year.

**Section 2. Execution of Instruments**. All agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged, verified, delivered or accepted on behalf of the association by any officer elected or appointed pursuant to Article IV of these Bylaws. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such other manner and by such other officers as the Board of Directors may from time to time direct. The provisions of this Section 2 are supplementary to any other provision of these Bylaws.

**Section 3. Records**. The Articles of Association, the Bylaws and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board of Directors shall be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer or other officer appointed to act as secretary of the meeting.

**Section 4. Corporate Governance Procedures.** To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect to matters of corporate governance procedures.

**Section 5. Indemnification.** For purposes of this Section 5 of Article VIII, the term "institution-affiliated party" shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).

Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the Board of Directors.

Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the Board of Directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the association in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under the Articles of Association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution- affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these Bylaws and (b) approval by the Board of Directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by shareholders. To the extent permitted by law, the Board of Directors or, if applicable, the shareholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the Board of Directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the Board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the Board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the Board of Directors may rely on such opinion in authorizing the requested indemnification.

In the event that all of the members of the Board of Directors are named as respondents in an administrative proceeding or civil action and request indemnification, the Board shall authorize independent legal counsel to review the indemnification request and provide the Board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If legal counsel opines that said conditions have been met, the Board of Directors may rely on such opinion in authorizing the requested indemnification.

To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in the Articles of Association (a) shall be available with respect to events occurring prior to the adoption of these Bylaws, (b) shall continue to exist after any restrictive amendment of these Bylaws with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.

The rights of indemnification and to the advancement of expenses provided in these Bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association's Articles of Association, these Bylaws, a resolution of shareholders, a resolution of the Board of Directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these Bylaws shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.

If this Section 5 of Article VIII or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully enforceable.

The association may, upon affirmative vote of a majority of its Board of Directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these Bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution- affiliated parties.

**ARTICLE IX**

**<u>Inspection and Amendments</u>**

**Section 1. Inspection**. A copy of the bylaws of the association, with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection to all shareholders during banking hours.

**Section 2. Amendments**. The Board of Directors shall have the power, at any regular or special meeting thereof, to amend, alter or repeal the bylaws of the association, or to make and adopt new bylaws. These Bylaws may be amended, altered or repealed and new bylaws may be adopted by the shareholders of the association to the extent and as permitted in the Articles of Association or applicable law.

**EXHIBIT 6**

 **Section 321(b) Consent**

Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

---

| | | |
|:---|:---|:---|
| Dated: November 10, 2025 | By: | /s/ Karleen R. Bratland |
|  | Name: | Karleen R. Bratland |
|  | Title: | Assistant Vice President |

---

**EXHIBIT 7**

**R E P O R T O F C O N D I T I O N**

**WILMINGTON TRUST, NATIONAL ASSOCIATION**

As of the close of business on June 30, 2025

---

| | |
|:---|:---|
| **ASSETS** | **Thousands of Dollars** |
| Cash and balances due from depository institutions: | 612124 |
| Securities: | 1105 |
| Federal funds sold and securities purchased under agreement to resell: | 0 |
| Loans and leases held for sale: | 0 |
| Loans and leases net of unearned income, allowance: | 29511 |
| Premises and fixed asset | 27384 |
| Other real estate owned: | 0 |
| Investments in unconsolidated subsidiaries and associated companies: | 0 |
| Direct and indirect investments in real estate ventures: | 0 |
| Intangible assets: | 0 |
| Other assets: | 64391 |
| **Total Assets:** | 734515 |

---

---

| | |
|:---|:---|
| **LIABILITIES** | **Thousands of Dollars** |
| Deposits | 5377 |
| Federal funds purchased and securities sold under agreements to repurchase | 0 |
| Other borrowed money: | 0 |
| Other Liabilities: | 95434 |
| **Total Liabilities** | 100811 |

---

---

| | |
|:---|:---|
| **EQUITY CAPITAL** | **Thousands of Dollars** |
| Common Stock | 1000 |
| Surplus | 356855 |
| Retained Earnings | 275845 |
| Accumulated other comprehensive income | 4 |
| **Total Equity Capital** | 633704 |
| **Total Liabilities and Equity Capital** | 734515 |

---

## Exhibit 25.3

**Exhibit 25.3**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM T-1**

**STATEMENT OF ELIGIBILITY** 

**UNDER THE TRUST INDENTURE ACT OF 1939 OF A**

**CORPORATION DESIGNATED TO ACT AS TRUSTEE**

□ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A

TRUSTEE PURSUANT TO SECTION 305(b)(2)

**ARGENT INSTITUTIONAL TRUST COMPANY**

(Exact name of trustee as specified in its charter)

---

| | |
|:---|:---|
| **Corporation duly organized and existing<br> under the laws of the State of Florida** | **56-2075834** |
| (Jurisdiction of incorporation of organization<br> if not a U.S. national bank) | (I.R.S. Employer<br> Identification Number) |
| **1715 North Westshore Blvd., Suite 750, Tampa, FL** | **<br> 33607** |
| (Address of principal executive offices) | (Zip Code) |

---

Dennis Gillespie

Argent Institutional Trust Company

1715 North Westshore Blvd, Suite 750

Tampa, FL

800-580-2933

(Name, address and telephone number of agent for service)

**BGC Group, Inc.**

*(Exact name of obligor as specified in its charter)*

---

| | |
|:---|:---|
| <br> **Delaware** | <br> **86-3748217** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

---

| | |
|:---|:---|
| <br> **499 Park Avenue**<br> **New York, New York**<br>| **10022** |
| (Address of principal executive offices) | (Zip Code) |

---

**DEBT SECURITIES**

(Title of the indenture securities)

**Item 1.** **General Information.** Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority to which it is subject.

Florida Office of Financial Regulation<br> 200 E. Gaines Street

Tallahassee, FL 32399

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

**Item 2.** **Affiliations with the obligor.** If the obligor is an affiliate of the trustee, describe such affiliation.

None.

---

| | |
|:---|:---|
| **Items 3-15.** | Items 3-15 are not applicable because, to the best of the trustee's knowledge, the obligor is not in default under any Indenture for which the trustee acts as trustee. |

---

**Item 16.** **List of exhibits.** List below all exhibits filed as a part of this statement of eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the articles of association of the trustee as now in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate of authority of the trustee to commence business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the authorization of the trustee to exercise corporate trust powers. (See also exhibits 1 and 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing bylaws of the trustee, as now in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Not Applicable.

[*Signature Pages and Exhibits Follow*]

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, ARGENT INSTITUTIONAL TRUST COMPANY, a corporation duly organized and existing under the laws of the State of Florida, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Grand Rapids, and State of Michigan, on the 3rd day of November, 2025.

---

| | | |
|:---|:---|:---|
| **ARGENT INSTITUTIONAL TRUST COMPANY** | **ARGENT INSTITUTIONAL TRUST COMPANY** | **ARGENT INSTITUTIONAL TRUST COMPANY** |
| By: | /s/ Patrick O'Donnell | /s/ Patrick O'Donnell |
|  | Name: | Patrick O'Donnell |
|  | Title: | Director |

---

![](ex25-3_001.jpg)

![](ex25-3_002.jpg)

![](ex25-3_003.jpg)

![](ex25-3_004.jpg)

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![](ex25-3_017.jpg)

![](ex25-3_018.jpg)

![](ex25-3_019.jpg)

**EXHIBIT 2**

**CERTIFICATE OF AUTHORITY**![](ex25-3_021.jpg)

**EXHIBIT 3**

**CERTIFICATE OF CORPORATE TRUST POWERS**

![](ex25-3_023.jpg)

**EXHIBIT 4**

**BYLAWS OF THE TRUSTEE**

![](ex25-3_025.jpg)

![](ex25-3_026.jpg)

![](ex25-3_027.jpg)

![](ex25-3_028.jpg)

![](ex25-3_029.jpg)

![](ex25-3_030.jpg)

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![](ex25-3_037.jpg)

![](ex25-3_038.jpg)

![](ex25-3_039.jpg)

**EXHIBIT 6**

**CONSENT OF THE TRUSTEE**

Pursuant to the requirements of Section 321(b) of the Trust Indenture Act of 1939, and in connection with the proposed issue of debt securities, Argent Institutional Trust Company hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefore.

---

| | |
|:---|:---|
| **ARGENT INSTITUTIONAL TRUST COMPANY** | **ARGENT INSTITUTIONAL TRUST COMPANY** |
| By: | /s/ Patrick O'Donnell |
|  | Name: Patrick O'Donnell<br> Title: Director |
| <br> Grand Rapids, Michigan<br> November 3, 2025 | <br> Grand Rapids, Michigan<br> November 3, 2025 |

---

**EXHIBIT 7**

**CONSOLIDATED REPORT OF CONDITION OF<br> ARGENT FINANCIAL GROUP AND ITS SUBSIDIARIES<br> (INCLUDING ARGENT INSTITUTIONAL TRUST COMPANY)**

**As of December 31, 2024**

![](ex25-3_042.jpg)

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-3**

**BGC GROUP, INC.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Debt | 4.375% Senior Notes due 2025 | (1) | Other |  | $| $— | 0.0001381 | $0.00 |
| Fees to be Paid | Debt | 8.000% Senior Notes due 2028 | (2) | Other |  |  |  | 0.0001381 | 0.00 |
| Fees to be Paid | Debt | 6.600% Senior Notes due 2029 | (3) | Other |  |  |  | 0.0001381 | 0.00 |
| Fees to be Paid | Debt | 6.150% Senior Notes due 2030 | (4) | Other |  | $| $— | 0.0001381 | $0.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $0.00 |  | 0.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) This registration statement relates to offers and sales of an indeterminate amount of the 4.375% Senior Notes due 2025, the 8.000% Senior Notes due 2028, the 6.600% Senior Notes due 2029 and the 6.150% Senior Notes due 2030 (collectively, the "Notes") of BGC Group, Inc. (the "Registrant") in connection with market-making transactions in the Notes by affiliates of the Registrant. Pursuant to Rule 457(q) under the Securities Act of 1933, as amended, no filing fee is required for the registration of an indeterminate amount of the Notes to be offered and sold in market-making transactions by affiliates of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;(4) See Note 1.