**Operator:**
Ladies and gentlemen, thank you for standing by. The conference will begin in a couple of moments. One moment, please.

Greetings, and welcome to the BGC Group, Inc. Third Quarter 2025 Earnings Conference Call.

*[Operator Instructions]*

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Chryssicas, Head of Investor Relations. Thank you, sir. You may begin.

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**Jason Chryssicas, Head of Investor Relations:**
Thank you, and hello, everyone.

This morning, we issued BGC’s third quarter 2025 financial results, which can be found at [ir.bgcg.com](http://ir.bgcg.com). Any historical results provided on today’s call compare only the third quarter of 2025 with the prior year periods, unless otherwise specified.

All references on today’s call to historic and record results are to BGC’s stand-alone financial results, excluding Newmark prior to the spin-off in November 2018. We will be referring to our results on a non-GAAP basis, which include the terms “adjusted earnings” and “adjusted EBITDA.”

Please refer to today’s investor materials on our website for additional details on our financial results, complete and updated definitions of any non-GAAP terms, reconciliations of these items to GAAP results, and information on how, when, and why management uses them, as well as relevant industry and economic statistics.

The outlook discussed today assumes no material acquisitions or dispositions. Our expectations are subject to change based on various macroeconomic, social, political, and other factors.

Information on this call contains forward-looking statements, including, without limitation, such statements about our future performance and outlook.
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