SCHEDULE: Cantor Equity Partners I: Lutnick Family Control Shifts

Brandon G. Lutnick's trusts acquire control of CF Group Management, Inc., consolidating beneficial ownership of Cantor Equity Partners I, Inc. shares following Howard W. Lutnick's divestiture.

Summary

• Howard W. Lutnick completed the previously announced divestiture of his holdings in Cantor Fitzgerald, L.P. and CF Group Management, Inc. due to his appointment as the U.S. Secretary of Commerce.
• Trusts controlled by Brandon G. Lutnick (the Purchaser Trusts) acquired all voting shares of CF Group Management, Inc. from Howard W. Lutnick's trust for an aggregate purchase price of $200,000.
• The transaction closed on October 6, 2025.
• Brandon G. Lutnick is now deemed to have beneficial ownership of 5,500,000 Ordinary Shares of Cantor Equity Partners I, Inc., representing 21.6% of the issued and outstanding Ordinary Shares.
• Howard W. Lutnick no longer has beneficial ownership, voting, or dispositive power over the Issuer's securities.
• The beneficial ownership is calculated based on 25,500,000 total Ordinary Shares outstanding as of August 14, 2025.

Sentiment

Score: 6

Explanation: The filing reflects a planned and executed internal ownership transfer, resolving potential conflicts of interest for a key individual and establishing clear succession. This is a neutral to slightly positive event for corporate governance and stability, with no immediate negative financial implications for the issuer.

Positives

• Resolution of potential conflicts of interest for Howard W. Lutnick due to his role as U.S. Secretary of Commerce.
• Clear succession of control within the Lutnick family, ensuring continuity in the management of key entities.
• Consolidation of control under Brandon G. Lutnick, who is also Chairman and Chief Executive Officer of CFGM, potentially streamlining decision-making.

Risks

• Transfer restrictions arising under applicable securities laws are noted as Permitted Liens in the purchase agreements.
• Liens arising under the organizational documents of CF Group Management, Inc. are noted as Permitted Liens in the purchase agreements.

Future Outlook

The filing mentions the Issuer's proposed business combination with BSTR Holdings, Inc. as a separate ongoing matter. The Reporting Persons reserve the right to review or reconsider their positions with respect to the Issuer at any time.

Management Comments

• Howard W. Lutnick no longer has any voting or dispositive power over any of the securities of the Issuer.
• Brandon G. Lutnick may be deemed to have beneficial ownership of the Ordinary Shares owned by the Sponsor.
• Cantor Fitzgerald, L.P. disclaims any ownership of such Ordinary Shares other than to the extent of any pecuniary interest it may have therein, directly or indirectly.
• CF Group Management, Inc. disclaims any ownership of such Ordinary Shares other than to the extent of any pecuniary interest it may have therein, directly or indirectly.
• Brandon G. Lutnick disclaims any ownership of such Ordinary Shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

Industry Context

This filing primarily concerns internal corporate governance and ownership succession within the Lutnick family and their associated entities (Cantor Fitzgerald, CFGM, Cantor Equity Partners I). It does not provide information directly related to broader industry trends or competitive landscape, other than the general context of financial services firms and their ownership structures.

Management Changes

Corporate Governance

Related Party Transactions

• The sale of voting shares of CF Group Management, Inc. from Howard W. Lutnick's trust to trusts controlled by Brandon G. Lutnick for $200,000. This is a transaction between related parties (members of the Lutnick family and their associated trusts).

Stakeholder Impact

• Shareholders: The change in beneficial ownership and control structure may provide clarity on long-term leadership and strategic direction.
• Management/Employees: The transition of control to Brandon G. Lutnick, who is already Chairman and CEO of CFGM, suggests continuity in leadership.
• Regulatory Authorities: The divestiture by Howard W. Lutnick addresses potential conflicts of interest related to his government appointment.

Next Steps

• Howard W. Lutnick will file Amendment No. 2B as his final amendment to the Original Schedule 13D to reflect his zero ownership.
• The Issuer has a proposed business combination with BSTR Holdings, Inc.

Key Dates

Recommendation

This filing primarily details an internal ownership transfer and succession plan, rather than operational or financial performance. While it clarifies the control structure and resolves potential conflicts of interest, it does not present new information that would fundamentally alter the investment thesis for Cantor Equity Partners I, Inc. The ongoing proposed business combination with BSTR Holdings, Inc. remains a more significant factor for future valuation. Therefore, a "hold" recommendation is appropriate as investors should await further developments regarding the business combination.

Keywords

Cantor Equity Partners I, CF Group Management, Brandon G. Lutnick, Howard W. Lutnick, Beneficial Ownership, SEC Filing, Schedule 13D, Corporate Governance, Ownership Change, Investment, Financial Services