Lutnick Discloses $250M 2025 Income, $192M Cantor Fitzgerald Payout

Commerce Secretary Howard Lutnick reported at least $250 million in 2025 income and proceeds, largely from financial firms he exited before joining the Trump administration, per CNBC's analysis of his annual financial disclosure. The largest payment was a $192 million tax distribution from Cantor Fitzgerald, the firm Lutnick led for decades, made under an ethics agreement signed before taking office, the filing states. Lutnick also reported $14.1 million in combined salary and bonus from BGC Group tied to his former chairmanship, plus over $5 million in BGC restricted stock unit proceeds. Newmark contributed $4.2 million in salary and bonus, and conversion of Newmark partnership units generated $19.6 million. The 74-page Office of Government Ethics filing does not pinpoint his net worth, as federal disclosures bucket holdings into wide ranges. CNBC calculated Lutnick divested at least $259 million in assets, including stakes in Newmark, BGC, Cantor Fitzgerald and CF Group Management each valued above $50 million, and acquired at least $166 million in new positions, mostly Treasurys and broad-market funds. He retains roughly 40 active outside positions.