v3.25.1
Non-Controlling Interests
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Non-Controlling Interests Non-Controlling Interests
In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by Continuing LLC Owners. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the Continuing LLC Owners.
The following table summarizes the ownership interest in Tradeweb Markets LLC:
March 31, 2025March 31, 2024
LLC
Interests		Ownership
%		LLC
Interests		Ownership
%
Number of LLC Interests held by Tradeweb Markets Inc.213,330,868 90.2 %213,098,420 90.2 %
Number of LLC Interests held by non-controlling interests23,066,538 9.8 %23,077,973 9.8 %
Total LLC Interests outstanding236,397,406 100.0 %236,176,393 100.0 %
LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement.
The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:
Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling InterestsThree Months Ended
March 31,
20252024
(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.$148,382 $126,142 
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC3,795 1,333 
Net transfers (to) from non-controlling interests3,795 1,333 
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests$152,177 $127,475