v3.25.2
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of June 30, 2025 and December 31, 2024, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three and six months ended June 30, 2025 and 2024.

The following table presents the details of goodwill by segment as of June 30, 2025 and December 31, 2024:
(in thousands)Market MakingExecution ServicesCorporateTotal
Balance as of period-end$755,292 $393,634 $— $1,148,926 

As of June 30, 2025 and December 31, 2024, the Company’s total amount of intangible assets recorded was $178.5 million and $203.2 million, respectively. Acquired intangible assets consisted of the following as of June 30, 2025 and December 31, 2024:
 As of June 30, 2025
(in thousands)Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives
(Years) 
Customer relationships$479,130 $(304,863)$174,267 10to12
Technology136,000 (136,000)— 1to6
Favorable occupancy leases5,895 (5,663)232 3to15
Exchange memberships3,998 — 3,998 Indefinite
Trade name3,600 (3,600)— 3
ETF issuer relationships950 (950)— 9
ETF buyer relationships950 (950)— 9
 $630,523 $(452,026)$178,497 
As of December 31, 2024
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountUseful Lives
(Years)
Customer relationships$479,130 $(281,315)$197,815 10to12
Technology136,000 (136,000)— 1to6
Favorable occupancy leases5,895 (5,645)250 3to15
Exchange memberships3,998 — 3,998 Indefinite
Trade name3,600 (3,600)— 3
ETF issuer relationships950 (950)— 9
ETF buyer relationships950 (950)— 9
Other1,125 — 1,125 Indefinite
$631,648 $(428,460)$203,188 
 
At December 31, 2024, as described in Note 3 “Sale of RFQ-hub”, the Company reclassified an aggregated net carrying amount of $3.5 million ($7.5 million of gross carrying amount net of $4.0 million accumulated amortization) from Intangible assets to Assets of business held for sale. The sale of RFQ-hub was completed on May 9, 2025, and the Company disposed of these Assets of business held for sale at such time.

Amortization expense relating to finite-lived intangible assets was approximately $11.8 million and $12.2 million for the three months ended June 30, 2025 and 2024, respectively, and $23.6 million and $26.8 million for the six months ended June 30, 2025 and 2024, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Condensed Consolidated Statements of Comprehensive Income.

The Company expects to record amortization expense as follows over the next five subsequent years:
(in thousands)
Remainder of 2025$23,566 
202647,132 
202747,132 
202847,132 
20299,466 
203036