v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
From time to time, the Company enters into transactions with its related parties which are considered to be related party transactions. As of March 31, 2026 and December 31, 2025, the following balances relating to transactions with such related parties were included in the condensed consolidated statements of financial condition in the following line items:
March 31,December 31,
20262025
(dollars in thousands)
Accounts receivable$29 $56 
Receivable and due from related parties3,228 8,303 
Other assets (1)
44,240 4,472 
Deferred revenue7,950 — 
Payable and due to related parties9,106 7,090 
(1)As of March 31, 2026 and December 31, 2025, other assets included an equity method investment of $4.0 million and $4.5 million, respectively, representing a 50% equity interest in iAltA Capital Markets, LLC (“iAltA Capital”), in which an entity affiliated with a member of the Company’s board of directors is the other 50% investor (“iAltA Holdings”) and the Company’s director is also the Chief Executive Officer of both iAltA Capital and iAltA Holdings. As of March 31, 2026, other assets also included other equity investments totaling $40.2 million, through which the Company is able to exert significant influence over the investee’s operating and financial policies and are therefore also considered related parties.
The following amounts relating to transactions with such related parties were included in the condensed consolidated statements of income in the following line items:
Three Months Ended
March 31,
20262025
(dollars in thousands)
Revenue:
Subscription fees$292 $326 
LSEG market data fees (1)
26,742 28,925 
Other fees126 147 
Expenses: (2)
Employee compensation and benefits (3)
(47)— 
Technology and communications7,007 2,140 
General and administrative— 2 
Professional fees— 76 
Occupancy20 23 
Non-operating income:
Other income (loss), net (4)
(429)— 
(1)The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.
(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.
(3)The Company maintains a shared services agreement with iAltA Capital, through which the Company receives a reimbursement for employee compensation and benefits costs incurred related to work performed by the Company’s employees on behalf of iAltA Capital.
(4)Represents the Company’s estimated pro rata share of losses from its equity method investments in iAltA Capital (50% equity ownership) and MAXEX, LLC (“MAXEX”) (9% equity ownership).
In addition to the above, the Company also periodically does business with certain entities with which its directors are affiliated. During the three months ended March 31, 2026 and 2025, such transactions have not had, and are not currently expected to have, a material impact on the Company’s condensed consolidated financial statements.