TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act and certain of the Company's foreign subsidiaries are subject to financial resource requirements from their local regulators. At March 31, 2026 and December 31, 2025, the regulatory capital requirements and regulatory capital for these entities are as follows:


	March 31, 2026						December 31, 2025
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(dollars in thousands)
TWL	$	66,250	$	4,523	$	61,727	$	65,479	$	5,296	$	60,183
DW	260,152		1,718		258,434		260,326		3,131		257,195
TWD	53,481		1,022		52,459		54,479		1,458		53,021
TEL	133,039		32,519		100,520		94,572		33,184		61,388
TWJ	11,310		2,983		8,327		10,619		2,705		7,914
TWEU	8,057		7,305		752		8,253		7,483		770
TESL	6,751		992		5,759		6,889		1,177		5,712
TESBV	8,323		3,996		4,327		8,527		4,028		4,499
YB	7,472		—		7,472		9,932		—		9,932
TDIFC	283		30		253		283		30		253
ICDLC	11,564		748		10,816		10,349		766		9,583
ICDLT	7,832		3,930		3,902		7,992		4,126		3,866
TWSA	538		63		475		735		63		672
TAPL	127		39		88		148		39		109

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026						December 31, 2025
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(dollars in thousands)
TW SEF	$	110,121	$	18,500	$	91,621	$	68,063	$	18,000	$	50,063
DW SEF	15,216		8,551		6,665		15,027		8,511		6,516


	March 31, 2026						December 31, 2025
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(dollars in thousands)
TW SEF	$	37,082	$	4,625	$	32,457	$	34,190	$	4,500	$	29,690
DW SEF	9,949		2,138		7,811		10,664		2,128		8,536