
(dollar amounts in thousands)	Percent Ownership1	March 31, 2026		December 31, 2025
Advanced Markets Holdings	25%	$	5,917	$	2,978
China Credit BGC Money Broking Company Limited	33%	24,318		23,031
Freedom International Brokerage	45%	9,858		9,683
Other		1,128		1,042
Equity method investments		$	41,221	$	36,734
Investments carried under measurement alternative		7,155		1,031
Total equity method and investments carried under measurement alternative		$	48,376	$	37,765

The carrying value of the Company’s equity method investments was $41.2 million as of March 31, 2026 and $36.7 million as of December 31, 2025, and is included in “Investments” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition.

The Company recognized gains of $4.6 million and $2.4 million related to its equity method investments for the three months ended March 31, 2026 and 2025, respectively. The Company’s share of the net gains or losses is reflected in “Gains (losses) on equity method investments” in the Company’s unaudited Condensed Consolidated Statements of Operations.

For the three months ended March 31, 2026 and 2025, the Company did not recognize impairment charges of existing equity method investments. The Company did not sell any equity method investments during the three months ended March 31, 2026 and 2025.

The Company has acquired equity investments for which it did not have the ability to exert significant influence over operating and financial policies of the investees. These investments are accounted for using the measurement alternative in accordance with the guidance on recognition and measurement.

The carrying value of these investments as of March 31, 2026 and December 31, 2025 was $7.2 million and $1.0 million, respectively, and they are included in “Investments” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. For the three months ended March 31, 2026, the Company recognized gains of $2.7 million relating to investments carried under the measurement alternative. The gains are reflected in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations. The Company did not recognize any impairments for the three months ended March 31, 2026. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative for the three months ended March 31, 2025.

In addition, as of March 31, 2026 and December 31, 2025, the Company owned equity interests, which are included in “Other assets” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. These equity investments are accounted for using the measurement alternative in accordance with the guidance on recognition and measurement. These investments, which do not have a readily determinable fair value, are initially recognized at cost and remeasured through earnings when there is an observable transaction involving the same or similar investment of the same issuer, or due to an impairment. The Company recorded nil of unrealized gains and $0.6 million of unrealized gains to reflect observable transactions for these shares during the three months ended March 31, 2026 and 2025, respectively. The unrealized gains and losses are reflected in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations.

One of the Company’s equity method investments is considered a VIE, as defined under the accounting guidance for consolidation. The Company is not considered the primary beneficiary of and therefore does not consolidate the VIE. The Company’s involvement with the VIE is in the form of direct equity interest. The Company’s maximum exposure to loss with respect to the VIE is its investment.

The Company also invested in a limited liability company that is focused on developing a proprietary trading technology. The limited liability company is a VIE and it was determined that the Company is the primary beneficiary of this VIE because the Company was the provider of the majority of this VIE’s start-up capital and has the power to direct the activities of this VIE that most significantly impact its economic performance, primarily through its voting percentage and consent rights on the activities that would most significantly influence the entity. The consolidated VIE had total assets of $7.9 million and $7.8 million as of March 31, 2026 and December 31, 2025, respectively, which primarily consisted of clearing margin. There were no material restrictions on the consolidated VIE’s assets. The consolidated VIE had total liabilities of $0.9 million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s exposure to economic loss on this VIE was $3.2 million and $2.1 million as of March 31, 2026 and December 31, 2025, respectively.