The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of June 30, 2026 and December 31, 2025, 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, 2026 and 2025.

The following table presents the details of goodwill by segment as of June 30, 2026 and December 31, 2025:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

As of June 30, 2026 and December 31, 2025, the Company’s total amount of intangible assets recorded was $131.4 million and $154.9 million, respectively. Acquired intangible assets consisted of the following as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(351,959)	$	127,171	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,699)		196		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(499,158)	$	131,365


	As of December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(328,411)	$	150,719	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,681)		214		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(475,592)	$	154,931

Amortization expense relating to finite-lived intangible assets was approximately $11.8 million and $11.8 million for the three months ended June 30, 2026 and 2025, respectively, and $23.6 million and $23.6 million for the six months ended June 30, 2026 and 2025, 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: