v3.26.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill by Segment
The following table presents the details of goodwill by segment as of June 30, 2026 and December 31, 2025:
(in thousands)Market MakingExecution ServicesCorporateTotal
Balance as of period-end$755,292 $393,634 $— $1,148,926 
Schedule of Acquired Intangible Assets 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 10to12
Technology136,000 (136,000)— 1to6
Favorable occupancy leases5,895 (5,699)196 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 $(499,158)$131,365 
As of December 31, 2025
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountUseful Lives
(Years)
Customer relationships$479,130 $(328,411)$150,719 10to12
Technology136,000 (136,000)— 1to6
Favorable occupancy leases5,895 (5,681)214 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 $(475,592)$154,931 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The Company expects to record amortization expense as follows over the next five subsequent years:
(in thousands)
Remainder of 2026$23,566 
202747,132 
202847,132 
20299,466 
203036 
203136