v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Information [Abstract]  
Segment Information

22. Segment Information

The Company, through its subsidiaries in the U.S. and Europe, offers a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the CODM to allocate resources and assess performance and other factors. The accounting policies of the segment are the same as those described in Note 2.

The key measures of segment profit or loss that the CODM uses to allocate resources and assess performance are the Company’s consolidated net income, as reported on the Consolidated Statements of Operations, as well as adjusted operating income and adjusted operating income margin, which are exclusive of items that are non-recurring or not core to the Company’s operating business.

The table below discloses these key measures and is inclusive of a reconciliation of the Company’s operating income and operating income margin as computed under U.S. GAAP to the Company’s Non-GAAP adjusted operating income and adjusted operating income margin utilized by the CODM:

   

Three Months Ended

June 30,

  

Six Months Ended

June 30,
    2026   2025   2026   2025
Operating revenues   $ 177,160     $ 112,621     $ 336,630     $ 220,703  
Operating income     71,811       34,632       131,161       68,794  
Add back: Ceres/Atlantic House intangible asset amortization     2,612       —       4,047       —  
Add back: Acquisition-related costs     1,118       1,967       3,051       1,967  
Adjusted operating income   $ 75,541     $ 36,599     $ 138,259     $ 70,761  
Operating income margin     40.5%       30.8%     39.0%     31.2%
Adjusted operating income margin     42.6%       32.5%     41.1%     32.1%

Acquisition-related costs for the three and six months ended June 30, 2026 of $1,118 and $3,051, respectively, related to the Atlantic House acquisition, the nature of which included professional fees and stamp duty taxes. Acquisition-related costs for the three and six months ended June 30, 2025 include $1,967 of professional fees related to the Ceres acquisition.

All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, financial instruments owned, accounts receivable and securities held-to-maturity, reduced by current liabilities, seed capital and regulatory capital requirements.

There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. The CODM manages the business using consolidated expense information, adjusted for items that are non-recurring or not core to the Company’s operating business as disclosed in the table above, as well as regularly provided budgeted or forecasted expense information for the single operating segment.

Information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note 15.