
	September 30, 2026		December 31, 2025
Notes receivable, net of $32.3 million allowance for credit losses as of September 30, 2026 and $26.1 million as of December 31, 2025	$	29,945	$	39,609
Right of use asset	20,292		15,143
Digital assets (see Note 11)	9,816		—
Exchange memberships and stock, at cost	3,829		3,829
Prepaid membership fees	4,000		4,000
Other	797		1,164
Total other assets, net	$	68,679	$	63,745

The notes receivable relates to the Consolidated Audit Trail (“CAT”), which involves the creation of an audit trail to enhance regulators’ ability to monitor trading activities in the U.S. markets through a phased implementation. The funding for the development and operation of the CAT was provided by the Self-Regulatory Organizations (“SROs”), which include the MIAX Exchanges, in exchange for promissory notes, a portion of which are expected to be repaid by Consolidated Audit Trail, LLC (“CAT LLC”).

In 2016, the SEC approved a plan to establish CAT to improve regulators’ ability to monitor trading activity. Each of the MIAX Exchanges is a participant in the CAT NMS Plan, which governs the collection, consolidation, and retention of all information reported to CAT pursuant to Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 613

for securities listed on the MIAX Exchanges. In 2018, the first phase of CAT went live and required SRO participants to begin reporting to the CAT. The SRO participants jointly own a limited liability company, CAT LLC, which conducts the activities of the CAT. Implementation and operation of the CAT has resulted in significant expenditures by the MIAX Exchanges.

On September 6, 2023, the SEC approved a revised funding model (“2023 Funding Order”), called the “Executed Share Model,” for the SRO participants and the industry to share CAT costs. The Executed Share Model established a framework that SRO plan participants may use to recover the costs to create, develop, and maintain the CAT, as well as a method for allocating CAT costs among the SRO participants and the industry. Prior to the effectiveness of the Executed Share Model, funding was provided solely by the SROs, partly in exchange for promissory notes.

Under the Executed Share Model, the SRO participants were able to submit filings pursuant to Section 19(b) of the Exchange Act to impose fees on the industry members. Details of the fees, including the budgeted prospective CAT costs and certain of the costs previously covered entirely by the SRO participants, were required to be provided in those Section 19(b) filings. On October 17, 2023, the 2023 Funding Order was challenged in the 11th Circuit U.S. Court of Appeals (“11th Circuit”).

Between August 2024 and June 2025, the SRO participants submitted filings with the SEC to recoup certain historical and prospective CAT costs. In July 2025, the 11th Circuit vacated the 2023 Funding Order, stayed the decision for sixty days after issuance of the mandate, and remanded the matter to the SEC for further proceedings consistent with their opinion.

On September 5, 2025, CAT LLC filed with the SEC a proposed amendment to implement a revised funding model. On March 16, 2026, the SEC approved the proposed revised funding model and limited the revised funding model’s operation to two years while the SEC conducts a comprehensive review of the CAT. The SEC’s approval order also requires that historical costs must be recouped over a period of two to five years. That means historical costs cannot be fully recouped if the collection period is shortened beyond the approval order’s two-year limitation. The SRO participants submitted rule filings to the SEC on behalf of CAT LLC to begin collecting fees from industry members beginning with transactions occurring as of May 1, 2026 to recoup historical costs and to cover prospective costs.

On March 25, 2026, petitioners American Securities Association and Citadel Securities, LLC filed a new petition for review in the 11th Circuit of the SEC’s approval of the CAT’s revised funding model, which included a motion to stay collection of CAT fees under the revised funding model. On July 14, 2026, the 11th Circuit denied petitioners’ motion to stay, enabling the SROs, including the MIAX Exchanges, to continue charging both historical and prospective CAT fees while the litigation is pending. If the new petition is successful, the MIAX Exchanges could be required to stop charging both historical and prospective CAT fees. As a result, the SROs, including the MIAX Exchanges, may continue to incur significant costs and not be reimbursed for prospective and historical CAT costs.

On September 30, 2025, the SEC issued an order allowing the SRO participants to reduce CAT operating costs while retaining the CAT’s core regulatory functionality. On March 27, 2026, the SEC approved a proposed amendment to CAT to implement certain cost savings measures.

On April 16, 2024, certain plaintiffs petitioned the United States District Court for the Western District of Texas Waco Division to completely shut down CAT based on constitutional grounds (“Waco Case”). The Waco Case was stayed until January 15, 2026. On January 15, 2026, certain of the defendants motioned the court to continue the stay until July 2026, which plaintiffs oppose. The Waco Case is still pending, and may result in the CAT SRO participants being unable to recoup any CAT costs, as well as incurring addition costs related to CAT.

On April 16, 2026, the SEC issued a concept release soliciting public comment in support of a comprehensive review of CAT. On August 10, 2026, the SEC Chairman sent a letter to the Chair of the CAT NMS Plan Operating Committee stating that he had instructed SEC staff to: (1) explore ways to fund the CAT, including through the use of appropriated funds and Section 31 transaction fees; (2) draft for Commission consideration a rulemaking that, if adopted, would rescind Rule 613 and require the exchanges, FINRA and broker-dealers to report CAT data to the Commission or its designee while utilizing current CAT infrastructure and reporting specifications; and (3) assess SEC resources for purposes of assuming responsibility of the CAT and identify needs related to SEC governance of the CAT.

The CAT NMS Plan, was amended in May 2020 to incorporate four Financial Accountability Milestones (“FAM”) and included financial penalties for missed deadline, preventing the SRO participants from establishing fees to recover

historical costs. The first three FAMs were completed on time. FAM 4, among other deliverables, required the development of Customer and Account Information System (“CAIS”) and established a target deadline of December 30, 2022, however CAIS was not completed until July 15, 2024. On August 11, 2026, the SRO participants filed a request for exemptive relief with the SEC, that would limit the penalty to the CAIS system, which represented approximately 20% of the total FAM 4 costs and permit recovery of the remaining FAM 4 cost. As a result during the three months ended September 30, 2026, the Company recorded a provision for notes receivable of $6.3 million, and is included in professional fee and outside services in the condensed consolidated statement of operations.

The following table presents the change in the notes receivable, net of allowance for the notes receivable for the nine months ended September 30, 2026 (in thousands):


Balance at December 31, 2025, net of allowance for credit losses	$	39,609
Notes issued, net of allowance for credit losses	—
Repayments	(3,396)
Provision for uncollectible amount	(6,268)
Balance at September 30, 2026, net of allowance for credit losses	$	29,945

The allowance for notes receivable associated with CAT is calculated primarily based on the structure of the notes and potential outcomes under the CAT funding model.


Balance at December 31, 2025	$	(26,068)
Provision for uncollectible amount	(6,268)
Write-offs charged against the allowance	—
Recoveries collected	—
Balance at September 30, 2026	$	(32,336)