Investments

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Investments Carried Under the Measurement Alternative


(dollar amounts in thousands)	Percent Ownership1	March 31, 2025		December 31, 2024
Advanced Markets Holdings	25%	$	3,938	$	3,772
China Credit BGC Money Broking Company Limited	33%	25,263		23,242
Freedom International Brokerage	45%	9,790		9,637
Other		2,461		2,424
Equity method investments		$	41,452	$	39,075
Investments carried under measurement alternative		192		192
Total equity method and investments carried under measurement alternative		$	41,644	$	39,267

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1Represents the Company’s voting interest in the equity method investment as of March 31, 2025 and December 31, 2024.

The carrying value of the Company’s equity method investments was $41.5 million as of March 31, 2025 and $39.1 million as of December 31, 2024, and is included in “Investments” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition.

The Company recognized gains of $2.4 million and $1.8 million related to its equity method investments for the three months ended March 31, 2025 and 2024, 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, 2025 and 2024, the Company did not record impairment charges related to existing equity method investments. The Company did not sell any equity method investments during the three months ended March 31, 2025 and 2024.

See Note 13—“Related Party Transactions” for information regarding related party transactions with unconsolidated entities included in the Company’s unaudited Condensed Consolidated Financial Statements.

Investments Carried Under Measurement Alternative

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 both March 31, 2025 and December 31, 2024 was $0.2 million, and they are included in “Investments” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative for both the three months ended March 31, 2025 and 2024.

In addition, the Company owns membership shares, which are included in “Other assets” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition as of both March 31, 2025 and December 31, 2024. 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 $0.6 million of unrealized gains and $36.6 million of unrealized gains to reflect observable transactions for these shares during the three months ended March 31, 2025 and 2024, respectively. The unrealized gains (losses) are reflected in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations.

Investments in VIEs

Unconsolidated VIE

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 following table sets forth the Company’s investment in its unconsolidated VIE and the maximum exposure to loss (in thousands):


	March 31, 2025				December 31, 2024
	Investment		Maximum Exposure to Loss		Investment		Maximum Exposure to Loss
Variable interest entity	$	712	$	712	$	674	$	674

Consolidated VIE

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 $6.1 million and $5.3 million as of March 31, 2025 and December 31, 2024, 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 $1.3 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively. The Company’s exposure to economic loss on this VIE was $1.7 million and $1.3 million as of March 31, 2025 and December 31, 2024, respectively.