Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Information Regarding Revenue from External Customers, Significant Segment Expenses and Consolidated Net Income

Information regarding revenues from external customers, other revenues, significant segment expenses, other segment items and Consolidated net income (loss) is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues
ECS	$	261,640	$	117,743	$	411,577	$	236,207
Rates	200,579		166,044		401,524		341,129
FX	108,452		88,946		218,487		172,969
Credit	75,282		69,381		162,218		156,973
Equities	73,946		51,406		136,882		114,263
Total brokerage revenues	719,899		493,520		1,330,688		1,021,541
Fees from related parties	5,241		4,643		9,663		9,064
Data, software, and post-trade	35,462		30,812		67,962		61,715
Interest and dividend income1	15,268		17,145		26,897		26,909
Other revenues	8,134		4,641		13,034		10,146
Total other revenues	64,105		57,241		117,556		107,834
Total revenues	$	784,004	$	550,761	$	1,448,244	$	1,129,375

Expenses
Compensation and employee benefits	$	416,463	$	271,990	$	758,111	$	562,832
Equity-based compensation and allocations of net income to limited partnership units and FPUs	83,926		66,207		159,249		162,288
Total compensation and employee benefits	$	500,389	$	338,197	$	917,360	$	725,120
Other segment items2	227,400		175,389		421,240		318,039
Consolidated net income (loss)	$	56,215	$	37,175	$	109,644	$	86,216

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1 For the three months ended June 30, 2025 and 2024, Interest income was $14.6 million and $11.2 million, respectively. For the six months ended June 30, 2025 and 2024, interest income was $26.2 million and $21.0 million, respectively.

2 Other segment items include Occupancy and equipment expense, Fees to related parties expense, Professional and consulting fees expense, Communications expense, Selling and promotion expense, Commissions and floor brokerage expense, Interest expense, Other expenses, Gains (losses) on divestitures and sales of investments, Gains (losses) on equity method investments, Other income (loss), and Provision (benefit) for income taxes, each of which are presented on the Company’s unaudited Condensed Consolidated Statements of Operations. Also included in Other segment items is Fixed asset depreciation and intangible asset amortization. For the three months ended June 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $25.9 million and $20.6 million, respectively. For the six months ended June 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $47.7 million and $40.9 million, respectively.

Schedule of Geographic Information Regarding Revenues

Information regarding revenues is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
EMEA1	$	419,511	$	279,074	$	761,472	$	583,814
Americas2	278,658		198,594		525,297		398,623
APAC	85,835		73,093		161,475		146,938
Total revenues	$	784,004	$	550,761	$	1,448,244	$	1,129,375

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1For the three months ended June 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended June 30, 2025 and 2024 were $285.8 million and $192.2 million, respectively. For the six months ended June 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the six months ended June 30, 2025 and 2024 were $513.9 million and $401.8 million, respectively.

2For the three months ended June 30, 2025 and 2024, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended June 30, 2025 and 2024 were $259.9 million and $180.6 million, respectively. U.S. revenues for the six months ended June 30, 2025 and 2024 accounted for 10% or more of total revenues. U.S. revenues for the six months ended June 30, 2025 and 2024 were $489.4 million and $362.6 million, respectively.

Schedule of Information Regarding Long-Lived Assets in Geographic Areas

Information regarding long-lived assets (defined as: loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; ROU assets; certain other investments; rent and other deposits; excluding goodwill and other intangible assets, net) in the applicable geographic area is as follows (in thousands):


	June 30, 2025		December 31, 2024
Long-lived assets:
EMEA1	$	406,305	$	346,198
Americas2	326,570		261,297
APAC	104,336		81,276
Total long-lived assets	$	837,211	$	688,771

____________________________

1As of June 30, 2025 and December 31, 2024, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of June 30, 2025 and December 31, 2024 were $289.9 million and $251.9 million, respectively.

2As of June 30, 2025 and December 31, 2024, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of June 30, 2025 and December 31, 2024 were $320.5 million and $255.5 million, respectively.