Segment and Geographic Information (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues
ECS	$	241,622	$	112,921	$	653,199	$	349,128
Rates	195,328		174,313		596,852		515,442
FX	106,672		92,076		325,159		265,045
Credit	69,085		68,000		231,303		224,973
Equities	60,403		53,336		197,285		167,599
Total brokerage revenues	673,110		500,646		2,003,798		1,522,187
Fees from related parties	4,453		5,106		14,116		14,170
Data, software, and post-trade	34,349		32,661		102,311		94,376
Interest and dividend income1	14,039		16,944		40,936		43,853
Other revenues	10,898		5,754		23,932		15,900
Total other revenues	63,739		60,465		181,295		168,299
Total revenues	$	736,849	$	561,111	$	2,185,093	$	1,690,486

Expenses
Compensation and employee benefits	$	400,262	$	271,307	$	1,158,373	$	834,139
Equity-based compensation and allocations of net income to limited partnership units and FPUs	74,447		85,690		233,696		247,978
Total compensation and employee benefits	$	474,709	$	356,997	$	1,392,069	$	1,082,117
Other segment items2	236,078		190,401		657,318		508,440
Consolidated net income (loss)	$	26,062	$	13,713	$	135,706	$	99,929

_______________________________________

1 For the three months ended September 30, 2025 and 2024, Interest income was $14.0 million and $16.1 million, respectively. For the nine months ended September 30, 2025 and 2024, interest income was $40.3 million and $37.1 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 September 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $27.4 million and $19.9 million, respectively. For the nine months ended September 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $75.2 million and $60.7 million, respectively.

Schedule of Geographic Information Regarding Revenues

Information regarding revenues is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
EMEA1	$	385,939	$	280,883	$	1,147,411	$	864,697
Americas2	262,378		204,811		787,675		603,434
APAC	88,532		75,417		250,007		222,355
Total revenues	$	736,849	$	561,111	$	2,185,093	$	1,690,486

____________________________

1For the three months ended September 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended September 30, 2025 and 2024 were $266.6 million and $189.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the nine months ended September 30, 2025 and 2024 were $780.5 million and $591.3 million, respectively.

2For the three months ended September 30, 2025 and 2024, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended September 30, 2025 and 2024 were $243.4 million and $187.7 million, respectively. U.S. revenues for the nine months ended September 30, 2025 and 2024 accounted for 10% or more of total revenues. U.S. revenues for the nine months ended September 30, 2025 and 2024 were $732.7 million and $550.4 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):


	September 30, 2025		December 31, 2024
Long-lived assets:
EMEA1	$	425,185	$	346,198
Americas2	334,110		261,297
APAC	101,062		81,276
Total long-lived assets	$	860,357	$	688,771

____________________________

1As of September 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 September 30, 2025 and December 31, 2024 were $293.8 million and $251.9 million, respectively.

2As of September 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 September 30, 2025 and December 31, 2024 were $325.9 million and $255.5 million, respectively.