Acquisitions and Equity Investments	3 Months Ended
Mar. 31, 2025
Business Combinations [Abstract]
Acquisitions and Equity Investments	6. Acquisitions and Equity Investments RFQ Hub LLC Equity Investment In May 2022, the Company invested $34.4 million to acquire a minority ownership stake in RFQ–hub Holdings LLC, an entity formed with a consortium of market participants to support the growth of RFQ-hub, a multi-asset request for quote platform. The Company possesses significant influence over RFQ–hub Holdings LLC and is accounting for its investment under the equity method of accounting. As of March 31, 2025, the Company’s investment is recorded at carrying value of $34.7 million within prepaid expenses and other assets on the Consolidated Statements of Financial Condition. The Company’s proportionate share of RFQ–hub Holdings LLC’s net earnings is recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations and was $0.3 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively. Under a services agreement, the Company charges its equity method investee for certain reimbursable support costs incurred by the Company, including personnel compensation, and certain operational overhead costs. The amounts billed for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.5 million, respectively, and are included within other, net on the Consolidated Statements of Operations. The receivable from the equity method investee was $0.6 million as of March 31, 2025 and is included within accounts receivable, net on the Consolidated Statements of Financial Condition. On April 19, 2024, the Company entered into an agreement to acquire a controlling interest in RFQ–hub Holdings LLC for approximately $37.9 million of cash consideration. The acquisition is subject to various closing conditions, including the receipt of certain regulatory approvals. Upon the closing of the acquisition, the Company will hold approximately a 90.0% controlling stake in RFQ-hub Holdings LLC.

Acquisitions and Equity Investments

3 Months Ended

Mar. 31, 2025

6. Acquisitions and Equity Investments

RFQ Hub LLC Equity Investment

In May 2022, the Company invested $34.4 million to acquire a minority ownership stake in RFQ–hub Holdings LLC, an entity formed with a consortium of market participants to support the growth of RFQ-hub, a multi-asset request for quote platform. The Company possesses significant influence over RFQ–hub Holdings LLC and is accounting for its investment under the equity method of accounting. As of March 31, 2025, the Company’s investment is recorded at carrying value of $34.7 million within prepaid expenses and other assets on the Consolidated Statements of Financial Condition. The Company’s proportionate share of RFQ–hub Holdings LLC’s net earnings is recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations and was $0.3 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively.

Under a services agreement, the Company charges its equity method investee for certain reimbursable support costs incurred by the Company, including personnel compensation, and certain operational overhead costs. The amounts billed for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.5 million, respectively, and are included within other, net on the Consolidated Statements of Operations. The receivable from the equity method investee was $0.6 million as of March 31, 2025 and is included within accounts receivable, net on the Consolidated Statements of Financial Condition.

On April 19, 2024, the Company entered into an agreement to acquire a controlling interest in RFQ–hub Holdings LLC for approximately $37.9 million of cash consideration. The acquisition is subject to various closing conditions, including the receipt of certain regulatory approvals. Upon the closing of the acquisition, the Company will hold approximately a 90.0% controlling stake in RFQ-hub Holdings LLC.