INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

As of December 31, 2024 and 2023, the Company's investments were comprised of the following (in millions):


	December 31, 2024		December 31, 2023
Equity method investments:
Investment in 7Ridge Investments 3 LP	$	321.3	$	292.0
Total equity method investments	321.3		292.0

Other equity investments:
Investment in Japannext Co., Ltd.	36.5		—
Investment in Eris Innovations Holdings, LLC	9.5		20.0
Investment in Globacap Technology Limited	—		16.0
Investment in CSD Br	5.9		5.9
Investment in Coin Metrics Inc.	4.4		5.0
Investment in Vest Group Inc.	2.9		2.9
Investment in OCC	0.3		0.3
Other equity investments	2.9		3.2
Total other equity investments	62.4		53.3

Total investments	$	383.7	$	345.3

Equity Method Investments

The Company’s investment in 7Ridge Investments 3 LP ("7Ridge Fund") represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove

the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e. the Company does not have unilateral substantive “kick-out” or “liquidation” rights).

The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of December 31, 2024, or $321.3 million, which includes periodic capital contributions to the 7Ridge Fund, as well as the Company’s share of 7Ridge Fund’s profit or loss, including gains or losses arising from the fair value measurement of the investment held by the 7Ridge Fund, which are included in the carrying value of the investment balance. The carrying value of the investment is included in investments within the consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of Company’s investment.

The Company holds an exit option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly-owned by the 7Ridge Fund, that becomes exercisable on the earlier of (i) December 21, 2026 or (ii) the satisfaction by the general partner of the 7Ridge Fund of certain performance goals set forth in the investment agreements. The exit option can be exercised individually or jointly by the limited partners of 7Ridge Fund. If the exit option is not exercised by the limited partners, the general partner of the 7Ridge Fund may market Trading Technologies for sale to a third party. If Trading Technologies is sold to a third party, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds determined based upon the satisfaction of certain contractual performance goals. The estimated value of the exit option, which includes certain assumptions related to the estimated value of Trading Technologies and the probability and timing of the option exercise, is included in the carrying value of the investment balance. As of December 31, 2024, the exit option was not exercisable. See Note 25 ("Subsequent Events") for more information.

Other Equity Investments

In the second quarter of 2023, the Company invested $16.0 million in Globacap Technology Limited, a white label service provider to capital market participants, which focuses on three core areas: private placement, securities administration, and secondary liquidity. In the second quarter of 2024, the Company wrote off their minority investment in Globacap Technology Limited based on management’s assessment of the fair value of the investment. The loss related to the write-off was recorded in other (expense) income, net in the consolidated statements of income.

In the fourth quarter of 2023, the Company invested $1.3 million in Osaka Digital Exchange, an equity proprietary trading system in the Japanese equity markets focused on launching the first secondary trading market for security tokens in Japan. In the fourth quarter of 2023, the Company wrote off their minority investment in Effective Investing Limited. The loss related to the write-off was recorded within other (expense) income, net in the consolidated statements of income.

In the third quarter of 2024, the Company recorded an impairment charge of $1.2 million on its minority investment in StratiFi Technologies Inc. based on management’s assessment of the fair value of the investment. The loss was recorded in other (expense) income, net in the consolidated statements of income.

In the fourth quarter of 2024, the Company invested $36.5 million in Japannext Co., Ltd., a Japanese Proprietary Trading System and alternative trading venue. Additionally, in the fourth quarter of 2024, the Company recorded an impairment charge of $11.1 million on its minority investments in Eris Innovations Holdings, LLC and Coin Metrics Inc., based on management's assessment of the fair value of the investments. The loss was recorded in other (expense) income, net in the consolidated statements of income.

The carrying value of other equity investments is included in investments in the consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.