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LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company has operating leases related to office space and data centers under non-cancellable operating leases that expire at various times through December 2034, some of which include options to renew or extend the lease for an additional 10 years. As of September 30, 2025, there are no leases with residual value guarantees or leases not yet commenced to which the Company is committed. The Company combines the lease and non-lease components of lease payments in determining right of use assets and related lease liabilities.
Leases with an initial term of twelve-months or less that do not include an option to purchase the underlying asset are not recorded on the condensed consolidated balance sheets and are expensed on a straight-line basis over the lease term. The lease expenses related to the short-term leases were $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively and $0.1 million for both three and nine months ended September 30, 2024. Lease expense related to office space amounted to $2.6 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively and $6.4 million and $4.8 million for the nine months ended September 30, 2025 and 2024, respectively, and are recorded within occupancy costs in the condensed consolidated statements of operations.
Lease expense related to the data centers amounted to $2.7 million and $2.5 million for the three months ended September 30, 2025 and 2024, respectively, Lease expense related to the data centers amounted to $7.8 million and $7.2 million for the nine months ended September 30, 2025 and 2024, respectively, and are recorded within information technology and communication costs in the condensed consolidated statements of operations.
The components of operating lease cost for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost:
Fixed lease cost
$3,491 $2,265 $7,609 $6,755 
Short-term lease cost
106 118 277 118 
Variable lease cost
1,671 1,655 6,325 5,107 
Total operating lease cost
$5,268 $4,038 $14,211 $11,980 
Supplemental cash flow information related to the operating leases for the nine months ended September 30, 2025 and 2024 is as follows (in thousands):
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$6,662 $5,760 
The following table presents the supplemental balance sheet information related to operating leases at September 30, 2025 and December 31, 2024 (in thousands):
September 30,
2025		December 31,
2024
Operating lease right of use assets
$16,694 $15,478 
Total right of use asset
$16,694 $15,478 
Current portion of operating lease liability
$6,127 $6,622 
Non-current operating lease liabilities
18,617 15,438 
Less: Tenant improvement allowance receivable
(929)(2,426)
Total leased liabilities
$23,815 $19,634 
The Company records the operating lease right of use assets within other assets, net, the current portion of the operating lease liability within accounts payable and other liabilities and the non-current operating lease liabilities within other non-current liabilities in the condensed consolidated balance sheets.
The weighted-average remaining lease term and the weighted-average discount rate for the operating and finance leases were as follows:
Nine Months Ended September 30,
20252024
Operating
Finance
Operating
Finance
Weighted average remaining lease term (years)
5.21 years3.62 years5.62 years4.01 years
Weighted average discount rate
17.8%8.0%17.6%7.9%
The Company uses its incremental borrowing rate as the discount rate, which is based on the implied cost of debt. The undiscounted cash flow for future maturities of the Company’s lease liabilities as of September 30, 2025 are as follows (in thousands):
Operating Lease
Finance Lease
2025$2,634 $50 
202610,642 199 
20277,439 174 
20282,711 105 
20292,697 105 
Thereafter
13,662 17 
Total lease payments
39,785 650 
Less: imputed interest
(15,041)(68)
Total lease liabilities
24,744 582 
Less: current lease liabilities
(6,127)(170)
Total non-current lease liabilities
$18,617 $412 
Company as a lessor
The Company leases office space obtained as part of the acquisition of MIAX Futures. The Company has classified the lease relationship as an operating lease.
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date (in thousands):
2025$341 
20261,268 
2027645 
2028373 
2029337 
Thereafter
80 
Total lease receivable
$3,044 
LEASES LEASES
The Company has operating leases related to office space and data centers under non-cancellable operating leases that expire at various times through December 2034, some of which include options to renew or extend the lease for an additional 10 years. As of September 30, 2025, there are no leases with residual value guarantees or leases not yet commenced to which the Company is committed. The Company combines the lease and non-lease components of lease payments in determining right of use assets and related lease liabilities.
Leases with an initial term of twelve-months or less that do not include an option to purchase the underlying asset are not recorded on the condensed consolidated balance sheets and are expensed on a straight-line basis over the lease term. The lease expenses related to the short-term leases were $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively and $0.1 million for both three and nine months ended September 30, 2024. Lease expense related to office space amounted to $2.6 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively and $6.4 million and $4.8 million for the nine months ended September 30, 2025 and 2024, respectively, and are recorded within occupancy costs in the condensed consolidated statements of operations.
Lease expense related to the data centers amounted to $2.7 million and $2.5 million for the three months ended September 30, 2025 and 2024, respectively, Lease expense related to the data centers amounted to $7.8 million and $7.2 million for the nine months ended September 30, 2025 and 2024, respectively, and are recorded within information technology and communication costs in the condensed consolidated statements of operations.
The components of operating lease cost for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost:
Fixed lease cost
$3,491 $2,265 $7,609 $6,755 
Short-term lease cost
106 118 277 118 
Variable lease cost
1,671 1,655 6,325 5,107 
Total operating lease cost
$5,268 $4,038 $14,211 $11,980 
Supplemental cash flow information related to the operating leases for the nine months ended September 30, 2025 and 2024 is as follows (in thousands):
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$6,662 $5,760 
The following table presents the supplemental balance sheet information related to operating leases at September 30, 2025 and December 31, 2024 (in thousands):
September 30,
2025		December 31,
2024
Operating lease right of use assets
$16,694 $15,478 
Total right of use asset
$16,694 $15,478 
Current portion of operating lease liability
$6,127 $6,622 
Non-current operating lease liabilities
18,617 15,438 
Less: Tenant improvement allowance receivable
(929)(2,426)
Total leased liabilities
$23,815 $19,634 
The Company records the operating lease right of use assets within other assets, net, the current portion of the operating lease liability within accounts payable and other liabilities and the non-current operating lease liabilities within other non-current liabilities in the condensed consolidated balance sheets.
The weighted-average remaining lease term and the weighted-average discount rate for the operating and finance leases were as follows:
Nine Months Ended September 30,
20252024
Operating
Finance
Operating
Finance
Weighted average remaining lease term (years)
5.21 years3.62 years5.62 years4.01 years
Weighted average discount rate
17.8%8.0%17.6%7.9%
The Company uses its incremental borrowing rate as the discount rate, which is based on the implied cost of debt. The undiscounted cash flow for future maturities of the Company’s lease liabilities as of September 30, 2025 are as follows (in thousands):
Operating Lease
Finance Lease
2025$2,634 $50 
202610,642 199 
20277,439 174 
20282,711 105 
20292,697 105 
Thereafter
13,662 17 
Total lease payments
39,785 650 
Less: imputed interest
(15,041)(68)
Total lease liabilities
24,744 582 
Less: current lease liabilities
(6,127)(170)
Total non-current lease liabilities
$18,617 $412 
Company as a lessor
The Company leases office space obtained as part of the acquisition of MIAX Futures. The Company has classified the lease relationship as an operating lease.
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date (in thousands):
2025$341 
20261,268 
2027645 
2028373 
2029337 
Thereafter
80 
Total lease receivable
$3,044 
LEASES LEASES
The Company has operating leases related to office space and data centers under non-cancellable operating leases that expire at various times through December 2034, some of which include options to renew or extend the lease for an additional 10 years. As of September 30, 2025, there are no leases with residual value guarantees or leases not yet commenced to which the Company is committed. The Company combines the lease and non-lease components of lease payments in determining right of use assets and related lease liabilities.
Leases with an initial term of twelve-months or less that do not include an option to purchase the underlying asset are not recorded on the condensed consolidated balance sheets and are expensed on a straight-line basis over the lease term. The lease expenses related to the short-term leases were $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively and $0.1 million for both three and nine months ended September 30, 2024. Lease expense related to office space amounted to $2.6 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively and $6.4 million and $4.8 million for the nine months ended September 30, 2025 and 2024, respectively, and are recorded within occupancy costs in the condensed consolidated statements of operations.
Lease expense related to the data centers amounted to $2.7 million and $2.5 million for the three months ended September 30, 2025 and 2024, respectively, Lease expense related to the data centers amounted to $7.8 million and $7.2 million for the nine months ended September 30, 2025 and 2024, respectively, and are recorded within information technology and communication costs in the condensed consolidated statements of operations.
The components of operating lease cost for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost:
Fixed lease cost
$3,491 $2,265 $7,609 $6,755 
Short-term lease cost
106 118 277 118 
Variable lease cost
1,671 1,655 6,325 5,107 
Total operating lease cost
$5,268 $4,038 $14,211 $11,980 
Supplemental cash flow information related to the operating leases for the nine months ended September 30, 2025 and 2024 is as follows (in thousands):
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$6,662 $5,760 
The following table presents the supplemental balance sheet information related to operating leases at September 30, 2025 and December 31, 2024 (in thousands):
September 30,
2025		December 31,
2024
Operating lease right of use assets
$16,694 $15,478 
Total right of use asset
$16,694 $15,478 
Current portion of operating lease liability
$6,127 $6,622 
Non-current operating lease liabilities
18,617 15,438 
Less: Tenant improvement allowance receivable
(929)(2,426)
Total leased liabilities
$23,815 $19,634 
The Company records the operating lease right of use assets within other assets, net, the current portion of the operating lease liability within accounts payable and other liabilities and the non-current operating lease liabilities within other non-current liabilities in the condensed consolidated balance sheets.
The weighted-average remaining lease term and the weighted-average discount rate for the operating and finance leases were as follows:
Nine Months Ended September 30,
20252024
Operating
Finance
Operating
Finance
Weighted average remaining lease term (years)
5.21 years3.62 years5.62 years4.01 years
Weighted average discount rate
17.8%8.0%17.6%7.9%
The Company uses its incremental borrowing rate as the discount rate, which is based on the implied cost of debt. The undiscounted cash flow for future maturities of the Company’s lease liabilities as of September 30, 2025 are as follows (in thousands):
Operating Lease
Finance Lease
2025$2,634 $50 
202610,642 199 
20277,439 174 
20282,711 105 
20292,697 105 
Thereafter
13,662 17 
Total lease payments
39,785 650 
Less: imputed interest
(15,041)(68)
Total lease liabilities
24,744 582 
Less: current lease liabilities
(6,127)(170)
Total non-current lease liabilities
$18,617 $412 
Company as a lessor
The Company leases office space obtained as part of the acquisition of MIAX Futures. The Company has classified the lease relationship as an operating lease.
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date (in thousands):
2025$341 
20261,268 
2027645 
2028373 
2029337 
Thereafter
80 
Total lease receivable
$3,044