LEASES

6 Months Ended

Jun. 30, 2026

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 June 30, 2026, 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 immaterial for the three months ended ended June 30, 2026 and 2025, and $0.1 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively. Lease expense related to office space amounted to $2.1 million and $2.2 million for three months ended June 30, 2026 and 2025, respectively and $4.1 million and $3.8 million for the six months ended June 30, 2026 and 2025, 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 $2.6 million for the three months ended June 30, 2026 and 2025, respectively and $5.5 million and $5.1 million for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost:
Fixed lease cost	$	2,626	$	1,831	$	5,112	$	4,118
Short-term lease cost	42		95		106		171
Variable lease cost	2,145		2,869		4,386		4,654
Total operating lease cost	$	4,813	$	4,795	$	9,604	$	8,943

Supplemental cash flow information related to the operating leases for the six months ended June 30, 2026 and 2025 is as follows (in thousands):

	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,342	$	4,029

The following table presents the supplemental balance sheet information related to operating leases at June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026		December 31, 2025
Operating lease right of use assets	$	13,170	$	15,143
Total right of use asset	$	13,170	$	15,143
Current portion of operating lease liability	$	6,261	$	6,518
Non-current operating lease liabilities	14,818		16,761
Less: Tenant improvement allowance receivable	(573)		(573)
Total leased liabilities	$	20,506	$	22,706

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:

	Six Months Ended June 30,
	2026		2025
	Operating	Finance	Operating	Finance
Weighted average remaining lease term (years)	5.2	3.5	5.2	3.8
Weighted average discount rate	17.7%	8.0%	17.4%	8.0%

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 June 30, 2026 are as follows (in thousands):

	Operating Lease		Finance Lease
2026	$	5,561	$	109
2027	7,890		181
2028	3,099		132
2029	3,082		132
2030	3,151		44
Thereafter	10,928		9
Total lease payments	33,711		607
Less: imputed interest	(12,632)		(64)
Total lease liabilities	21,079		543
Less: current lease liabilities	(6,261)		(174)
Total non-current lease liabilities	$	14,818	$	369

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):

2026	$	605
2027	645
2028	373
2029	337
2030 and thereafter	80
Total lease receivable	$	2,040

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 June 30, 2026, 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 immaterial for the three months ended ended June 30, 2026 and 2025, and $0.1 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively. Lease expense related to office space amounted to $2.1 million and $2.2 million for three months ended June 30, 2026 and 2025, respectively and $4.1 million and $3.8 million for the six months ended June 30, 2026 and 2025, 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 $2.6 million for the three months ended June 30, 2026 and 2025, respectively and $5.5 million and $5.1 million for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost:
Fixed lease cost	$	2,626	$	1,831	$	5,112	$	4,118
Short-term lease cost	42		95		106		171
Variable lease cost	2,145		2,869		4,386		4,654
Total operating lease cost	$	4,813	$	4,795	$	9,604	$	8,943

Supplemental cash flow information related to the operating leases for the six months ended June 30, 2026 and 2025 is as follows (in thousands):

	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,342	$	4,029

The following table presents the supplemental balance sheet information related to operating leases at June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026		December 31, 2025
Operating lease right of use assets	$	13,170	$	15,143
Total right of use asset	$	13,170	$	15,143
Current portion of operating lease liability	$	6,261	$	6,518
Non-current operating lease liabilities	14,818		16,761
Less: Tenant improvement allowance receivable	(573)		(573)
Total leased liabilities	$	20,506	$	22,706

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:

	Six Months Ended June 30,
	2026		2025
	Operating	Finance	Operating	Finance
Weighted average remaining lease term (years)	5.2	3.5	5.2	3.8
Weighted average discount rate	17.7%	8.0%	17.4%	8.0%

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 June 30, 2026 are as follows (in thousands):

	Operating Lease		Finance Lease
2026	$	5,561	$	109
2027	7,890		181
2028	3,099		132
2029	3,082		132
2030	3,151		44
Thereafter	10,928		9
Total lease payments	33,711		607
Less: imputed interest	(12,632)		(64)
Total lease liabilities	21,079		543
Less: current lease liabilities	(6,261)		(174)
Total non-current lease liabilities	$	14,818	$	369

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):

2026	$	605
2027	645
2028	373
2029	337
2030 and thereafter	80
Total lease receivable	$	2,040

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 June 30, 2026, 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 immaterial for the three months ended ended June 30, 2026 and 2025, and $0.1 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively. Lease expense related to office space amounted to $2.1 million and $2.2 million for three months ended June 30, 2026 and 2025, respectively and $4.1 million and $3.8 million for the six months ended June 30, 2026 and 2025, 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 $2.6 million for the three months ended June 30, 2026 and 2025, respectively and $5.5 million and $5.1 million for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost:
Fixed lease cost	$	2,626	$	1,831	$	5,112	$	4,118
Short-term lease cost	42		95		106		171
Variable lease cost	2,145		2,869		4,386		4,654
Total operating lease cost	$	4,813	$	4,795	$	9,604	$	8,943

Supplemental cash flow information related to the operating leases for the six months ended June 30, 2026 and 2025 is as follows (in thousands):

	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,342	$	4,029

The following table presents the supplemental balance sheet information related to operating leases at June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026		December 31, 2025
Operating lease right of use assets	$	13,170	$	15,143
Total right of use asset	$	13,170	$	15,143
Current portion of operating lease liability	$	6,261	$	6,518
Non-current operating lease liabilities	14,818		16,761
Less: Tenant improvement allowance receivable	(573)		(573)
Total leased liabilities	$	20,506	$	22,706

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:

	Six Months Ended June 30,
	2026		2025
	Operating	Finance	Operating	Finance
Weighted average remaining lease term (years)	5.2	3.5	5.2	3.8
Weighted average discount rate	17.7%	8.0%	17.4%	8.0%

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 June 30, 2026 are as follows (in thousands):

	Operating Lease		Finance Lease
2026	$	5,561	$	109
2027	7,890		181
2028	3,099		132
2029	3,082		132
2030	3,151		44
Thereafter	10,928		9
Total lease payments	33,711		607
Less: imputed interest	(12,632)		(64)
Total lease liabilities	21,079		543
Less: current lease liabilities	(6,261)		(174)
Total non-current lease liabilities	$	14,818	$	369

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):

2026	$	605
2027	645
2028	373
2029	337
2030 and thereafter	80
Total lease receivable	$	2,040