Acquisition of KCG Holdings, Inc. (Tables)

12 Months Ended

Dec. 31, 2017

Acquisition of KCG Holdings, Inc.

Summary of the estimated fair values of the assets acquired and liabilities assumed

(in thousands)		September 30, 2017		Measurement Period		December 31, 2017
Cash and equivalents	$	592,993	$	2,676	$	595,669
Cash and securities segregated under federal regulations		3,000		(3,000)		-
Securities borrowed		1,406,444		-		1,406,444
Securities purchased under agreements to resell		16,894		-		16,894
Receivables from broker dealers and clearing organizations		553,031		(211)		552,820
Financial instruments owned, at fair value		2,095,339		-		2,095,339
Property, equipment and capitalized software		112,204		2,163		114,367
Intangibles		156,300		18,695		174,995
Deferred tax assets		22,928		980		23,908
Other assets		331,820		(8,636)		323,184
Total Assets	$	5,290,953	$	12,667	$	5,303,620
Securities loaned	$	166,189		-	$	166,189
Securities sold under agreements to repurchase		841,606		-		841,606
Payables to broker dealers and clearing organizations		536,653		-		536,653
Payables to customers		17,583		(17,583)		-
Financial instruments sold, not yet purchased, at fair value		1,756,647		-		1,756,647
Accounts payable and accrued expenses and other liabilities		239,004		15,524		254,528
Debt		480,987		-		480,987
Total Liabilities	$	4,038,669	$	(2,059)	$	4,036,610
Total identified assets acquired, net of assumed liabilities	$	1,252,284	$	14,726	$	1,267,010
Goodwill	$	143,012	$	(14,726)	$	128,286
Total Purchase Price	$	1,395,296	$	-	$	1,395,296

Schedule of Preliminary allocation of intangible assets, amortization period and goodwill

			Amortization
(in thousands)		Amount	Years
Technology	$	67,700	1-6 years
Customer relationships		94,000	13 - 17 years
Trade names		1,000	10 years
Favorable leases		5,895	2-15 years
Exchange memberships		6,400	Indefinite
Intangible assets	$	174,995
Goodwill		128,286
Total	$	303,281

Schedule of Proforma Pro forma results

(in thousands)
Revenues	$	379,203
Income before income taxes and noncontrolling interest		14,340

Schedule of Proforma Financial Information with Combined Historical Results

	For the Years Ended
(in thousands, except per share amounts)		2017		2016
Revenue	$	1,528,588	$	2,153,008
Net income (loss)		(14,151)		443,101
Net income (loss) attributable to common stockholders		(5,219)		163,407