Non-Controlling Interests

3 Months Ended

Mar. 31, 2020

9. Non-Controlling Interests

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its consolidated financial statements. The non-controlling interests balance reported on the consolidated statements of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the other holders of LLC Interests.

The following table summarizes the ownership interest in Tradeweb Markets LLC:


	March 31, 2020
	LLC	Ownership
	Interests	%
Number of LLC Interests held by Tradeweb Markets Inc.	167,603,632	74.5%
Number of LLC Interests held by non-controlling interests	57,261,214	25.5%
Total LLC Interests outstanding	224,864,846	100.0%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement at the election of the members for shares of Class A common stock or Class B common stock, on a one-for-one basis or, at the Company's option, a cash payment in accordance with the terms of the TWM LLC Agreement. See Note 8 – Stockholders’ Equity.

The following table summarizes the impact on equity due to changes in the Corporation’s ownership interest in Tradeweb Markets LLC (in thousands):


	Three Months Ended
Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	March 31, 2020
Net income attributable to Tradeweb Markets Inc.	$	43,928
Transfers (to) from non-controlling interests:
Change in non-controlling interests as a result of ownership changes		45,443
Net transfers (to) from non-controlling interests		45,443
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	89,371