Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $735.6 million, or 21.9% of total assets, at December 31, 2025, and $707.1 million, or 24.5% of total assets, at December 31, 2024. Both periods include a current expected credit loss allowance of $0.7 million.