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INVESTMENTS | 6 Months Ended
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Jun. 30, 2024
INVESTMENTS |
INVESTMENTS | 4. INVESTMENTS As of June 30, 2024 and December 31, 2023, the Company’s investments were comprised of the following (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
Equity method investments: | ​ | ​ | ​ | ​ | ​ | ​
Investment in 7Ridge Investments 3 LP | ​ | $ | 321.3 | ​ | $ | 292.0
Total equity method investments | ​ | ​ | 321.3 | ​ | ​ | 292.0
​ | ​ | ​ | ​ | ​ | ​ | ​
Other equity investments: | ​ | ​ | ​ | ​ | ​ | ​
Investment in Eris Innovations Holdings, LLC | ​ | ​ | 20.0 | ​ | ​ | 20.0
Investment in Globacap Technology Limited | ​ | ​ | — | ​ | ​ | 16.0
Investment in CSD Br | ​ | ​ | 5.9 | ​ | ​ | 5.9
Investment in Coin Metrics Inc. | ​ | ​ | 5.0 | ​ | ​ | 5.0
Investment in Cboe Vest Financial Group, Inc. | ​ | ​ | 2.9 | ​ | ​ | 2.9
Investment in OCC | ​ | ​ | 0.3 | ​ | ​ | 0.3
Other equity investments | ​ |  | 4.1 | ​ |  | 3.2
Total other equity investments | ​ | ​ | 38.2 | ​ | ​ | 53.3
​ | ​ | ​ | ​ | ​ | ​ | ​
Total investments | ​ | $ | 359.5 | ​ | $ | 345.3
​ Equity Method Investments The Company’s investment in 7Ridge Investments 3 LP (“7Ridge Fund”), represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive “kick-out” or “liquidation” rights). The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of June 30, 2024, or $321.3 million, which includes periodic capital contributions to the 7Ridge Fund, as well as the Company’s share of 7Ridge Fund’s profit or loss, including gains or losses arising from the fair value measurement of the investment held by the 7Ridge Fund, booked against the investment account. The carrying value of the investment is included in investments within the condensed consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of Company’s investment. The Company holds an exit option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly owned by the 7Ridge Fund, that becomes exercisable on the earlier of (i) December 21, 2026 or (ii) the satisfaction by the general partner of 7Ridge Fund of certain performance goals set forth in the investment agreements. The exit option can be exercised individually or jointly by the limited partners of 7Ridge Fund. If the exit option is not exercised by the limited partners, the general partner of 7Ridge Fund may market Trading Technologies for sale to a third party. If Trading Technologies is sold to a third party, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds determined based upon the satisfaction of certain contractual performance goals. As of June 30, 2024 the exit option was not exercisable. Other Equity Investments The carrying value of other equity investments is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held. In the second quarter of 2024, the Company recorded an impairment charge of $16.0 million on its minority investment in Globacap Technology Limited based on management’s assessment of the fair value of the investment. The impairment was recorded in other (expense) income, net in the condensed consolidated statements of income.

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