INVESTMENTS

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

As of June 30, 2025 and December 31, 2024, the Company’s investments were comprised of the following (in millions):


	June 30, 2025		December 31, 2024
Equity method investments:
Investment in 7Ridge Investments 3 LP	$	317.2	$	321.3
Total equity method investments	317.2		321.3

Other equity investments:
Investment in Japannext Co., Ltd.	36.5		36.5
Investment in Eris Innovations Holdings, LLC	9.5		9.5

Investment in CSD Br	5.9		5.9
Investment in Coin Metrics Inc.	4.4		4.4
Investment in Vest Group Inc.	2.9		2.9
Investment in OCC	0.3		0.3
Other equity investments	2.9		2.9
Total other equity investments	62.4		62.4

Total investments	$	379.6	$	383.7

Equity Method Investments

The Company’s investment in 7Ridge Investments 3 LP (“7Ridge Fund”), as a limited partner, 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, 2025, or $317.2 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, which are included in the carrying value of the investment balance. 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 the Company’s investment.

The Company held an option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly-owned by the 7Ridge Fund. In January 2025, the Company received notification from the 7Ridge Fund that certain performance goals were met and the option became exercisable. The option has been declined by both limited partners of the 7Ridge Fund, and the general partner of the 7Ridge Fund has marketed Trading Technologies for sale. If Trading Technologies is sold, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds, and the limited partners would be entitled to receive a portion of the sales proceeds in accordance with the investment agreements. The carrying value of the investment balance as of June 30, 2025 includes certain assumptions related to the estimated fair value of Trading Technologies. See Note 23 (“Subsequent Events”) for more information.

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 (“Globacap”) 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.