INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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


	September 30, 2025		December 31, 2024
Equity method investments:
Investment in 7Ridge Investments 3 LP	$	362.8	$	321.3
Total equity method investments	362.8		321.3

Other equity investments:
Investment in Japannext Co., Ltd.	36.5		36.5
Investment in CSD BR	10.3		5.9
Investment in Eris Innovations Holdings, LLC	9.5		9.5
Investment in Talos Global, Inc.	5.0		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	67.4		62.4

Total investments	$	430.2	$	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 September 30, 2025, or $362.8 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.

On July 30, 2025, Trading Technologies International Inc. ("Trading Technologies"), which is wholly-owned by the 7Ridge Fund, announced an investment transaction that would result in its sale to a third party. Subject to regulatory approval, the transaction is expected to close in the fourth quarter of 2025. In accordance with the investment agreements, affiliates of the 7Ridge Fund are entitled to a portion of the sale proceeds, with the remainder allocated to the limited partners, including the Company. As of September 30, 2025, the carrying value of the investment reflects assumptions related to the estimated fair value of Trading Technologies based on the agreed sales price. A gain of $45.6 million is included in earnings on investments, net on the condensed consolidated statements of income for the three months ended September 30, 2025.

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 third quarter of 2025, the Company recorded a gain of $5.0 million related to the Company's investments in CSD BR and Talos Global, Inc. (following Talos Global's acquisition of Coin Metrics, Inc.). The gain was recorded based on management's assessment of the fair value of the investments due to observable transactions. The gain was recorded to other income (expense), net on the condensed consolidated statements of income.