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Investments | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments Equity Method Investments and Investments Carried Under the Measurement Alternative
(in thousands) | Percent Ownership 1 |  | December 31, 2024 |  | December 31, 2023
Advanced Markets Holdings | 25% |  | $ | 3,772 |  |  | $ | 4,481 |
China Credit BGC Money Broking Company Limited | 33% |  | 23,242 |  |  | 21,277 |
Freedom International Brokerage | 45% |  | 9,637 |  |  | 9,507 |
Other |  |  | 2,424 |  |  | 2,857 |
Equity method investments |  |  | $ | 39,075 |  |  | $ | 38,122 |
Investments carried under measurement alternative |  |  | 192 |  |  | 192 |
Total equity method and investments carried under measurement alternative |  |  | $ | 39,267 |  |  | $ | 38,314 |
_______________________________________ 1 Represents the Company’s voting interest in the equity method investment as of December 31, 2024 and 2023. The carrying value of the Company’s equity method investments was $39.1 million and $38.1 million as of December 31, 2024 and 2023, respectively, and is included in “Investments” in the Company’s Consolidated Statements of Financial Condition. The Company recognized gains of $8.4 million, $9.2 million and $10.9 million related to its equity method investments for the years ended December 31, 2024, 2023 and 2022, respectively. The Company’s share of the net gains or losses is reflected in “Gains (losses) on equity method investments” in the Company’s Consolidated Statements of Operations. For the years ended December 31, 2024, 2023 and 2022, the Company did not recognize impairment charges of existing equity method investments, however, it wrote off a portion of a subordinated loan to an equity method investee in the year ended December 31, 2022 (see “Investments in VIEs” within this note for more information). During the years ended December 31, 2024, 2023 and 2022, the Company did not sell any equity method investments. Summarized financial information for the Company’s equity method investments is as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statements of operations: |  |  |  |  |
Total revenues | $ | 134,232 |  |  | $ | 111,242 |  |  | $ | 125,405 |
Total expenses | 89,127 |  |  | 84,216 |  |  | 88,050 |
Income before income taxes | $ | 45,105 |  |  | $ | 27,026 |  |  | $ | 37,355 |
| December 31,
| 2024 |  | 2023
Statements of financial condition: |  |  |
Cash and cash equivalents | $ | 73,519 |  |  | $ | 79,440 |
Fixed assets, net | 2,168 |  |  | 1,900 |
Other assets | 59,068 |  |  | 51,336 |
Total assets | $ | 134,755 |  |  | $ | 132,676 |
Other liabilities | 71,222 |  |  | 81,898 |
Total partners’ capital | 63,533 |  |  | 50,779 |
Total liabilities and partners’ capital | $ | 134,755 |  |  | $ | 132,677 |
See Note 13—“Related Party Transactions” for information regarding related party transactions with unconsolidated entities included in the Company’s Consolidated Financial Statements. Investments Carried Under Measurement Alternative The Company has acquired equity investments for which it did not have the ability to exert significant influence over operating and financial policies of the investees. These investments are accounted for using the measurement alternative in accordance with the guidance on recognition and measurement. The carrying value of these investments as of both December 31, 2024 and 2023 was $0.2 million, and they are included in “Investments” in the Company’s Consolidated Statements of Financial Condition. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative for the years ended December 31, 2024, 2023 and 2022. In addition, as of December 31, 2024 and 2023, the Company owns membership shares, which are included in “Other assets” in the Company’s Consolidated Statements of Financial Condition. These equity investments are accounted for using the measurement alternative in accordance with the guidance on recognition and measurement. These investments, which do not have a readily determinable fair value, are initially recognized at cost and remeasured through earnings when there is an observable transaction involving the same or similar investment of the same issuer, or due to an impairment. The Company recorded $37.2 million of unrealized gains, $1.9 million of unrealized gains, and $1.8 million of unrealized gains to reflect observable transactions for these shares during the years ended December 31, 2024, 2023, and 2022, respectively. The unrealized gains (losses) are reflected in “Other income (loss)” in the Company’s Consolidated Statements of Operations. Investments in VIEs Unconsolidated VIE One of the Company’s equity method investments is considered a VIE, as defined under the accounting guidance for consolidation. The Company is not considered the primary beneficiary of and therefore does not consolidate the VIE. The Company’s involvement with the VIE is in the form of direct equity interest. The Company’s maximum exposure to loss with respect to the VIE is its investment. The following table sets forth the Company’s investment in its unconsolidated VIE and the maximum exposure to loss (in thousands).
| December 31, 2024 |  | December 31, 2023
| Investment |  | Maximum Exposure to Loss |  | Investment |  | Maximum Exposure to Loss
Variable interest entity 1 | $ | 674 |  |  | $ | 674 |  |  | $ | 2,857 |  |  | $ | 2,857 |
__________________ 1 The Company’s maximum exposure to loss with respect to its unconsolidated VIE includes the sum of its equity investments. The Company has entered into a subordinated loan agreement with Aqua, whereby the Company agreed to lend the principal sum of $1.0 million. The Company did not recognize any interest income on the subordinated loan subsequent to being designated as a non-accrual loan in November 2022. As of December 31, 2022, the Company had written off $0.6 million of the subordinated loan, which was recorded as part of “Other expenses” on the Company’s Consolidated Statements of Operations. As of December 31, 2023, the Company had received cash payment fully satisfying the remaining subordinated loan receivable of $0.4 million. Consolidated VIE The Company also invested in a limited liability company that is focused on developing a proprietary trading technology. The limited liability company is a VIE, and it was determined that the Company is the primary beneficiary of this VIE because the Company was the provider of the majority of this VIE’s start-up capital and has the power to direct the activities of this VIE that most significantly impact its economic performance, primarily through its voting percentage and consent rights on the activities that would most significantly influence the entity. The consolidated VIE had total assets of $5.3 million and $9.5 million as of December 31, 2024 and 2023, respectively, which primarily consisted of clearing margin. There were no material restrictions on the consolidated VIE’s assets. The consolidated VIE had total liabilities of $1.2 million and $1.2 million as of December 31, 2024 and 2023, respectively. The Company’s exposure to economic loss on this VIE was $1.3 million and $5.7 million as of December 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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