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Investments | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments Equity Method Investments and Investments Carried Under the Measurement Alternative
(dollar amounts in thousands) | Percent Ownership 1 |  | September 30, 2025 |  | December 31, 2024
Advanced Markets Holdings | 25% |  | $ | 3,405 |  |  | $ | 3,772 |
China Credit BGC Money Broking Company Limited | 33% |  | 21,734 |  |  | 23,242 |
Freedom International Brokerage | 45% |  | 9,150 |  |  | 9,637 |
Other |  |  | 1,144 |  |  | 2,424 |
Equity method investments |  |  | $ | 35,433 |  |  | $ | 39,075 |
Investments carried under measurement alternative |  |  | 3,530 |  |  | 192 |
Total equity method and investments carried under measurement alternative |  |  | $ | 38,963 |  |  | $ | 39,267 |
_______________________________________ 1 Represents the Company’s voting interest in the equity method investment as of September 30, 2025 and December 31, 2024. The carrying value of the Company’s equity method investments was $35.4 million as of September 30, 2025 and $39.1 million as of December 31, 2024, and is included in “Investments” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. The Company recognized gains of $2.3 million and $2.4 million related to its equity method investments for the three months ended September 30, 2025 and 2024, respectively. The Company recognized gains of $7.0 million and $6.9 million related to its equity method investments for the nine months ended September 30, 2025 and 2024, respectively. The Company’s share of the net gains or losses is reflected in “Gains (losses) on equity method investments” in the Company’s unaudited Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2025 and 2024, the Company did not record impairment charges related to existing equity method investments. The Company did not sell any equity method investments during the three and nine months ended September 30, 2025 and 2024. See Note 13—“Related Party Transactions” for information regarding related party transactions with unconsolidated entities included in the Company’s unaudited Condensed 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 September 30, 2025 and December 31, 2024 was $3.5 million and $0.2 million, respectively, and they are included in “Investments” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative for both the three and nine months ended September 30, 2025 and 2024. In addition, the Company owns membership shares, which are included in “Other assets” in the Company’s unaudited Condensed Consolidated Statements of Financial Condition as of both September 30, 2025 and December 31, 2024. 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 $0.1 million of unrealized losses and nil of unrealized losses to reflect observable transactions for these shares during the three months ended September 30, 2025 and 2024, respectively. The Company recorded $0.6 million and $36.6 million of unrealized gains to reflect observable transactions for these shares during the nine months ended September 30, 2025 and 2024, respectively. The unrealized gains (losses) are reflected in “Other income (loss)” in the Company’s unaudited Condensed 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):
| September 30, 2025 |  | December 31, 2024
| Investment |  | Maximum Exposure to Loss |  | Investment |  | Maximum Exposure to Loss
Variable interest entity | $ | 1,144 |  |  | $ | 1,144 |  |  | $ | 674 |  |  | $ | 674 |
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 $8.4 million and $5.3 million as of September 30, 2025 and December 31, 2024, 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 $1.9 million and $1.2 million as of September 30, 2025 and December 31, 2024, respectively. The Company’s exposure to economic loss on this VIE was $2.4 million and $1.3 million as of September 30, 2025 and December 31, 2024, 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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