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Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenues from Contracts with Customers [Abstract]  
Revenues from Contracts with Customers

13. Revenues from Contracts with Customers

The following table presents the Company’s total revenues from contracts with customers:

  

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

   2025  2024  2025  2024
Revenues from contracts with customers:                    
Advisory fees  $114,485   $101,659   $317,275   $293,098 
Other revenues   11,131    11,509    29,044    23,942 
Total operating revenues  $125,616   $113,168   $346,319   $317,040 

The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of services to the customer.

A significant portion of the Company’s revenues from contracts with customers is derived primarily from investment advisory agreements with related parties (Note 14). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.

There are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties.

Other revenues include revenues the Company earns from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are based on a percentage of the ETPs’ average daily net assets. The Company also earns transaction-based income on flows associated with certain European listed ETPs. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.

Geographic Distribution of Revenues

The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside:

  

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

   2025   2024   2025   2024 
Revenues from contracts with customers:                    
United States  $75,405   $76,312   $214,686   $212,024 
Jersey   39,984    30,965    107,545    88,692 
Ireland   10,227    5,891    24,088    16,324 
Total operating revenues  $125,616   $113,168   $346,319   $317,040