Goodwill and Intangible Assets
The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of December 31, 2025 and December 31, 2024, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the years ended December 31, 2025 and 2024.
The following table presents the details of goodwill by segment as of December 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | Market Making | | Execution Services | | Corporate | | Total |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Balance as of period-end | | $ | 755,292 | | | $ | 393,634 | | | $ | — | | | $ | 1,148,926 | |
As of December 31, 2025 and December 31, 2024, the Company’s total amount of intangible assets recorded was $154.9 million and $203.2 million, respectively. Acquired intangible assets consisted of the following as of December 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of December 31, 2025 |
| (in thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Useful Lives
(Years) |
| Customer relationships | | $ | 479,130 | | | $ | (328,411) | | | $ | 150,719 | | | 10 | to | 12 |
| Technology | | 136,000 | | | (136,000) | | | — | | | 1 | to | 6 |
| Favorable occupancy leases | | 5,895 | | | (5,681) | | | 214 | | | 3 | to | 15 |
| Exchange memberships | | 3,998 | | | — | | | 3,998 | | | Indefinite |
| Trade name | | 3,600 | | | (3,600) | | | — | | | | 3 | |
| ETF issuer relationships | | 950 | | | (950) | | | — | | | | 9 | |
| ETF buyer relationships | | 950 | | | (950) | | | — | | | | 9 | |
| | | | | | | | |
| | | $ | 630,523 | | | $ | (475,592) | | | $ | 154,931 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2024 |
| (in thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Useful Lives
(Years) |
| Customer relationships | | $ | 479,130 | | | $ | (281,315) | | | $ | 197,815 | | | 10 | to | 12 |
| Technology | | 136,000 | | | (136,000) | | | — | | | 1 | to | 6 |
| Favorable occupancy leases | | 5,895 | | | (5,645) | | | 250 | | | 3 | to | 15 |
| Exchange memberships | | 3,998 | | | — | | | 3,998 | | | Indefinite |
| Trade name | | 3,600 | | | (3,600) | | | — | | | | 3 | |
| ETF issuer relationships | | 950 | | | (950) | | | — | | | | 9 | |
| ETF buyer relationships | | 950 | | | (950) | | | — | | | | 9 | |
| Other | | 1,125 | | | — | | | 1,125 | | | Indefinite |
| | $ | 631,648 | | | $ | (428,460) | | | $ | 203,188 | | | | | |
|
At December 31, 2024, as described in Note 3 “Sale of RFQ-hub”, the Company reclassified an aggregated net carrying amount of $3.5 million ($7.5 million of gross carrying amount net of $4.0 million accumulated amortization) from Intangible assets to Assets of business held for sale. The sale of RFQ-hub was completed on May 9, 2025, and the Company disposed of these Assets of business held for sale at such time.
Amortization expense relating to finite-lived intangible assets was approximately $47.1 million, $50.5 million, and $64.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Consolidated Statements of Comprehensive Income.
The Company expects to record amortization expense as follows over the next five subsequent years:
| | | | | | | | |
| (in thousands) | | |
| | |
| 2026 | | $ | 47,132 | |
| 2027 | | 47,132 | |
| 2028 | | 47,132 | |
| 2029 | | 9,466 | |
| 2030 | | 36 | |