Virtu Financial, Inc
(NASDAQ:VIRT)

Virtu Financial, Inc., financial services company, provides execution services and data, analytics, and connectivity products to clients worldwide. Its product suite includes offerings in execution, liquidity sourcing, analytics and broker-neutral, and multi-dealer platforms in workflow technology. ...

Website: http://www.virtu.com

Founded: 2008

Full Time Employees: 1,012

CEO: Douglas A. Cifu

Sector: Financial Services

Industry: Capital Markets

Market Making Service Financial Services

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At a glance:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31

revenues:
trading income	789,146,000		652,796,000	589,983,000	543,950,000	443,997,000	408,095,000	266,580,000	316,085,000	306,168,000	412,511,000	313,280,000	397,383,000	395,928,000	522,307,000	513,354,000	394,265,000	384,832,000	812,743,000	505,492,000	441,295,000	743,996,000	802,466,000	228,705,000	220,148,000	205,923,000	257,540,000	366,228,000	235,699,000	258,593,000	406,162,000	286,383	203,907	136,163	139,574,000	155,923	156,706	166,547	186,289,000	166,901	206,832	169,792,000	213,930,000
interest and dividends income	127,518,000		128,406,000	109,053,000	123,783,000	125,229,000	105,992,000	154,650,000	127,693,000	97,979,000	82,244,000	63,685,000	43,631,000	30,792,000	21,011,000	49,138,000	9,704,000	9,545,000	6,997,000	15,331,000	10,932,000	9,340,000	26,516,000	32,133,000	23,352,000	24,162,000	29,131,000	26,171,000	21,451,000	21,937,000	17,949,000	19,474	20,430	5,629	4,874,000	11,458	5,271	5,422	4,268,000	7,114	6,425	9,415,000	5,182,000
commissions, net and technology services	186,625,000		153,859,000	151,307,000	140,450,000	131,621,000	118,611,000	114,375,000	110,276,000	109,504,000	121,444,000	117,864,000	120,986,000	136,340,000	154,655,000	143,802,000	135,923,000	143,115,000	191,649,000	148,177,000	133,853,000	147,736,000	170,744,000	138,650,000	139,627,000	145,120,000	75,147,000	43,678,000	40,252,000	46,565,000	53,844,000	67,266	43,351
other	-7,962,000		64,512,000	-12,474,000	26,102,000	5,993,000	10,141,000	372,000	76,110,000	-6,797,000	4,181,000	2,939,000	-956,000	41,678,000	3,289,000	-690,000	4,452,000	11,473,000	1,183,000	7,696,000	70,032,000	4,831,000	4,372,000	3,782,000	2,237,000	3,251,000	1,173,000	4,338,000	-2,279,000	1,031,000	337,098,000	91,398	3,598	-11	60,000
total revenue	1,095,327,000		999,573,000	837,869,000	834,285,000	706,840,000	642,839,000	535,977,000	630,164,000	506,854,000	620,380,000	497,768,000	561,044,000	604,738,000	701,262,000	705,604,000	544,344,000	548,965,000	1,012,572,000	676,696,000	656,112,000	905,903,000	1,004,098,000	403,270,000	385,364,000	378,456,000	362,991,000	440,415,000	295,123,000	328,126,000	815,053,000	464,521	271,286	144,888	147,287,000	170,647	164,806	174,181	192,638,000	176,904	215,802	181,979,000
yoy	31.29%		55.49%	56.33%	32.39%	39.46%	3.62%	7.68%	12.32%	-16.19%	-11.53%	-29.46%	3.07%	10.16%	-30.74%	4.27%	-17.03%	-39.40%	0.84%	67.80%	70.26%	139.37%	176.62%	-8.43%	30.58%	15.34%	-55.46%	94710.57%	108686.67%	226368.72%	453.38%	172.21%	64.61%	-16.82%	-23.54%	-3.54%	-23.63%	-99.90%
qoq			19.30%	0.43%	18.03%	9.96%	19.94%	-14.95%	24.33%	-18.30%	24.63%	-11.28%	-7.23%	-13.76%	-0.62%	29.62%	-0.84%	-45.79%	49.63%	3.14%	-27.57%	-9.78%	148.99%	4.65%	1.83%	4.26%	-17.58%	49.23%	-10.06%	-59.74%	175360.96%	71.23%	87.24%	-99.90%	86210.92%	3.54%	-5.38%	-99.91%	108794.09%	-18.02%	-99.88%
operating expenses:
brokerage, exchange, clearance fees and payments for order flow	138,828,000		202,125,000	221,875,000	207,095,000	176,745,000	139,799,000	117,120,000	123,245,000	122,471,000	145,523,000	142,933,000	168,869,000	156,986,000	150,380,000	156,549,000	158,862,000	170,691,000	259,332,000	185,074,000	196,448,000	203,503,000
communication and data processing	66,875,000		61,435,000	59,803,000	59,336,000	59,601,000	58,182,000	59,923,000	57,066,000	56,959,000	56,812,000	55,064,000	52,907,000	55,699,000	55,835,000	52,164,000	55,627,000	52,507,000	51,690,000	51,414,000	51,647,000	55,662,000	55,027,000	53,389,000	59,767,000	54,423,000	41,814,000	38,327,000	39,516,000	48,791,000	49,486,000	48,316	45,998	18,985	18,207,000	17,423	17,903	17,953	17,722,000	17,045	16,110	17,549,000	17,943,000
employee compensation and payroll taxes	208,355,000		136,181,000	119,356,000	120,638,000	107,646,000	100,823,000	97,825,000	97,221,000	95,557,000	103,437,000	85,609,000	103,254,000	98,604,000	103,480,000	103,110,000	84,552,000	83,849,000	104,771,000	66,445,000	35,798,000	120,934,000	170,358,000	101,578,000	90,595,000	83,702,000	107,837,000	64,833,000	44,827,000	41,226,000	64,670,000	66,436	72,341	17,365	21,347,000	21,113	20,816	20,809	22,557,000	21,225	24,736	15,165,000	26,900,000
interest and dividends expense	177,927,000		165,213,000	131,328,000	143,386,000	136,070,000	126,028,000	157,571,000	132,802,000	112,493,000	97,601,000	77,817,000	61,989,000	48,716,000	42,538,000	64,119,000	26,586,000	24,971,000	24,028,000	27,993,000	27,374,000	28,841,000	41,440,000	41,300,000	34,546,000	36,824,000	45,369,000	40,615,000	32,566,000	35,009,000	33,624,000	33,537	31,242	14,934	12,280,000	13,308	15,615	14,097	13,537,000	13,189	12,827	16,841,000	9,566,000
operations and administrative	29,073,000		25,895,000	22,136,000	27,656,000	24,939,000	22,346,000	26,768,000	22,416,000	25,491,000	24,299,000	32,959,000	14,319,000	13,577,000	25,215,000	22,513,000	18,228,000	21,753,000	25,655,000	21,078,000	24,612,000	21,737,000	30,607,000	31,000,000	28,357,000	34,808,000	22,078,000	11,078,000	17,254,000	16,610,000	19,919,000	27,030	24,183	8,946	4,978,000	6,686	5,543	5,891	4,919,000	8,703	4,857	6,669,000	5,762,000
depreciation and amortization	16,429,000		15,618,000	15,932,000	17,176,000	16,486,000	16,076,000	16,230,000	15,815,000	15,913,000	15,348,000	15,907,000	16,658,000	16,334,000	17,477,000	18,052,000	16,636,000	16,349,000	16,778,000	16,013,000	16,656,000	16,713,000	17,360,000	16,785,000	17,598,000	14,810,000	16,450,000	13,596,000	16,012,000	16,194,000	15,339,000	18,170	15,602	6,798	6,757,000	7,018	7,158	7,800	7,727,000	7,604	8,176	8,186,000	8,195,000
amortization of purchased intangibles and acquired capitalized software	11,783,000		11,783,000	11,783,000	11,783,000	11,848,000	14,687,000	15,953,000	15,967,000	16,020,000	16,020,000	16,020,000	16,060,000	16,277,000	16,480,000	16,581,000	16,933,000	18,077,000	18,077,000	18,077,000	18,265,000	18,954,000	18,958,000	20,159,000	18,908,000	20,606,000	10,922,000	6,081,000	6,367,000	6,838,000	6,851,000	8,901	6,440	53	53,000	52	53	53	53,000	52	53	53,000	53,000
termination of office leases	-16,000		11,000	10,000	16,174,000	17,000	17,000	141,000	364,000	-146,000	96,000	5,238,000	361,000	677,000	707,000	23,012,000	238,000	3,667,000	1,221,000	9,265,000	60,000	7,000	276,000	-38,000	1,278,000	65,207,000		57,000	1,440,000	1,777,000	19,970,000									682.25			2,729,000
debt issue cost related to debt refinancing, prepayment and commitment fees	1,656,000		1,682,000	1,681,000	1,739,000	1,767,000	1,694,000	2,573,000	1,796,000	1,771,000	2,176,000	1,385,000	1,404,000	1,437,000	25,684,000	1,609,000	1,237,000	1,989,000	1,755,000	1,597,000	9,916,000	13,195,000	4,171,000
transaction advisory fees and expenses			59,000	338,000	49,000	69,000	135,000	284,000	6,000	8,000	15,000	11,000	134,000	558,000	422,000	693,000	167,000	-3,000	-14,000	204,000	2,463,000	86,000	188,000	2,043,000	7,163,000	1,798,000	15,109,000	2,502,000	-261,000	1,750,000	7,496,000	1,082	15,677	8,511
financing interest expense on long-term borrowings	34,845,000		32,551,000	29,891,000	26,648,000	24,492,000	23,232,000	24,795,000	25,361,000	24,850,000	24,288,000	25,130,000	23,483,000	22,089,000	21,333,000	20,185,000	20,179,000	20,113,000	19,492,000	19,971,000	20,358,000	21,736,000	25,670,000	30,190,000	34,191,000	34,689,000	22,788,000	16,264,000	17,709,000	18,780,000	19,047,000	23,966	24,593	8,720	6,828,000
total operating expenses	685,755,000		652,553,000	614,133,000	631,680,000	559,680,000	503,019,000	519,183,000	492,059,000	471,387,000	485,615,000	458,073,000	459,438,000	430,954,000	459,551,000	478,587,000	399,245,000	413,963,000	522,785,000	417,131,000	403,597,000	501,368,000	537,873,000	430,642,000	391,192,000	445,035,000	379,195,000	291,637,000	265,698,000	278,504,000	346,517,000	333,936	317,781	139,696	123,405,000	132,046	126,932	129,767	133,936,000	129,626	136,885	172,417,000	141,356,000
income before income taxes and noncontrolling interest	409,572,000		347,020,000	223,736,000	202,605,000	147,160,000	139,820,000	16,794,000	138,105,000	35,467,000	134,765,000	39,695,000	101,606,000	173,784,000	241,711,000	227,017,000	145,099,000	135,002,000	489,787,000	259,565,000	252,515,000	404,535,000	466,225,000	-27,372,000	-5,828,000	-66,579,000	-16,204,000	148,778,000	29,425,000	49,622,000	468,536,000	130,585	-46,495	5,192	23,882,000	38,601	37,874	44,414	58,702,000	47,278	78,917	9,562,000
provision for income taxes	62,976,000		54,044,000	34,101,000	26,518,000	28,137,000	28,512,000	10,093,000	20,512,000	5,923,000	24,682,000	61,000	21,732,000	24,888,000	41,786,000			26,095,000	80,555,000	61,880,000	52,807,000	69,250,000	77,987,000	-3,580,500	-644,000	-11,094,000	-2,585,000	841,000	13,815,000	3,000,000	58,514,000	97,184	-6,505	779	2,808,000	3,926	4,851	5,128	7,346,000	4,336	9,378		2,728,000
net income	346,596,000		292,976,000	189,635,000	176,087,000	119,023,000	111,308,000	6,701,000	117,593,000	29,544,000	110,083,000	39,634,000	79,874,000	148,896,000	199,925,000	185,958,000	123,138,000	108,907,000	409,232,000	197,685,000	199,708,000	335,285,000	388,238,000	-29,417,000	-5,184,000	-55,485,000	-13,619,000	147,937,000	15,610,000	46,622,000	410,022,000	33,401	-39,990	4,413	21,074,000	34,675	33,023	39,286	51,356,000	42,942	69,539	7,565,000	77,444,000
yoy	96.83%		163.21%	2729.95%	49.74%	302.87%	1.11%	-83.09%	47.22%	-80.16%	-44.94%	-78.69%	-35.13%	36.72%	-51.15%	-5.93%	-38.34%	-67.52%	5.41%	-772.01%	-3952.39%	-704.28%	-2950.71%	-119.88%	-133.21%	-219.01%	-103.32%	442811.89%	-39134.76%	1056369.52%	1845.63%	-3.67%	-221.10%	-88.77%	-58.96%	-19.25%	-52.51%	-99.48%	-33.69%
qoq			54.49%	7.69%	47.94%	6.93%	1561.07%	-94.30%	298.03%	-73.16%	177.75%	-50.38%	-46.36%	-25.52%	7.51%	51.02%	13.07%	-73.39%	107.01%	-1.01%	-40.44%	-13.64%	-1419.77%	467.46%	-90.66%	307.41%	-109.21%	847.71%	-66.52%	-88.63%	1227474.02%	-183.52%	-1006.19%	-99.98%	60675.78%	5.00%	-15.94%	-99.92%	119493.87%	-38.25%	-99.08%	-90.23%
net income margin %	31.64%	NaN%	29.31%	22.63%	21.11%	16.84%	17.32%	1.25%	18.66%	5.83%	17.74%	7.96%	14.24%	24.62%	28.51%	26.35%	22.62%	19.84%	40.42%	29.21%	30.44%	37.01%	38.67%	-7.29%	-1.35%	-14.66%	-3.75%	33.59%	5.29%	14.21%	50.31%	7.19%	-14.74%	3.05%	14.31%	20.32%	20.04%	22.55%	26.66%	24.27%	32.22%	4.16%	Infinity%
noncontrolling interest	-164,287,000		-141,789,000	-89,954,000	-82,027,000	-59,071,000	-55,491,000	-1,163,000	-55,678,000	-12,842,000	-52,202,000	-12,042,000	-39,867,000	-63,729,000	-87,668,000	-81,902,000	-52,631,000	-45,997,000	-169,827,000	-85,405,000	-82,999,000	-136,143,000	-167,169,000	11,698,000	872,000	25,594,000	6,946,000	-67,069,000	-6,998,000	-21,413,000	-235,271,000	-22,425	26,472	-3,512	-16,494,000	-27,447	-25,997	-30,908	-41,008,000	-34,835	-57,233
net income available for common stockholders	182,309,000		151,187,000	99,681,000	94,060,000	59,952,000	55,817,000	5,538,000	61,915,000	16,702,000	57,881,000	27,592,000	40,007,000	85,167,000	112,257,000	104,056,000	70,507,000	62,910,000	239,405,000	112,280,000	116,709,000	199,142,000	221,069,000	-17,719,000	-4,312,000	-29,891,000	-6,673,000	80,868,000	8,612,000	25,209,000	174,751,000	10,976	-13,518	901	4,580,000	7,228	7,026	8,378	10,348,000	8,107	12,306	474,000
earnings per share
basic	1.99		1.65	1.09	1.03	0.65	0.59	0.06	0.63	0.16	0.56	0.28	0.38	0.78	0.99	0.91	0.59	0.51	1.91	0.88	0.92	1.59	1.8	-0.15	-0.04	-0.27	-0.07	0.75	0.08	0.25	1.89	0.2	-0.17	0.01	0.1	0.17	0.18	0.21	0.27	0.23	0.36	0.01
diluted	1.99		1.65	1.08	1.02	0.64	0.59	0.06	0.63	0.16	0.56	0.28	0.37	0.78	0.98	0.9	0.59	0.5	1.89	0.87	0.92	1.58	1.8	-0.15	-0.04	-0.27	-0.07	0.74	0.08	0.24	1.86	0.2	-0.17	0.01	0.1	0.17	0.18	0.21	0.26	0.22	0.35	0.01
weighted-average common shares outstanding
basic	86,093,727	85,216,028	85,490,121	85,681,015	87,482,162	87,152,658	88,999,122	94,076,165	93,408,537	94,973,489	97,795,957	103,997,767	102,289,172	104,960,826	109,329,468	117,339,539	115,770,457	119,681,845	122,062,555	121,692,443	122,686,931	121,527,673	119,757,158	113,918,103	117,548,769	112,828,240	107,319,812	100,875,793	106,692,034	99,542,659	90,699,321	62,579,147	79,199,142	40,814,214	40,398,381	38,539,091	38,351,465	38,230,684	38,210,209	34,964,312	34,305,052	34,305,052
diluted	86,093,727	85,318,436	85,530,426	86,047,558	87,821,576	87,536,847	88,999,122	94,076,165	93,408,537	94,973,489	97,813,691	104,422,443	102,550,852	105,478,278	110,066,641	118,423,928	116,623,115	121,181,392	123,389,328	122,332,190	123,772,005	122,238,905	119,788,475	113,918,103	117,548,769	112,828,240	107,319,812	102,089,139	107,128,206	101,619,651	92,406,318	62,579,147	79,199,142	40,814,214	40,398,381	38,539,091	38,351,465	38,230,684	38,489,489	35,339,585	34,738,733	34,529,349
other comprehensive income
foreign exchange translation adjustment, net of taxes	-3,420		12,539	4,740	-12,793	6,835	-3,526	4,787	-4,005	2,527	1,648	19,251	-18,527	-19,810	-5,168	-1,018	-7,843	66	-3,676	11,458	7,812	6,444	-10,396	8,582	-7,197	884	-3,744	-1,414	-666	-5,576	2,529	817	2,558	4,852	785	-2,948	519	-1,230	2,494	-4,850	3,596	1,632
net change in unrealized cash flow hedges gain, net of taxes			1,098	-2,110	-1,320	-19,568	1,547	-24,381	-7,646	8,202	-13,168	-1,801	30,731	14,062	47,873	19,597	3,498	-7,206	21,906	5,406	314	-9,137	-55,602
comprehensive income	343,176		306,613	192,265	161,974	106,290	109,329	-12,893	105,942	40,273	98,563	57,084	92,078	143,148	242,630	204,537	118,793	101,767	427,462	214,549	207,834	332,592	322,240	-20,835	-12,381	-54,601	-17,363	146,523	14,944	41,046	412,551	34,218	-37,432	9,265	21,859	31,727	33,542	38,056	53,850	38,092	73,135	9,197
less: comprehensive income attributable to noncontrolling interest	-162,831		-147,639	-91,075	-75,941	-54,083	-54,655	11,151	-50,832	-17,189	-47,535	-19,066	-44,719	-60,173	-104,159	-88,837	-51,007	-42,929	-177,616	-90,075.5	-86,761	-135,018	-138,523	8,447	3,598	25,258	8,554	-66,458	-6,708	-18,972	-236,559	-22,847	25,122	-6,901	-17,044	-25,351	-26,370	-30,024	-42,801
comprehensive income attributable to common stockholders	180,345		158,974	101,190	86,033	52,207	54,674	-1,742	55,110	23,084	51,028	38,018	47,359	82,975	138,471	115,700	67,786	58,838	249,846	121,996	121,073	197,574	183,717	-12,388	-8,783	-29,343	-8,809	80,065	8,236	22,074	175,992	11,371	-12,310	2,364	4,815	6,376	7,172	8,032	11,049	6,896	13,204	886
benefit from income taxes																32,152,750	21,961,000
brokerage, exchange and clearance fees																							111,538,000	70,549,000	74,315,000	75,851,000	64,053,000	72,000,000	68,638,000	73,318,000	87,824,000	86,673	64,584	52,899	52,770,000	53,798	52,118	55,573	59,725,000	53,016	61,814	56,501,000	61,138,000
payments for order flow																							62,280,000	30,449,000	24,474,000	23,636,000	23,561,000	24,264,000	18,283,000	15,842,000	16,256,000	15,656	12,071
debt issue cost related to debt refinancing and prepayment																								33,238,000		-1,319,000	9,214,000		3,347,000
charges related to share based compensation at ipo																														10,000	14,000	227	181	179	185,000	311	333	516	595,000			44,194,000
debt issue cost related to debt refinancing																														2,359,000	6,021,000	1,109	4,869	4,482
reserve for legal matter																																-544		-2,176
technology services																																		3,107	2,779,000	3,128	2,931	2,212	2,081,000	2,889	2,545	2,772,000	2,416,000
other revenues																																				-25.5	-102
financing interest expense on long term borrowings																																				5,392.25	7,393
dividends declared per share of common stock																																						0.24
financing interest expense on senior secured credit facility																																						7,075	7,101,000	7,188	7,205	7,259,000	7,602,000
acquisition related retention bonus
initial public offering fees and expenses
charges related to share-based compensation at ipo																																								11,325.25	1,107
less: comprehensive income attributable to non-controlling interests																																								-35,263.25	-59,931
provision for (benefit from) income taxes																																										1,997,000
less: comprehensive income attributable to noncontrolling interests
total revenues																																											221,528,000
expenses:
equipment write-off																																											1,468,000
income before income taxes																																											80,172,000
net income attributable to non-controlling interest
net income attributable to virtu financial, inc.
pro forma earnings per share to class a stockholders:
basic																																											0.33
diluted																																											0.33
pro forma weighted-average number of shares used in computing earnings per share:
basic																																											34,305,052
diluted																																											34,305,052

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31

assets
cash and cash equivalents	973,225,000	752,101,000	723,650,000	872,513,000	701,405,000	399,585,000	820,436,000	688,790,000	698,674,000	768,982,000	981,580,000	836,298,000	810,649,000	564,900,000	1,071,463,000	683,836,000	848,111,000	899,041,000	889,559,000	567,677,000	670,770,000	710,533,000	732,164,000	372,710,000	458,064,000	771,003,000	736,047,000	415,933,000	660,067,000	637,308,000	532,887	557,990,000	164,934,000	164,967,000	181,415,000	145,999,000	149,355,000	148,514,000	163,235,000	161,538,000	126,978,000
cash restricted or segregated under regulations and other	56,976,000	37,706,000	47,364,000	41,478,000	36,823,000	29,821,000	35,024,000	37,565,000	47,133,000	40,199,000	56,662,000	54,149,000	39,121,000	47,788,000	49,490,000	70,477,000	67,144,000	122,792,000	117,446,000	98,285,000	77,245,000	94,668,000	41,116,000	22,109,000	39,497,000	17,324,000
securities borrowed	3,055,305,000	2,654,360,000	2,780,405,000	2,294,529,000	2,301,690,000	1,782,982,000	1,722,440,000	1,524,177,000	1,665,179,000	1,458,021,000	1,187,674,000	1,264,550,000	1,369,616,000	1,700,224,000	1,349,322,000	1,277,601,000	1,535,297,000	1,384,134,000	1,425,016,000	1,325,843,000	1,435,777,000	1,321,982,000	1,928,763,000	1,578,941,000	1,201,327,000	1,282,867,000	1,399,684,000	1,305,789,000	1,217,172,000	1,232,048,000		1,525,403,000	285,219,000	358,463,000	220,005,000	394,812,000	550,210,000	654,065,000	453,296,000	510,600,000	667,970,000
securities purchased under agreements to resell	1,644,231,000	1,084,322,000	1,153,090,000	983,941,000	708,773,000	502,470,000	1,512,114,000	3,127,072,000	793,815,000	713,364,000	336,999,000	46,674,000	122,766,000	160,152,000	119,453,000	170,194,000	54,555,000	36,071,000	22,866,000	17,413,000	244,242,000	75,147,000	143,032,000	18,805,000	22,974,000	5,655,000	15,475,000	10,014,000	5,163,000	602,000		8,249,000					5,031,000		14,981,000		31,050,000
receivables from broker-dealers and clearing organizations	3,811,176,000	1,335,968,000	1,857,854,000	1,100,850,000	1,194,193,000	1,270,404,000	737,724,000	1,696,495,000	1,459,826,000	1,165,830,000	1,115,185,000	1,515,043,000	1,419,628,000	1,501,948,000	1,026,807,000	1,452,426,000	1,609,065,000	1,656,347,000	1,684,006,000	1,881,881,000	2,441,283,000	2,562,721,000	1,318,584,000	1,563,731,000	1,287,091,000	1,187,720,000
trading assets, at fair value:
financial instruments owned	9,604,518,000	8,303,418,000	6,292,397,000	5,520,015,000	5,195,334,000	4,998,078,000	6,127,752,000	6,889,825,000	5,155,084,000	4,456,998,000	3,667,481,000	3,746,435,000	4,101,897,000	4,833,178,000	3,238,995,000	3,018,838,000	2,715,188,000	2,976,372,000	2,369,192,000	2,208,147,000	2,038,622,000	2,314,777,000	2,068,734,000	1,753,886,000	2,435,001,000	2,211,819,000	1,848,806,000	2,374,124,000	2,224,885,000	2,297,070,000		2,203,248,000	1,238,409,000	1,630,581,000	1,683,999,000	1,155,074,000	1,246,350,000	1,276,022,000	1,038,039,000	1,152,821,000	1,658,086,000
financial instruments owned and pledged	3,398,669,000	2,625,355,000	2,428,584,000	2,282,637,000	1,990,693,000	1,449,054,000	1,230,859,000	1,397,700,000	1,297,216,000	981,338,000	963,071,000	1,056,913,000	1,078,824,000	1,137,134,000	1,017,960,000	959,056,000	927,158,000	929,669,000	746,539,000	609,050,000	602,971,000	779,043,000	696,956,000	920,950,000	670,001,000	740,630,000	791,115,000	552,629,000	548,198,000	610,536,000		699,152,000	152,178,000	269,389,000	143,883,000	284,894,000	429,172,000	247,652,000	259,175,000	301,737,000	399,306,000
receivables from customers	297,628,000	360,373,000	189,382,000	149,804,000	169,565,000	118,680,000	106,245,000	148,445,000	130,623,000	109,205,000	80,830,000	247,492,000	226,933,000	330,378,000	146,476,000	414,244,000	208,247,000	515,519,000	214,478,000	176,939,000	275,506,000	541,300,000	103,531,000	267,108,000	254,650,000	121,550,000
property, equipment and capitalized software	103,616,000	92,482,000	92,815,000	91,415,000	93,899,000	97,436,000	100,365,000	92,124,000	95,735,000	93,424,000	85,194,000	82,161,000	86,056,000	90,031,000	89,595,000	103,963,000	107,955,000	109,697,000	113,590,000	116,550,000	114,080,000	113,987,000	116,089,000	117,236,000	117,899,000	154,754,000	113,322,000	117,501,000	129,242,000	128,675,000		144,686,000	33,000,000	34,071,000	29,660,000	30,697,000	32,166,000	33,017,000	37,501,000	42,442,000	47,113,000
operating lease right-of-use assets	201,273,000	156,511,000	163,230,000	175,046,000	190,261,000	212,689,000	229,499,000	161,811,000	174,136,000	186,629,000	187,442,000	199,942,000	208,476,000	220,140,000	225,328,000	247,531,000	240,194,000	252,027,000	268,864,000	287,069,000	294,531,000	302,329,000	314,526,000	305,116,000	318,269,000	350,423,000
goodwill	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,148,926,000	1,195,477,000	1,196,548,000	1,193,697,000	836,583,000	836,583,000	836,583,000	836,583,000		859,598,000	718,521,000	715,379,000	715,379,000	715,379,000	715,379,000	715,379,000	715,379,000	715,379,000	715,379,000
intangibles	143,148,000	178,497,000	190,280,000	203,188,000	214,971,000	242,833,000	257,520,000	273,473,000	289,440,000	305,460,000	321,480,000	337,500,000	353,575,000	369,851,000	386,332,000	402,912,000	418,345,000	436,422,000	454,499,000	473,317,000	491,726,000	510,680,000	529,638,000	513,153,000	532,061,000	552,547,000	83,989,000	90,069,000	97,549,000	104,387,000		152,748,000	886,000	939,000	992,000	1,044,000	1,097,000	1,150,000	1,203,000	1,255,000	1,308,000
deferred tax assets	86,423,000	118,058,000	125,762,000	135,046,000	122,399,000	128,171,000	133,760,000	132,361,000	134,549,000	141,250,000	146,801,000	133,893,000	141,922,000	145,884,000	158,518,000	176,279,000	180,356,000	183,035,000	193,070,000	192,467,000	195,844,000	219,787,000	214,671,000	247,612,000	252,229,000	215,063,000	200,359,000	178,087,000	181,359,000	123,289,000		224,804,000	198,289,000
other assets	590,146,000	436,412,000	349,902,000	357,740,000	327,137,000	408,586,000	303,720,000	299,664,000	299,348,000	291,689,000	303,916,000	302,284,000	307,225,000	268,554,000	291,306,000	303,194,000	280,870,000	240,579,000	317,747,000	339,161,000	257,352,000	291,473,000	252,640,000	309,911,000	295,786,000	271,921,000	254,149,000	242,037,000	219,023,000	353,394,000		379,949,000	77,681,000	73,921,000	74,470,000	78,509,000	38,659,000	38,421,000		34,676,000	34,944,000
total assets	25,115,260,000	19,284,489,000	17,548,214,000	15,361,743,000	14,400,706,000	12,789,715,000	14,466,384,000	17,618,428,000	13,389,684,000	11,861,315,000	10,583,241,000	10,972,260,000	11,415,614,000	12,519,088,000	10,319,971,000	10,429,477,000	10,341,411,000	10,890,631,000	9,965,798,000	9,442,725,000	10,288,875,000	10,987,353,000	9,609,370,000	9,186,745,000	9,081,397,000	9,076,973,000	7,380,978,000	7,238,530,000	7,171,163,000	7,757,931,000	7,320,006	7,739,345,000	4,373,845,000	4,107,353,000	3,692,390,000	3,513,421,000	4,705,275,000	3,935,369,000	3,391,930,000	3,641,946,000	4,536,720,000	5,289
liabilities and equity
liabilities
short-term borrowings	154,973,000	251,754,000	112,149,000	38,541,000	128,761,000	138,202,000		97,217,000	111,721,000	121,238,000	3,944,000	167,450,000	157,114,000	140,782,000	61,510,000	312,814,000	214,252,000	240,444,000	64,686,000	123,993,000	26,274,000	431,500,000	73,486,000	94,888,000	146,847,000	159,716,000	15,128,000	14,567,000	44,006,000	20,944,000
securities loaned	3,723,360,000	3,118,350,000	2,827,025,000	2,431,878,000	2,109,164,000	1,640,521,000	1,329,446,000	1,459,980,000	1,306,894,000	1,027,536,000	1,060,432,000	988,969,000	1,049,609,000	1,268,377,000	1,142,048,000	1,017,436,000	1,142,741,000	1,191,615,000	948,256,000	705,789,000	1,204,114,000	1,017,361,000	1,600,099,000	1,093,321,000	778,351,000	819,903,000	1,130,039,000	800,145,000	788,843,000	936,061,000		582,915,000	345,184,000	423,672,000	222,203,000	481,947,000	955,662,000	690,672,000	524,603,000	741,728,000	876,782,000
securities sold under agreements to repurchase	2,214,540,000	1,907,126,000	1,461,415,000	1,271,788,000	1,045,811,000	836,433,000	1,795,994,000	3,376,948,000	1,120,151,000	1,007,307,000	627,549,000	446,078,000	501,193,000	549,707,000	514,325,000	583,268,000	490,879,000	410,164,000	461,235,000	466,995,000	312,568,000	389,679,000	340,742,000	281,783,000	295,803,000	290,000,000	281,861,000	301,238,000	279,760,000	265,401,000		620,887,000								9,000,000	246,000
payables to broker-dealers and clearing organizations	1,401,039,000	1,233,988,000	774,809,000	918,566,000	619,640,000	472,895,000	1,167,712,000	540,464,000	848,277,000	258,752,000	273,843,000	680,530,000	704,897,000	934,722,000	571,526,000	1,094,971,000	776,586,000	1,079,808,000	876,446,000	675,032,000	1,200,212,000	1,180,829,000	826,750,000	1,024,549,000	668,545,000	987,842,000
payables to customers	69,601,000	50,470,000	66,732,000	46,112,000	97,774,000	33,485,000	23,229,000	74,374,000	39,740,000	107,526,000	46,525,000	96,931,000	106,969,000	161,565,000	54,999,000	182,939,000	127,859,000	347,184,000	118,826,000	141,980,000	148,519,000	569,252,000	89,719,000	118,259,000	131,303,000	72,404,000						25,550,000
trading liabilities, at fair value:
financial instruments sold, not yet purchased	12,347,691,000	8,423,628,000	8,116,856,000	6,440,971,000	6,335,171,000	5,694,997,000	6,071,352,000	7,941,472,000	5,812,887,000	5,114,781,000	4,196,974,000	4,199,838,000	4,471,229,000	5,104,999,000	3,510,779,000	2,871,649,000	3,123,388,000	2,984,733,000	2,923,708,000	2,790,135,000	2,753,847,000	2,814,285,000	2,497,958,000	2,248,932,000	2,716,418,000	2,294,625,000	2,475,395,000	2,398,094,000	2,406,364,000	2,846,453,000		2,535,891,000	1,109,010,000	1,673,802,000	1,349,155,000	1,318,559,000	1,924,024,000	1,411,609,000	979,090,000	1,198,881,000	1,785,628,000
tax receivable agreement obligations	166,453,000	175,819,000	175,819,000	196,592,000	196,254,000	196,254,000	216,480,000	215,483,000	215,542,000	238,758,000	238,758,000	237,938,000	237,938,000	237,938,000	259,282,000	254,660,000	254,660,000	271,165,000	271,165,000	255,996,000	255,996,000	255,996,000	269,282,000	256,700,000	256,700,000	214,403,000	214,403,000	199,264,000	211,623,000	147,040,000		232,552,000	231,639,000	229,381,000	231,404,000	226,048,000	218,399,000	218,399,000	218,399,000	184,679,000	184,679,000
accounts payable, accrued expenses and other liabilities	568,457,000	539,197,000	492,892,000	558,100,000	469,796,000	365,711,000	451,293,000	411,848,000	379,815,000	333,343,000	448,292,000	440,641,000	396,128,000	358,059,000	457,942,000	413,998,000	399,074,000	386,328,000	491,818,000	508,543,000	614,220,000	533,558,000	399,168,000	395,987,000	349,832,000	363,094,000
operating lease liabilities	247,500,000	207,645,000	216,314,000	229,825,000	236,253,000	260,483,000	278,317,000	211,249,000	224,086,000	237,254,000	239,202,000	248,701,000	257,673,000	269,937,000	278,745,000	292,967,000	286,335,000	298,890,000	315,340,000	330,626,000	339,602,000	350,687,000	365,364,000	375,390,000	388,070,000	394,764,000
long-term borrowings	2,025,112,000	1,743,171,000	1,741,092,000	1,740,467,000	1,741,543,000	1,726,657,000	1,727,205,000	1,778,743,000	1,778,270,000	1,779,079,000	1,795,952,000	1,792,063,000	1,792,383,000	1,794,200,000	1,605,132,000	1,604,062,000	1,602,815,000	1,636,221,000	1,639,280,000	1,636,829,000	1,732,516,000	1,915,549,000	1,917,866,000	1,934,358,000	1,931,811,000	1,977,716,000	907,037,000	904,027,000	1,015,748,000	1,121,464,000		1,434,629,000	1,628,323,000	565,317,000	564,957,000
total liabilities	22,918,726,000	17,651,148,000	15,986,558,000	13,874,366,000	12,981,351,000	11,365,638,000	13,061,028,000	16,107,778,000	11,837,383,000	10,225,941,000	8,931,814,000	9,299,352,000	9,675,206,000	10,820,346,000	8,456,353,000	8,628,764,000	8,418,589,000	8,846,552,000	8,110,760,000	7,635,918,000	8,587,868,000	9,458,696,000	8,380,434,000	7,890,028,000	7,729,528,000	7,640,327,000	5,886,279,000	5,853,919,000	5,729,537,000	6,299,456,000	6,168,428	6,573,818,000	3,856,364,000	3,577,358,000	3,157,978,000	2,970,344,000	4,158,702,000	3,370,784,000	2,834,060,000	3,113,118,000	4,032,056,000	14,000
commitments and contingencies
virtu financial inc. stockholders' equity
class a common stock	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000		1,000
class b common stock
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 7,970,185 and 7,970,185 shares at march 31, 2026 and december 31, 2025, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at march 31, 2026 and december 31, 2025, respectively	1,000
treasury stock	-1,475,666,000	-1,454,716,000	-1,387,895,000	-1,339,913,000	-1,282,210,000	-1,202,188,000	-1,166,299,000	-1,120,501,000	-1,071,784,000	-1,030,205,000	-954,637,000	-909,368,000	-828,772,000	-781,286,000	-494,075,000	-392,468,000	-253,587,000	-152,282,000	-88,923,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-55,005,000	-25,485,000		-8,505,000	-8,358,000	-8,358,000	-8,358,000	-3,819,000	-3,819,000	-3,819,000	-3,819,000
additional paid-in capital	1,591,921,000	1,504,158,000	1,475,903,000	1,432,240,000	1,415,956,000	1,380,457,000	1,351,574,000	1,343,307,000	1,335,269,000	1,323,219,000	1,292,613,000	1,265,919,000	1,256,760,000	1,246,983,000	1,223,119,000	1,209,064,000	1,201,890,000	1,190,950,000	1,160,567,000	1,143,149,000	1,128,977,000	1,113,447,000	1,077,398,000	1,070,123,000	1,057,587,000	1,042,091,000	1,010,468,000	1,002,059,000	995,084,000	930,954,000		900,586,000	164,835,000	160,385,000	155,536,000	142,645,000	137,957,000	134,385,000	130,902,000	118,303,000	115,274,000	100
retained earnings	1,623,693,000	1,355,688,000	1,227,446,000	1,168,908,000	1,097,693,000	1,017,547,000	1,000,403,000	1,018,201,000	980,481,000	987,852,000	972,317,000	970,334,000	956,487,000	897,387,000	830,538,000	690,568,000	648,893,000	615,580,000	422,381,000	343,817,000	259,873,000	91,292,000	-90,374,000	-40,120,000	-5,949,000	54,723,000	96,513,000	49,647,000	89,521,000	90,242,000						1,160,000	3,512,000	4,495,000	3,525,000	12,780,000	474,000
accumulated other comprehensive income	-4,975,000					15,904,000	17,047,000	24,327,000	31,132,000	24,750,000	31,604,000	21,178,000	13,826,000	16,019,000	-10,196,000	-21,838,000	-19,117,000	-15,045,000	-25,487,000	-35,203,000	-39,567,000	-37,999,000	-647,000	-5,986,000	-1,670,000	-2,218,000	-82,000	721,000	1,097,000	4,232,000		2,596,000	1,446,000		-252,000	600,000	454,000	800,000	99,000	1,310,000	412,000
total virtu financial inc. stockholders' equity	1,734,975,000					1,211,722,000	1,202,727,000	1,265,336,000	1,275,100,000	1,305,618,000	1,341,899,000	1,348,065,000	1,398,303,000			1,485,328,000	1,578,081,000	1,639,205,000	1,468,540,000	1,396,760,000	1,294,280,000	1,111,737,000	931,374,000		994,965,000	1,039,593,000	1,051,896,000	997,424,000	1,030,699,000	999,945,000	830,569
assets of business held for sale			4,573,000	4,615,000	4,637,000
liabilities of business held for sale			1,455,000	1,526,000	1,184,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,194,847 and 8,561,970 shares at june 30, 2025 and december 31, 2024, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at june 30, 2025 and december 31, 2024, respectively		1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,194,847 and 8,561,970 shares at march 31, 2025 and december 31, 2024, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at march 31, 2025 and december 31, 2024, respectively			1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,561,970 and 8,607,998 shares at december 31, 2024 and december 31, 2023, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at december 31, 2024 and december 31, 2023, respectively				1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,575,052 and 8,607,998 shares at september 30, 2024 and december 31, 2023, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at september 30, 2024 and december 31, 2023, respectively					1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,607,998 and 8,607,998 shares at march 31, 2024 and december 31, 2023, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at march 31, 2024 and december 31, 2023, respectively						1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,607,998 and 9,030,066 shares at december 31, 2023 and december 31, 2022, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at december 31, 2023 and december 31, 2022, respectively							1,000
noncontrolling interest							202,629,000	245,314,000	277,201,000				342,105,000								406,727,000		297,562,000				442,803,000	387,187,000	410,927,000	458,530,000	321,009	322,152,000	375,608,000	384,772,000	388,739,000	402,490,000	408,468,000	428,723,000	427,162,000		388,503,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,607,998 and 9,030,066 shares at september 30, 2023 and december 31, 2022, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at september 30, 2023 and december 31, 2022, respectively								1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,856,531 and 9,030,066 shares at june 30, 2023 and december 31, 2022, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at june 30, 2023 and december 31, 2022, respectively									1,000
deferred tax liabilities										367,000	343,000	213,000	73,000	60,000	65,000									65,861,000	65,848,000	65,860,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 8,856,531 and 9,030,066 shares at march 31, 2023 and december 31, 2022, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at march 31, 2023 and december 31, 2022, respectively										1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,030,066 and 9,359,065 shares at december 31, 2022 and december 31, 2021, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at december 31, 2022 and december 31, 2021, respectively											1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,030,066 and 9,359,065 shares at september 30, 2022 and december 31, 2021, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at september 30, 2022 and december 31, 2021, respectively												1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,030,066 and 9,359,065 shares at june 30, 2022 and december 31, 2021, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at june 30, 2022 and december 31, 2021, respectively													1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,053,155 and 9,359,065 shares at march 31, 2022 and december 31, 2021, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at march 31, 2022 and december 31, 2021, respectively														1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,359,065 and 10,226,939 shares at december 31, 2021 and december 31, 2020, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at december 31, 2021 and december 31, 2020, respectively															1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,763,065 and 10,226,939 shares at september 30, 2021 and december 31, 2020, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at september 30, 2021 and december 31, 2020, respectively																1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 9,799,036 and 10,226,939 shares at june 30, 2021 and december 31, 2020, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at june 30, 2021 and december 31, 2020, respectively																	1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 10,135,182 and 10,226,939 shares at march 31, 2021 and december 31, 2020, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at march 31, 2021 and december 31, 2020, respectively																		1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 10,226,939 and 12,887,178 shares at december 31, 2020 and december 31, 2019, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at december 31, 2020 and december 31, 2019, respectively																			1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 10,466,939 and 12,887,178 shares at september 30, 2020 and december 31, 2019, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at september 30, 2020 and december 31, 2019, respectively																				1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 10,526,939 and 12,887,178 shares at june 30, 2020 and december 31, 2019, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 60,091,740 shares at june 30, 2020 and december 31, 2019, respectively																					1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 12,162,851 and 12,887,178 shares at march 31, 2020 and december 31, 2019, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 69,091,740 shares at march 31, 2020 and december 31, 2019, respectively																						1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 12,887,178 and 13,749,886 shares at december 31, 2019 and december 31, 2018, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 69,091,740 shares at december 31, 2019 and december 31, 2018, respectively																							1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 12,904,525 and 13,749,886 shares at september 30, 2019 and december 31, 2018, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 69,091,740 shares at september 30, 2019 and december 31, 2018, respectively																								1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 13,138,402 and 13,749,886 shares at june 30, 2019 and december 31, 2018, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 60,091,740 and 69,091,740 shares at june 30, 2019 and december 31, 2018, respectively																									1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 13,509,886 and 13,749,886 shares at march 31, 2019 and december 31, 2018, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 69,091,740 and 69,091,740 shares at march 31, 2019 and december 31, 2018, respectively																										1,000
receivables from broker dealers and clearing organizations																											1,101,449,000	1,115,764,000	1,051,922,000	1,434,039,000		980,518,000	385,368,000	662,313,000	448,728,000	513,292,000	1,349,364,000	629,911,000	476,536,000	560,716,000	691,163,000
payables to broker dealers and clearing organizations																											567,441,000	952,343,000	747,613,000	648,788,000		839,067,000	397,904,000	589,688,000	695,978,000	305,256,000	408,063,000	435,958,000	486,604,000	328,054,000	568,459,000
accounts payable and accrued expenses and other liabilities																											294,975,000	284,241,000	235,580,000	313,305,000		287,327,000	131,304,000	73,498,000	69,281,000	94,857,000	92,637,000	89,364,000	86,775,000	128,278,000	120,950,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 13,749,886 and 17,880,239 shares at december 31, 2018 and december 31, 2017, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 69,091,740 and 79,610,490 shares at december 31, 2018 and december 31, 2017, respectively																											1,000
total equity																											1,494,699,000	1,384,611,000	1,441,626,000	1,458,475,000	1,151,578	1,165,527,000	517,481,000	529,995,000	534,412,000	543,077,000	546,573,000	564,585,000	557,870,000	528,828,000	504,664,000
total liabilities and equity																											7,380,978,000	7,238,530,000	7,171,163,000	7,757,931,000		7,739,345,000	4,373,845,000	4,107,353,000	3,692,390,000	3,513,421,000	4,705,275,000	3,935,369,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 14,001,131 and 17,880,239 shares at september 30, 2018 and december 31, 2017, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 69,091,740 and 79,610,490 shares at september 30, 2018 and december 31, 2017, respectively																												1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued and outstanding — 14,331,267 and 17,880,239 shares at june 30, 2018 and december 31, 2017, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 69,091,740 and 79,610,490 shares at june 30, 2018 and december 31, 2017, respectively																													1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 17,066,564 and 17,880,239 shares, outstanding — 17,066,564 and 17,880,239, at march 31, 2018 and december 31, 2017, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at march 31, 2018 and december 31, 2017, respectively																														1,000
consolidated statements of financial condition data:
senior secured credit facility																															1,388,548						491,917,000	492,782,000	493,589,000	494,498,000	495,312,000
class a-1 redeemable interest
cash and securities segregated under federal and other regulations																																3,000,000
short term borrowings																																15,000,000	13,000,000	22,000,000	25,000,000	17,600,000	68,000,000	32,000,000	45,000,000	28,000,000
stockholders' equity
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 18,344,223 and 19,810,707 shares, outstanding — 18,344,223 and 19,810,707, at september 30, 2017 and december 31, 2016, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at september 30, 2017 and december 31, 2016, respectively																																1,000
accumulated deficit																																-51,304,000	-16,051,000	-6,788,000
total stockholders' equity																																843,375,000	141,873,000	145,223,000	145,673,000	140,587,000	138,105,000	135,862,000
restricted cash																																	1,119,360,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 18,773,891 and 19,810,707 shares, outstanding — 18,773,891 and 19,810,707, at june 30, 2017 and december 31, 2016, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at june 30, 2017 and december 31, 2016, respectively																																	1,000
deferred tax asset																																		197,330,000	193,859,000	193,721,000	188,492,000	191,238,000	193,740,000	160,782,000	163,423,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 19,081,435 and 19,810,707 shares, outstanding — 19,081,435 and 19,810,707, at march 31, 2017 and december 31, 2016, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at march 31, 2017 and december 31, 2016, respectively																																		1,000
accumulated other comprehensive loss																																		-17,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 19,810,707 and 20,976,598 shares, outstanding — 19,810,707 and 20,976,598, at december 31, 2016 and 2015, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at december 31, 2016 and 2015, respectively																																			1,000
(accumulated deficit) retained earnings																																			-1,254,000
long term borrowings																																				526,077,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 20,976,598 and 20,976,598 shares, outstanding — 19,810,707 and 20,976,598, at september 30, 2016 and december 31, 2015, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at september 30, 2016 and december 31, 2015, respectively																																				1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 20,976,598 and 20,976,598 shares, outstanding — 20,922,855 and 20,976,598, at june 30, 2016 and december 31, 2015, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at june 30, 2016 and december 31, 2015, respectively																																					1,000
class c common stock (par value 0.00001), authorized — 90,000,000 and 90,000,000 shares, issued — 20,976,598 and 20,976,598 shares, outstanding — 20,922,855 and 20,976,598, at march 31, 2016 and december 31, 2015, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 175,000,000 shares, issued and outstanding — 79,610,490 and 79,610,490 shares at march 31, 2016 and december 31, 2015, respectively																																						1,000
other assets (5,984 and 8,205, at fair value, as of december 31, 2015 and 2014, respectively																																							38,845,000
liabilities, redeemable membership interest and equity
class a-1 redeemable membership interest
stockholders' / members' equity
class a-1 — authorized and issued — 0 and 1,964,826 interests, outstanding — 0 and 1,964,826 interests, at december 31, 2015 and 2014, respectively
class a-2 — authorized and issued — 0 and 101,381,332 interests, outstanding — 0 and 99,855,666 interests, at december 31, 2015 and 2014, respectively
class c common stock (par value 0.00001), authorized — 90,000,000 and 0 shares, issued and outstanding — 20,976,598 and 0 shares at december 31, 2015 and 2014, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 0 shares, issued and outstanding — 79,610,490 and 0 shares at december 31, 2015 and 2014, respectively																																							1,000
total stockholders' / members' equity																																							130,708,000	132,394,000
total liabilities, redeemable membership interest and equity																																							3,391,930,000	3,641,946,000	4,536,720,000
class a-1 — authorized and issued — 0 and 1,964,826 interests, outstanding — 0 and 1,964,826 interests, at september 30, 2015 and december 31, 2014, respectively
class a-2 — authorized and issued — 0 and 101,381,332 interests, outstanding — 0 and 99,855,666 interests, at september 30, 2015 and december 31, 2014, respectively
class c common stock (par value 0.00001), authorized — 90,000,000 and 0 shares, issued and outstanding — 24,531,817 and 0 shares at september 30, 2015 and december 31, 2014, respectively
class d common stock (par value 0.00001), authorized — 175,000,000 and 0 shares, issued and outstanding — 79,610,490 and 0 shares at september 30, 2015 and december 31, 2014, respectively																																								1,000
non-controlling interest																																								396,434,000
stockholders’ / members’ equity
class a-1 - authorized and issued - 0 and 1,964,826 interests, outstanding - 0 and 1,964,826 interests at june 30, 2015 and december 31, 2014, respectively
class a-2 - authorized and issued - 0 and 101,381,332 interests, outstanding - 0 and 99,855,666 interests at june 30, 2015 and december 31, 2014, respectively
class c common stock (par value 0.00001), authorized - 90,000,000 and 0 shares, issued and outstanding - 24,531,817 and 0 shares at june 30, 2015 and december 31, 2014, respectively
class d common stock (par value 0.00001), authorized - 175,000,000 and 0 shares, issued and outstanding - 79,610,490 and 0 shares at june 30, 2015 and december 31, 2014, respectively																																									1,000
total stockholders’ / members’ equity																																									116,161,000
cash																																										545
deferred tax benefit																																										4,744
payable to affiliate																																										14,000
stockholder’s equity
total stockholder’s equity/																																										-8,711
total liabilities and stockholder’s equity/																																										5,289

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-06-30	2025-03-31	2024-12-31	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31

cash flows from operating activities
net income	346,596,000	292,976,000	189,635,000	176,087,000	111,308,000	6,701,000	117,594,000	29,543,000	110,083,000	39,634,000	79,878,000	148,895,000	199,925,000	185,958,000	123,137,000	108,907,000	409,232,000	197,685,000	199,705,000	335,285,000	388,238,000	-29,417,000	-5,184,000	-55,485,000	-13,619,000	147,937,000	15,610,000	46,623,000	410,022,000		-39,990,000	4,413,000	21,074,000		33,023,000	39,286,000	51,356,000	42,942,000	69,539,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	16,429,000	15,618,000	15,932,000	17,176,000	16,076,000	16,230,000	15,815,000	15,913,000	15,348,000	15,907,000	16,658,000	16,335,000	17,477,000	18,052,000	16,637,000	16,349,000	16,778,000	16,013,000	16,655,000	16,713,000	17,360,000	16,785,000	17,599,000	14,810,000	16,450,000	13,596,000	16,012,000	16,207,000	15,339,000		15,602,000	6,798,000	6,757,000		7,158,000	7,800,000	7,727,000	7,604,000	8,176,000
amortization of purchased intangibles and acquired capitalized software	11,783,000	11,783,000	11,783,000	11,783,000	14,687,000	15,953,000	15,967,000	16,020,000	16,020,000	16,020,000	16,060,000	16,277,000	16,480,000	16,581,000	16,933,000	18,077,000	18,077,000	18,077,000	18,265,000	18,954,000	18,958,000	20,159,000	18,908,000	20,606,000	10,922,000	6,081,000	6,367,000	6,824,000	6,851,000		6,440,000	53,000	53,000		53,000	53,000	53,000	52,000	53,000
debt issue cost related to debt refinancing and prepayment	200,000			0		792,000	0	0	306,000	0	0	0	24,316,000	0	0	622,000	27,000	0	2,069,000	4,022,000	1,464,000	33,238,000	2,000	-1,320,000	9,214,000	0
amortization of debt issuance costs and deferred financing fees	1,831,000	1,774,000	1,597,000	1,658,000	1,720,000	6,128,000	1,808,000	1,788,000	1,664,000	1,181,000	1,554,000	1,540,000	2,644,000	1,696,000	1,696,000	1,692,000	1,855,000	1,984,000	9,514,000	11,157,000	3,493,000	2,207,000	3,152,000	3,717,000	2,644,000	2,446,000	2,546,000	3,844,000	1,583,000		2,817,000	439,000	214,000		518,000	410,000	468,000	468,000	464,000
termination of office leases	-16,000	11,000	10,000	16,174,000	17,000	141,000	364,000	-146,000	96,000	2,963,000	360,000	677,000	707,000	23,012,000	238,000	3,667,000	1,221,000	9,265,000	60,000	7,000	276,000	-38,000	1,282,000			57,000	1,440,000	1,890,000	19,970,000							0	292,000	-1,349,000	0
share-based compensation	34,459,000	22,571,000	21,888,000	24,534,000	15,033,000	16,825,000	15,354,000	16,171,000	15,583,000	16,378,000	18,132,000	18,997,000	13,712,000	17,491,000	12,930,000	12,552,000	12,778,000	22,328,000	498,000	14,755,000	22,257,000
deferred taxes	5,999,000	7,537,000	6,095,000	-12,343,000	5,390,000	2,503,000	3,401,000	5,365,000	7,800,000	-12,481,000	-7,591,000	3,975,000	12,629,000	17,826,000	4,077,000	2,679,000	10,035,000	-603,000	3,377,000	23,943,000	-5,116,000	-30,286,000	4,630,000	4,476,000	2,489,000	-4,687,000	3,272,000	3,075,000	2,471,000		-2,539,000	1,674,000	2,354,000		4,066,000	2,749,000	2,530,000
other	9,994,000	1,329,000	6,499,000	4,429,000	-15,118,000	-14,589,000	-948,000	6,772,000	-4,030,000	606,000	5,451,000	6,944,000	-1,609,000	9,537,000	-6,080,000	-8,607,000	-406,000	12,824,000	-13,597,000	-857,000	-296,000	-349,000	1,865,000	-15,385,000	14,749,000	349,000	-696,000	8,093,000	-7,328,000		120,000	-2,134,000	1,570,000		-1,191,000			-1,005,000	-1,217,000
changes in operating assets and liabilities:
securities borrowed	135,833,000	126,045,000	-485,876,000	7,161,000	-60,542,000	-198,263,000	141,002,000	-207,158,000	-270,347,000	76,876,000	105,066,000	330,608,000	-350,902,000	-71,721,000	257,696,000	-151,163,000	40,882,000	-99,173,000	109,934,000	-113,795,000	606,781,000	-349,822,000	-377,614,000	81,540,000	129,999,000	-93,895,000	-88,617,000	14,876,000	239,124,000		166,260,000	73,244,000	-138,458,000		155,398,000	103,855,000	-200,769,000	57,304,000
securities purchased under agreements to resell	-655,302,000	68,768,000	-169,149,000	-275,168,000	1,009,644,000	1,614,958,000	-2,333,257,000	-80,451,000	-376,365,000	-290,325,000	76,092,000	37,386,000	-40,699,000	50,741,000	-115,639,000	-18,484,000	-13,205,000	-5,453,000	226,829,000	-169,095,000	67,885,000	-124,227,000	4,169,000	-17,319,000	9,820,000	-5,461,000	-4,851,000	-4,561,000	-602,000						5,031,000	-5,031,000	14,981,000	-14,981,000	31,050,000
receivables from broker-dealers and clearing organizations	-1,914,771,000	521,514,000	-756,950,000	93,287,000	-526,927,000	887,109,000	-246,148,000	-284,733,000	-66,035,000	398,780,000	-7,069,000	82,320,000	-475,141,000	425,619,000	156,639,000	47,282,000	27,659,000	197,875,000	559,402,000	121,438,000	-1,244,137,000	245,147,000	-276,640,000	-99,371,000	241,841,000
trading assets, at fair value	-2,451,630,000	-2,207,792,000	-918,329,000	-616,625,000	911,479,000	928,914,000	-1,835,225,000	-1,013,964,000	-807,784,000	172,796,000	377,373,000	789,591,000	-1,713,357,000	-279,061,000	-335,548,000	263,695,000	-790,310,000	-298,534,000	-175,604,000	452,227,000	-328,130,000	-90,854,000	430,166,000	-152,553,000	-312,005,000	286,832,000	-153,670,000	134,523,000	-194,984,000		583,526,000	509,383,000	-72,088,000		235,554,000	-151,848,000	-226,460,000	157,344,000
receivables from customers	-136,067,000	-170,991,000	-39,578,000	19,761,000	-12,435,000	42,200,000	-17,822,000	-21,418,000	-28,375,000	166,662,000	-20,559,000	103,445,000	-183,902,000	267,768,000	-205,997,000	307,272,000	-301,041,000	-37,539,000	98,567,000	265,794,000	-437,769,000	163,577,000	-1,891,000
operating lease right-of-use assets	12,434,000	6,719,000	11,816,000	5,184,000	16,810,000	-67,688,000	12,325,000	12,493,000	813,000	3,284,000	8,534,000	11,664,000	5,188,000	13,795,000	-7,337,000	10,635,000	16,837,000	12,202,000	7,462,000	7,798,000	12,197,000
other assets	-70,252,000	-83,190,000	26,898,000	-44,436,000	-104,205,000	6,536,000	7,691,000	-10,851,000	16,955,000	5,132,000	3,275,000	-96,987,000	25,781,000	15,311,000	-3,852,000	-28,944,000	76,694,000	18,997,000	-77,644,000	34,973,000	-24,798,000	56,873,000	-25,936,000	-19,141,000	13,337,000	12,334,000	-23,895,000	130,985,000	5,848,000		27,539,000	-1,854,000	563,000		1,165,000	-112,000	652,000	-4,687,000
securities loaned	245,529,000	291,325,000	395,147,000	322,714,000	311,075,000	-130,534,000	153,086,000	279,358,000	-32,896,000	71,463,000	-60,640,000	-218,768,000	126,329,000	124,612,000	-125,305,000	-48,874,000	243,359,000	242,467,000	-498,325,000	186,753,000	-582,738,000	506,778,000	314,970,000	-41,552,000	-327,799,000	329,894,000	11,302,000	-147,218,000	181,374,000		71,542,000	-78,488,000	201,469,000		-473,715,000	264,990,000	166,069,000	-217,125,000	-135,054,000
securities sold under agreements to repurchase	808,901,000	445,711,000	189,627,000	225,977,000	-959,561,000	-1,580,954,000	2,256,797,000	112,844,000	379,758,000	181,471,000	-55,115,000	-48,514,000	35,382,000	-68,943,000	92,389,000	80,715,000	-51,071,000	-5,760,000	154,427,000	-77,111,000	48,937,000	58,959,000	-14,020,000	5,803,000	8,139,000	-19,377,000	21,478,000	14,359,000	-125,241,000									-9,000,000
payables to broker-dealers and clearing organizations	402,763,000	460,563,000	-143,428,000	303,764,000	-687,156,000	619,587,000	-307,813,000	589,525,000	-15,091,000	-406,686,000	-65,266,000	-215,763,000	411,069,000	-503,848,000	321,882,000	-310,428,000	225,268,000	206,820,000	-524,866,000	10,246,000	298,477,000	-197,799,000	356,004,000	-319,297,000	268,358,000
payables to customers	26,498,000	-16,262,000	20,620,000	-51,662,000	10,256,000	-51,145,000	34,634,000	-67,786,000	61,001,000	-50,406,000	-10,038,000	-54,596,000	106,566,000	-127,940,000	55,080,000	-219,325,000	228,358,000	-23,154,000	-6,539,000	-420,733,000	479,533,000	-28,540,000	-23,904,000	58,899,000	-44,015,000
trading liabilities, at fair value	3,242,428,000	306,772,000	1,675,885,000	105,800,000	-376,355,000	-1,870,120,000	2,128,585,000	698,106,000	917,807,000	-2,864,000	-271,391,000	-633,770,000	1,594,220,000	639,130,000	-251,739,000	138,655,000	61,025,000	133,573,000	36,288,000	-60,438,000	316,327,000	249,026,000	-467,486,000	421,793,000	-180,781,000	77,301,000	-8,270,000	-440,089,000	461,855,000		-329,766,000	-564,792,000	324,647,000		-605,465,000	512,415,000	432,519,000	-219,791,000	-586,747,000
operating lease liabilities	-13,669,000	-8,669,000	-13,511,000	-6,428,000	-17,834,000	67,068,000	-12,837,000	-13,168,000	-1,948,000	-3,278,000	-8,972,000	-12,264,000	-8,808,000	-14,222,000	6,632,000	-12,555,000	-16,450,000	-15,286,000	-8,976,000	-11,085,000	-14,677,000
accounts payable, accrued expenses and other liabilities	-60,119,000	35,641,000	-31,647,000	62,655,000	-58,776,000	29,734,000	19,702,000	37,775,000	-88,745,000	13,228,000	31,048,000	24,815,000	-73,192,000	35,710,000	4,612,000	7,132,000	-83,712,000	-27,322,000	-94,528,000	71,409,000	132,395,000	-2,462,000	52,630,000	-5,084,000	-82,749,000
net cash from operating activities	-149,000	62,765,000	14,964,000	391,482,000	-395,414,000	348,086,000	170,075,000	121,998,000	-148,382,000	416,341,000	232,840,000	312,807,000	-255,185,000	797,104,000	19,081,000	221,551,000	133,890,000	577,286,000	-15,679,000	717,938,000	-218,661,000	514,993,000	31,103,000	-167,356,000	-209,969,000	401,084,000	3,214,000	191,290,000	119,007,000		133,378,000	50,306,000	32,087,000		101,685,000	33,989,000	51,468,000	18,287,000
capital expenditures	-5,608,000	-5,212,000	-5,732,000	181,000	-2,815,000	-13,482,000	-2,427,000	-8,070,000	-13,795,000	-8,847,000	-4,108,000	-4,288,000	-9,958,000	-8,236,000	-3,737,000	-9,101,000	-3,488,000	-7,171,000	-1,635,000	-9,332,000	-10,750,000	7,781,000	-7,926,000	-4,513,000	-4,662,000	-7,752,000	-5,122,000	-9,088,000	-4,505,000		-6,935,000	-3,154,000	-3,843,000		-3,293,000	-4,353,000	-1,287,000	-1,853,000
free cash flows	-5,757,000	57,553,000	9,232,000	391,663,000	-398,229,000	334,604,000	167,648,000	113,928,000	-162,177,000	407,494,000	228,732,000	308,519,000	-265,143,000	788,868,000	15,344,000	212,450,000	130,402,000	570,115,000	-17,314,000	708,606,000	-229,411,000	522,774,000	23,177,000	-171,869,000	-214,631,000	393,332,000	-1,908,000	182,202,000	114,502,000		126,443,000	47,152,000	28,244,000		98,392,000	29,636,000	50,181,000	16,434,000
cash flows from investing activities
development of capitalized software	-26,041,000	-5,843,000	-23,926,000	-7,379,000	-23,383,000	-6,394,000	-5,550,000	-5,773,000	-20,638,000	-6,364,000	-4,525,000	-5,080,000	-21,689,000	-5,354,000	-4,961,000	-5,145,000	-20,048,000	-4,008,000	-15,568,000	-3,784,000	-8,111,000	-22,854,000	-9,010,000	-10,383,000	-6,245,000	-3,051,000	-5,540,000	-5,875,000	-7,016,000		-4,756,000	-1,157,000	-2,016,000		-1,891,000	-2,150,000	-2,003,000	-1,838,000
acquisition of property and equipment	-5,608,000	-5,212,000	-5,732,000	181,000	-2,815,000	-13,482,000	-2,427,000	-8,070,000	-13,795,000	-8,847,000	-4,108,000	-4,288,000	-9,958,000	-8,236,000	-3,737,000	-9,101,000	-3,488,000	-7,171,000	-1,635,000	-9,332,000	-10,750,000	7,781,000	-7,926,000	-4,513,000	-4,662,000	-7,752,000	-5,122,000	-9,088,000	-4,505,000		-6,935,000	-3,154,000	-3,843,000		-3,293,000	-4,353,000	-1,287,000	-1,853,000
other investing activities	-4,426,000	-7,250,000	-1,350,000	1,010,000	-1,278,000	-4,145,000	-7,350,000	-5,510,000	-1,350,000	-3,339,000	-6,350,000	48,401,000	-3,383,000	-8,319,000
net cash from investing activities	-36,075,000	19,627,000	-31,008,000	-6,188,000	-27,476,000	-24,021,000	-15,327,000	-19,353,000	-35,783,000	-18,550,000	-14,983,000	39,033,000	-35,030,000	-21,909,000	-22,702,000	-17,096,000	-25,642,000	-6,003,000	40,137,000	-16,682,000	-20,011,000	-16,823,000	-18,436,000	-16,396,000	-847,988,000	-34,472,000	-10,062,000	-14,963,000	388,671,000		-810,584,000	-10,015,000	-5,859,000		-43,938,000	-6,503,000	-3,290,000	-3,691,000
cash flows from financing activities
dividends to stockholders and distributions from virtu financial to noncontrolling interest	-114,490,000	-159,758,000	-94,688,000	-51,514,000	-67,589,000	-54,269,000	-106,211,000	-93,652,000	-52,004,000	-59,188,000	-87,318,000	-102,973,000	-125,805,000	-117,387,000
repurchase of class c common stock		0	-1,566,000					0	-424,000	0	0	-52,000	-8,204,000	-1,761,000	-370,000							-100,000	0			0	-7,128,000	-756,000	-332,000
purchase of treasury stock	-55,792,000	-68,635,000	-88,927,000	-58,196,000	-51,823,000	-44,630,000	-49,420,000	-41,744,000	-93,218,000	-46,074,000	-81,419,000	-47,486,000	-305,565,000	-107,239,000	-139,377,000	-103,744,000	-77,093,000	-37,285,000	-2,418,000	-360,000	-9,801,000	-3,813,000	-1,167,000	-2,093,000	-8,805,000	-8,000,000	-14,254,000	-29,520,000	-14,444,000				-441,000
stock options exercised		13,181,000	2,280,000	4,032,000						0	0	418,000	4,691,000	1,549,000	741,000	4,819,000	2,933,000	1,938,000	3,604,000	7,692,000	3,206,000	0	0	72,000	859,000
short-term borrowings	144,538,000	139,074,000	77,685,000	-91,033,000	140,000,000	-100,000,000	-15,000,000	-9,999,000	121,055,000	-164,057,000	10,000,000	16,000,000	78,945,000	-251,639,000	98,226,000	-26,524,000	177,920,000	-59,902,000	98,700,000	-408,212,000	358,900,000	-23,813,000	-52,497,000	-11,371,000	127,616,000	0	-30,000,000	22,500,000	-7,500,000		2,000,000	-9,000,000	-3,000,000
proceeds from long-term borrowings		0	1,245,000,000	0						0	0	0	1,800,000,000									0	0	0	1,492,500,000						0
repayment of long-term borrowings	-15,450,000	0	-1,245,000,000	0
payment of tax receivable agreement obligations	-15,402,000	0	-20,773,000	0	-20,226,000	0	-59,000
debt issuance costs		0	-5,684,000	-27,000		-112,000	71,000	65,000	-3,953,000	72,000	69,000	-55,000	-35,827,000	0	0	0	-2,658,000	0	-478,000	-38,000	-9,263,000	0	0	-681,000	-35,021,000	0	-1,082,000											-102,000
net cash from financing activities	-56,596,000	-76,138,000	-131,673,000	-196,738,000	362,000	-199,747,000	-170,195,000	-168,546,000	-46,544,000	-269,247,000	-158,668,000	-94,948,000	-212,882,000	-407,537,000	-149,479,000	-311,099,000	-89,744,000	-241,698,000	-114,323,000	-764,886,000	280,989,000	-128,230,000	-107,804,000	-108,027,000	1,113,641,000	-45,084,000	-236,620,000	-147,992,000	-405,786,000		-50,572,000	1,074,184,000	-43,461,000		-61,622,000	-25,415,000	-65,393,000	-8,049,000
effect of exchange rate changes on cash and cash equivalents	-3,420,000	12,539,000	4,740,000	-12,793,000	-3,526,000	4,787,000	-4,005,000	2,527,000	1,648,000	19,251,000	-18,512,000	-19,810,000	-5,168,000	-1,018,000	-7,842,000	66,000	-3,676,000	11,458,000	7,812,000	6,444,000	-10,396,000	8,521,000	-7,605,000	1,013,000	-3,404,000	-1,414,000	-666,000	-5,576,000	2,529,000				785,000	-2,948,000	519,000	-1,230,000	2,494,000	-4,850,000
net increase in cash and cash equivalents	-96,240,000	18,793,000	-142,977,000		-426,054,000								-508,265,000				14,828,000	341,043,000	-82,053,000	-57,186,000	31,921,000			-290,766,000	52,280,000	320,114,000	-244,134,000	22,759,000	104,421,000					35,416,000	-3,356,000			1,697,000
cash, cash equivalents, and restricted or segregated cash, beginning of period	1,126,441,000	0	913,991,000	0	855,460,000	0	0	0	1,038,242,000	0	0	0	1,120,953,000	0	0	0	1,007,005,000			0	773,280,000
cash, cash equivalents, and restricted or segregated cash, end of period	1,030,201,000	18,793,000	771,014,000	175,763,000	429,406,000	129,105,000	-19,452,000	-63,374,000	809,181,000	147,795,000	40,677,000	237,082,000	612,688,000	366,640,000	-160,942,000	-106,578,000	1,021,833,000			-57,186,000	805,201,000
supplementary disclosure of cash flow information
cash paid for interest	165,042,000		133,920,000		142,200,000				96,572,000				49,277,000			38,937,000	36,611,000									50,310,000	24,039,000	34,431,000	30,632,000		24,106,000	22,221,000	13,197,000		14,886,000	15,155,000	13,786,000		14,805,000
gain on sale of rfq-hub
proceeds from sale of rfq-hub
proceeds from interest rate swaps				0
cash paid for taxes			11,918,000		6,609,000											77,369,000	25,714,000									9,654,000	7,316,000	76,865,000	156,000		1,160,000	2,669,000	1,915,000		5,730,000	7,751,000	1,527,000		5,360,000
contributions from noncontrolling interests										0	0
net decrease in cash and cash equivalents							-19,452,000	-63,374,000	-229,061,000	147,795,000	40,677,000				-160,942,000																		-16,448,000				-14,721,000
adjustments to reconcile net income to net cash used by operating activities:
warrants exercised
repayment of long term borrowings							0	0	-18,000,000	0	0	0	-1,599,774,000	0	0	-35,277,000	-1,460,000	0	-99,944,000			-50,000,000	0	-50,000,000	-400,000,000	0
gain on sale of matchnow
proceeds from sale of investments
proceeds from sale of matchnow
tax receivable agreement obligations										0	0	0	-21,343,000	0	0			0	0	0	-13,286,000					0					0	0	-7,045,000
non-cash investing activities
share-based and accrued incentive compensation to developers relating to capitalized software
non-cash financing activities
tax receivable agreement described in note 5
itg acquisition, net of cash acquired, described in note 3																						0	0	0	-835,581,000
issuance of common stock in connection with secondary offering, net of offering costs																						0	0			-240,000	0
tax receivable agreement described in note 6
investment in joint ventures																-2,850,000	-2,106,000	-2,444,000	-3,252,000	-3,566,000	-1,150,000	-1,750,000	-1,500,000	-1,500,000	-1,500,000
dividends to stockholders and distributions from virtu financial to non-controlling interest																-132,545,000	-189,386,000
gain on sale of business as described in notes 4 and 5
changes in operating assets and liabilities :
proceeds from sale of telecommunication assets																										0
proceeds from sale of business as described in notes 4 and 5
distribution from virtu financial to non-controlling interest																		-116,103,000	-83,440,000	-145,211,000	-19,165,000	-21,686,000	-25,448,000	-14,891,000	-37,196,000	-10,842,000	-30,449,000	-66,574,000	-99,038,000		-28,497,000	-16,065,000	-21,011,000		-32,348,000	-50,279,000	-41,240,000
dividends																		-30,346,000	-30,347,000	-30,201,000	-29,602,000	-28,818,000	-28,692,000	-28,592,000	-26,312,000	-26,002,000	-26,016,000	-25,931,000	-22,380,000		-21,735,000	-10,164,000	-10,114,000		-9,378,000	-9,361,000	-9,378,000
tax receivable agreement described in note 7
net of itg acquisition for the three months ended march 31, 2019; see note 3
reserve for legal matters																					4,422,000					400,000	1,220,000
share based compensation																						16,038,000	18,401,000	15,399,000	21,890,000	9,397,000	7,786,000	5,629,000	9,122,000		3,675,000	3,431,000	3,818,000		3,212,000	3,126,000	3,102,000	2,641,000	5,708,000
write-down of assets																										18,000	524,000
connectivity early termination																										-5,062,000	0
tax receivable agreement obligation reduction
gain on sale of businesses																										0
proceeds from sale of bondpoint																										0	0	0	400,192,000
acquisition of kcg holdings, net of cash acquired, described in note 3
acquisition of teza technologies																															110,000
proceeds from sale of dmm business
repurchase of class a-2 interests																																						-1,000,000
repayment of kcg notes
issuance of common stock, net of offering costs																																						0	0
share based compensation to developers relating to capitalized software																										881,000	730,000				120,000	664,000	664,000
discount on issuance of senior secured credit facility
net of itg acquisition; see note 3
cash and cash equivalents beginning of period																								0	736,047,000	0	0	0	532,887,000
cash and cash equivalents, end of period																								-290,766,000	788,327,000	320,114,000	-244,134,000	22,759,000	637,308,000				164,967,000		-3,356,000	841,000	148,514,000		34,560,000
receivables from customer																									1,147,000
receivables from broker dealers and clearing organizations																										14,315,000	-63,842,000	382,118,000	-462,022,000		-42,119,000	276,945,000	-213,585,000		836,072,000	-719,453,000	-153,375,000	84,180,000
payables to broker dealers and clearing organizations																										-384,902,000	204,730,000	98,825,000	-67,417,000		-95,490,000	-191,784,000	-106,290,000		-102,807,000	-27,895,000	-50,646,000	158,550,000
accounts payable and accrued expenses and other liabilities																										13,511,000	50,164,000	-89,384,000	-53,276,000		-35,792,000	10,128,000	-11,000		3,905,000	3,717,000	2,544,000	-34,844,000	7,083,000	14,151,617	217,383
investment in sbi japannext
stock option exercised																										0	-178,000	63,024,000	13,908,000
repurchase of virtu financial units and corresponding number of class c common stock in connection with secondary offering
see note 3 for a description of non-cash investing activities relating to the acquisition of kcg
secondary offerings described in note 16
payments on repurchase of non-voting common interest																															-4,651,000	-941,000	-500,000		-500,000	-500,000	-500,000
debt issue cost related to debt refinancing																												2,359,000	6,021,000		4,869,000
gain on sale of bondpoint																												-7,847,000	-329,703,000
repayment of senior secured credit facility																												-108,846,000	-276,000,000		-200,000,000	-5,123,000	-1,350,000		-1,275,000	-1,275,000	-1,275,000	-1,275,000
net cash provided by:
operating activities
investing activities
financing activities
net increase in cash, cash equivalents, and restricted cash
reserve for legal matter																															0
equipment writeoff																															791,000				0	0	428,000
repurchase of virtu financial units and corresponding number of class a and c common stock in connection with secondary offering
effect of exchange rate changes on cash, cash equivalents, and restricted cash																															2,663,000
increase in cash, cash equivalents, and restricted cash																															-725,115,000
cash, cash equivalents, and seg cash, beginning of period
cash, cash equivalents, and seg cash, end of period
cash, cash equivalents, and restricted cash, beginning of period
cash, cash equivalents, and restricted cash, end of period
cash and cash equivalents, beginning of period																																	181,415,000		0	0	163,235,000		0
investment in sbi japannext described in note 9
distribution to members
short-term borrowing
repurchase of virtu financial units and corresponding number of class a and c common stock in connections with ipo
compensation to developers subject to capitalization of software																																			1,733,000	1,612,000	1,842,000		1,493,000
tax receivable agreement described in note 4
secondary offerings described in note 13
repayment of short term borrowings																																					-13,000,000
distribution to members through april 15, 2015																																						0
distribution from virtu financial to non-controlling interest, after april 15, 2015																																						-468,000
dividends to class a shareholders
proceeds from issuance of class a-2 interests in connection with the temasek transaction described in note 13
repurchase of class a-2 interests in connection with the temasek transaction described in note 13
proceeds from short term borrowings
repayments of short term borrowings
proceeds from senior secured credit facility
repurchase of virtu financial units and corresponding number of class a and c common stock																																						0
proceeds from (repayments of) short term borrowings
tax receivable agreement
net cash provided by operating activities
net increase (decrease) in cash and cash equivalents
deferred tax benefit
payable to affiliate
capital contribution
net increase in cash
cash, beginning of period																																									545
cash, end of period																																									545
assets
cash and cash equivalents
trading assets, at fair value:
financial instruments owned
financial instruments owned and pledged
property, equipment and capitalized software
goodwill
intangibles
total assets																																									4,099,505
liabilities, redeemable membership interest and members’ equity
liabilities
trading liabilities, at fair value:
financial instruments sold, not yet purchased
senior secured credit facility
total liabilities																																									3,699,718
class a-1 redeemable membership interest																																									294,433
members’ equity
class a-1 - authorized and issued - 1,964,826 and 1,964,826 interests, outstanding - 1,964,826 and 1,964,826 interests, at march 31, 2015 and december 31, 2014, respectively
class a-2 - authorized and issued - 101,387,750 and 101,381,332 interests, outstanding - 99,848,589 and 99,855,666 interests at march 31, 2015 and december 31, 2014, respectively
accumulated deficit
accumulated other comprehensive loss
total members’ equity																																									105,354
total liabilities, redeemable membership interest and members’ equity																																									4,099,505

Virtu Financial, Inc(NASDAQ:VIRT)

Virtu Financial, Inc
(NASDAQ:VIRT)