Tradeweb Markets Inc. TW Cumulative Cost Basis

Prior to conversion, and as of June 30, 2026, the convertible note was accounted for as an available-for-sale debt security and the convertible note and accrued interest was included within digital assets and other investments at fair value on the accompanying condensed consolidated statements of financial condition at a fair value of $38.6 million and $24.9 million as of June 30, 2026 and December 31, 2025, respectively. The convertible note, including accrued interest, had an amortized cost basis of $11.1 million and $10.9 million as of June 30, 2026 and December 31, 2025, respectively. There were no credit losses recorded on the convertible note during the three or six months ended June 30, 2026 and 2025. During the three and six months ended June 30, 2026 and 2025, the Company recorded unrealized gains of $12.4 million, $0.4 million, $13.5 million and $3.5 million, respectively, as a component of other comprehensive income related to an increase in fair value of the convertible note during the periods. During the second quarter of 2026, the convertible note was reclassified from Level 3 to Level 2 of the fair value hierarchy as the valuation as of June 30, 2026 was based primarily on observable inputs from a comparable security. Previously, the convertible note was valued based on a probability-weighted expected return model that required assumptions that were both significant and unobservable.