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Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2025 and 2024:

						Three Months Ended September 30, 2025
(in thousands)						Market Making						Execution Services						Corporate						Total
Revenues from contracts with customers:
Commissions, net						$	9,821					$	112,426					$	—					$	122,247
Workflow technology						—						23,180						—						23,180
Analytics						—						9,056						—						9,056
Total revenue from contracts with customers						9,821						144,662						—						154,483
Other sources of revenue						658,196						9,844						2,266						670,306
Total revenues						$	668,017					$	154,506					$	2,266					$	824,789
Timing of revenue recognition:
Services transferred at a point in time						$	668,017					$	136,276					$	2,266					$	806,559
Services transferred over time						—						18,230						—						18,230
Total revenues						$	668,017					$	154,506					$	2,266					$	824,789

						Three Months Ended September 30, 2024
(in thousands)						Market Making						Execution Services						Corporate						Total
Revenues from contracts with customers:
Commissions, net						$	12,721					$	85,126					$	—					$	97,847
Workflow technology						—						24,145						—						24,145
Analytics						—						9,629						—						9,629
Total revenue from contracts with customers						12,721						118,900						—						131,621
Other sources of revenue						563,939						6,827						4,453						575,219
Total revenues						$	576,660					$	125,727					$	4,453					$	706,840
Timing of revenue recognition:
Services transferred at a point in time						$	576,660					$	107,457					$	4,453					$	688,570
Services transferred over time						—						18,270						—						18,270
Total revenues						$	576,660					$	125,727					$	4,453					$	706,840

						Nine Months Ended September 30, 2025
(in thousands)						Market Making						Execution Services						Corporate						Total
Revenues from contracts with customers:
Commissions, net						$	41,547					$	314,327					$	—					$	355,874
Workflow technology						—						75,684						—						75,684
Analytics						—						28,091						—						28,091
Total revenue from contracts with customers						41,547						418,102						—						459,649
Other sources of revenue						2,104,235						91,900						6,447						2,202,582
Total revenues						$	2,145,782					$	510,002					$	6,447					$	2,662,231
Timing of revenue recognition:
Services transferred at a point in time						$	2,145,782					$	455,488					$	6,447					$	2,607,717
Services transferred over time						—						54,514						—						54,514
Total revenues						$	2,145,782					$	510,002					$	6,447					$	2,662,231

						Nine Months Ended September 30, 2024
(in thousands)						Market Making						Execution Services						Corporate						Total
Revenues from contracts with customers:
Commissions, net						$	29,203					$	245,972					$	—					$	275,175
Workflow technology						—						72,257						—						72,257
Analytics						—						28,901						—						28,901
Total revenue from contracts with customers						29,203						347,130						—						376,333
Other sources of revenue						1,638,247						23,445						4,639						1,666,331
Total revenues						$	1,667,450					$	370,575					$	4,639					$	2,042,664
Timing of revenue recognition:
Services transferred at a point in time						$	1,667,450					$	316,790					$	4,639					$	1,988,879
Services transferred over time						—						53,785						—						53,785
Total revenues						$	1,667,450					$	370,575					$	4,639					$	2,042,664

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- References

No definition available.

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