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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill by Segment | 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 |
Schedule of Acquired Intangible Assets | 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 |  |  |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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 |

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