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Revenues from Contracts with Customers (Tables) | 12 Months Ended
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Dec. 31, 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 years ended December 31, 2025, 2024, and 2023:
|  | Year Ended December 31, 2025
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 50,949 |  |  | $ | 429,354 |  |  | $ | — |  |  | $ | 480,303 |
Workflow technology |  | — |  |  | 99,227 |  |  | — |  |  | 99,227 |
Analytics |  | — |  |  | 37,495 |  |  | — |  |  | 37,495 |
Total revenue from contracts with customers |  | 50,949 |  |  | 566,076 |  |  | — |  |  | 617,025 |
Other sources of revenue |  | 2,898,272 |  |  | 102,116 |  |  | 14,705 |  |  | 3,015,093 |
Total revenues |  | $ | 2,949,221 |  |  | $ | 668,192 |  |  | $ | 14,705 |  |  | $ | 3,632,118 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 2,949,221 |  |  | $ | 595,149 |  |  | $ | 14,705 |  |  | $ | 3,559,075 |
Services transferred over time |  | — |  |  | 73,043 |  |  | — |  |  | 73,043 |
Total revenues |  | $ | 2,949,221 |  |  | $ | 668,192 |  |  | $ | 14,705 |  |  | $ | 3,632,118 |
|  | Year Ended December 31, 2024
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 42,376 |  |  | $ | 340,211 |  |  | $ | — |  |  | $ | 382,587 |
Workflow technology |  | — |  |  | 95,827 |  |  | — |  |  | 95,827 |
Analytics |  | — |  |  | 38,369 |  |  | — |  |  | 38,369 |
Total revenue from contracts with customers |  | 42,376 |  |  | 474,407 |  |  | — |  |  | 516,783 |
Other sources of revenue |  | 2,331,720 |  |  | 32,823 |  |  | (4,377) |  |  | 2,360,166 |
Total revenues |  | $ | 2,374,096 |  |  | $ | 507,230 |  |  | $ | (4,377) |  |  | $ | 2,876,949 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 2,374,096 |  |  | $ | 435,503 |  |  | $ | (4,377) |  |  | $ | 2,805,222 |
Services transferred over time |  | — |  |  | 71,727 |  |  | — |  |  | 71,727 |
Total revenues |  | $ | 2,374,096 |  |  | $ | 507,230 |  |  | $ | (4,377) |  |  | $ | 2,876,949 |
|  | Year Ended December 31, 2023
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 29,571 |  |  | $ | 297,089 |  |  | $ | — |  |  | $ | 326,660 |
Workflow technology |  | — |  |  | 90,654 |  |  | — |  |  | 90,654 |
Analytics |  | — |  |  | 38,284 |  |  | — |  |  | 38,284 |
Total revenue from contracts with customers |  | 29,571 |  |  | 426,027 |  |  | — |  |  | 455,598 |
Other sources of revenue |  | 1,813,952 |  |  | 20,515 |  |  | 3,308 |  |  | 1,837,775 |
Total revenues |  | $ | 1,843,523 |  |  | $ | 446,542 |  |  | $ | 3,308 |  |  | $ | 2,293,373 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 1,843,523 |  |  | $ | 374,306 |  |  | $ | 3,308 |  |  | $ | 2,221,137 |
Services transferred over time |  | — |  |  | 72,236 |  |  | — |  |  | 72,236 |
Total revenues |  | $ | 1,843,523 |  |  | $ | 446,542 |  |  | $ | 3,308 |  |  | $ | 2,293,373 |

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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 + Details
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