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Revenues from Contracts with Customers (Tables)

12 Months Ended

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

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- References

No definition available.

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