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Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues from contracts with customers:
Commissions$407,095 $350,305 $1,217,348 $1,076,313 
Data, network and post-trade32,661 27,797 94,376 81,919 
Fees from related parties5,106 3,723 14,170 11,742 
Other revenues3,988 3,838 11,540 11,148 
Total revenues from contracts with customers448,850 385,663 1,337,434 1,181,122 
Other sources of revenues:
Principal transactions93,551 84,725 304,839 294,537 
Interest and dividend income16,944 10,150 43,853 28,836 
Other revenues1,766 2,156 4,360 4,146 
Total revenues$561,111 $482,694 $1,690,486 $1,508,641 
See Note 3—“Summary of Significant Accounting Policies” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023 for detailed information on the recognition of the Company’s revenues from contracts with customers.
Disaggregation of Revenue
See Note 22—“Segment, Geographic and Product Information,” for a further discussion on the allocation of revenues to geographic regions.
Contract Balances
The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.
The Company had receivables related to revenues from contracts with customers of $362.0 million and $314.8 million at September 30, 2024 and December 31, 2023, respectively. The Company had no impairments related to these receivables during the three and nine months ended September 30, 2024 and 2023.
The Company’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue at September 30, 2024 and December 31, 2023 was $24.2 million and $14.7 million, respectively.
During the three months ended September 30, 2024 and 2023, the Company recognized revenue of $11.1 million and $9.3 million, respectively, that was recorded as deferred revenue at the beginning of the period. During the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $12.4 million and $10.5 million, respectively, that was recorded as deferred revenue at the beginning of the period.
Contract Costs
The Company capitalizes costs to fulfill contracts associated with different lines of its business where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized.
The Company did not have any capitalized costs to fulfill a contract as of September 30, 2024 or December 31, 2023.