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Revenues from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
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 March 31,
20252024
Revenues from contracts with customers:
Commissions$494,711 $415,172 
Data, network and post-trade32,500 30,903 
Fees from related parties4,422 4,421 
Other revenues2,939 3,117 
Total revenues from contracts with customers534,572 453,613 
Other sources of revenues:
Principal transactions116,078 112,849 
Interest and dividend income11,629 9,764 
Other revenues1,961 2,388 
Total revenues$664,240 $578,614 
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, 2024 for detailed information on the recognition of the Company’s revenues from contracts with customers.
Disaggregation of Revenue
See Note 22—“Segment and Geographic 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 $401.5 million and $324.2 million at March 31, 2025 and December 31, 2024, respectively. The Company had no impairments related to these receivables during the three months ended March 31, 2025 and 2024.
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 March 31, 2025 and December 31, 2024 was $17.3 million and $20.0 million, respectively.
During the three months ended March 31, 2025 and 2024, the Company recognized revenue of $11.0 million and $9.8 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 March 31, 2025 or December 31, 2024.