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 three and six months ended June 30, 2025 and 2024:



	Three Months Ended June 30, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	14,414	$	104,467	$	—	$	118,881

Workflow technology	—		25,433		—		25,433
Analytics	—		9,545		—		9,545
Total revenue from contracts with customers	14,414		139,445		—		153,859

Other sources of revenue	772,179		75,043		(1,508)		845,714

Total revenues	$	786,593	$	214,488	$	(1,508)	$	999,573

Timing of revenue recognition:
Services transferred at a point in time	$	786,593	$	196,144	$	(1,508)	$	981,229
Services transferred over time	—		18,344		—		18,344
Total revenues	$	786,593	$	214,488	$	(1,508)	$	999,573



	Three Months Ended June 30, 2024
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,281	$	82,634	$	—	$	91,915
Workflow technology	—		24,194		—		24,194
Analytics	—		9,992		—		9,992
Total revenue from contracts with customers	9,281		116,820		—		126,101

Other sources of revenue	560,502		10,239		(3,857)		566,884

Total revenues	$	569,783	$	127,059	$	(3,857)	$	692,985

Timing of revenue recognition:
Services transferred at a point in time	$	569,783	$	109,194	$	(3,857)	$	675,120
Services transferred over time	—		17,865		—		17,865
Total revenues	$	569,783	$	127,059	$	(3,857)	$	692,985



	Six Months Ended June 30, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	31,726	$	201,901	$	—	$	233,627

Workflow technology	—		52,504		—		52,504
Analytics	—		19,035		—		19,035
Total revenue from contracts with customers	31,726		273,440		—		305,166

Other sources of revenue	1,446,039		82,056		4,181		1,532,276

Total revenues	$	1,477,765	$	355,496	$	4,181	$	1,837,442

Timing of revenue recognition:
Services transferred at a point in time	$	1,477,765	$	319,213	$	4,181	$	1,801,159
Services transferred over time	—		36,283		—		36,283
Total revenues	$	1,477,765	$	355,496	$	4,181	$	1,837,442


	Six Months Ended June 30, 2024
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	16,483	$	160,844	$	—	$	177,327

Workflow technology	—		48,112		—		48,112
Analytics	—		19,273		—		19,273
Total revenue from contracts with customers	16,483		228,229		—		244,712

Other sources of revenue	1,074,308		16,618		186		1,091,112

Total revenues	$	1,090,791	$	244,847	$	186	$	1,335,824

Timing of revenue recognition:
Services transferred at a point in time	$	1,090,791	$	209,332	$	186	$	1,300,309
Services transferred over time	—		35,515		—		35,515
Total revenues	$	1,090,791	$	244,847	$	186	$	1,335,824