v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues REVENUE
Commission
The following table presents total commission revenue disaggregated by product category (in thousands):
Three Months Ended March 31,
20262025
Commission revenue
Annuities$690,577 $615,594 
Mutual funds266,056 233,895 
Fixed income85,323 61,553 
Equities57,540 49,074 
Other92,538 87,641 
Total commission revenue
$1,192,034 $1,047,757 
The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands):
Three Months Ended March 31,
20262025
Commission revenue
Sales-based
Annuities
$424,221 $365,767 
Fixed income
85,323 61,553 
Mutual funds
58,011 55,607 
Equities
57,540 49,074 
Other
80,320 78,037 
Total sales-based revenue
$705,415 $610,038 
Trailing
Annuities$266,356 $249,827 
Mutual funds208,045 178,288 
Other12,218 9,604 
Total trailing revenue$486,619 $437,719 
Total commission revenue
$1,192,034 $1,047,757 
Asset-Based
The following table sets forth asset-based revenue disaggregated by product category (in thousands):
Three Months Ended March 31,
20262025
Asset-based revenue
Client cash
$445,325 $392,031 
Sponsorship programs
223,649 170,538 
Recordkeeping
151,831 132,672 
Total asset-based revenue$820,805 $695,241 
Service and Fee
The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands):
Three Months Ended March 31,
20262025
Service and fee revenue
Over time(1)
$158,771 $109,758 
Point-in-time(2)
52,213 35,441 
Total service and fee revenue$210,984 $145,199 
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(1)Service and fee revenue recognized over time includes revenue such as brokerage account maintenance fees, error and omission insurance fees, and IRA custodian fees.
(2)Service and fee revenue recognized at a point-in-time includes revenue such as registration fees, account fees, and IRA termination fees.
Unearned Revenue
The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue increased from $265.0 million as of December 31, 2025 to $324.1 million as of March 31, 2026. The increase in unearned revenue for the three months ended March 31, 2026 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $264.1 million of revenue recognized during the three months ended March 31, 2026 that was included in the unearned revenue balance as of December 31, 2025.
The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.