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Revenues from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
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,
20262025
Revenues from contracts with customers:
Commissions$752,935 $494,711 
Data, network and post-trade34,468 32,500 
Fees from related parties4,296 4,422 
Other revenues6,006 2,939 
Total revenues from contracts with customers797,705 534,572 
Other sources of revenues:
Principal transactions142,892 116,078 
Interest and dividend income10,579 11,629 
Other revenues4,305 1,961 
Total revenues$955,481 $664,240 
See Note 3—“Summary of Significant Accounting Policies” in the Company’s Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 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 $612.5 million and $482.0 million at March 31, 2026 and December 31, 2025, respectively. The Company performs quarterly reviews of its receivables from contracts with customers for credit impairment. Refer to Note 25—“Current Expected Credit Losses (CECL)” for additional information.
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, 2026 and December 31, 2025 was $19.5 million and $17.9 million, respectively.
During the three months ended March 31, 2026 and 2025, the Company recognized revenue of $14.1 million and $11.0 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, 2026 or December 31, 2025.