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, 2026 and 2025:



	Three Months Ended June 30, 2026
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	15,944	$	127,565	$	—	$	143,509

Workflow technology	—		26,835		—		26,835
Analytics	—		9,201		—		9,201
Total revenue from contracts with customers	15,944		163,601		—		179,545

Other sources of revenue	993,230		9,860		7,318		1,010,408

Total revenues	$	1,009,174	$	173,461	$	7,318	$	1,189,953

Timing of revenue recognition:
Services transferred at a point in time	$	1,009,174	$	154,604	$	7,318	$	1,171,096
Services transferred over time	—		18,857		—		18,857
Total revenues	$	1,009,174	$	173,461	$	7,318	$	1,189,953



	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



	Six Months Ended June 30, 2026
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	24,619	$	268,160	$	—	$	292,779

Workflow technology	—		54,665		—		54,665
Analytics	—		18,726		—		18,726
Total revenue from contracts with customers	24,619		341,551		—		366,170

Other sources of revenue	1,900,252		19,041		(183)		1,919,110

Total revenues	$	1,924,871	$	360,592	$	(183)	$	2,285,280

Timing of revenue recognition:
Services transferred at a point in time	$	1,924,871	$	322,685	$	(183)	$	2,247,373
Services transferred over time	—		37,907		—		37,907
Total revenues	$	1,924,871	$	360,592	$	(183)	$	2,285,280


	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