$re = '/Initiated logon request((?!Received logon)[\s\S])*Received logon/m';
$str = '<20170503-18:19:09, FIXT.1.1:BANZAI->EXEC, event> (Initiated logon request)
<20170503-18:19:09, FIX.4.4:BANZAI->EXEC, incoming> (8=FIX.4.4☺9=67☺35=A☺
34=177☺49=EXEC☺52=20170503-18:19:09.298☺56=BANZAI☺98=0☺108=30☺10=092☺)
<20170503-18:19:09, FIX.4.4:BANZAI->EXEC, event>
(Received logon) fdsfhffghgfhgjgf 177☺49=EXEC☺52=20170503-18:19:09.298☺
56=BANZAI☺98 (Received logon) more stuff after this....';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php