Organization and Basis of Presentation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Organization and Basis of Presentation [Abstract] |
|
| Schedule of Consolidated Financial Statements |
The below table represents
activity during the intervening period of March 29, 2024 to March 31, 2024 that impacted the consolidated financial statements as reported:
| | |
As of March 31, 2024 | |
| | |
Amounts Presented
in the Consolidated
Statement of
Financial Condition | | |
March 29 - 31, 2024 Activity | | |
Adjusted Amount | |
| Assets | |
| | |
| | |
| |
| Cash | |
$ | 2,856,000 | | |
| 4,771,000 | | |
| 7,627,000 | |
| Receivables from non-customers | |
$ | 646,000 | | |
| (8,000 | ) | |
| 638,000 | |
| Other receivables | |
$ | 2,620,000 | | |
| (265,000 | ) | |
| 2,355,000 | |
| Liabilities | |
| | | |
| | | |
| | |
| Drafts payable | |
$ | 1,834,000 | | |
| (1,191,000 | ) | |
| 643,000 | |
| Bank loans | |
$ | 4,800,000 | | |
| (4,800,000 | ) | |
| — | |
| Payables to customers | |
$ | 248,339,000 | | |
| 10,480,000 | | |
| 258,819,000 | |
| Stockholders’ equity | |
| | | |
| | | |
| | |
| Retained earnings | |
$ | 30,496,000 | | |
| 9,000 | | |
| 30,505,000 | |
|
| Schedule of Consolidated Statements of Operations |
| | |
Three Months Ended March 31, 2024 | |
| | |
Amounts Presented
in the Condensed
Consolidated
Statements of
Operations | | |
March 29 - 31, 2024 Activity | | |
Adjusted Amount | |
| Revenue | |
| | |
| | |
| |
| Other income | |
$ | 627,000 | | |
| 9,000 | | |
| 636,000 | |
|
| Schedule of Company’s Recognized Assets and Liabilities |
The potential effect of rights
of setoff associated with the Company’s recognized assets and liabilities related to the Company’s securities borrowing and
securities lending activity is as follows as of the periods presented.
| | |
As of March 31, 2024 | |
| | |
Gross
Amounts of
Recognized
Assets and
Liabilities | | |
Gross
Amounts
Offset in the
Consolidated
Statements of
Financial
Condition1 | | |
Net Amounts
Presented in the
Consolidated
Statements of
Financial
Condition | | |
Collateral
Received or
Pledged2 | | |
Net Amount3 | |
| Assets | |
| | |
| | |
| | |
| | |
| |
| Securities borrowed | |
$ | 383,670,000 | | |
| — | | |
| 383,670,000 | | |
$ | 363,742,000 | | |
$ | 19,928,000 | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Securities loaned | |
$ | 389,474,000 | | |
| — | | |
| 389,474,000 | | |
$ | 381,888,000 | | |
$ | 7,586,000 | |
| | |
As of December 31, 2023 | |
| | |
Gross
Amounts of
Recognized
Assets and
Liabilities | | |
Gross
Amounts
Offset in the
Consolidated
Statements of
Financial
Condition1 | | |
Net Amounts
Presented in the
Consolidated
Statements of
Financial
Condition | | |
Collateral
Received or
Pledged2 | | |
Net Amount3 | |
| Assets | |
| | |
| | |
| | |
| | |
| |
| Securities borrowed | |
$ | 394,709,000 | | |
| — | | |
| 394,709,000 | | |
$ | 371,076,000 | | |
$ | 23,633,000 | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Securities loaned | |
$ | 419,433,000 | | |
| — | | |
| 419,433,000 | | |
$ | 404,312,000 | | |
$ | 15,121,000 | |
|