| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The
tables below present, by level within the fair value hierarchy, financial assets and liabilities, measured at fair value on a recurring
basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety
based on the lowest level of input that is significant to the respective fair value measurement.
| | |
As of June 30, 2025 | |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Assets | |
| | |
| | |
| | |
| |
| Cash and securities segregated for regulatory purposes | |
| | |
| | |
| | |
| |
| U.S. government securities | |
$ | 44,837,000 | | |
$ | — | | |
$ | — | | |
$ | 44,837,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Securities owned, at fair value | |
| | | |
| | | |
| | | |
| | |
| U.S. government securities | |
$ | 16,631,000 | | |
$ | — | | |
$ | — | | |
$ | 16,631,000 | |
| Certificates of deposit | |
| — | | |
| 112,000 | | |
| — | | |
| 112,000 | |
| Municipal securities | |
| — | | |
| 325,000 | | |
| — | | |
| 325,000 | |
| Equity securities | |
| 2,305,000 | | |
| 102,000 | | |
| — | | |
| 2,407,000 | |
| Total Securities owned, at fair value | |
$ | 18,936,000 | | |
$ | 539,000 | | |
$ | — | | |
$ | 19,475,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Securities sold, not yet purchased, at fair value | |
| | | |
| | | |
| | | |
| | |
| Options | |
$ | 7,000 | | |
$ | — | | |
$ | — | | |
$ | 7,000 | |
| Total Securities sold, not yet purchased, at fair value | |
$ | 7,000 | | |
$ | — | | |
$ | — | | |
$ | 7,000 | |
| | |
As of December 31, 2024 | |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Assets | |
| | |
| | |
| | |
| |
| Cash and securities segregated for regulatory purposes | |
| | |
| | |
| | |
| |
| U.S. government securities | |
$ | 68,758,000 | | |
$ | — | | |
$ | — | | |
$ | 68,758,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Securities owned, at fair value | |
| | | |
| | | |
| | | |
| | |
| U.S. government securities | |
$ | 20,086,000 | | |
$ | — | | |
$ | — | | |
$ | 20,086,000 | |
| Certificates of deposit | |
| — | | |
| 112,000 | | |
| — | | |
| 112,000 | |
| Corporate bonds | |
| — | | |
| 2,000 | | |
| — | | |
| 2,000 | |
| Options | |
| 58,000 | | |
| — | | |
| — | | |
| 58,000 | |
| Equity securities | |
| 1,055,000 | | |
| 72,000 | | |
| — | | |
| 1,127,000 | |
| Total Securities owned, at fair value | |
$ | 21,199,000 | | |
$ | 186,000 | | |
$ | — | | |
$ | 21,385,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Securities sold, not yet purchased, at fair value | |
| | | |
| | | |
| | | |
| | |
| Equity securities | |
$ | 1,000 | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
| Options | |
| 25,000 | | |
| | | |
| | | |
| 25,000 | |
| Total Securities sold, not yet purchased, at fair value | |
$ | 26,000 | | |
$ | — | | |
$ | — | | |
$ | 26,000 | |
|
| Schedule of Financial Assets and Liabilities not Measured at Fair Value |
The tables below represents financial instruments in which the ending balances as of June 30, 2025 and December 31, 2024
are not carried at fair value in the statements of financial condition:
| | |
As of June 30, 2025 | |
| | |
Carrying Value | | |
Fair Value | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| Financial assets, not measured at fair value | |
| | |
| | |
| | |
| | |
| |
| Cash and cash equivalents | |
$ | 28,949,000 | | |
$ | 28,949,000 | | |
$ | 28,949,000 | | |
$ | — | | |
$ | — | |
| Cash – segregated for regulatory purposes | |
| 101,214,000 | | |
| 101,214,000 | | |
| 101,214,000 | | |
| — | | |
| — | |
| Securities borrowed | |
| 238,721,000 | | |
| 238,721,000 | | |
| — | | |
| 238,721,000 | | |
| — | |
| Receivables from customers | |
| 79,858,000 | | |
| 79,858,000 | | |
| — | | |
| 79,858,000 | | |
| — | |
| Receivables from non-customers | |
| 1,411,000 | | |
| 1,411,000 | | |
| — | | |
| 1,411,000 | | |
| — | |
Receivables from broker-dealers and clearing
organizations | |
| 5,600,000 | | |
| 5,600,000 | | |
| — | | |
| 5,600,000 | | |
| — | |
| Other receivables | |
| 4,869,000 | | |
| 4,869,000 | | |
| — | | |
| 4,869,000 | | |
| — | |
Deposits with broker-dealers and clearing
organizations | |
| 6,877,000 | | |
| 6,877,000 | | |
| — | | |
| 6,877,000 | | |
| — | |
| Total financial assets, not measured at fair value | |
$ | 467,499,000 | | |
$ | 467,499,000 | | |
$ | 130,163,000 | | |
$ | 337,336,000 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Financial liabilities, not measured at fair value | |
| | | |
| | | |
| | | |
| | | |
| | |
| Securities loaned | |
$ | 235,674,000 | | |
$ | 235,674,000 | | |
$ | — | | |
$ | 235,674,000 | | |
$ | — | |
| Payables to customers | |
| 217,870,000 | | |
| 217,870,000 | | |
| — | | |
| 217,870,000 | | |
| — | |
| Payables to non-customers | |
| 226,000 | | |
| 226,000 | | |
| — | | |
| 226,000 | | |
| — | |
| Drafts payable | |
| 1,179,000 | | |
| 1,179,000 | | |
| — | | |
| 1,179,000 | | |
| — | |
Payables to broker-dealers and clearing
organizations | |
| 1,179,000 | | |
| 1,179,000 | | |
| — | | |
| 1,179,000 | | |
| — | |
| Deferred contract incentive | |
| 71,000 | | |
| 71,000 | | |
| — | | |
| 71,000 | | |
| — | |
| Other deferred revenue | |
| 20,000 | | |
| 20,000 | | |
| — | | |
| 20,000 | | |
| — | |
| Long-term debt | |
| 4,184,000 | | |
| 4,184,000 | | |
| — | | |
| 4,184,000 | | |
| — | |
| Contract termination liability | |
| 1,673,000 | | |
| 1,673,000 | | |
| — | | |
| 1,673,000 | | |
| — | |
| Total financial liabilities, not measured at fair value | |
$ | 462,076,000 | | |
$ | 462,076,000 | | |
$ | — | | |
$ | 462,076,000 | | |
$ | — | |
| | |
As of December 31, 2024 | |
| | |
Carrying Value | | |
Fair Value | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| Financial assets, not measured at fair value | |
| | |
| | |
| | |
| | |
| |
| Cash and cash equivalents | |
$ | 32,629,000 | | |
$ | 32,629,000 | | |
$ | 32,629,000 | | |
$ | — | | |
$ | — | |
| Cash – segregated for regulatory purposes | |
| 135,829,000 | | |
| 135,829,000 | | |
| 135,829,000 | | |
| — | | |
| — | |
| Securities borrowed | |
| 139,040,000 | | |
| 139,040,000 | | |
| — | | |
| 139,040,000 | | |
| — | |
| Receivables from customers | |
| 84,367,000 | | |
| 84,367,000 | | |
| — | | |
| 84,367,000 | | |
| — | |
| Receivables from non-customers | |
| 607,000 | | |
| 607,000 | | |
| — | | |
| 607,000 | | |
| — | |
Receivables from broker-dealers and clearing
organizations | |
| 3,920,000 | | |
| 3,920,000 | | |
| — | | |
| 3,920,000 | | |
| — | |
| Other receivables | |
| 2,744,000 | | |
| 2,744,000 | | |
| — | | |
| 2,744,000 | | |
| — | |
Deposits with broker-dealers and clearing
organizations | |
| 4,227,000 | | |
| 4,227,000 | | |
| — | | |
| 4,227,000 | | |
| — | |
| Total financial assets, not measured at fair value | |
$ | 403,363,000 | | |
$ | 403,363,000 | | |
$ | 168,458,000 | | |
$ | 234,905,000 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Financial liabilities, not measured at fair value | |
| | | |
| | | |
| | | |
| | | |
| | |
| Securities loaned | |
$ | 184,962,000 | | |
$ | 184,962,000 | | |
$ | — | | |
$ | 184,962,000 | | |
$ | — | |
| Payables to customers | |
| 227,129,000 | | |
| 227,129,000 | | |
| — | | |
| 227,129,000 | | |
| — | |
| Payables to non-customers | |
| 3,297,000 | | |
| 3,297,000 | | |
| — | | |
| 3,297,000 | | |
| — | |
| Drafts payable | |
| 1,331,000 | | |
| 1,331,000 | | |
| — | | |
| 1,331,000 | | |
| — | |
Payables to broker-dealers and clearing
organizations | |
| 444,000 | | |
| 444,000 | | |
| — | | |
| 444,000 | | |
| — | |
| Deferred contract incentive | |
| 496,000 | | |
| 496,000 | | |
| — | | |
| 496,000 | | |
| — | |
| Long-term debt | |
| 4,228,000 | | |
| 4,228,000 | | |
| — | | |
| 4,228,000 | | |
| — | |
| Contract termination liability | |
| 2,567,000 | | |
| 2,567,000 | | |
| — | | |
| 2,567,000 | | |
| — | |
| Total financial liabilities, not measured at fair value | |
$ | 424,454,000 | | |
$ | 424,454,000 | | |
$ | — | | |
$ | 424,454,000 | | |
$ | — | |
|