Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:


June 30, 2026	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	18,504	$	—	$	—	$	18,504


Total cash equivalents	18,504		—		—		18,504
Investments segregated and on deposit for regulatory purposes:
U.S. government securities	—		17,827		—		17,827

Total investments segregated and on deposit for regulatory purposes	—		17,827		—		17,827
Available for sale securities:
U.S. agency mortgage-backed securities	—		37,741		—		37,741
U.S. Treasury securities	—		11,951		—		11,951
Corporate debt securities	—		5,017		—		5,017
Asset-backed securities	—		7,204		—		7,204
U.S. state and municipal securities	—		424		—		424

Non-agency commercial mortgage-backed securities	—		112		—		112



Other	—		18		—		18
Total available for sale securities	—		62,467		—		62,467
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	2,028		113		—		2,141
Mutual funds and ETFs	1,533		—		—		1,533
State and municipal debt obligations	—		48		—		48
U.S. government securities	—		16		—		16
Total other securities owned	3,561		177		—		3,738

Total other assets	3,561		177		—		3,738
Total assets	$	22,065	$	80,471	$	—	$	102,536
Accrued expenses and other liabilities:
Interest rate swaps	$	—	$	2	$	—	$	2
Other	3,263		53		—		3,316
Total accrued expenses and other liabilities	3,263		55		—		3,318
Total liabilities	$	3,263	$	55	$	—	$	3,318


December 31, 2025	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	13,947	$	—	$	—	$	13,947
U.S. Treasury securities	—		1,989		—		1,989
Total cash equivalents	13,947		1,989		—		15,936
Investments segregated and on deposit for regulatory purposes:
U.S. government securities	—		23,555		—		23,555

Total investments segregated and on deposit for regulatory purposes	—		23,555		—		23,555
Available for sale securities:
U.S. agency mortgage-backed securities	—		41,434		—		41,434
U.S. Treasury securities	—		11,364		—		11,364
Corporate debt securities	—		4,667		—		4,667
Asset-backed securities	—		4,199		—		4,199
U.S. state and municipal securities	—		561		—		561

Non-agency commercial mortgage-backed securities	—		113		—		113


Other	—		19		—		19
Total available for sale securities	—		62,357		—		62,357
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	1,704		84		—		1,788
Mutual funds and ETFs	1,314		—		—		1,314
State and municipal debt obligations	—		45		—		45
U.S. government securities	—		15		—		15
Total other securities owned	3,018		144		—		3,162
Interest rate swaps	—		1		—		1
Total other assets	3,018		145		—		3,163
Total assets	$	16,965	$	88,046	$	—	$	105,011
Accrued expenses and other liabilities:
Interest rate swaps	$	—	$	1	$	—	$	1
Other	2,804		40		—		2,844
Total accrued expenses and other liabilities	2,804		41		—		2,845
Total liabilities	$	2,804	$	41	$	—	$	2,845

The following tables present the fair value hierarchy for other financial instruments:


June 30, 2026	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	22,076	$	21,476	$	600	$	—	$	22,076
Cash and investments segregated and on deposit for regulatory purposes	15,143		2,543		12,600		—		15,143
Receivables from brokers, dealers, and clearing organizations	22,004		—		22,004		—		22,004
Receivables from brokerage clients — net	122,799		—		122,799		—		122,799
Held to maturity securities:
U.S. agency mortgage-backed securities	128,551		—		119,220		—		119,220




U.S. Treasury securities	2,017		—		1,986		—		1,986




Total held to maturity securities	130,568		—		121,206		—		121,206
Bank loans — net:
First Mortgages	32,752		—		30,748		—		30,748
HELOCs	422		—		417		—		417
Pledged asset lines	33,416		—		33,416		—		33,416
Other	406		—		406		—		406
Total bank loans — net	66,996		—		64,987		—		64,987
Other assets	684		—		684		—		684

Liabilities
Bank deposits	$	249,682	$	—	$	249,682	$	—	$	249,682
Payables to brokers, dealers, and clearing organizations	43,826		—		43,826		—		43,826
Payables to brokerage clients	123,968		—		123,968		—		123,968
Accrued expenses and other liabilities	1,655		—		1,655		—		1,655
Other short-term borrowings	13,945		—		13,945		—		13,945
Federal Home Loan Bank borrowings	500		—		500		—		500
Long-term debt	22,054		—		22,014		—		22,014


December 31, 2025	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	30,094	$	30,094	$	—	$	—	$	30,094
Cash and investments segregated and on deposit for regulatory purposes	19,290		2,470		16,820		—		19,290
Receivables from brokers, dealers, and clearing organizations	7,190		—		7,190		—		7,190
Receivables from brokerage clients — net	104,625		—		104,625		—		104,625
Held to maturity securities:
U.S. agency mortgage-backed securities	133,563		—		125,649		—		125,649




U.S. Treasury securities	406		—		406		—		406



Total held to maturity securities	133,969		—		126,055		—		126,055
Bank loans — net:
First Mortgages	30,456		—		28,612		—		28,612
HELOCs	426		—		431		—		431
Pledged asset lines	26,603		—		26,603		—		26,603
Other	470		—		470		—		470
Total bank loans — net	57,955		—		56,116		—		56,116
Other assets	766		—		766		—		766

Liabilities
Bank deposits	$	255,747	$	—	$	255,747	$	—	$	255,747
Payables to brokers, dealers, and clearing organizations	25,689		—		25,689		—		25,689
Payables to brokerage clients	116,341		—		116,341		—		116,341
Accrued expenses and other liabilities	1,359		—		1,359		—		1,359
Other short-term borrowings	6,913		—		6,913		—		6,913
Federal Home Loan Bank borrowings	1,850		—		1,850		—		1,850
Long-term debt	22,162		—		22,059		—		22,059