| Receivables From, Payables To, and Deposits With Broker-Dealers and Clearing Organizations |
4. Receivables From, Payables To, and Deposits With Broker-Dealers and Clearing Organizations Amounts receivable from, payables to, and deposits with broker-dealers and clearing organizations consisted of the following as of the periods indicated: | | | As of June 30,
2026 | | | As of December 31,
2025 | | | Receivables from and deposits with broker-dealers and clearing organizations | | | | | | | | DTCC / OCC / NSCC (1) | | $ | 20,544,000 | | | $ | 9,058,000 | | | Goldman Sachs & Co. LLC (“GSCO”) | | | 73,000 | | | | 66,000 | | | National Financial Services, LLC (“NFS”) | | | 2,773,000 | | | | 2,162,000 | | | Underwriting fees receivable | | | 660,000 | | | | — | | | FMR(2) | | | 52,000 | | | | — | | | Securities fail-to-deliver | | | 211,000 | | | | 556,000 | | | Globalshares | | | 130,000 | | | | 55,000 | | | Other receivables | | | — | | | | 407,000 | | | Total Receivables from and deposits with broker-dealers and clearing organizations | | $ | 24,443,000 | | | $ | 12,304,000 | | | | | | | | | | | | | Payables to broker-dealers and clearing organizations | | | | | | | | | | Securities fail-to-receive | | $ | 2,540,000 | | | $ | 437,000 | | | Payables to broker-dealers | | | 4,888,000 | | | | 332,000 | | | Total Payables to broker-dealers and clearing organizations | | $ | 7,428,000 | | | $ | 769,000 | | | (1) | Depository Trust & Clearing Corporation is referred to as (“DTCC”), Options Clearing Corporation is referred to as (“OCC”), and National Securities Clearing Corporation is referred to as (“NSCC”). |
Under the DTCC shareholders’ agreement, MSCO is required to participate in the DTCC common stock mandatory purchase. As of June 30, 2026 and December 31, 2025, MSCO had shares of DTCC common stock valued at approximately $1.6 million and $1.4 million, respectively, which are included within the line item “Deposits with broker-dealers and clearing organizations” on the statements of financial condition. The share value is updated annually, as of February 26, 2026 and for the year ended December 31, 2025, based on the release of DTCC’s annual amended and restated shareholder agreement. | (2) | In connection with its clearing arrangement with Green Pier, RISE is required to maintain a clearing deposit with the clearing broker. RISE funded an initial deposit of $50,000, which is held as collateral and may be applied against fees, losses, or other obligations arising under the agreement. The clearing broker may require RISE to post additional deposits from time to time based on RISE’s trading activity and assessed risk profile. Refer to Note 1 – Organization and Basis of Presentation for more detail. |
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