| Schedule of Recognition of Revenue from Contracts with Customers |
The table below presents detailed information on the Company’s recognition of revenue from contracts with customers as well as revenues from financial instruments, which are outside the scope of Topic 606, by major types of services for the periods indicated. | | | Three Months Ended June 30, | | | Six Months Ended June 30, | | | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | Revenues from Contracts with Customers | | | | | | | | | | | | | | Stock borrow / stock loan | | | | | | | | | | | | | | Retail fees (rebates) | | $ | 8,000 | | | $ | 4,000 | | | $ | 17,000 | | | $ | 10,000 | | | Stock locate services | | | 7,419,000 | | | | 5,957,000 | | | | 12,278,000 | | | | 9,989,000 | | | | | | | | | | | | | | | | | | | | | Interest, marketing and distribution fees | | | | | | | | | | | | | | | | | | Marketing and distribution fees | | | 642,000 | | | | 518,000 | | | | 1,281,000 | | | | 1,018,000 | | | | | | | | | | | | | | | | | | | | | Principal transactions and proprietary trading | | | | | | | | | | | | | | | | | | Riskless principal transactions with customers | | | 5,871,000 | | | $ | 2,453,000 | | | $ | 10,107,000 | | | $ | 6,161,000 | | | | | | | | | | | | | | | | | | | | | Commissions and fees | | | | | | | | | | | | | | | | | | Brokerage commissions | | | 2,256,000 | | | | 1,515,000 | | | | 4,054,000 | | | | 3,058,000 | | | Distribution fees | | | 371,000 | | | | 343,000 | | | | 763,000 | | | | 701,000 | | | Insurance commissions | | | 33,000 | | | | 156,000 | | | | 168,000 | | | | 357,000 | | | | | | | | | | | | | | | | | | | | | Investment Banking | | | | | | | | | | | | | | | | | | Underwriting fees | | | 1,551,000 | | | | 206,000 | | | | 2,899,000 | | | | 206,000 | | | Financial advisory fees | | | 884,000 | | | | — | | | | 1,109,000 | | | | — | | | | | | | | | | | | | | | | | | | | | Other income | | | | | | | | | | | | | | | | | | Administrative fees | | | 579,000 | | | | 426,000 | | | | 966,000 | | | | 857,000 | | | Payment for order flow | | | 782,000 | | | | 413,000 | | | | 1,436,000 | | | | 756,000 | | | Music and artist services revenue | | | 169,000 | | | | 113,000 | | | | 417,000 | | | | 113,000 | | | NIL revenue | | | 112,000 | | | | — | | | | 207,000 | | | | — | | | | | | | | | | | | | | | | | | | | | Advisory fees | | | 1,035,000 | | | | 791,000 | | | | 2,045,000 | | | | 1,539,000 | | | | | | | | | | | | | | | | | | | | | Total Revenues from contracts with customers | | $ | 21,712,000 | | | $ | 12,895,000 | | | $ | 37,747,000 | | | $ | 24,765,000 | | | | | | | | | | | | | | | | | | | | | Revenue Outside the Scope of Topic 606 | | | | | | | | | | | | | | | | | | Stock borrow / stock loan | | | | | | | | | | | | | | | | | | Stock rebate revenue | | | 3,364,000 | | | | 1,561,000 | | | | 5,327,000 | | | | 2,360,000 | | | | | | | | | | | | | | | | | | | | | Interest, marketing and distribution fees | | | | | | | | | | | | | | | | | | Margin interest | | | 3,197,000 | | | | 3,513,000 | | | | 6,030,000 | | | | 6,908,000 | | | Interest income | | | 2,346,000 | | | | 2,838,000 | | | | 4,748,000 | | | | 5,888,000 | | | | | | | | | | | | | | | | | | | | | Principal transactions and proprietary trading | | | | | | | | | | | | | | | | | | Proprietary trading | | | 221,000 | | | | 373,000 | | | | (87,000 | ) | | | 393,000 | | | Investment in Equity Security | | | — | | | | (6,803,000 | ) | | | — | | | | 2,430,000 | | | | | | | | | | | | | | | | | | | | | Market making | | | 334,000 | | | | 497,000 | | | | 879,000 | | | | 1,049,000 | | | | | | | | | | | | | | | | | | | | | Total Revenue outside the scope of Topic 606 | | | 9,462,000 | | | | 1,979,000 | | | | 16,897,000 | | | | 19,028,000 | | | | | | | | | | | | | | | | | | | | | Total Revenue | | $ | 31,174,000 | | | $ | 14,874,000 | | | $ | 54,644,000 | | | $ | 43,793,000 | |
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