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8. Investment In and Advances to Affiliates:

9 Months Ended

Sep. 30, 2012

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

8. Investment In and Advances to Affiliates:

	Brandford, Shank & Co., L.L.C. (“SBS”)

	Siebert holds a 49% ownership interest in SBS which is engaged in municipal bond underwritings. Income or loss from SBS is considered to be integral to Siebert’s operations and material to its results of operations.


	Summarized financial data of SBS is set forth below.


		September 30,
		2012			2011

Total assets including secured demand note of $1,200,000 due from Siebert		$	29,435,000
Total liabilities including subordinated liabilities of $1,200,000 due to Siebert			11,006,000
Total members’ capital			18,429,000
Regulatory minimum net capital requirement			345,000
Nine months ended:
Total revenues			20,785,000			17,659,000
Net income (loss)			1,812,000			(800,000	)
Three months ended:
Total revenues			6,731,000			8,911,000
Net income			380,000			1,985,000


	Siebert charged SBS $56,000 for each of the nine months ended September 30, 2012 and 2011, and $18,000 for each of the three months ended September 30, 2012 and 2011, for general and administrative services, which Siebert believes approximates the cost of furnishing such services.

	Siebert’s share of net income (loss) for the three months ended September 30, 2012 and 2011 amounted to $186,000 and $973,000, respectively, and for the nine months ended September 30, 2012 and 2011 amounted to $888,000 and $(392,000), respectively.

	Siebert received distributions from SBS of $95,000 during the nine months ended September 30, 2012, and Siebert’s share of undistributed earnings from SBS amounted to $8,638,000 at September 30, 2012. Such amount may not be immediately available for distribution to Siebert for various reasons including the amount of SBS’s available cash, the provisions of the agreement among Siebert and the principals of SBS and SBS’s continued compliance with its regulatory and net capital requirements.

	SBS Financial Products Company, LLC (“SBSFPC”)

	The Company has a 33.33% ownership interest in, and the two individual principals of SBS have an aggregate 66.66% ownership interest in, SBSFPC which engages in derivatives transactions related to the municipal underwriting business. Income and loss from SBSFPC is considered to be integral to the Company’s operations and material to the results of operations.

	Summarized financial data of SBSFPC is set forth below.


		September 30,

		2012			2011

Total assets		$	173,860,000
Total liabilities			172,767,000
Total members’ capital			1,093,000
Nine months ended:
Total revenues			277,000			118,000
Net income income (loss)			126,000			(30,000	)
Three months ended:
Total revenues			226,000			56,000
Net income			174,000			5,000


	The Company’s share of net income of SBSFPC for the three months ended September 30, 2012 and 2011 amounted to $58,000 and $2,000, respectively. The Company’s share of net income (loss) of SBSFPC for the nine months ended September 30, 2012 and 2011 amounted to $42,000 and $(10,000), respectively.


	At September 30, 2012, SBSFPC had cumulative distributions in excess of cumulative earnings in the amount of $107,000 of which the Company’s share was $36,000. The Company received a distributions from SBSFPC of $2,000 during the nine months ended September 30, 2012.