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Soft Dollar Arrangement | 12 Months Ended
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Dec. 31, 2022
Soft Dollar Arrangement [Abstract] |
Soft Dollar Arrangement | 17. Soft Dollar Arrangement For certain clients of RISE, the Company had soft dollar and commission sharing arrangements with customers that fall both within, and outside of, the safe harbor provisions of Rule 28(e) of the Securities Exchange Act of 1934 ("Rule 28(e)"), as amended. These soft dollar arrangements were determined to be a separate performance obligation that should be allocated a portion of the transaction price. Under these arrangements, the Company charged additional dollars on customer trades and used these fees to pay third parties for research, brokerage services, market data, and related expenses (“research services”) on behalf of clients. The Company was an agent in these arrangements, as it did not control the research services before they were transferred to the customer. As such, the revenue from these agreements were recognized net of cost in the line item “Commissions and fees” on the statements of operations. The Company paid client expenses of approximately $8,000 and $625,000 for the years ended December 31, 2022 and 2021, respectively. The Company did not have an outstanding receivable or payable as of December 31, 2022 related to these arrangements. As of both December 31, 2022 and 2021, no allowance for uncollectible commissions was necessary as the Company believes all commissions receivable will be realized.

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