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Deferred Contract Incentive | 3 Months Ended
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Mar. 31, 2023
Deferred Contract Incentive Abstract |
Deferred Contract Incentive | 15. Deferred Contract Incentive Effective August 1, 2021, MSCO entered into an amendment to its clearing agreement with NFS that, among other things, extended the term of the arrangement for an additional four-year period commencing on August 1, 2021 and ending July 31, 2025. As part of this agreement, the Company received a one-time business development credit of $3 million from NFS which was recorded in the line item “Deferred contract incentive” on the statements of financial condition. This credit will be recognized as contra expense over the term of the agreement in the line item “Clearing fees, including execution costs” on the statements of operations. For both the three months ended March 31, 2023 and 2022, the Company recognized $213,000 in contra expense. As of March 31, 2023 and December 31, 2022, the balance of the deferred contract incentive was $1.8 million and $2.0 million, respectively, and are recorded in the line items “Current portion of deferred contract incentive” and “Deferred contract incentive, less current portion” in the statements of financial condition.

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