XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Revenue Recognition | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue Recognition [Abstract] |
Revenue Recognition | 14. Revenue Recognition Refer to Note 2 – Summary of Significant Accounting Policies in Company’s 2023 Form 10-K for detail on the Company’s primary sources of revenue and the corresponding accounting treatment. Information related to items that impact certain revenue streams within the periods presented is shown below. Principal Transactions and Proprietary Trading The Company continuously invests in treasury bill and treasury notes as part of its normal operations to meet deposit requirements, which are primarily in the line item “Cash and securities segregated for regulatory purposes” on the statements of financial condition, in order to enhance its yield on its excess 15c3-3 deposits. During 2022, there was an increase in U.S. government securities yields, which created an unrealized loss on the Company’s U.S. government securities portfolio. In 2023, the Company recorded substantially all of the reversal of the unrealized loss resulting in a realized and unrealized gain due to the securities coming closer to maturity. Refer to Note 7 – Fair Value Measurements for additional detail. The following table represents detail related to principal transactions and proprietary trading.
|  | Three Months Ended June 30, 2024 |
|  | 2024 |  |  | 2023 |  |  | Increase (Decrease) |
Principal transactions and proprietary trading |  |  |  |  |  |  |  |  |
Realized and unrealized gain on primarily riskless principal transactions |  | $ | 3,480,000 |  |  | $ | 2,186,000 |  |  | $ | 1,294,000 |
Realized and unrealized gain on portfolio of U.S. government securities |  |  | 94,000 |  |  |  | 468,000 |  |  |  | (374,000 | )
Total Principal transactions and proprietary trading |  | $ | 3,574,000 |  |  | $ | 2,654,000 |  |  | $ | 920,000 |
|  | Six Months Ended June 30, 2024 |
|  | 2024 |  |  | 2023 |  |  | Increase (Decrease) |
Principal transactions and proprietary trading |  |  |  |  |  |  |  |  |
Realized and unrealized gain on primarily riskless principal transactions |  | $ | 6,923,000 |  |  | $ | 3,985,000 |  |  | $ | 2,938,000 |
Realized and unrealized gain on portfolio of U.S. government securities |  |  | 157,000 |  |  |  | 1,469,000 |  |  |  | (1,312,000 | )
Total Principal transactions and proprietary trading |  | $ | 7,080,000 |  |  | $ | 5,454,000 |  |  | $ | 1,626,000 |
Stock Borrow / Stock Loan For the three months ended June 30, 2024 and 2023, stock borrow / stock loan revenue was $4,696,000 ($10,482,000 gross revenue less $5,786,000 expenses) and $4,513,000 ($11,524,000 gross revenue less $7,011,000 expenses), respectively. For the six months ended June 30, 2024 and 2023, stock borrow / stock loan revenue was $8,794,000 ($21,372,000 gross revenue less $12,578,000 expenses) and $7,955,000 ($21,300,000 gross revenue less $13,345,000 expenses), respectively. Interest, Marketing and Distribution Fees For the three months ended June 30, 2024 and 2023, interest, marketing and distribution fees was $7,835,000 ($7,910,000 gross revenue less $75,000 expenses) and $7,416,000 ($7,522,000 gross revenue less $106,000 expenses), respectively. For the six months ended June 30, 2024 and 2023, interest, marketing and distribution fees was $16,598,000 ($16,758,000 gross revenue less $160,000 expenses) and $14,389,000 ($14,651,000 gross revenue less $262,000 expenses), respectively.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration