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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Measurements [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The tables below present, by level within the fair value hierarchy, financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.
|  | As of June 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 86,554,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,554,000 |
Securities owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 14,947,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,947,000 |
Certificates of deposit |  |  | — |  |  |  | 113,000 |  |  |  | — |  |  |  | 113,000 |
Municipal securities |  |  | — |  |  |  | 222,000 |  |  |  | — |  |  |  | 222,000 |
Corporate bonds |  |  | — |  |  |  | 59,000 |  |  |  | — |  |  |  | 59,000 |
Equity securities |  |  | 96,000 |  |  |  | 1,331,000 |  |  |  | — |  |  |  | 1,427,000 |
Total Securities owned, at fair value |  | $ | 15,043,000 |  |  | $ | 1,725,000 |  |  | $ | — |  |  | $ | 16,768,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 2,000 |  |  | $ | — |  |  | $ | 2,000 |
Total Securities sold, not yet purchased, at fair value |  | $ | — |  |  | $ | 2,000 |  |  | $ | — |  |  | $ | 2,000 |
|  | As of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 115,515,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 115,515,000 |
Securities owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 17,636,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,636,000 |
Certificates of deposit |  |  | — |  |  |  | 114,000 |  |  |  | — |  |  |  | 114,000 |
Corporate bonds |  |  | — |  |  |  | 3,000 |  |  |  | — |  |  |  | 3,000 |
Options |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 2,000 |
Equity securities |  |  | 146,000 |  |  |  | 137,000 |  |  |  | — |  |  |  | 283,000 |
Total Securities owned, at fair value |  | $ | 17,784,000 |  |  | $ | 254,000 |  |  | $ | — |  |  | $ | 18,038,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 2,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,000 |
Total Securities sold, not yet purchased, at fair value |  | $ | 2,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,000 |
Schedule of U.S. Government Securities Market Values and Maturity Dates | The Company had U.S. government securities, certificates of deposit, municipal securities, and corporate bonds with the market values and maturity dates for the periods indicated below:
|  | As of June 30, 2024 |
Maturing in 2024 |  | $ | 92,483,000 |
Maturing in 2025 |  |  | 3,958,000 |
Maturing in 2026 |  |  | 5,010,000 |
Maturing in 2027 |  |  | 58,000 |
Maturing after 2027 |  |  | 332,000 |
Accrued interest |  |  | 53,000 |
Total Market value |  | $ | 101,894,000 |
|  |  | As of December 31, 2023 |
Maturing in 2023 |  | $ | 30,000,000 |
Maturing in 2024 |  |  | 98,931,000 |
Maturing in 2025 |  |  | 3,965,000 |
Maturing after 2025 |  |  | 115,000 |
Accrued interest |  |  | 257,000 |
Total Market value |  | $ | 133,268,000 |
Schedule of Financial Assets and Liabilities not Measured at Fair Value | Financial assets and liabilities not measured at fair value are recorded at carrying value, which approximates fair value due to their short-term nature. The tables below represents financial instruments in which the ending balances as of June 30, 2024 and December 31, 2023 are not carried at fair value in the statements of financial condition:
|  | As of June 30, 2024 |
|  | Carrying Value |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,200,000 |  |  | $ | 5,200,000 |  |  | $ | 5,200,000 |  |  | $ | — |  |  | $ | — |
Cash – segregated for regulatory purposes |  |  | 128,081,000 |  |  |  | 128,081,000 |  |  |  | 128,081,000 |  |  |  | — |  |  |  | — |
Securities borrowed |  |  | 253,781,000 |  |  |  | 253,781,000 |  |  |  | — |  |  |  | 253,781,000 |  |  |  | — |
Receivables from customers |  |  | 74,875,000 |  |  |  | 74,875,000 |  |  |  | — |  |  |  | 74,875,000 |  |  |  | — |
Receivables from non-customers |  |  | 455,000 |  |  |  | 455,000 |  |  |  | — |  |  |  | 455,000 |  |  |  | — |
Receivables from broker-dealers and clearing organizations |  |  | 8,720,000 |  |  |  | 8,720,000 |  |  |  | — |  |  |  | 8,720,000 |  |  |  | — |
Other receivables |  |  | 4,097,000 |  |  |  | 4,097,000 |  |  |  | — |  |  |  | 4,097,000 |  |  |  | — |
Deposits with broker-dealers and clearing organizations |  |  | 7,279,000 |  |  |  | 7,279,000 |  |  |  | — |  |  |  | 7,279,000 |  |  |  | — |
Total financial assets, not measured at fair value |  | $ | 482,488,000 |  |  | $ | 482,488,000 |  |  | $ | 133,281,000 |  |  | $ | 349,207,000 |  |  | $ | — |
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 272,515,000 |  |  | $ | 272,515,000 |  |  | $ | — |  |  | $ | 272,515,000 |  |  | $ | — |
Payables to customers |  |  | 233,873,000 |  |  |  | 233,873,000 |  |  |  | — |  |  |  | 233,873,000 |  |  |  | — |
Payables to non-customers |  |  | 186,000 |  |  |  | 186,000 |  |  |  | — |  |  |  | 186,000 |  |  |  | — |
Drafts payable |  |  | 1,527,000 |  |  |  | 1,527,000 |  |  |  | — |  |  |  | 1,527,000 |  |  |  | — |
Payables to broker-dealers and clearing organizations |  |  | 5,015,000 |  |  |  | 5,015,000 |  |  |  | — |  |  |  | 5,015,000 |  |  |  | — |
Deferred contract incentive |  |  | 821,000 |  |  |  | 821,000 |  |  |  | — |  |  |  | 821,000 |  |  |  | — |
Long-term debt |  |  | 4,270,000 |  |  |  | 4,270,000 |  |  |  | — |  |  |  | 4,270,000 |  |  |  | — |
Contract termination liability |  |  | 3,493,000 |  |  |  | 3,493,000 |  |  |  | — |  |  |  | 3,493,000 |  |  |  | — |
Total financial liabilities, not measured at fair value |  | $ | 521,700,000 |  |  | $ | 521,700,000 |  |  | $ | — |  |  | $ | 521,700,000 |  |  | $ | — |
|  | As of December 31, 2023
|  | Carrying Value |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,735,000 |  |  | $ | 5,735,000 |  |  | $ | 5,735,000 |  |  | $ | — |  |  | $ | — |
Cash – segregated for regulatory purposes |  |  | 158,802,000 |  |  |  | 158,802,000 |  |  |  | 158,802,000 |  |  |  | — |  |  |  | — |
Securities borrowed |  |  | 394,709,000 |  |  |  | 394,709,000 |  |  |  | — |  |  |  | 394,709,000 |  |  |  | — |
Receivables from customers |  |  | 72,823,000 |  |  |  | 72,823,000 |  |  |  | — |  |  |  | 72,823,000 |  |  |  | — |
Receivables from non-customers |  |  | 241,000 |  |  |  | 241,000 |  |  |  | — |  |  |  | 241,000 |  |  |  | — |
Receivables from broker-dealers and clearing organizations |  |  | 3,863,000 |  |  |  | 3,863,000 |  |  |  | — |  |  |  | 3,863,000 |  |  |  | — |
Other receivables |  |  | 2,424,000 |  |  |  | 2,424,000 |  |  |  | — |  |  |  | 2,424,000 |  |  |  | — |
Deposits with broker-dealers and clearing organizations |  |  | 7,885,000 |  |  |  | 7,885,000 |  |  |  | — |  |  |  | 7,885,000 |  |  |  | — |
Total financial assets, not measured at fair value |  | $ | 646,482,000 |  |  | $ | 646,482,000 |  |  | $ | 164,537,000 |  |  | $ | 481,945,000 |  |  | $ | — |
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 419,433,000 |  |  | $ | 419,433,000 |  |  | $ | — |  |  | $ | 419,433,000 |  |  | $ | — |
Payables to customers |  |  | 289,777,000 |  |  |  | 289,777,000 |  |  |  | — |  |  |  | 289,777,000 |  |  |  | — |
Payables to non-customers |  |  | 713,000 |  |  |  | 713,000 |  |  |  | — |  |  |  | 713,000 |  |  |  | — |
Drafts payable |  |  | 1,726,000 |  |  |  | 1,726,000 |  |  |  | — |  |  |  | 1,726,000 |  |  |  | — |
Payables to broker-dealers and clearing organizations |  |  | 481,000 |  |  |  | 481,000 |  |  |  | — |  |  |  | 481,000 |  |  |  | — |
Deferred contract incentive |  |  | 1,246,000 |  |  |  | 1,246,000 |  |  |  | — |  |  |  | 1,246,000 |  |  |  | — |
Long-term debt |  |  | 4,313,000 |  |  |  | 4,313,000 |  |  |  | — |  |  |  | 4,313,000 |  |  |  | — |
Contract termination liability |  |  | 4,462,000 |  |  |  | 4,462,000 |  |  |  | — |  |  |  | 4,462,000 |  |  |  | — |
Total financial liabilities, not measured at fair value |  | $ | 722,151,000 |  |  | $ | 722,151,000 |  |  | $ | — |  |  | $ | 722,151,000 |  |  | $ | — |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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