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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 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 December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets
Cash and securities segregated for regulatory purposes
U.S. government securities		$	68,758,000			$	—			$	—			$	68,758,000
Securities owned, at fair value
U.S. government securities		$	20,086,000			$	—			$	—			$	20,086,000
Certificates of deposit			—				112,000				—				112,000
Corporate bonds			—				2,000				—				2,000
Options			58,000				—				—				58,000
Equity securities			1,055,000				72,000				—				1,127,000
Total Securities owned, at fair value		$	21,199,000			$	186,000			$	—			$	21,385,000
Liabilities
Securities sold, not yet purchased, at fair value
Equity securities		$	1,000			$	—			$	—			$	1,000
Options			25,000												25,000
Total Securities sold, not yet purchased, at fair value		$	26,000			$	—			$	—			$	26,000

		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 with the Market Values and Maturity Dates

The Company had U.S. government securities with the market values and maturity dates for the periods indicated below:

		As of December 31, 2024
Maturing in 2025		$	80,739,000
Maturing in 2026			8,019,000
Accrued interest			86,000
Total Market value		$	88,844,000

		As of December 31, 2023
Maturing in 2023		$	30,000,000
Maturing in 2024			98,931,000
Maturing in 2025			3,965,000
Accrued interest			255,000
Total Market value		$	133,151,000

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 either due to their short-term nature, or in the case of long-term assets or liabilities, management has determined the difference in the carrying value and fair value is immaterial. The tables below represents financial instruments in which the ending balances as of December 31, 2024 and 2023 are not carried at fair value in the statements of financial condition:

		As of December 31, 2024
		Carrying Value				Fair Value				Level 1				Level 2				Level 3
Financial assets, not measured at fair value
Cash and cash equivalents		$	32,629,000			$	32,629,000			$	32,629,000			$	—			$	—
Cash – segregated for regulatory purposes			135,829,000				135,829,000				135,829,000				—				—
Securities borrowed			139,040,000				139,040,000				—				139,040,000				—
Receivables from customers			84,367,000				84,367,000				—				84,367,000				—
Receivables from non-customers			607,000				607,000				—				607,000				—
Receivables from broker-dealers and clearing organizations			3,920,000				3,920,000				—				3,920,000				—
Other receivables			2,744,000				2,744,000				—				2,744,000				—
Deposits with broker-dealers and clearing organizations			4,227,000				4,227,000				—				4,227,000				—
Total financial assets, not measured at fair value		$	403,363,000			$	403,363,000			$	168,458,000			$	234,905,000			$	—
Financial liabilities, not measured at fair value
Securities loaned		$	184,962,000			$	184,962,000			$	—			$	184,962,000			$	—
Payables to customers			227,129,000				227,129,000				—				227,129,000				—
Payables to non-customers			3,297,000				3,297,000				—				3,297,000				—
Drafts payable			1,331,000				1,331,000				—				1,331,000				—
Payables to broker-dealers and clearing organizations			444,000				444,000				—				444,000				—
Deferred contract incentive			496,000				496,000				—				496,000				—
Long-term debt			4,228,000				4,228,000				—				4,228,000				—
Contract termination liability			2,567,000				2,567,000				—				2,567,000				—
Total financial liabilities, not measured at fair value		$	424,454,000			$	424,454,000			$	—			$	424,454,000			$	—

		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			$	—

X

- Definition

Tabular disclosure of aging analysis for investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

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- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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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

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