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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and securities segregated for regulatory purposes |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 44,369,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,369,000 |
Securities owned, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 17,271,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,271,000 |
Certificates of deposit |  |  | — |  |  |  | 141,000 |  |  |  | — |  |  |  | 141,000 |
Municipal securities |  |  | — |  |  |  | 117,000 |  |  |  | — |  |  |  | 117,000 |
Corporate bonds |  |  | — |  |  |  | 16,000 |  |  |  | — |  |  |  | 16,000 |
Unit investment trust |  |  | — |  |  |  | 229,000 |  |  |  | — |  |  |  | 229,000 |
Options |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Equity securities |  |  | 667,000 |  |  |  | 89,000 |  |  |  | 10,833,000 |  |  |  | 11,589,000 |
Total Securities owned, at fair value |  | $ | 17,939,000 |  |  | $ | 592,000 |  |  | $ | 10,833,000 |  |  | $ | 29,364,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 78,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,000 |
Options |  |  | 64,000 |  |  |  | — |  |  |  | — |  |  |  | 64,000 |
Total Securities sold, not yet purchased, at fair value |  | $ | 142,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 142,000 |
|  | 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 |
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 March 31, 2025 |
Maturing in 2025 |  | $ | 48,367,000 |
Maturing in 2026 |  |  | 13,063,000 |
Accrued interest |  |  | 210,000 |
Total Market value |  | $ | 61,640,000 |
|  |  | 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 |
Schedule of Changes in Level 3 Assets for the Reporting Period, Including Purchases, Sales, and Unrealized Gains or Losses | The table below outlines changes in Level 3 assets for the reporting period, including purchases, sales, and unrealized gains or losses:
|  | As of and for the Three Months Ended March 31, 2025 |
Category |  | Opening Balance |  |  | Purchases |  |  | Sales |  |  | Transfers In / Out |  |  | Unrealized Gains / (Losses) |  |  | Closing Balance |
Equity Security Investment |  | $ | — |  |  | $ | 1,600,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,233,000 |  |  | $ | 10,833,000 |
Schedule of Financial Assets and Liabilities not Measured at Fair Value | The tables below represents financial instruments in which the ending balances as of March 31, 2025 and December 31, 2024 are not carried at fair value in the statements of financial condition:
|  | As of March 31, 2025 |
|  | Carrying Value |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 25,713,000 |  |  | $ | 25,713,000 |  |  | $ | 25,713,000 |  |  | $ | — |  |  | $ | — |
Cash – segregated for regulatory purposes |  |  | 107,079,000 |  |  |  | 107,079,000 |  |  |  | 107,079,000 |  |  |  | — |  |  |  | — |
Securities borrowed |  |  | 207,591,000 |  |  |  | 207,591,000 |  |  |  | — |  |  |  | 207,591,000 |  |  |  | — |
Receivables from customers |  |  | 79,576,000 |  |  |  | 79,576,000 |  |  |  | — |  |  |  | 79,576,000 |  |  |  | — |
Receivables from non-customers |  |  | 802,000 |  |  |  | 802,000 |  |  |  | — |  |  |  | 802,000 |  |  |  | — |
Receivables from broker-dealers and clearing organizations |  |  | 4,771,000 |  |  |  | 4,771,000 |  |  |  | — |  |  |  | 4,771,000 |  |  |  | — |
Other receivables |  |  | 2,904,000 |  |  |  | 2,904,000 |  |  |  | — |  |  |  | 2,904,000 |  |  |  | — |
Deposits with broker-dealers and clearing organizations |  |  | 5,599,000 |  |  |  | 5,599,000 |  |  |  | — |  |  |  | 5,599,000 |  |  |  | — |
Total financial assets, not measured at fair value |  | $ | 434,035,000 |  |  | $ | 434,035,000 |  |  | $ | 132,792,000 |  |  | $ | 301,243,000 |  |  | $ | — |
Financial liabilities, not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 210,688,000 |  |  | $ | 210,688,000 |  |  | $ | — |  |  | $ | 210,688,000 |  |  | $ | — |
Payables to customers |  |  | 206,922,000 |  |  |  | 206,922,000 |  |  |  | — |  |  |  | 206,922,000 |  |  |  | — |
Payables to non-customers |  |  | 2,656,000 |  |  |  | 2,656,000 |  |  |  | — |  |  |  | 2,656,000 |  |  |  | — |
Drafts payable |  |  | 1,055,000 |  |  |  | 1,055,000 |  |  |  | — |  |  |  | 1,055,000 |  |  |  | — |
Payables to broker-dealers and clearing organizations |  |  | 1,291,000 |  |  |  | 1,291,000 |  |  |  | — |  |  |  | 1,291,000 |  |  |  | — |
Deferred contract incentive |  |  | 283,000 |  |  |  | 283,000 |  |  |  | — |  |  |  | 283,000 |  |  |  | — |
Long-term debt |  |  | 4,205,000 |  |  |  | 4,205,000 |  |  |  | — |  |  |  | 4,205,000 |  |  |  | — |
Contract termination liability |  |  | 2,114,000 |  |  |  | 2,114,000 |  |  |  | — |  |  |  | 2,114,000 |  |  |  | — |
Total financial liabilities, not measured at fair value |  | $ | 429,214,000 |  |  | $ | 429,214,000 |  |  | $ | — |  |  | $ | 429,214,000 |  |  | $ | — |
|  | 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 |  |  | $ | — |

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