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Fair Value Measurements (Tables)

3 Months Ended

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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- 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
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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Tabular disclosure of information about fair value of asset and liability not measured at fair value.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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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
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