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Deferred Contract Incentive | 6 Months Ended
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Jun. 30, 2025
Deferred Contract Incentive [Abstract] |
Deferred Contract Incentive | 12. Deferred Contract Incentive Effective August 1, 2021, MSCO entered into an amendment to its clearing agreement with NFS that, among other things, extended the term of the arrangement for an additional four-year period commencing on August 1, 2021 and ending July 31, 2025. As part of this agreement, the Company received a one-time business development credit of $3 million from NFS, and NFS will pay the Company four annual credits of $100,000, which are recorded in the line item “Deferred contract incentive” on the statements of financial condition. Annual credits shall be paid on the anniversary of the date on which the first credit was paid. The business development credit and annual credits will be recognized as contra expense over four years and one year, respectively, in the line item “Clearing fees, including execution costs” on the statements of operations. The amendment also provides for an early termination fee if the Company chooses to end its agreement before the end of the contract term. In relation to this agreement, the Company recognized $213,000 in contra expense for both the three months ended June 30, 2025 and 2024. For both the six months ended June 30, 2025 and 2024, the Company recognized $425,000 in contra expense. As of June 30, 2025 and December 31, 2024, the balance of the deferred contract incentive was $71,000 and $496,000, respectively.

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- Definition The entire disclosure for deferred contract incentive. + References No definition available. + Details
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- References No definition available. + Details
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