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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Cash, cash equivalents and restricted cash $ 10,526 $ 10,716
Receivables, net:    
Commission receivable 11,126 10,441
Due from clearing broker 724 707
Other 1,647 1,261
Property and equipment, net 298 342
Right of use assets 3,160 3,097
Intangible assets, net 583 671
Goodwill 39,839 39,839
Other assets 3,347 3,141
TOTAL ASSETS 71,250 70,215
Liabilities:    
Accounts payable, accrued expenses and other liabilities 12,203 13,103
Commissions payable 12,829 12,632
Operating lease liabilities 3,277 3,221
Notes payable, net of unamortized debt issuance costs of $553 and $590 as of March 31, 2026 and December 31, 2025, respectively 17,209 17,679
Promissory notes-affiliates 5,313 5,313
TOTAL LIABILITIES 50,831 51,948
Stockholders' Equity:    
Common stock, $0.0001 par value, 55,000,000 authorized, 16,810,131 and 16,716,000 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 0 0
Additional paid-in-capital 23,701 23,709
Accumulated deficit (20,595) (22,496)
Accumulated other comprehensive income (loss) (38) (114)
Total Stockholders' Equity and Mezzanine Equity 20,419 18,267
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY 71,250 70,215
Redeemable Series A Convertible Preferred Stock    
Mezzanine Equity:    
Redeemable Series A Convertible Preferred Stock, par value $0.0001, 2,000,000 shares authorized, 1,644,000 and 1,626,000 shares outstanding at March 31, 2026 and December 31, 2025, respectively 15,851 15,668
Series B Convertible Preferred Stock    
Stockholders' Equity:    
Series B Convertible Preferred Stock, par value $0.0001, 500,000 shares authorized, 150,000 shares outstanding at March 31, 2026 and December 31, 2025 $ 1,500 $ 1,500