Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

The following table presents the Company’s major revenue categories and when each category is recognized:

	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue Category	2021		2020		2021		2020		Timing of Recognition

Trading Execution and Clearing Services
Commissions and fees	$	4,019,000	$	4,679,000	$	15,352,000	$	15,149,000	Recorded on trade date
Principal transactions		3,924,000		2,342,000		12,279,000		8,126,000	Recorded on trade date
Market making		1,514,000		423,000		4,886,000		1,508,000	Recorded on trade date
Stock borrow / stock loan		3,465,000		1,267,000		7,552,000		2,482,000	Recorded as earned
Advisory fees		441,000		305,000		1,200,000		810,000	Recorded as earned
Total Trading Execution and Clearing Services		13,363,000		9,016,000		41,269,000		28,075,000

Other Income
Interest, marketing and distribution fees
Interest		1,014,000		915,000		3,331,000		3,155,000	Recorded as earned
Margin interest		2,251,000		2,130,000		6,698,000		6,465,000	Recorded as earned
12b-1 fees		170,000		181,000		488,000		1,265,000	Recorded as earned
Total Interest, marketing and distribution fees		3,435,000		3,226,000		10,517,000		10,885,000

Other income		253,000		333,000		982,000		1,035,000	Recorded as earned

Total Revenue	$	17,051,000	$	12,575,000	$	52,768,000	$	39,995,000

The following table presents each revenue category and its related performance obligation:

Revenue Stream	Performance Obligation
Commissions and fees, Principal transactions, Market making, Stock borrow / stock loan, Advisory fees	Provide financial services to customers and counterparties
Interest, marketing and distribution fees, Other income	n/a