Exhibit 99.3

SIEBERT FINANCIAL CORP. & SUBSIDIARIES

PRO FORMA CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

As of December 31, 2018

	Siebert Financial Corp.		Pro Forma Adjustments			Pro Forma Balance
ASSETS
Cash and cash equivalents	$	7,229,000	$	(3,666,000	)	$	3,563,000
Receivables from clearing and other brokers		2,030,000		—			2,030,000
Receivable from related party		1,000,000		—			1,000,000
Receivable from lessors		171,000		—			171,000
Other receivables		96,000		—			96,000
Prepaid expenses and other assets		470,000		—			470,000
Furniture, equipment and leasehold improvements, net		468,000		—			468,000
Software, net		1,137,000		—			1,137,000
Deferred tax assets		5,576,000		—			5,576,000
Investment in related party		—		3,666,000			3,666,000
	$	18,177,000	$	—		$	18,177,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accounts payable and accrued liabilities	$	699,000	$	—		$	699,000
Lease incentive obligation		171,000		—			171,000
Due to clearing brokers and related parties		133,000		—			133,000
Income taxes payable		—		—			—
		1,003,000		—			1,003,000
Commitments and Contingencies
Stockholders’ equity
Common stock, $.01 par value; 49,000,000 shares authorized, 27,157,188 shares issued and outstanding as of December 31, 2018 and December 31, 2017		271,000		—			271,000
Additional paid-in capital		7,641,000		—			7,641,000
Retained earnings/(Accumulated deficit)		9,262,000		—			9,262,000
		17,174,000		—			17,174,000
	$	18,177,000	$	—		$	18,177,000

SIEBERT FINANCIAL CORP. & SUBSIDIARIES

PRO FORMA CONSOLIDATED STATEMENTS OF INCOME

Year Ended December 31, 2018

	Siebert Financial Corp.			Pro Forma Adjustments			Pro Forma Balance
Revenue:
Margin interest, marketing and distribution fees	$	10,928,000		$	—		$	10,928,000
Commissions and fees		9,504,000			—			9,504,000
Principal transactions		9,020,000			—			9,020,000
Advisory fees		478,000			—			478,000
Interest		106,000			—			106,000
Total revenue		30,036,000			—			30,036,000
Expenses:
Employee compensation and benefits		13,817,000			—			13,817,000
Clearing fees, including execution costs		2,852,000			—			2,852,000
Professional fees		1,963,000			—			1,963,000
Other general and administrative		1,859,000			—			1,859,000
Technology and communications		1,008,000			—			1,008,000
Rent and occupancy		988,000			—			988,000
Depreciation and amortization		144,000			—			144,000
Advertising and promotion		45,000			—			45,000
Total expenses		22,676,000			—			22,676,000
Income before (benefit) for (from) income taxes and before equity in net loss of related party		7,360,000			—			7,360,000
(Benefit) provision (from) for income taxes		(4,602,000	)		—			(4,602,000	)
Income before equity in net loss of related party	$	11,962,000		$	—		$	11,962,000
Equity in net loss of related party		—			(104,000	)		(104,000	)
Net income	$	11,962,000		$	(104,000	)	$	11,858,000
Net income per share of common stock
Basic and diluted	$	0.44					$	0.44
Weighted average shares outstanding
Basic and diluted		27,157,188						27,157,188

SIEBERT FINANCIAL CORP. & SUBSIDIARIES

NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

As reported on the Annual Report on Form 10-K of Siebert Financial Corp. (“Siebert”) for the year ended December 31, 2018, and as previously disclosed in a Current Report on Form 8-K on January 18, 2019, Siebert purchased approximately 15% of StockCross Financial Services Inc.’s (“StockCross”) outstanding shares. The number of shares purchased by Siebert was 922,875 at a per share price of approximately $3.97.

The pro forma consolidated statements of financial condition as of December 31, 2018 and the consolidated statements of income for the year ended December 31, 2018 were derived from and should be read in conjunction with Siebert’s Annual Report on Form 10-K for the year ended December 31, 2018 and the audited financial statements for StockCross for the year ended December 31, 2018.

The unaudited pro forma financial information included herein is for informational purposes only and does not purport to present what Siebert’s results would have been had this transaction actually occurred on the dates presented or to project Siebert’s results of operation or financial position for any future period.