Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Loss Related to Principal Transactions

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

	Three Months Ended March 31,
Revenue Category	2022			2021		Timing of Recognition
Trading Execution and Clearing Services
Commissions and fees	$	2,340,000		$	7,008,000	Recorded on trade date
Principal transactions and proprietary trading		(267,000	)		4,248,000	Recorded on trade date
Market making		764,000			1,614,000	Recorded on trade date
Stock borrow / stock loan		3,578,000			1,847,000	Recorded as earned
Advisory fees		507,000			356,000	Recorded as earned
Total Trading Execution and Clearing Services		6,922,000			15,073,000
Other Income
Interest, marketing and distribution fees
Interest		235,000			1,154,000	Recorded as earned
Margin interest		1,968,000			2,152,000	Recorded as earned
12b-1 fees		159,000			153,000	Recorded as earned
Total Interest, marketing and distribution fees		2,362,000			3,459,000
Other income		1,060,000			392,000	Recorded as earned
Total Revenue	$	10,344,000		$	18,924,000

Schedule of represents the loss related to principal transactions

For the three months ended March 31, 2022, the Company invested in a portfolio of U.S. government securities, which is primarily within the line item cash and securities segregated for regulatory purposes on the statements of financial condition. The following table represents detail related to principal transactions and proprietary trading. Refer to the year-over-year comparisons within Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations within this Report for additional detail.

	Three Months Ended March 31,
	2022			2021			(Year over Year Decrease)
Principal transactions and proprietary trading
Realized and unrealized gain on primarily riskless principal transactions	$	1,919,000		$	4,254,000		$	(2,335,000	)
Unrealized loss on portfolio of U.S. government securities		(2,186,000	)		(6,000	)		(2,180,000	)
Total Principal transactions and proprietary trading	$	(267,000	)	$	4,248,000		$	(4,515,000	)

Schedule of Performance Obligation

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

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