Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
Revenue Category	2022		2021		2022		2021		Timing of Recognition
Trading Execution and Clearing Services
Commissions and fees	$	1,750,000	$	4,019,000	$	5,943,000	$	15,352,000	Recorded on trade date
Principal transactions and proprietary trading		953,000		3,924,000		1,767,000		12,279,000	Recorded on trade date
Market making		723,000		1,514,000		2,022,000		4,886,000	Recorded on trade date
Stock borrow / stock loan		4,183,000		3,465,000		11,909,000		7,552,000	Recorded as earned
Advisory fees		437,000		441,000		1,420,000		1,200,000	Recorded as earned
Total Trading Execution and Clearing Services		8,046,000		13,363,000		23,061,000		41,269,000
Other Income
Interest, marketing and distribution fees
Interest		1,387,000		1,014,000		2,195,000		3,331,000	Recorded as earned
Margin interest		3,169,000		2,251,000		7,336,000		6,698,000	Recorded as earned
12b-1 fees		648,000		170,000		1,186,000		488,000	Recorded as earned
Total Interest, marketing and distribution fees		5,204,000		3,435,000		10,717,000		10,517,000
Other income		1,086,000		253,000		2,589,000		982,000	Recorded as earned
Total Revenue	$	14,336,000	$	17,051,000	$	36,367,000	$	52,768,000

Schedule of represents the loss related to principal transactions

During the nine months ended September 30, 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 September 30,
	2022			2021	(Year over Year Decrease)
Principal transactions and proprietary trading
Realized and unrealized gain on primarily riskless principal transactions	$	2,339,000	$	3,931,000	$	(1,592,000)
Unrealized loss on portfolio of U.S. government securities		(1,386,000)		(7,000)		(1,379,000)
Total Principal transactions and proprietary trading	$	953,000	$	3,924,000	$	(2,971,000)

	Nine Months Ended September 30,
	2022		2021		(Year over Year Decrease)
Principal transactions and proprietary trading
Realized and unrealized gain on primarily riskless principal transactions	$	5,956,000	$	12,300,000	$	(6,344,000)
Unrealized loss on portfolio of U.S. government securities		(4,189,000)		(21,000)		(4,168,000)
Total Principal transactions and proprietary trading	$	1,767,000	$	12,279,000	$	(10,512,000)

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