Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The tables below present, by level within the fair value hierarchy, financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.

	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash and securities segregated for regulatory purposes
U.S. government securities	$	87,814,000	$	—	$	—	$	87,814,000
Securities owned, at fair value
U.S. government securities	$	15,231,000	$	—	$	—	$	15,231,000
Certificates of deposit		—		113,000		—		113,000
Municipal securities		—		321,000		—		321,000
Corporate bonds		—		14,000		—		14,000
Collateralized mortgage obligations		—		1,000		—		1,000
Options		28,000		—		—		28,000
Equity securities		494,000		736,000		—		1,230,000
Total Securities owned, at fair value	$	15,753,000	$	1,185,000	$	—	$	16,938,000
Liabilities
Securities sold, not yet purchased, at fair value
Options	$	—	$	6,000	$	—	$	6,000
Total Securities sold, not yet purchased, at fair value	$	—	$	6,000	$	—	$	6,000

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash and securities segregated for regulatory purposes
U.S. government securities	$	115,515,000	$	—	$	—	$	115,515,000
Securities owned, at fair value
U.S. government securities	$	17,636,000	$	—	$	—	$	17,636,000
Certificates of deposit		—		114,000		—		114,000
Corporate bonds		—		3,000		—		3,000
Options		2,000		—		—		2,000
Equity securities		146,000		137,000		—		283,000
Total Securities owned, at fair value	$	17,784,000	$	254,000	$	—	$	18,038,000
Liabilities
Securities sold, not yet purchased, at fair value
Equity securities	$	2,000	$	—	$	—	$	2,000
Total Securities sold, not yet purchased, at fair value	$	2,000	$	—	$	—	$	2,000

Schedule of U.S. Government Securities, Certificates of Deposit, Municipal Securities, and Corporate Bonds with the Market Values and Maturity Dates

The Company had U.S. government securities, certificates of deposit, municipal securities, and corporate bonds with the market values and maturity dates for the periods indicated below:

	As of September 30, 2024
Maturing in 2024	$	2,988,000
Maturing in 2025		91,804,000
Maturing in 2026		8,097,000
Maturing after 2026		446,000
Accrued interest		158,000
Total Market value	$	103,493,000

	As of December 31, 2023
Maturing in 2023	$	30,000,000
Maturing in 2024		98,931,000
Maturing in 2025		3,965,000
Maturing after 2025		115,000
Accrued interest		257,000
Total Market value	$	133,268,000

Schedule of Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities not measured at fair value are recorded at carrying value, which approximates fair value due to their short-term nature. The tables below represents financial instruments in which the ending balances as of September 30, 2024 and December 31, 2023 are not carried at fair value in the statements of financial condition:

	As of September 30, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets, not measured at fair value
Cash and cash equivalents	$	4,435,000	$	4,435,000	$	4,435,000	$	—	$	—
Cash – segregated for regulatory purposes		129,615,000		129,615,000		129,615,000		—		—
Securities borrowed		222,584,000		222,584,000		—		222,584,000		—
Receivables from customers		78,206,000		78,206,000		—		78,206,000		—
Receivables from non-customers		471,000		471,000		—		471,000		—
Receivables from broker-dealers and clearing organizations		4,051,000		4,051,000		—		4,051,000		—
Other receivables		4,062,000		4,062,000		—		4,062,000		—
Deposits with broker-dealers and clearing organizations		6,047,000		6,047,000		—		6,047,000		—
Total financial assets, not measured at fair value	$	449,471,000	$	449,471,000	$	134,050,000	$	315,421,000	$	—
Financial liabilities, not measured at fair value
Securities loaned	$	232,524,000	$	232,524,000	$	—	$	232,524,000	$	—
Payables to customers		238,754,000		238,754,000		—		238,754,000		—
Payables to non-customers		3,630,000		3,630,000		—		3,630,000		—
Drafts payable		2,133,000		2,133,000		—		2,133,000		—
Payables to broker-dealers and clearing organizations		1,111,000		1,111,000		—		1,111,000		—
Deferred contract incentive		625,000		625,000		—		625,000		—
Long-term debt		4,249,000		4,249,000		—		4,249,000		—
Contract termination liability		3,024,000		3,024,000		—		3,024,000		—
Total financial liabilities, not measured at fair value	$	486,050,000	$	486,050,000	$	—	$	486,050,000	$	—

	As of December 31, 2023
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets, not measured at fair value
Cash and cash equivalents	$	5,735,000	$	5,735,000	$	5,735,000	$	—	$	—
Cash – segregated for regulatory purposes		158,802,000		158,802,000		158,802,000		—		—
Securities borrowed		394,709,000		394,709,000		—		394,709,000		—
Receivables from customers		72,823,000		72,823,000		—		72,823,000		—
Receivables from non-customers		241,000		241,000		—		241,000		—
Receivables from broker-dealers and clearing organizations		3,863,000		3,863,000		—		3,863,000		—
Other receivables		2,424,000		2,424,000		—		2,424,000		—
Deposits with broker-dealers and clearing organizations		7,885,000		7,885,000		—		7,885,000		—
Total financial assets, not measured at fair value	$	646,482,000	$	646,482,000	$	164,537,000	$	481,945,000	$	—
Financial liabilities, not measured at fair value
Securities loaned	$	419,433,000	$	419,433,000	$	—	$	419,433,000	$	—
Payables to customers		289,777,000		289,777,000		—		289,777,000		—
Payables to non-customers		713,000		713,000		—		713,000		—
Drafts payable		1,726,000		1,726,000		—		1,726,000		—
Payables to broker-dealers and clearing organizations		481,000		481,000		—		481,000		—
Deferred contract incentive		1,246,000		1,246,000		—		1,246,000		—
Long-term debt		4,313,000		4,313,000		—		4,313,000		—
Contract termination liability		4,462,000		4,462,000		—		4,462,000		—
Total financial liabilities, not measured at fair value	$	722,151,000	$	722,151,000	$	—	$	722,151,000	$	—