Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

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

	Three Months Ended June 30,				Six Months Ended June 30,
Revenue Category	2021		2020		2021		2020		Timing of Recognition

Trading Execution and Clearing Services
Commissions and fees	$	4,325,000	$	4,887,000	$	11,333,000	$	10,470,000	Recorded on trade date
Principal transactions		4,107,000		2,581,000		8,355,000		5,784,000	Recorded on trade date
Market making		1,758,000		615,000		3,372,000		1,085,000	Recorded on trade date
Stock borrow / stock loan		2,240,000		771,000		4,087,000		1,215,000	Recorded as earned
Advisory fees		403,000		243,000		759,000		505,000	Recorded as earned
Total Trading Execution and Clearing Services		12,833,000		9,097,000		27,906,000		19,059,000

Other Income
Interest, marketing and distribution fees
Interest		1,163,000		909,000		2,317,000		2,240,000	Recorded as earned
Margin interest		2,296,000		1,829,000		4,448,000		4,335,000	Recorded as earned
12b-1 fees		164,000		296,000		317,000		1,084,000	Recorded as earned
Total Interest, marketing and distribution fees		3,623,000		3,034,000		7,082,000		7,659,000

Other income		337,000		488,000		729,000		702,000	Recorded as earned

Total Revenue	$	16,793,000	$	12,619,000	$	35,717,000	$	27,420,000

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