Note 6 - Receivables From and Payables to Brokers, Dealers, and Clearing Agencies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block]

6. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES

Amounts receivable from brokers, dealers, and clearing agencies consisted of the following.

RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Deposits with clearing agencies	$	250	$	250
Unsettled regular way trades, net		7,325		3,281
Receivables from clearing agencies		30,796		42,663
Receivables from brokers, dealers, and clearing agencies	$	38,371	$	46,194

Amounts payable to brokers, dealers, and clearing agencies consisted of the following.

PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Margin payable	$	22,764	$	4
Payables to brokers, dealers, and clearing agencies	$	22,764	$	4

Deposits with clearing agencies represent contractual amounts the Company is required to deposit with its clearing agents.

Securities transactions that settle in the regular way are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. 

Receivables from clearing agencies are primarily comprised of cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agent.

Margin payable represents amounts borrowed from Pershing, LLC to finance the Company’s trading portfolio. See note 5 for interest expense incurred on margin payable.  As of December 31, 2025, the Company had no margin payable to Pershing LLC; the amount shown in the table above represents interest expense on a margin loan balance during the month of December 2025. All of the Company's securities included in investments-trading and a portion of the Company's securities included in other investments, at fair value serve as collateral for this margin loan.  See note 7.