Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Year	Summary Compensation Table Total for PEO			Compensation Actually Paid to PEO			Average Summary Compensation Table Total for Non-PEO NEOs			Average Compensation Actually Paid to Non-PEO NEOs			Value of Initial Fixed $100 Investment Based On:						Net Income			Total Revenue
													Total S/H Return			Peer Group Total S/H Return
(a)	(b)			(c)			(d)			(e)			(f)			(g)			(h)			(i)
2024	​	$	2,487,200	​	$	1,487,200	​	$	3,309,390	​	$	3,025,000	​	$	238	​	$	187	​	$	71,247,000	​	$	1,432,496,000
2023	​	$	4,764,786	​	$	4,678,473	​	$	2,289,333	​	$	2,241,325	​	$	164	​	$	180	​	$	30,272,000	​	$	1,248,825,000
2022	​	$	8,337,803	​	$	7,320,256	​	$	1,847,292	​	$	1,584,637	​	$	160	​	$	141	​	$	32,110,000	​	$	1,110,941,000

(1)

Amounts represent total compensation paid subject to adjustments for each fiscal year to the amounts listed under the “Stock Awards” section of the “Summary Compensation Table” to include (x) the fair value of share-based awards granted in the covered and prior fiscal years that are outstanding and unvested at the end of the covered fiscal year; (y) the full value of awards granted in prior fiscal years that vest in the covered fiscal year; and (z) the full value of awards that are forfeited in the covered fiscal year.

Company Selected Measure Name

Total Revenue

Named Executive Officers, Footnote

Our executive officers consist of Mr. A.G. Lowenthal, our Chairman and current Chief Executive Officer, and Mr. R.S. Lowenthal, our President, each of whose background is described above, and Mr. Watkins, our Chief Financial Officer and principal financial and accounting officer, whose background is described below.

PEO Total Compensation Amount

$ 2,487,200

$ 4,764,786

$ 8,337,803

PEO Actually Paid Compensation Amount

1,487,200

4,678,473

7,320,256

Non-PEO NEO Average Total Compensation Amount

3,309,390

2,289,333

1,847,292

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,025,000

2,241,325

1,584,637

Equity Valuation Assumption Difference, Footnote

(1)

Amounts represent total compensation paid subject to adjustments for each fiscal year to the amounts listed under the “Stock Awards” section of the “Summary Compensation Table” to include (x) the fair value of share-based awards granted in the covered and prior fiscal years that are outstanding and unvested at the end of the covered fiscal year; (y) the full value of awards granted in prior fiscal years that vest in the covered fiscal year; and (z) the full value of awards that are forfeited in the covered fiscal year.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

The Compensation Committee, in consultation with the Chief Executive Officer, developed various performance criteria related to incentive compensation for the Named Executive Officers, as further discussed in the “Determination of 2024 Compensation” section. When applying this criteria, it utilized the following financial performance measures as the most important measures to link performance of the Company to the compensation actually paid to the Named Executive Officers, including the compensation paid to the Chief Executive Officer, for fiscal year 2024:

•

Total shareholder return;

Net income; and

Total revenue

Total Shareholder Return Amount

$ 238

164

160

Peer Group Total Shareholder Return Amount

187

180

141

Net Income (Loss)

$ 71,247,000

$ 30,272,000

$ 32,110,000

Company Selected Measure Amount

1,432,496,000

1,248,825,000

1,110,941,000

PEO Name

Mr. A.G. Lowenthal

Measure:: 1

Pay vs Performance Disclosure

Name

Total shareholder return

Measure:: 2

Pay vs Performance Disclosure

Name

Net income

Measure:: 3

Pay vs Performance Disclosure

Name

Total revenue