Fair Values of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:


December 31, 2025	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	13,947	$	—	$	—	$	13,947


U.S. Treasury securities	—		1,989		—		1,989
Total cash equivalents	13,947		1,989		—		15,936
Investments segregated and on deposit for regulatory purposes:
U.S. government securities	—		23,555		—		23,555

Total investments segregated and on deposit for regulatory purposes	—		23,555		—		23,555
Available for sale securities:
U.S. agency mortgage-backed securities	—		41,434		—		41,434
U.S. Treasury securities	—		11,364		—		11,364
Corporate debt securities	—		4,667		—		4,667
Asset-backed securities	—		4,199		—		4,199
U.S. state and municipal securities	—		561		—		561

Non-agency commercial mortgage-backed securities	—		113		—		113


Other	—		19		—		19
Total available for sale securities	—		62,357		—		62,357
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	1,704		84		—		1,788
Mutual funds and ETFs	1,314		—		—		1,314
State and municipal debt obligations	—		45		—		45
U.S. government securities	—		15		—		15
Total other securities owned	3,018		144		—		3,162
Interest rate swaps	—		1		—		1
Total other assets	3,018		145		—		3,163
Total assets	$	16,965	$	88,046	$	—	$	105,011
Accrued expenses and other liabilities:
Interest rate swaps	$	—	$	1	$	—	$	1
Other	2,804		40		—		2,844
Total accrued expenses and other liabilities	2,804		41		—		2,845
Total liabilities	$	2,804	$	41	$	—	$	2,845


December 31, 2024	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	11,005	$	—	$	—	$	11,005

Total cash equivalents	11,005		—		—		11,005
Investments segregated and on deposit for regulatory purposes:
U.S. government securities	—		25,740		—		25,740

Total investments segregated and on deposit for regulatory purposes	—		25,740		—		25,740
Available for sale securities:
U.S. agency mortgage-backed securities	—		51,833		—		51,833
U.S. Treasury securities	—		14,469		—		14,469
Corporate debt securities	—		9,579		—		9,579
Asset-backed securities	—		5,910		—		5,910
U.S. state and municipal securities	—		549		—		549
Foreign government agency securities	—		527		—		527
Non-agency commercial mortgage-backed securities	—		109		—		109



Other	—		18		—		18
Total available for sale securities	—		82,994		—		82,994
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	1,395		73		—		1,468
Mutual funds and ETFs	1,019		—		—		1,019
State and municipal debt obligations	—		38		—		38
U.S. government securities	—		18		—		18

Total other securities owned	2,414		129		—		2,543
Total other assets	2,414		129		—		2,543
Total assets	$	13,419	$	108,863	$	—	$	122,282
Accrued expenses and other liabilities:
Other	$	2,161	$	37	$	—	$	2,198
Total accrued expenses and other liabilities	2,161		37		—		2,198
Total liabilities	$	2,161	$	37	$	—	$	2,198

The following tables present the fair value hierarchy for other financial instruments:


December 31, 2025	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	30,094	$	30,094	$	—	$	—	$	30,094
Cash and investments segregated and on deposit for regulatory purposes	19,290		2,470		16,820		—		19,290
Receivables from brokers, dealers, and clearing organizations	7,190		—		7,190		—		7,190
Receivables from brokerage clients — net	104,625		—		104,625		—		104,625
Held to maturity securities:
U.S. agency mortgage-backed securities	133,563		—		125,649		—		125,649
U.S. Treasury securities	406		—		406		—		406









Total held to maturity securities	133,969		—		126,055		—		126,055
Bank loans — net:
First Mortgages	30,456		—		28,612		—		28,612
HELOCs	426		—		431		—		431
Pledged asset lines	26,603		—		26,603		—		26,603
Other	470		—		470		—		470
Total bank loans — net	57,955		—		56,116		—		56,116
Other assets	766		—		766		—		766

Liabilities
Bank deposits	$	255,747	$	—	$	255,747	$	—	$	255,747
Payables to brokers, dealers, and clearing organizations	25,689		—		25,689		—		25,689
Payables to brokerage clients	116,341		—		116,341		—		116,341
Accrued expenses and other liabilities	1,359		—		1,359		—		1,359
Other short-term borrowings	6,913		—		6,913		—		6,913
Federal Home Loan Bank borrowings	1,850		—		1,850		—		1,850
Long-term debt	22,162		—		22,059		—		22,059


December 31, 2024	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	31,078	$	31,078	$	—	$	—	$	31,078
Cash and investments segregated and on deposit for regulatory purposes	12,416		2,401		10,015		—		12,416
Receivables from brokers, dealers, and clearing organizations	2,440		—		2,440		—		2,440
Receivables from brokerage clients — net	85,343		—		85,343		—		85,343
Held to maturity securities:
U.S. agency mortgage-backed securities	146,453		—		132,605		—		132,605









Total held to maturity securities	146,453		—		132,605		—		132,605
Bank loans — net:
First Mortgages	27,375		—		24,336		—		24,336
HELOCs	423		—		441		—		441
Pledged asset lines	17,024		—		17,024		—		17,024
Other	393		—		393		—		393
Total bank loans — net	45,215		—		42,194		—		42,194
Other assets	1,405		—		1,405		—		1,405

Liabilities
Bank deposits	$	259,121	$	—	$	259,121	$	—	$	259,121
Payables to brokers, dealers, and clearing organizations	13,336		—		13,336		—		13,336
Payables to brokerage clients	101,559		—		101,559		—		101,559
Accrued expenses and other liabilities	1,076		—		1,076		—		1,076
Other short-term borrowings	5,999		—		5,999		—		5,999
Federal Home Loan Bank borrowings	16,700		—		16,700				16,700
Long-term debt	22,379		—		21,621		—		21,621