SIEBERT FINANCIAL CORP
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
SIEB$1.78-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001213900-25-075082
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001213900-25-109356
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 133 current paragraphs.
66 unchanged; 57 reworded; 10 added; 5 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Financial highlights for the three months ended September 30, 2025:
Current report
We generated recorded music revenue and incurred costs related to artist signings, music and video production, distribution costs, and marketing and promotion. As expected, these investments have not yet contributed positively to operating results. Management believes these expenditures are essential to building the label’s catalogue and brand, and anticipates that future revenues from recorded music sales, streaming, and licensing will drive profitability over time. While there is no assurance regarding the timing or magnitude of future earnings, we expect the label to contribute positively to overall operating results as its catalogue matures.
Current report
NIL Revenue
Current report
In the third quarter of 2025, we began earning revenue in a new revenue stream relating to NIL negotiation services on behalf of student-athletes with university athletic departments or NIL collectives. We earned $362,000 in revenue related to this new revenue stream in the third quarter of 2025.
Current report
Principal transactions and proprietary trading for the three months ended September 30, 2025 was $4,606,000 and increased by $409,000 from the corresponding period in the prior year, primarily due to strong market conditions.
Current report
EWB Credit Agreement
Current report
As of September 30, 2025, $1 million was outstanding related to the above Credit Agreement.
Current report
On July 4, 2025, President Trump signed H.R. 1, the One Big Beautiful Bill Act (“OBBBA”), into law. The OBBBA makes permanent many of the provisions previously enacted as part of the 2017 Tax Cut and Jobs Act that were set to expire at the end of 2025 and includes other changes to certain U.S. corporate tax provisions including the restoration of immediate expensing for domestic research and development expenditures and the reinstatement of 100% bonus depreciation for qualified property. FASB Topic 740, “Income Taxes”, requires the effects of tax law changes to be recognized in the period of enactment and requires that adjustments to prior year income taxes receivable (payable) or deferred taxes, including any related valuation allowance be recognized as a discrete event in the interim period that includes the enactment date. In connection with the tax law change, the Company was not required to record any incremental income tax expense or benefit in the three months ended September 30, 2025.
Current report
In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments-Credit Losses” (“ASU 2025-05”). The ASU is intended to provide an optional practical expedient when applying the guidance related to the estimation of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. ASU 2025-05 will be effective for the Company for fiscal years beginning after December 15, 2025, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our financial statements.
Current report
In September 2025, the FASB issued ASU No. 2025-06, “Intangibles-Goodwill and Other- Internal-Use Software” (“ASU 2025-06”). The ASU is intended to modernize and clarify the threshold for when an entity is required to start capitalizing software costs and is based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 will be effective for the Company for fiscal years beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. We are evaluating the impact of the standard on our disclosures.
Removed paragraphs (5)
Previous report
Financial highlights as of June 30, 2025:
Previous report
There was significant volatility in the price of the shares, and in the three months ended March 31, 2025, we recorded an unrealized gain of approximately $9.2 million as the per share price closed at $85.31 on March 31, 2025. In June 2025, after the lifting of contractual sale restrictions, we sold the majority of our Investment in Equity Security for an average price of $19.00 per share and recognized a total gain of $2.4 million for the six months ended June 30, 2025. However, we recognized a total realized and unrealized loss of $6.8 million for the three months ended June 30, 2025, which drove our operating loss for the current quarter.
Previous report
Following the IPO, we value the remaining shares of the Investment in Equity Security at its public trading price. We have recorded an unrealized gain of $0.1 million in relation to our remaining shares in the Investment in Equity Security for the three months ended June 30, 2025. The realized and unrealized and gain (loss) associated with the Investment in Equity Security is recorded in the line item “Principal transactions and proprietary trading” in our statement of operations, the detail of which is displayed below.
Previous report
Credit Agreement
Previous report
On July 4, 2025, President Trump signed H.R. 1, the One Big Beautiful Bill Act (“OBBBA”), into law. In accordance with U.S. GAAP, specifically ASC 740 – Income Taxes, we will account for the tax effects of changes in tax law in the period of enactment which is in the third quarter of 2025. We are currently in the process of analyzing the tax impacts of the law change but we do not expect a material impact on our effective tax rate
Reworded paragraphs (57)
Previous wording
In the second quarter of 2025, loss per share was $0.12, compared to earnings per share of $0.10 in the second quarter of 2024. In the second quarter of 2025, our revenues were $14.9 million and operating loss before taxes was $5.8 million, compared to revenues of $20.9 million and operating income before taxes of $5.6 million in the second quarter of 2024. A substantial portion of our operating loss for the three months ended June 30, 2025 is due to the realized and unrealized gain (loss) on our Investment in Equity Security described in the section below.
Current wording
In the third quarter of 2025, earnings per share was $0.04, compared to earnings per share of $0.10 in the third quarter of 2024. In the third quarter of 2025, our revenues were $26.8 million and operating income before taxes was $2.2 million, compared to revenues of $22.6 million and operating income before taxes of $4.8 million in the third quarter of 2024.
Previous wording
In the second quarter of 2025, we acquired certain assets from BMLG related to music masters, including associated copyrights and artwork and serves an expansion upon our acquisition of GM. This acquisition gives Siebert ownership of recorded masters from artists such as Daughtry, Badflower, Sammy Hagar, Olive Vox, and Ryan Perdz, among others. The total cost of the acquisition was $441,000, which includes cash consideration of $337,000 and direct transaction costs of $104,000.
Current wording
To expand upon our 2024 acquisition of GM, in the second quarter of 2025, we acquired certain assets from BMLG related to music masters, including associated copyrights and artwork. This acquisition gives Siebert ownership of recorded masters from artists such as Daughtry, Badflower, Sammy Hagar, Olive Vox, and Ryan Perdz, among others. The total cost of the acquisition was $441,000, which includes cash consideration of $337,000 and direct transaction costs of $104,000.
Previous wording
In the first quarter of 2025, we acquired the Investment in Equity Security in connection with a private placement from a private U.S company that subsequently completed an IPO. Following the IPO, these shares were subject to resale restrictions until they were registered with the SEC.
Current wording
In the first quarter of 2025, we acquired the Investment in Equity Security in connection with a private placement from a private U.S company that subsequently completed an IPO. Following the IPO, these shares were subject to resale restrictions until they were registered with the SEC. In June 2025, after the lifting of contractual sale restrictions, we sold the majority of our Investment in Equity Security for an average price of $19.00 per share, with the remaining position sold by August 2025. We recognized a total realized gain of $2.4 million for the nine months ended September 30, 2025. The realized gain associated with the Investment in Equity Security is recorded in the line item “Principal transactions and proprietary trading” in our statement of operations. Refer to Note 13 – Revenue Recognition for further information.
Previous wording
The difference in our simulated incremental increases and decreases in the market interest rates as of June 30, 2025 compared to December 31, 2024 is primarily due to an increase in the proportion of segregated cash to segregated securities and an increase in the proportion of margin debit balances to cash credit balances.
Current wording
The difference in our simulated incremental increases and decreases in the market interest rates as of September 30, 2025 compared to December 31, 2024 is primarily due to differences in the proportion of segregated cash to segregated securities and differences in the proportion of margin debit balances to cash credit balances.
Previous wording
At the end of 2023, we hired new technology personnel, changed our primary software development vendor, and made investments in technology development projects collectively termed as Siebert’s Retail Platform. Technology development projects such as the online platform for Siebert’s retail customer base and corporate service clients have been placed into service in the six months ended June 30, 2025 and projects are anticipated to go live by the end of 2025. We believe that these ongoing investments in technology will be key in meeting the needs of our retail customers, correspondent clearing, corporate services as well as our expansion into new markets and demographics.
Current wording
At the end of 2023, we hired new technology personnel, changed our primary software development vendor, and made investments in technology development projects collectively termed as Siebert’s Retail Platform. Technology development projects such as the online platform for Siebert’s retail customer base and corporate service clients have been placed into service in the nine months ended September 30, 2025 and several projects are anticipated to go live in early 2026. We have also made an investment in FusionIQ to help with these technology initiatives and new product offerings. We believe that these ongoing investments in technology will be key in meeting the needs of our retail customers, correspondent clearing, corporate services as well as our expansion into new markets and demographics.
Previous wording
Commissions and fees for the three months ended June 30, 2025 were $2,014,000 and decreased by $589,000 from the corresponding period in the prior year, primarily due to weaker market conditions.
Current wording
Commissions and fees for the three months ended September 30, 2025 were $2,263,000 and decreased by $7,000 from the corresponding period in the prior year.
Previous wording
Interest, marketing and distribution fees for the three months ended June 30, 2025 were $6,869,000 and decreased by $966,000 from the corresponding period in the prior year primarily due to a decline in interest rates.
Current wording
Interest, marketing and distribution fees for the three months ended September 30, 2025 were $6,985,000 and decreased by $1,365,000 from the corresponding period in the prior year primarily due to a decline in interest rates.
Previous wording
Market making for the six months ended June 30, 2025 was $1,049,000 and decreased by $60,000 from the corresponding period in the prior year.
Current wording
Market making for the three months ended September 30, 2025 was $706,000 and increased by $109,000 from the corresponding period in the prior year, primarily due to strong market conditions.
Previous wording
Stock borrow / stock loan for the three months ended June 30, 2025 was $7,522,000 and increased by $2,826,000 from the corresponding period in the prior year, primarily due to growth in stock locate services and securities lending businesses.
Current wording
Stock borrow / stock loan for the three months ended September 30, 2025 was $10,048,000 and increased by $4,264,000 from the corresponding period in the prior year, primarily due to growth in stock locate services and securities lending businesses.
Previous wording
Advisory fees for the three months ended June 30, 2025 were $791,000 and increased by $240,000 from the corresponding period in the prior year, primarily due to growth in platform assets.
Current wording
Advisory fees for the three months ended September 30, 2025 were $831,000 and increased by $202,000 from the corresponding period in the prior year, primarily due to growth in platform assets.
Previous wording
Other income for the six months ended June 30, 2025 was 1,726,000 and decreased by $68,000 from the corresponding period in the prior year, primarily due to fees related to administrative services.
Current wording
Other income for the three months ended September 30, 2025 was $1,408,000 and increased by $675,000 from the corresponding period in the prior year, primarily due to new revenue from music and sports operations.
Previous wording
Employee compensation and benefits for the three months ended June 30, 2025 were $13,388,000 and increased by $3,081,000 from the corresponding period in the prior year, primarily due toan increase in equity compensation as well as additional personnel related to technology initiatives and expansion into investment banking and servicing active trader customers.
Current wording
Employee compensation and benefits for the three months ended September 30, 2025 were $16,360,000 and increased by $4,474,000 from the corresponding period in the prior year, primarily due toan increase in commission payouts as well as additional personnel related to technology initiatives, expansion into investment banking and servicing active trader customers, and other new business lines.
Previous wording
Clearing fees, including execution costs for the six months ended June 30, 2025 were $902,000 and increased by $236,000 from the corresponding period in the prior year, primarily due to primarily due to a reclassification of certain fees in 2025.
Current wording
Clearing fees, including execution costs for the three months ended September 30, 2025 were $643,000 and increased by $298,000 from the corresponding period in the prior year, primarily due to increased market activity
Previous wording
Technology and communications expenses for the three months ended June 30, 2025 were $1,045,000 and increased by $165,000 from the corresponding period in the prior year, primarily due to an expansion of technological infrastructure.
Current wording
Technology and communications expenses for the three months ended September 30, 2025 were $1,530,000 and increased by $383,000 from the corresponding period in the prior year, primarily due to an expansion of technological infrastructure.
Previous wording
Other general and administrative expenses for the three months ended June 30, 2025 were $1,840,000 and increased by $770,000 from the corresponding period in the prior year primarily due to fees related to expansion into investment banking and servicing active trader customers.
Current wording
Other general and administrative expenses for the three months ended September 30, 2025 were $1,760,000 and increased by $690,000 from the corresponding period in the prior year primarily due to the start-up cost and expansion of new business lines.
Previous wording
Data processing expenses for the three months ended June 30, 2025 were $1,147,000 and increased by $415,000 from the corresponding period in the prior year, primarily due to expansion of technology infrastructure.
Current wording
Data processing expenses for the three months ended September 30, 2025 were $1,146,000 and increased by $252,000 from the corresponding period in the prior year, primarily due to expansion of technology infrastructure.
Previous wording
Rent and occupancy expenses for the three months ended June 30, 2025 were $442,000 and increased by $64,000 from the corresponding period in the prior year.
Current wording
Rent and occupancy expenses for the three months ended September 30, 2025 were $476,000 and increased by $111,000 from the corresponding period in the prior year, primarily due to the expansion into new office space.
Previous wording
Professional fees for the three months ended June 30, 2025 were $1,451,000 and increased by $211,000 from the corresponding period in the prior year primarily due to the establishment of the Siebert advisory committee and the expansion into new business lines.
Current wording
Professional fees for the three months ended September 30, 2025 were $1,553,000 and increased by $89,000 from the corresponding period in the prior year primarily due to the establishment of the Siebert advisory committee and the expansion into new business lines.
Previous wording
Depreciation and amortization expenses for the three months ended June 30, 2025 were $629,000 and increased by $293,000 from the corresponding period in the prior year, primarily due to an increase in amortization for the technology projects placed in service in the second quarter of 2025.
Current wording
Depreciation and amortization expenses for the three months ended September 30, 2025 were $649,000 and increased by $299,000 from the corresponding period in the prior year, primarilydue to an increase in amortization for the technology projects placed in service in the third quarter of 2025.
Previous wording
Interest expense for the three months ended June 30, 2025 was $98,000 and increased by $38,000 from the corresponding period in the prior year primarily due to interest related to an agreement with Kakaopay in 2024.
Current wording
Interest expense for the three months ended September 30, 2025 was $107,000 and increased by $35,000 from the corresponding period in the prior year primarily due to interest related to an agreement with Kakaopay in 2024.
Previous wording
Advertising and promotion expense for the three months ended June 30, 2025 was $218,000 and increased by $175,000 from the corresponding period in the prior year, primarily due to an increase in marketing initiatives.
Current wording
Advertising and promotion expense for the three months ended September 30, 2025 was $435,000 and increased by $307,000 from the corresponding period in the prior year, primarily due to an increase in marketing initiatives.
Previous wording
The provision from income taxes for the six months ended June 30, 2025 was $722,000 and decreased from the provision for income taxes by $2,225,000 from the corresponding period in the prior year. The change from the corresponding period in the prior year is primarily due to a decrease in pre-tax earnings in the six months ending June 30, 2025. Refer to Note 14 – Income Taxes for additional detail.
Current wording
The provision from income taxes for the three months ended September 30, 2025 was $564,000 and decreased from the provision for income taxes by $441,000 from the corresponding period in the prior year. The change from the corresponding period in the prior year is primarily due to a decrease in pre-tax earnings of $2,651,000. in the three months ending September 30, 2025. Refer to Note 14 – Income Taxes for additional detail.
Previous wording
As further discussed in Note 1 – Organization and Basis of Presentation, we consolidate RISE’s financial results into our financial statements and reflect the portion of RISE not held by Siebert as a noncontrolling interest in our financial statements. The net income attributable to noncontrolling interests for the three months ended June 30, 2025 was $0 and decreased by $7,000 from the corresponding period in the prior year.
Current wording
As further discussed in Note 1 – Organization and Basis of Presentation, we consolidate RISE’s financial results into our financial statements and reflect the portion of RISE not held by Siebert as a noncontrolling interest in our financial statements. The net income attributable to noncontrolling interests for the three months ended September 30, 2025 was $2,000 and decreased by $6,000 from the corresponding period in the prior year.
Previous wording
Statements of Operations for the Six Months Ended June 30, 2025 and 2024
Current wording
Statements of Operations for the Nine Months Ended September 30, 2025 and 2024
Previous wording
Commissions and fees for the six months ended June 30, 2025 were $4,116,000 and decreased by $787,000 from the corresponding period in the prior year, primarily due to weaker market conditions.
Current wording
Commissions and fees for the nine months ended September 30, 2025 were $6,379,000 and decreased by $794,000 from the corresponding period in the prior year, primarily due to lower customer demand.
Previous wording
Interest, marketing and distribution fees for the six months ended June 30, 2025 were $13,814,000 and decreased by $2,784,000 from the corresponding period in the prior year primarily due to a due to a decline in interest rates.
Current wording
Interest, marketing and distribution fees for the nine months ended September 30, 2025 were $20,799,000 and decreased by $4,149,000 from the corresponding period in the prior year primarily due to a due to a decline in interest rates.
Previous wording
Principal transactions and proprietary trading for the six months ended June 30, 2025 were $9,190,000 and increased by $2,110,000 from the corresponding period in the prior year, primarily due to the realized and unrealized gain of $2,430,000 in our Investment in Equity Security, which is explained further in the section above titled “Investment in Equity Security.”
Current wording
Principal transactions and proprietary trading for the nine months ended September 30, 2025 were $13,796,000 and increased by $2,519,000 from the corresponding period in the prior year, primarily due to the realized gain of $2,434,000 in our Investment in Equity Security, which is explained further in the section above titled “Investment in Equity Security.”
Previous wording
Market making for the three months ended June 30, 2025 was $497,000 and increased by $60,000 from the corresponding period in the prior year.
Current wording
Market making for the nine months ended September 30, 2025 was $1,755,000 and increased by $49,000 from the corresponding period in the prior year.
Previous wording
Stock borrow / stock loan for the six months ended June 30, 2025 was $12,359,000 and increased by $3,565,000 from the corresponding period in the prior year, primarily due to growth in stock locate services and securities lending businesses.
Current wording
Stock borrow / stock loan for the nine months ended September 30, 2025 was $22,407,000 and increased by $7,829,000 from the corresponding period in the prior year, primarily due to growth in stock locate services and securities lending businesses.
Previous wording
Advisory fees for the six months ended June 30, 2025 were $1,539,000 and increased by $498,000 from the corresponding period in the prior year, primarily due to growth in platform assets.
Current wording
Advisory fees for the nine months ended September 30, 2025 were $2,370,000 and increased by $700,000 from the corresponding period in the prior year, primarily due to growth in platform assets.
Previous wording
Other income for the three months ended June 30, 2025 was $952,000 and decreased by $215,000 from the corresponding period in the prior year, primarily due to fees related to administrative services.
Current wording
Other income for the nine months ended September 30, 2025 was $3,134,000 and increased by $607,000 from the corresponding period in the prior year, primarily due to fees related to new revenue from music and sports operations.
Previous wording
Employee compensation and benefits for the six months ended June 30, 2025 were $25,310,000 and increased by $4,627,000 from the corresponding period in the prior year, primarily due toan increase in equity compensation as well as additional personnel related to technology initiatives and expansion into investment banking and servicing active trader customers.
Current wording
Employee compensation and benefits for the nine months ended September 30, 2025 were $41,670,000 and increased by $9,101,000 from the corresponding period in the prior year, primarily due toan increase in commission payouts as well as additional personnel related to technology initiatives and expansion into investment banking and servicing active trader customers, and other new business lines.
Previous wording
Clearing fees, including execution costs for the three months ended June 30, 2025 were $448,000 and increased by $210,000 from the corresponding period in the prior year, primarily due to a reclassification of certain fees in 2025.
Current wording
Clearing fees, including execution costs for the nine months ended September 30, 2025 were $1,545,000 and increased by $534,000 from the corresponding period in the prior year, primarily due to increased market activity and a reclassification of certain fees in 2025.
Previous wording
Technology and communications expenses for the six months ended June 30, 2025 were $2,150,000 and increased by $394,000 from the corresponding period in the prior year, primarily due to an expansion of technological infrastructure.
Current wording
Technology and communications expenses for the nine months ended September 30, 2025 were $3,680,000 and increased by $777,000 from the corresponding period in the prior year, primarily due to an expansion of technological infrastructure.
Previous wording
Other general and administrative expenses for the six months ended June 30, 2025 were $3,349,000 and increased by $1,250,000 from the corresponding period in the prior year primarily due to fees related to expansion into investment banking and servicing active trader customers.
Current wording
Other general and administrative expenses for the nine months ended September 30, 2025 were $5,109,000 and increased by $1,940,000 from the corresponding period in the prior year primarily due to the start-up cost and expansion of new businesses and increasing related travel expenses.
Previous wording
Data processing expenses for the six months ended June 30, 2025 were $2,096,000 and increased by $613,000 from the corresponding period in the prior year, primarily due to expansion of technology infrastructure.
Current wording
Data processing expenses for the nine months ended September 30, 2025 were $3,242,000 and increased by $865,000 from the corresponding period in the prior year, primarily due to expansion of technology infrastructure.
Previous wording
Rent and occupancy expenses for the six months ended June 30, 2025 were $909,000 and increased by $34,000 from the corresponding period in the prior year.
Current wording
Rent and occupancy expenses for the nine months ended September 30, 2025 were $1,385,000 and increased by $145,000 from the corresponding period in the prior year, primarily due to the expansion into new office spaces.
Previous wording
Professional fees for the six months ended June 30, 2025 were $2,810,000 and increased by $533,000 from the corresponding period in the prior year primarily due to the establishment of the Siebert advisory committee and expansion into new business lines.
Current wording
Professional fees for the nine months ended September 30, 2025 were $4,363,000 and increased by $622,000 from the corresponding period in the prior year primarily due to the establishment of the Siebert advisory committee and expansion into new business lines.
Previous wording
Depreciation and amortization expenses for the six months ended June 30, 2025 were $1,044,000 and increased by $453,000 from the corresponding period in the prior year, primarilydue to an increase in amortization for the technology projects placed in service in the second quarter of 2025.
Current wording
Depreciation and amortization expenses for the nine months ended September 30, 2025 were $1,693,000 and increased by $752,000 from the corresponding period in the prior year, primarilydue to an increase in amortization for the technology projects placed in service in the second and third quarter of 2025.
Previous wording
Interest expense for the six months ended June 30, 2025 was 187,000 and increased by $76,000 from the corresponding period in the prior year related to an agreement with Kakaopay in 2024.
Current wording
Interest expense for the nine months ended September 30, 2025 was 294,000 and increased by $111,000 from the corresponding period in the prior year related to an agreement with Kakaopay in 2024.
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Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Principal transactions and proprietary trading for the three months ended June 30, 2025 was negative $3,771,000 and decreased by $7,345,000 from the corresponding period in the prior year, primarily due to the realized and unrealized loss of $6,803,000 in our Investment in Equity Security, which is explained further in the section above titled “Investment in Equity Security.”