Siebert Financial Corp
Siebert Financial Corp. is a U.S.-based financial services company centered on brokerage, dealer, and clearing activities through its operating subsidiaries. Its business includes retail brokerage, correspondent clearing, corporate services, and related market-making, financing, and investment activities.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSelf-directed brokerage accounts, trading access, margin, and cash management for individual investors.
Fully disclosed and self-clearing services for introducing brokers and related counterparties.
Broker-dealer and capital markets services for corporate clients and transaction activity.
Revenue tied to margin balances, segregated cash and securities, and fund distribution fees.
Investments and newer initiatives such as music-related assets and NIL services.
Products
Reported · share of revenue- Stock Borrow Stock Loan30.8 %
- Interest Marketing and Distribution Fees29.3 %
- Principal Transactions and Proprietary Trading18.6 %
- Commissions and Fees9.5 %
- Other Incomes3.8 %
- Other7.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Siebert serves retail investors who use its brokerage accounts for trading, cash balances, and margin financing. It also serves introducing brokers and other institutional or corporate clients that need clearing, execution, and related back-office support. Newer offerings extend the platform to adjacent customer groups such as corporate services users and student-athlete NIL counterparties.
Individuals using Siebert for brokerage accounts, trading, cash balances, and margin.
Broker-dealers that outsource clearing, settlement, and related operational functions.
Companies and transaction participants using capital markets and brokerage support.
Student-athletes and related collectives using negotiation and representation services.
Strategy
Siebert is investing in technology infrastructure, including a retail platform, mobile trading application, and corporate client tools, to improve service delivery and support growth. It is also broadening its business mix through adjacent offerings such as music-related assets and NIL services while maintaining its core brokerage and clearing franchise.
Improves client experience, operating efficiency, and product breadth.
Supports core brokerage economics and retains institutional and introducing-broker relationships.
Diversifies the business beyond traditional brokerage and interest income.
Geography
Siebert is primarily a U.S. financial services business, with its customer base, regulatory framework, and securities activities centered in the United States. Its securities and cash management activities are tied to U.S. markets and U.S. government securities, while newer digital platforms are intended to broaden reach across domestic customer segments.
Risks
Siebert’s earnings are exposed to market interest rates, customer trading activity, and the credit performance of brokerage counterparties. The company also faces regulatory capital, settlement, and market-value risks inherent in broker-dealer operations, plus valuation uncertainty in newer investments and ventures.
- Interest-rate sensitivityImpact: HighLikelihood: High
Margin interest, segregated cash income, and fund distribution fees depend on market rates.
Exposure: Net interest revenue and client cash economics
- Fair value volatility in equity investmentsImpact: HighLikelihood: High
The value of restricted or market-traded equity holdings can change materially.
Exposure: Investment in equity security
- Customer and counterparty settlement riskImpact: HighLikelihood: Low
The firm can incur losses if customers or brokers fail to meet obligations.
Exposure: Unsettled securities transactions and margin activity
- Regulatory capital and reserve requirementsImpact: MediumLikelihood: Low
Broker-dealer operations must maintain net capital and customer protection reserves.
Exposure: Liquidity and balance-sheet flexibility
- Technology implementation riskImpact: Medium
Platform and vendor changes can delay launches or reduce expected operating benefits.
Exposure: Retail platform and corporate service tools
Accounting
Judgemental itemsValuation uses models and discounts, so reported gains can change sharply with market prices.
Impact: Can materially affect quarterly earnings
Client margin balances and segregated cash balances drive revenue exposure to rate moves.
Impact: Affects revenue and earnings volatility
Tax reserves depend on judgment about the likelihood of sustaining positions on examination.
Impact: Affects taxes payable and income tax expense
Net capital and customer protection requirements influence liquidity and balance-sheet usage.
Impact: Affects operating flexibility and disclosures
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Last updated: 24/09/2026