Siebert Financial Corp. (SIEB): Business Model Canvas [Dec-2025 Updated]

As a seasoned analyst, I see many firms struggle to bridge legacy operations with new digital demands, but Siebert Financial Corp. (SIEB) is executing a fascinating pivot right now, and the Q3 2025 data is the proof you need to see. Forget just commissions; the real story is how their stock borrow/stock loan revenue surged to $10.0 million-a 73.7% year-over-year leap-funding their aggressive tech investments with FusionIQ and global reach via Kakao Pay Securities. This canvas distills how they are balancing that high-yield, older revenue with their new content and platform strategy, all while hitting $70.64 million in total revenue for the first three quarters of 2025; keep reading to see the nine building blocks of this transformation.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Siebert Financial Corp. has forged to power its growth and technology modernization as of late 2025. These aren't just handshake deals; they come with concrete numbers and strategic implications for the firm's infrastructure and market reach.

The operational backbone remains strong, which is key when entering new ventures. For instance, looking at the Q3 2025 results, Siebert Financial Corp. reported revenue growth of 19% year-over-year, hitting $26.8 million. Still, operating income saw a dip, decreasing by 54.8% to $2.2 million, largely due to investments in new lines like investment banking and technology. This context shows you they are spending capital to secure these future-facing partnerships.

Here's a breakdown of the most critical alliances Siebert Financial Corp. has in place:

Core Infrastructure and Technology Modernization

• Clearing and custody services are anchored by a renewed agreement with National Financial Services (NFS), a subsidiary of Fidelity Global Brokerage Group, Inc. This relationship, which has lasted for more than three decades, was extended for an additional five-year term as of Q3 2025.
• The strategic investment in FusionIQ, a cloud-native digital wealth management platform, was a $2.0 million commitment. This integration is designed to offer modular solutions like hybrid advice and self-directed investing. The financial impact of this tech investment has been volatile; Q2 2025 saw a $6.8 million loss on the equity investment, reversing the Q1 2025 unrealized gain of $9.2 million.
• A strategic agreement with Next Securities combines Siebert's infrastructure with their AI technology. This collaboration aims to elevate the platform, with Next Securities currently developing a new mobile trading system (MTS) targeted for launch in the first half of 2026.

Market Expansion and Content Distribution

Siebert Financial Corp. is actively expanding its reach, particularly into Asian markets, using its content as a distribution mechanism. This is a smart way to gain international exposure without immediately setting up a full local operating entity. The partnership with Kakao Pay Securities is the prime example of this strategy.

The collaboration with Kakao Pay Securities delivers Siebert Financial Corp.'s Chief Investment Officer's commentary to approximately 8 million Korean users. Since late November 2025, this content is being published four to five times weekly, timed for the Korean trading day. This effort supports three collaborative workstreams: cross-border brokerage, AI-supported investor experience, and next-generation infrastructure development, including digital assets.

To help you see the scope of these key relationships, here's a quick summary table:

Finally, the collaboration with the Academy Veteran Bond ETF (VETZ), announced on November 10, 2025, involves including VETZ in the newly launched Patriot Portfolio and making targeted allocations. This is a niche but value-aligned partnership, supporting Siebert's mission to serve the veteran community.

The underlying strength in specific revenue drivers supports these strategic moves; for instance, stock borrow/stock loan revenue in Q3 2025 jumped 73.7% to $10.0 million, and advisory fees grew 32.1% to $0.8 million. Finance: draft 13-week cash view by Friday.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Key Activities

You're looking at the core engine room of Siebert Financial Corp., the activities that actually generate the revenue and drive the strategy as of late 2025. It's a mix of traditional brokerage muscle and newer, high-growth diversification plays. Honestly, the numbers show where the focus is right now.

Securities Brokerage and Execution Services

The foundation remains the core brokerage business, supported by a renewed, long-term commitment to its clearing partner. This activity supports a substantial client base, even if commissions aren't the primary growth story anymore.

Key metrics for the retail segment as of September 30, 2025, show the scale of assets under custody or management:

The firm secured stability for this core function by renewing its clearing relationship with National Financial Services ("NFS") for an additional five-year term, extending a partnership that spans over three decades. This is a defintely key operational activity for continuity.

Securities Lending Operations

Securities lending is clearly a significant revenue driver, showing massive year-over-year growth, which helps offset other pressures. This activity involves lending out securities held by clients to short sellers, earning interest on the collateral.

Here's how the stock borrow/stock loan revenue has trended through the first nine months of 2025:

• Stock borrow/stock loan revenue for the nine months Year-to-Date (YTD) ended September 30, 2025, totaled $22.41 million.
• Q3 2025 revenue from this segment was $10.05 million, marking an increase of 73.7% compared to the prior-year quarter.
• For context, Q2 2025 revenue was $7.5 million, and Q1 2025 revenue was $4.8 million.

Investment Banking and Capital Markets Advisory Services

Siebert Financial Corp. is actively expanding its advisory footprint, which is showing growth in fees, though it is a smaller component than lending revenue. The firm is putting resources behind this, evidenced by strategic office openings.

Financial contribution from advisory services for Q3 2025:

• Advisory fees for Q3 2025 reached $0.83 million.
• This represented a year-over-year increase of 32.1% for the quarter.

To support this, Siebert Financial opened a Washington, D.C. office in October 2025 specifically to advance Capital Markets and Investment Banking efforts. The CFO noted that investments in new business lines, including investment banking, contributed to the decrease in operating income despite revenue growth.

Developing and Deploying New Digital Trading Platforms

Technology deployment is a major focus, requiring significant investment. The most concrete recent output is the launch of a specialized platform aimed at a specific, high-value retail segment.

The launch of Siebert.Pro occurred on November 17, 2025, targeting active, self-directed investors. This platform's pricing structure is a key activity differentiator:

This platform rollout followed a strategic investment of $2.0 million in IQvestment Holdings ("FusionIQ"), a cloud-native digital wealth management platform, during Q2 2025. Investments in technology initiatives were cited as a reason for higher expenses in Q2 2025.

Creating Proprietary Financial Content and Media

The activities under Gebbia Media LLC represent a clear diversification strategy, fusing content creation with financial services. These ventures are also cited as areas of investment impacting short-term profitability.

Gebbia Media's key 2025 activities include:

• Acquiring Big Machine Rock earlier in 2025.
• Launching a Sports Division in June 2025, which secured multi-million dollar deals for signed athletes.
• Debuting the "Generation Wealth" marketing campaign to engage Gen Z.
• Providing in-house marketing and advertising services for Siebert.

Furthermore, Siebert Financial's CIO, Mark Malek, began providing daily U.S. market commentary to approximately 8 million Kakao Pay Securities account holders in South Korea starting in late November 2025. Finance: draft 13-week cash view by Friday.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Key Resources

You're looking at the core assets Siebert Financial Corp. relies on to operate its diversified financial services model as of late 2025. These aren't just line items; they are the foundation of their market presence and future strategy.

Regulated US Financial Infrastructure and Nationwide Market Reach

Siebert Financial Corp. maintains registration as a broker-dealer with the Securities and Exchange Commission (SEC) and is a member of the New York Stock Exchange (NYSE) and the Financial Industry Regulatory Authority (FINRA). The firm is also authorized by the Municipal Securities Rulemaking Board (MSRB). This infrastructure supports nationwide market reach, evidenced by its inclusion in the Russell 2000 Index, effective June 27, 2025, which enhances visibility with institutional investors.

Here's a look at the operational scale based on the Third Quarter 2025 results:

The firm also renewed its clearing relationship with National Financial Services ("NFS"), a subsidiary of Fidelity Global Brokerage Group, Inc., for an additional five-year term.

Long-standing Brand Equity and Regulatory Licenses (since 1967)

The brand equity is anchored by a history dating back to 1967. Muriel Faye Siebert became the first woman to own a seat on the NYSE in December 1967. This legacy underpins the core brokerage operations of Muriel Siebert & Co., LLC ("MSCO"). As a registered broker-dealer, MSCO must maintain regulatory net capital of at least $250,000 under the SEC Uniform Net Capital Rule.

Proprietary CIO Commentary and Digital Assets Research Expertise

Siebert Financial Corp. is actively deploying its research capabilities internationally. Chief Investment Officer Mark Malek is providing daily U.S. market commentary to approximately 8 million Kakao Pay Securities account holders. This translated CIO column has been published four to five times weekly since late November 2025. Furthermore, the firm launched Digital Assets Research, appointing a Research Analyst to cover crypto and blockchain infrastructure.

Technology Platforms, Including the $2.0 Million Investment in FusionIQ

A key tangible resource is the investment in technology to enhance digital wealth management. Siebert Financial Corp. invested $2.0 million in IQvestment Holdings ("FusionIQ"), a cloud-native digital wealth management platform. This deployment is intended to help the firm offer hybrid advice and self-directed investing solutions.

Key Subsidiaries: Muriel Siebert & Co., LLC and Gebbia Media LLC

Siebert operates through several entities that drive different aspects of its business model. The core brokerage services are provided through subsidiaries, including:

• Muriel Siebert & Co., LLC ("MSCO"), providing retail brokerage services.
• Gebbia Media LLC, which handles entertainment and media productions, including in-house marketing and advertising services for Siebert.

Gebbia Media LLC has recently expanded its footprint, acquiring Big Machine Rock and launching a Sports Division to serve elite athletes. The firm also established Siebert Investment Banking in February 2025 to cater to middle-market clients.

Finance: draft 13-week cash view by Friday.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Value Propositions

You're looking at how Siebert Financial Corp. keeps its relevance in a market that changes by the minute. The value proposition is a blend of its deep roots and aggressive digital moves.

Trusted, long-standing brokerage history combined with new digital tools.

The firm leans on its history, which includes a clearing relationship with National Financial Services ("NFS") that was just renewed for another five-year term. That partnership itself spans more than three decades. To bridge that history with today's needs, Siebert Financial Corp. put $2.0 million into FusionIQ, a cloud-native digital wealth management platform, showing a commitment to modernizing the investment workflow.

Access to US equity markets for international retail investors (e.g., South Korea).

Siebert Financial Corp. is actively building a global investing gateway, primarily through its deepening collaboration in South Korea. This partnership with Kakao Pay Securities is set up to potentially reach 8 million users. As of late 2025, Chief Investment Officer Mark Malek is delivering daily U.S. market commentary directly to approximately 8 million Kakao Pay Securities account holders, timed for the Korean trading day.

Specialized financial content and literacy initiatives for niche segments.

The firm is targeting specific groups with tailored content. Gebbia Media LLC debuted the "Generation Wealth" campaign to engage Gen Z. Also, the "Tactical Wealth" podcast features military and veteran financial success stories. To support institutional-grade insight, Siebert Financial Corp. launched Digital Assets Research and appointed a dedicated Research Analyst.

Diversified product suite: brokerage, advisory, insurance, and corporate stock plans.

The breadth of offerings is supported by several subsidiaries, including Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, and Park Wilshire Companies, Inc., covering brokerage, advisory, insurance, and corporate stock plan administration. The financial results from the third quarter ended September 30, 2025, show how these segments are contributing to the top line, though operating income reflects strategic reinvestment.

Here's the quick math on the Q3 2025 performance:

What this estimate hides is that the drop in operating income is due to investments in new lines like Siebert Pro and Gebbia Media, so you're trading near-term profit for scale.

High-touch service for active traders through the Siebert.Pro division.

Siebert Financial Corp. launched Siebert.Pro on November 17, 2025, specifically for active, self-directed investors. This platform offers $0 commissions on U.S. exchange-listed stocks during regular market hours. For the high-value segment, it provides preferred margin rates for qualifying balances of $1 million+. This division is led by relationship managers and is one of the areas management cited for the decrease in operating income as they invest in the customer base.

Finance: draft 13-week cash view by Friday.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Customer Relationships

You're looking at how Siebert Financial Corp. engages its diverse client base as of late 2025. The firm is clearly moving toward a segmented, digitally-enhanced service model, while leaning on its established history for institutional credibility.

Hybrid Advice Model and Active Trader Focus

Siebert Financial Corp. is actively segmenting its customer relationships, particularly with the launch of Siebert.Pro on November 17, 2025. This new division targets active, self-directed investors, blending digital tools with dedicated human support. The relationship structure here is tiered based on activity and balance.

For these active traders, the offering includes:

• $0 commissions on U.S. exchange-listed stocks during regular market hours.
• Competitive options fees and margin rates.
• Preferred rates for qualifying balances of $1 million and above.

This structure is supported by the firm's investment in the FusionIQ cloud-native digital wealth management platform, which provides the engine for this hybrid-advice model, integrating self-directed experiences with advisor guidance. The firm's advisory fees, a direct measure of advisory relationship revenue, were $0.8 million in the third quarter of 2025, showing a 32.1% increase year-over-year.

Content-Driven Engagement and Next-Generation Reach

Customer engagement is heavily influenced by content marketing, primarily through Gebbia Media LLC, a subsidiary. The flagship effort is the "Generation Wealth" campaign, which debuted to connect with Gen Z using creator-driven content across digital and out-of-home channels. This content strategy extends globally, connecting Siebert Financial Corp.'s research voice to international audiences.

Specifically, Chief Investment Officer Mark Malek provides daily U.S. market commentary to approximately 8 million Kakao Pay Securities account holders in Korea. This content is published four to five times per week, timed to the Korean trading day, using an AI-first translation workflow followed by human review. Gebbia Media also produces the "Tactical Wealth" podcast, focusing on military and veteran financial success stories.

Here's a snapshot of the quantitative elements driving these customer interactions:

Dedicated Support and Institutional Trust

For institutional and sophisticated clients, the relationship focus shifts to reliability and specialized service access. Siebert Financial Corp. established an Investment Banking and Capital Markets division in the first quarter of 2025 to serve middle-market clients. Furthermore, the firm's visibility with institutional investors was enhanced by its addition to the Russell 2000 Index.

The foundation of institutional trust is anchored in its clearing operations. Siebert Financial Corp. renewed its clearing relationship with National Financial Services ("NFS"), a subsidiary of Fidelity Global Brokerage Group, Inc., for an additional five-year term. This partnership has been active for more than three decades. While older data, institutional customer net worth was reported at $1.9 billion as of March 31, 2021. The firm maintains 10 branch offices throughout the U.S. and serves clients globally.

The firm's commitment to specialized, high-value client services is also reflected in its revenue mix; stock borrow/stock loan revenue, often tied to institutional activity, reached $10.0 million in the third quarter of 2025, a 73.7% increase year-over-year.

The firm had 146 full-time employees as of March 11, 2025.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Channels

You're looking at how Siebert Financial Corp. gets its value proposition to its different customer groups. It's not just one website anymore; it's a mix of digital tools, specialized service tiers, and international content distribution. Here's the breakdown of the channels they are actively pushing as of late 2025.

Online and mobile trading platforms (Siebert Online)

The core digital offering, Siebert Online, remains the foundation for retail investors. While specific user numbers for this platform aren't public, we see the strength of the underlying brokerage operations through revenue drivers. For instance, stock borrow/stock loan revenue, a key component of the brokerage business, saw substantial growth, hitting $10.0 million in the third quarter of 2025, a 73.7% increase compared to the prior-year quarter. This suggests healthy activity in the securities lending side of the platform. Furthermore, Siebert Financial Corp. secured a renewal of its clearing relationship with National Financial Services ("NFS") for another five-year term, which underscores the stability of this primary channel. It's defintely a critical piece of infrastructure.

Advisory services channel (Siebert AdvisorNXT, LLC)

The advisory arm, Siebert AdvisorNXT, LLC, which is a wholly owned subsidiary, is clearly growing its fee-based revenue stream. Advisory fees showed strong momentum, increasing by 32.1% to reach $0.8 million in the third quarter of 2025 over the same period last year. To enhance this digital wealth management offering, Siebert Financial Corp. invested $2.0 million in IQvestment Holdings ("FusionIQ"), a cloud-native digital wealth management platform, during the second quarter of 2025. This investment points to a channel strategy focused on modernizing the advisory delivery system.

International partner platforms, like Kakao Pay Securities' app ecosystem

This is a major expansion channel for Siebert Financial Corp.'s thought leadership. Through a strategic collaboration with Kakao Pay Securities, Siebert Financial Corp. is reaching a massive international audience. Chief Investment Officer Mark Malek's daily U.S. market commentary is now being delivered directly to approximately 8 million Kakao Pay Securities account holders. This content is published four to five times per week, timed for the Korean trading day, using a hybrid AI and human review translation model. This channel bypasses the need for a new local operating entity while delivering institutional-grade insights.

Direct-to-consumer media channels (podcasts, digital, out-of-home advertising)

Siebert Financial Corp. uses its subsidiary, Gebbia Media LLC, to directly engage specific customer segments. This media channel is used for brand building and financial literacy initiatives. Gebbia Media debuted the "Generation Wealth" marketing campaign, which targets Gen Z across digital and out-of-home channels. They also launched the "Tactical Wealth" podcast, featuring military and veteran success stories, and established a Sports Division to serve elite athletes with holistic financial services. These efforts are part of the broader investment strategy that impacted operating income in the third quarter of 2025.

Siebert.Pro, a specialized platform for active, self-directed traders

Siebert.Pro is a newly launched, specialized channel rolled out on November 17, 2025, specifically for experienced retail traders. This platform offers $0 commissions on U.S. exchange-listed stocks during regular market hours and preferred margin rates for balances of $1 million and above. The division is led by Joseph Corso and emphasizes high-touch support from market-seasoned relationship managers, aiming to capture a sophisticated self-directed trader vertical.

Here's a quick look at the quantifiable channel activity and related financial metrics as of late 2025:

All of Siebert Financial Corp.'s revenues for the first six months of 2025 were derived from its operations within the U.S..

Siebert Financial Corp. (SIEB) - Canvas Business Model: Customer Segments

You're looking at how Siebert Financial Corp. segments its client base as of late 2025. The firm focuses on a diversified approach, moving beyond just the traditional retail client to capture growth in specialized, high-value segments. Honestly, the Q3 2025 results show this strategy is driving top-line growth, even as operating income took a hit due to these very investments.

Here's a breakdown of the distinct groups Siebert Financial Corp. targets:

• US Retail Investors (discount brokerage clients).
• Active/Self-Directed Traders seeking advanced tools (Siebert.Pro).
• Institutional Clients needing equity execution and investment banking services.
• International Retail Investors, specifically in South Korea via partnership.
• Military and Veteran Community (focus of the VETZ partnership).

The core retail segment, served through Muriel Siebert & Co., Inc., is supported by significant account protection measures. MSCO purchased $50 million in additional account protection above the standard SIPC coverage, which covers up to $500,000 per customer, with a $250,000 limit on cash claims. This is a key value proposition for the everyday investor.

Active/Self-Directed Traders (Siebert.Pro)

This segment is targeted with the new Siebert.Pro division, which officially launched on November 17, 2025. The investment in this line contributed to the operating income decrease in Q3 2025, but the goal is to scale this high-touch service. For these experienced retail traders, Siebert.Pro offers specific pricing tiers.

The value proposition here is clear, focusing on active users:

• $0 commissions on U.S. exchange-listed stocks during regular market hours.
• Preferred margin rates for qualifying balances of $1 million+.
• Customizable multi-device interface and expert relationship managers.

US Retail and Advisory Clients

While specific client counts aren't public, the financial contribution from advisory and transaction-based services gives us a view into this segment's activity through the third quarter of 2025. Advisory fees saw strong growth year-over-year.

Here's how key revenue drivers related to client activity performed in Q3 2025:

The growth in advisory fees suggests that the investment advisory segment, Siebert AdvisorNXT, LLC, is successfully attracting or growing assets under management from its client base.

International Retail Investors (South Korea)

The partnership with Kakao Pay Securities is a direct play for international retail exposure. This collaboration aims to provide South Korean investors access to U.S. equities, ETFs, and options. The scale of this segment is defined by the partner's reach.

Key metrics tied to the South Korea partnership as of late 2025 include:

• Approximately 8 million Kakao Pay Securities account holders are being reached.
• Siebert Financial Corp. Chief Investment Officer Mark Malek's commentary is published four to five times weekly.
• The content rollout began in late November 2025.

Institutional Clients and Military/Veteran Community

Institutional clients are being courted through execution services and, more recently, investment banking, which was cited as an area of investment leading to lower operating income. Visibility with this group was enhanced by being added to the Russell 2000 Index in Q2 2025. In Q3 2025, the activity showed a mix of engagement:

• 29 institutional investors added SIEB shares.
• 18 institutional investors decreased their positions.

For the Military and Veteran Community, Siebert Financial Corp. strengthened its bond through Gebbia Media's "Tactical Wealth" podcast in Q2 2025 and announced a strategic partnership with the Academy Veteran Bond ETF (VETZ) on November 10, 2025. This focuses on expanding veteran-focused financial solutions and education.

Finance: draft 13-week cash view by Friday.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Cost Structure

You're hiring before product-market fit, so understanding where the cash is going is critical for Siebert Financial Corp. as they push new growth vectors.

Significant investment in new personnel and technology initiatives is a major cost driver for Siebert Financial Corp. as they execute their 2025 strategy. As of March 11, 2025, the firm reported having 146 full-time employees. This investment in talent was highlighted in the first quarter of 2025, which was marked by continued investment in personnel and emerging business lines. Furthermore, technology spending is concrete; in the second quarter of 2025, Siebert Financial Corp. invested $2.0 million in IQvestment Holdings ("FusionIQ"), a cloud-native digital wealth management platform.

The impact of these investments on profitability is visible. Adjusted Operating Income in the second quarter of 2025 was $1.0 million, compared to operating income of $5.6 million in the second quarter of 2024, primarily due to the additional investment in new personnel related to technology initiatives and expansion into new business lines.

Broker-dealer regulatory compliance and operational costs remain a baseline expense, though specific 2025 figures for compliance are not itemized in the latest reports. The firm has historically evaluated fixed costs and office space consolidation to manage these expenses, but the current focus on expansion naturally pressures the cost base upwards. The regulatory environment necessitates ongoing spending to maintain operational standards for the brokerage business.

Personnel costs for new business lines like investment banking and Gebbia Media contribute to the overall compensation structure. The expansion into investment banking and servicing active trader customers is explicitly cited as a reason for lower Adjusted Operating Income in Q2 2025. For the Gebbia Media side, the underlying acquisition of Gebbia Entertainment LLC, which houses these media efforts, was for $1.25 million in August 2024.

Clearing and execution fees paid to partners like NFS are a key variable cost for the core brokerage operations. Siebert Financial Corp. renewed its clearing relationship with National Financial Services (NFS) for an additional five-year term, indicating a continued, necessary operational expense, though the specific fee percentage or dollar amount for 2025 is not disclosed. These fees scale with client trading volume.

Marketing and advertising expenses for campaigns like Generation Wealth, which defintely drives up spend, are being managed under new leadership. Stefano Marrone was appointed as Chief Marketing Officer in the first quarter of 2025 to oversee marketing for all divisions. The launch of the "Generation Wealth" marketing campaign via Gebbia Media signals a deliberate increase in promotional spending to support growth initiatives.

Here's a quick look at key financial figures from the first half of 2025 that frame the cost environment:

The cost structure is clearly weighted toward strategic expansion, which you see reflected in the lower Adjusted Operating Income in Q2 2025 compared to Q1 2025, despite revenue being relatively stable year-over-year for Q2.

The key components driving the cost structure include:

• Significant new personnel hires across operations and marketing.
• Capital outlay for technology modernization, like the $2.0 million FusionIQ investment.
• Personnel and operational costs supporting new ventures like investment banking.
• Marketing spend associated with the "Generation Wealth" campaign.
• Fixed and variable costs related to the NFS clearing agreement.

Finance: draft 13-week cash view by Friday.

Siebert Financial Corp. (SIEB) - Canvas Business Model: Revenue Streams

You're looking at how Siebert Financial Corp. actually brings in the money, which is key to understanding its valuation, so let's lay out the hard numbers from late 2025.

The total revenue for the first three quarters of 2025 hit $70.64 million. That's the big picture for the year so far.

For the third quarter ended September 30, 2025, the total revenue was $26.8 million, which was a 19% increase compared to the prior-year quarter. Here's the breakdown of where that Q3 2025 revenue came from:

The stock borrow/stock loan segment is definitely the standout performer, driving a significant portion of the top line. Honestly, that 73.7% jump shows strong demand in securities financing.

You can see the other components of the revenue stream through these key points:

• Stock borrow/stock loan revenue was $10.0 million in Q3 2025, marking a 73.7% increase year-over-year.
• Principal transactions revenue was $4.6 million in Q3 2025, showing a 9.7% increase from the prior-year quarter.
• Advisory fees brought in $0.8 million in Q3 2025, growing by 32.1% year-over-year.
• Brokerage commissions and transaction fees, calculated as the remainder of the total Q3 revenue, amounted to $11.4 million for the quarter.
• Total revenue for the first three quarters of 2025 was $70.64 million.

Finance: draft the Q4 2025 revenue projection based on Q1-Q3 trends by next Tuesday.