Siebert Financial Corp.

What they do

The company operates through subsidiaries including Muriel Siebert & Co., LLC (retail brokerage), Siebert AdvisorNXT, LLC (investment advisory), Park Wilshire Companies, Inc. (insurance), Siebert Technologies, LLC (technology development), RISE Financial Services, LLC (broker-dealer) and Gebbia Media, LLC (talent management and production). It reports two segments: Financial Services and Media, Sports and Entertainment, with financial services described as the primary business. As of March 24, 2026 it had 166 full-time employees, 13 U.S. branch offices and headquarters in Miami Beach, Florida. Common stock trades on the Nasdaq Capital Market under the symbol SIEB.

Revenue drivers

• Stock borrow / stock loan — Revenue rose 51% to $29.0 million in 2025 versus 2024, and increased 43% to $10.8 million in the second quarter of 2026, making it a major contributor to recent revenue growth.
• Principal transactions and proprietary trading — Revenue increased 20% to $17.5 million in 2025 compared to 2024, per the 10-K financial highlights.
• Investment banking and advisory fees — In the second quarter of 2026, investment banking increased by $2.2 million and advisory fees increased by 31% to $1.0 million versus the prior-year period.
• Media, sports and entertainment — Conducted through Gebbia Media, LLC, providing talent management and production; the 10-K describes this segment as a limited portion of overall operations with results that vary by project timing.

Recent performance

Second quarter 2026 revenue was $31.2 million with an operating loss of $0.5 million and loss per share of $0.01, compared to revenue of $14.9 million, an operating loss of $5.8 million and loss per share of $0.12 in the second quarter of 2025. The prior-year quarter included approximately $6.8 million of realized and unrealized losses on an equity security investment acquired in a private placement. For full-year 2025, revenue was $94.2 million and net income was $5.1 million, versus revenue of $83.9 million and net income of $13.3 million in 2024, with diluted EPS of $0.13 versus $0.33. At June 30, 2026, total assets were $968.8 million, total liabilities were $880.1 million and shareholder equity was $88.7 million. The company accrued a $1.48 million arbitration settlement charge in the second quarter of 2026 and expects to pay it in the third quarter.

Strategy

Management describes strategic initiatives to diversify and create synergies across its enterprises, including the acquisition of a media and entertainment company. It continues to invest in expanding its business and supporting infrastructure, which raised personnel, commission and payout, technology, advertising and promotion expenses, and music production and artist development costs. In the second quarter of 2026 the company entered clearing agreements with tZERO Digital Asset Securities, LLC and tZERO Securities, LLC for custody of digital assets and traditional securities on a fully disclosed basis. Siebert Crypto, LLC was formed for future digital asset-related services but has not commenced operations.

Risks

• Market and economic sensitivity — Results are highly correlated to general economic conditions and the direction of U.S. equity and fixed-income markets, and profitability can be hurt in periods of reduced market activity because salary, communications and occupancy costs remain relatively fixed.
• Regulatory and net capital requirements — Subsidiaries are registered broker-dealers and an investment advisor subject to SEC, FINRA, CFTC, NFA, SIPC and state regulation, and the company cites net capital requirements as a risk factor.
• Equity investment volatility — The company recorded approximately $9.2 million of unrealized gain on an equity security in the first quarter of 2025 and roughly $6.8 million of realized and unrealized losses on that investment in the second quarter of 2025, showing potential earnings swings from a single position.
• New business line execution — The digital asset custody arrangement with tZERO, the inactive Siebert Crypto subsidiary and the media and entertainment acquisition expose the company to risks related to new business lines and achieving synergies or integration.

Outlook

Management attributes the second quarter 2026 revenue increase to higher stock borrow / stock loan activity, increased investment banking fees and higher commissions, while noting continued investment in business expansion and infrastructure. It flags a $1.48 million arbitration settlement payment expected in the third quarter of 2026. The 10-K states that earnings for any period should not be considered representative of earnings to be expected for any other period.