Siebert Financial Corp (NASDAQ: SIEB) is a financial services company that operates a retail brokerage, investment advisory, market-making, and corporate services business through its subsidiaries. Revenue comes from brokerage commissions, margin lending, investment advisory fees, market-making activity across more than 500 equity securities and fixed income products, and corporate services directed at small- and mid-cap public issuers. The company's principal broker-dealer subsidiary is Muriel Siebert & Co., LLC (MSCO), which clears through NFS under an agreement extended through October 1, 2030. Registered investment adviser SNXT operates under the Investment Advisers Act of 1940. Subsidiaries MSCO and RISE are registered introducing brokers regulated by FINRA and the NFA. In 2025, Siebert added music master recordings and Name, Image and Likeness (NIL) negotiation services as new revenue streams, generating $594,000 in NIL revenue in the fiscal year ended December 31, 2025. No dividends were paid in 2024 or 2025.

Revenue model

Transactional brokerage commissions, margin lending interest, investment advisory fees, market-making spreads across 500+ equity and fixed income products, corporate services fees for small- and mid-cap issuers, music master royalties, and NIL negotiation service fees (new in Q3 FY2025, $594,000 for FY2025). A one-time $4.8 million business development credit was received from NFS upon clearing agreement amendment in September 2025.

Products and services

Retail brokerage (MSCO), registered investment advisory services (SNXT), margin lending, market-making in 500+ equity and fixed income products, corporate services for publicly traded small- and mid-cap companies, independent retail execution services, music master recordings (artists including Daughtry, Badflower, Sammy Hagar), and NIL negotiation services for student-athletes.

Customers and end markets

Retail brokerage clients, ERISA plan investors, small- and mid-cap public companies (corporate services), university athletic departments and NIL collectives (NIL services), and institutional counterparties in market-making.

Value-chain role

Introducing broker-dealer clearing through NFS; registered investment adviser; market maker in domestic equity and fixed income markets; corporate services provider to public issuers; music rights owner; NIL intermediary between student-athletes and university athletic departments or NIL collectives.

Source: SEC 10-K, filed 2026-03-30

Industry: Security Brokers, Dealers & Flotation Companies Peers: BRC Group Holdings Inc Lvpai Group Ltd COWEN INC. Morgan Stanley Oppenheimer Holdings Inc Perella Weinberg Partners GREENHILL & CO INC