Core Viewpoint - Siebert Financial Corp. has launched Siebert Investment Banking to cater to middle-market clients often neglected by larger financial institutions, led by experienced professionals Kimberly Boulmetis and Ajay Asija [1][3]. Group 1: Company Expansion - Siebert Investment Banking will focus on tailored solutions for underserved companies in financial services, including FinTech, depository, and specialty finance, with plans to expand into blockchain and digital assets [2]. - The new division will leverage Siebert's extensive retail distribution network in addition to existing institutional channels, aiming to provide certainty of execution in equity and debt financings [2]. Group 2: Leadership and Expertise - Ajay Asija has over 25 years of investment banking experience, having advised on transactions exceeding $90 billion at firms like Lehman Brothers and J.P. Morgan, and recently served as CFO of BM Technologies [4]. - Kimberly Boulmetis, with over 25 years in debt capital markets, previously led U.S. Financial Institutions for the DCM Group at MUFG, focusing on innovative strategic and financing solutions for financial institutions [5][6]. Group 3: Strategic Vision - CEO John J. Gebbia Sr. highlighted that investment banking is a natural extension of Siebert's commitment to providing best-in-class financial solutions, emphasizing the importance of Asija and Boulmetis' expertise in developing a strong platform [3]. - The investment banking division aims to deliver high-quality advisory services to middle-market clients, ensuring they receive the same level of expertise as larger firms [5].

Core Insights - Siebert Stock Plan Services (Siebert.SPS) has strengthened its leadership team with the addition of Daniel Coyle and Hunter Sattich, enhancing its capacity to provide customized equity compensation solutions for businesses of all sizes [1][4]. Company Overview - Siebert.SPS focuses on delivering tailored equity compensation solutions, emphasizing technology-driven platforms and exceptional customer service to streamline stock plan administration and maximize participant engagement [5]. - The company aims to support a diverse range of clients, from emerging firms to established enterprises, with personalized and innovative services that larger providers may not offer [2][4]. Leadership Expertise - Hunter Sattich, a Certified Equity Professional with over 30 years of experience, is recognized for optimizing equity plan processes and enhancing client outcomes [2][3]. - Daniel Coyle brings over 20 years of finance and compensation experience, specializing in creating strategies that align operational efficiencies with clients' strategic goals [3][4]. Strategic Importance - The addition of Coyle and Sattich is seen as a pivotal step in Siebert's mission to redefine equity compensation solutions and expand its market reach [4][5]. - The leadership team emphasizes a client-first mentality, aiming to address gaps in service that many businesses face with larger providers [3][4].

Core Viewpoint - Siebert Financial Corp. has launched a new Capital Markets Group to expand its presence in institutional markets while enhancing retail growth, led by Randy Billhardt, a seasoned executive with over 30 years of experience [1][4]. Company Overview - Siebert Financial Corp. is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE [5]. - The company operates through various subsidiaries, providing a full range of brokerage and financial advisory services, including securities brokerage, investment advisory, and insurance offerings [6]. Leadership and Expertise - Randy Billhardt, the new Head of Capital Markets Group, has over 15 years of experience in capital markets and a proven track record in unsecured notes and preferred stock issuance [2]. - Under Billhardt's leadership, the Capital Markets Group aims to leverage Siebert's retail distribution network to deliver innovative financial products and enhance institutional capabilities [3]. Strategic Goals - The launch of the Capital Markets Group aligns with Siebert's commitment to innovation and client success, reflecting a forward-thinking strategy to expand its institutional platform [4]. - The group will focus on enhancing offerings such as IPO underwriting, participation in secondary offerings, and offering baby bonds [4].

Core Perspective - Siebert Financial Corp. has launched Siebert.Valor, a Financial Technology initiative aimed at democratizing wealth-building for Active Duty Military, Veterans, Law Enforcement, and First Responders [1][4] Group 1: Initiative Overview - Siebert.Valor is a result of Siebert's acquisition of Guild Financial, which focuses on providing financial education and investment services to the military community [2][3] - Kaj Larsen, co-founder of Guild Financial, will lead the Siebert.Valor initiative, leveraging his expertise in both military and financial sectors [2][4] Group 2: Mission and Values - The initiative aims to honor and serve military service members, veterans, and their families by providing tailored financial education and investment services [3][4] - Siebert.Valor seeks to extend financial literacy and opportunity across underserved communities, aligning with the legacy of Muriel Siebert, the first woman to own a seat on the New York Stock Exchange [3][6] Group 3: Community Engagement - Siebert.Valor pre-launched by sponsoring events during Fleet Week in Miami, including financial literacy talks and community activities [6] - The initiative embodies values of service, integrity, and commitment, aiming to make the American Dream accessible to clients [4][6] Group 4: Future Directions - In addition to leading Siebert.Valor, Kaj Larsen will also play a significant role in Gebbia Entertainment, focusing on content production for financial education [7] - Gebbia Entertainment will support Siebert Financial with entertainment investments across various projects [7]

Core Viewpoint - Siebert Financial Corp. has launched Siebert.Valor, a Financial Technology initiative aimed at democratizing wealth-building for Active Duty Military, Veterans, Law Enforcement, and First Responders [1][3]. Group 1: Initiative Overview - Siebert.Valor is a continuation of Guild Financial's mission to serve military service members and their families by providing tailored financial education and investment services [3][4]. - The initiative is led by Kaj Larsen, co-founder of Guild Financial, who brings expertise from both military and financial sectors [2][4]. Group 2: Strategic Goals - Siebert.Valor aims to enhance financial literacy and opportunity for underserved communities, aligning with the legacy of Muriel Siebert, the first woman to own a seat on the NYSE [3][5]. - The platform will integrate Siebert's financial expertise with Guild's innovative and community-focused approach to investing and education [4][5]. Group 3: Community Engagement - Siebert.Valor pre-launched by sponsoring events during Fleet Week in Miami, including financial literacy talks and community activities [5]. - The initiative embodies values of service, integrity, and commitment, focusing on empowering those who have served the country [6]. Group 4: Company Background - Guild Financial was founded on Veterans Day 2021, focusing on the financial needs of the military community [7]. - Siebert Financial Corp. has been a diversified financial services company since 1967, providing a full range of brokerage and financial advisory services [8][9].

Financial Performance - Total revenue for Q1 2024 was $20,456,000, an increase of 26.5% compared to $16,170,000 in Q1 2023[19] - Net income available to common stockholders for Q1 2024 was $3,688,000, up from $3,196,000 in Q1 2023, representing a 15.4% increase[19] - Commissions and fees increased to $2,300,000 in Q1 2024, a rise of 24.5% from $1,847,000 in Q1 2023[19] - Interest, marketing, and distribution fees rose to $8,763,000, up 25.6% from $6,973,000 in the same period last year[19] - Net income for the three months ended March 31, 2024, was $3,687,000, an increase of 14.7% compared to $3,215,000 for the same period in 2023[22] - The company reported a basic and diluted net income per share of $0.09 for Q1 2024, compared to $0.10 in Q1 2023[19] - Retail customer net worth increased to $16.6 billion as of March 31, 2024, up from $15.9 billion at the end of 2023, representing a growth of approximately 4.4%[140] Assets and Liabilities - Total current assets decreased to $713,022,000 as of March 31, 2024, down from $773,850,000 at the end of 2023, a decline of 7.8%[18] - Total liabilities decreased to $667,472,000 as of March 31, 2024, compared to $731,091,000 at the end of 2023, a reduction of 8.7%[18] - Stockholders' equity increased to $73,843,000 as of March 31, 2024, up from $69,720,000 at the end of 2023, an increase of 5.1%[18] - Total assets as of March 31, 2024, were $742.303 million, a decrease of $59.497 million or 7.4% from December 31, 2023, primarily due to reduced cash and regulatory securities[159] - Liabilities decreased to $667.472 million as of March 31, 2024, down by $63.619 million or 8.7% from the end of 2023, mainly due to lower payables to customers[160] Cash Flow and Investments - Net cash used in operating activities was $62,041,000 for Q1 2024, compared to $39,014,000 in Q1 2023, indicating a significant increase in cash outflow[22] - Cash and cash equivalents at the end of the period were $2,856,000, down from $3,927,000 a year earlier, reflecting a decrease of 27.3%[22] - Total cash and cash equivalents, and cash and securities segregated for regulatory purposes decreased to $221,029,000 from $259,544,000, a decline of 14.8%[22] - The company reported a net cash used in investing activities of $1,761,000 for Q1 2024, compared to $1,017,000 in Q1 2023, showing an increase in investment expenditures[22] - Cash used in operating activities increased by $23.0 million for the three months ended March 31, 2024, primarily due to changes in receivables and securities transactions[174] - Cash used in investing activities rose by $0.7 million compared to the prior year, driven by the New York office build-out and Retail Platform development[175] Employee Compensation and Benefits - Employee compensation and benefits for Q1 2024 were $10,376,000, a significant increase of 48.5% compared to $6,967,000 in Q1 2023[19] - The Company recognized $394,000 in expenses for employee health claims for the three months ended March 31, 2024, compared to $180,000 for the same period in 2023[107] - The Company granted 50,000 restricted stock units at a price of $1.70, recognizing an equity stock compensation expense of $85,000 for the three months ended March 31, 2024[111] - The Company incurred $135,000 in expenses for 401(k) employee contribution matching for the three months ended March 31, 2024, compared to $0 for the same period in 2023[109] Regulatory and Compliance - The company expects considerable changes to its income tax footnote due to the new accounting standard ASU 2023-09, effective for annual periods beginning after December 15, 2024[42] - The company recorded an uncertain tax position of $1,405,000 related to various tax matters as of March 31, 2024[182] - The Company has suspended the use of its registration statement on Form S-3 due to late filing of its 2023 Form 10-K[126] - The Company is in the process of selecting a new independent registered public accounting firm following the resignation of Baker Tilly US, LLP[127] - Management is implementing measures to remediate material weaknesses in internal controls, expected to be completed by the end of 2024[191] Financing Activities - Draws on bank loans totaled $4,800,000 in Q1 2024, with repayments of long-term debt at $21,000, reflecting a net cash inflow from financing activities of $4,779,000[22] - The net capital infusion from Kakaopay was approximately $14.8 million after issuance costs, enhancing the company's regulatory capital[162] - The Company had an outstanding loan balance of $4.8 million as of March 31, 2024, under a line of credit with BMO Harris Bank[103] - Operating lease commitments total $3,187,000, with significant payments due in 2024 ($669,000) and 2025 ($861,000)[166] - Kakaopay fee obligations amount to $4,500,000, with a $5 million payment scheduled in ten quarterly installments starting March 29, 2024[166] Technology and Development - The Company incurred approximately $1.8 million out of a total budget of $3.3 million for technology vendor development projects related to its Retail Platform as of March 31, 2024[106] - The company has incurred approximately $664,000 of the estimated $800,000 build-out costs for the New York office as of March 31, 2024[168] - The company invested $58,000 in the Miami office building during the three months ended March 31, 2024, compared to $565,000 for the same period in 2023[66] - The company recorded a total rent and occupancy cost of $497,000 for the three months ended March 31, 2024, compared to $478,000 in 2023[73] Securities Transactions - Securities borrowed amounted to $383,670,000 as of March 31, 2024, while securities loaned were $389,474,000, indicating significant activity in securities transactions[40] - Total payables to broker-dealers and clearing organizations increased to $2,003,000 as of March 31, 2024, from $481,000 as of December 31, 2023[49] - Stock borrow/stock loan revenue for the three months ended March 31, 2024, was $4,098,000, compared to $3,442,000 in 2023[86] - Principal transactions and proprietary trading increased to $3.506 million in Q1 2024, a rise of $706,000 or 20.1% from Q1 2023, attributed to improved market conditions[143]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-5703 Siebert Financial Corp. (Exact name of registrant as specified in its charter) New York 11-1796714 (State or other jurisdiction of i ...

Financial Performance - Commissions and fees for Q3 2023 were $1,986,000, an increase of $236,000 compared to Q3 2022, primarily due to market conditions [161]. - Interest, marketing, and distribution fees for Q3 2023 were $7,194,000, up by $1,990,000 from the same period last year, driven by rising interest rates [162]. - Principal transactions and proprietary trading for Q3 2023 totaled $3,753,000, an increase of $2,800,000 from Q3 2022 [163]. - Employee compensation and benefits for Q3 2023 were $8,723,000, an increase of $1,433,000 from the prior year, mainly due to higher commission payouts [170]. - Commissions and fees for the nine months ended September 30, 2023 were $5,839,000, a decrease of $104,000 (2%) from the prior year [178]. - Interest, marketing, and distribution fees for the nine months ended September 30, 2023 were $21,583,000, an increase of $10,866,000 (101%) from the prior year [179]. - Principal transactions and proprietary trading for the nine months ended September 30, 2023 were $9,207,000, an increase of $7,440,000 (404%) from the prior year [180]. - The provision for income taxes for the nine months ended September 30, 2023 was $3,621,000, an increase of $4,457,000 from the prior year [193]. Customer Metrics - Retail customer net worth increased to $14.6 billion as of September 30, 2023, up from $13.5 billion at the end of 2022 [158]. - Retail customer accounts grew to 128,727 as of September 30, 2023, compared to 122,394 at the end of 2022 [158]. Assets and Liabilities - Total assets as of September 30, 2023 were $771,146,000, an increase of $43,098,000 (6%) from December 31, 2022 [196]. - Total liabilities as of September 30, 2023 were $699,581,000, an increase of $21,453,000 (3%) from December 31, 2022 [197]. - Cash and cash equivalents decreased to $4.9 million as of September 30, 2023, down from $23.7 million as of December 31, 2022 [201]. Capital and Funding - The net capital infusion from Kakaopay to Siebert from the First Tranche was approximately $15.4 million, enhancing regulatory capital [199]. - The company maintains capital and segregated cash reserves in excess of regulatory requirements, ensuring compliance with SEC rules [207]. - The company has adequate reserves and contingency funding plans to meet regulatory requirements, with sufficient net capital reported for both MSCO and RISE [208]. Expenses - Rent and occupancy expenses for Q3 2023 were $467,000, a decrease of $95,000 from the prior year due to the termination of certain short-term leases [172]. - Professional fees for the three months ended September 30, 2023 were $979,000, an increase of $105,000 (12%) from the prior year [173]. - Interest expense for the three months ended September 30, 2023 was $40,000, a decrease of $68,000 (63%) from the prior year [174]. Cash Flow - For the nine months ended September 30, 2023, the company reported negative operating cash flow primarily due to changes in receivables and payables, as well as securities borrowed and loaned [210]. - The company had investing cash outflows related to the build-out of the Miami office building and technology initiatives for both the nine months ended September 30, 2023 and 2022 [210][211]. Tax Matters - As of September 30, 2023, the company recorded an uncertain tax position of $1,596,000 related to various tax matters, included in "Taxes payable" on the financial statements [217]. Regulatory Compliance - Customer transactions are cleared through brokers on a fully disclosed basis, with regular monitoring for compliance with margin requirements [224]. - The company does not engage in derivative transactions and has no liabilities for the debt of another entity [221]. - There were no material losses for unsettled customer transactions for the three and nine months ended September 30, 2023 and 2022 [214]. Agreements and Contracts - MSCO entered into a five-year service agreement with Broadridge Securities Processing Solutions, with a total minimum expense estimated at approximately $1.3 million [213]. - The company entered into a Capital on Demand Sales Agreement with JonesTrading for an aggregate offering amount of up to $9.6 million, but did not sell any shares under this agreement for the three and nine months ended September 30, 2023 and 2022 [206]. Shareholder Information - Siebert's largest stockholders, the Gebbia Stockholders, control approximately 43% of the outstanding equity securities prior to the closing of the Second Tranche [149].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission file number 0-5703 Siebert Financial Corp. New York 11-1796714 (I.R.S. Employer Identification No.) 535 Fif ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Siebert Financial Corp. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) New York 11-1796714 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ ...