SIEB — what changed in the latest 10-Q
A section-by-section comparison of SIEB's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-11 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +59 | −52 | ~33 | 27 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 5 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | Text added/removed | +1 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-11
Financial highlights for the three months ended June 30, 2026:
● Investment banking increased by $2.2 million compared to the prior-year period
● Stock borrow / stock loan increased by 43% to $10.8 million compared to the prior-year period
● Advisory fees increased by 31% to $1.0 million compared to the prior-year period
During the three months ended June 30, 2026, revenues increased primarily due to higher activity in our stock borrow / stock loan business, increased investment banking fees, and higher commission revenue. These increases were partially offset by continued investments in the expansion of our busines…
Text removed vs the prior filing · source: 10-Q · 2026-05-15
For the three months ended March 31, 2026, our results compared to the prior-year period reflected continued growth in certain business lines, including stock borrow / stock loan and investment banking, offset by lower interest-related revenue, higher operating expenses, impairment of goodwill and a…
During the three months ended March 31, 2026, we continued to invest in the expansion of our business lines and supporting infrastructure, which contributed to higher personnel expenses, commission and payout expenses, technology costs, advertising and promotion expense, and costs associated with th…
In the first quarter of 2025, we participated in a private placement and acquired restricted shares of a privately held U.S. company (the “Investment in Equity Security”). These shares were subject to restrictions on transferability and did not have a readily determinable fair value at the time of a…
There was significant volatility in the price of the shares, and in the three months ended March 31, 2025, we recorded an unrealized gain of approximately $9.2 million as the price per share closed at $85.31 on March 31, 2025. After the lifting of contractual sale restrictions, we sold the majority …
On March 4, 2026, we entered into an agreement with a multimedia news platform operator for $1 million for a media partnership designed to support marketing and promotional initiatives related to our products and services.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-11
Subsequent to June 30, 2026, the Company settled an arbitration that requires the Company to make a payment of approximately $1.48 million, which is expected to be paid during the third quarter of 2026. As of June 30, 2026, the Company had recorded $1.48 million related to the settlement, which is i…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice