NAICS 523910 Quarterly Industry Report
Miscellaneous Intermediation
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 523910Sector: Finance and Insurance (52)Updated: Q1 2026
About This Report
This Fair Market Value industry profile for NAICS 523910 provides data for business owners, investors, and researchers analyzing miscellaneous financial intermediation. Additional data is drawn from SBA[6].. The report draws from Census Bureau[7] and Bureau of Labor Statistics sources to deliver accurate industry intelligence for valuation analysis and market research.
Industry Snapshot
Key metrics for the miscellaneous intermediation industry.
Industry Definition & Overview
Miscellaneous Intermediation (NAICS 523910) encompasses establishments primarily engaged in acting as principals in buying or selling financial contracts on a spread basis, excluding investment bankers, securities dealers, and commodity contracts dealers. Companies in this sector function as investor principals who trade financial instruments for their own accounts, participating in diverse financial markets and transactions.
Key activities include loan brokerage, mortgage dealing, margin lending, options trading, futures contracts, and venture capital activities. Per Census Bureau[5] data, roughly 9,491 businesses operate in this sector, employing over 57,000 workers with average hourly wages of $78.87, reflecting the skilled workforce required for complex financial intermediation. Annual payroll reaches $12.04 billion across the sector.
Firms in this classification bridge financial markets by positioning themselves as principals rather than agents or brokers, creating value through spread-based transactions and risk management. Mineral and oil royalties trading, tax lien purchases, and money market instrument dealings represent additional activities within this classification. Private placement activities and specialized financial contract trading characterize operational models within NAICS 523910. Average firm size remains relatively small, with most establishments employing fewer than 10 workers, though total industry compensation reflects the highly skilled nature of principal trading and investment activities. Regulatory requirements vary based on the types of financial contracts traded, with SEC and state securities laws governing most operations.
What's Included in This Industry
- Loan brokerage and money market instrument dealing
- Mortgage dealing and financing intermediation
- Options trading and futures contracts activities
- Margin lending and consumer credit operations
- Venture capital investment activities
- Mineral and oil royalties trading
- Tax lien purchase and management
- Private equity and debt instrument placement
- Portfolio management services
- Financial contract spread-based trading operations
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Finance and Insurance | 52 |
| Subsector | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 523 |
| Industry Group | Other Financial Investment Activities | 5239 |
| NAICS Industry | Miscellaneous Intermediation | 52391 |
| National Industry | Miscellaneous Intermediation | 523910 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 523150 | Investment Banking and Securities Intermediation | Investment Banking and Securities Intermediation covers underwriting and brokerage of securities, operating as agents and dealers contrasting with NAICS 523910 principal-based spread trading operations. |
| 523160 | Commodity Contracts Intermediation | Commodity Contracts Intermediation handles commodity futures and options transactions, operating in commodity derivatives markets parallel to financial contract intermediation under NAICS 523910. |
| 523210 | Securities and Commodity Exchanges | Securities and Commodity Exchanges operate physical and electronic platforms where financial instruments are traded, providing infrastructure supporting intermediary transactions and price discovery. |
| 523940 | Portfolio Management and Investment Advice | Portfolio Management and Investment Advice provides advisory services and asset management that complement intermediation activities by offering client-specific investment guidance and recommendations. |
| 523991 | Trust, Fiduciary, and Custody Activities | Trust, Fiduciary, and Custody Activities manage client assets in trust and custodial arrangements, providing complementary financial services alongside principal-based intermediation operations. |
| 522110 | Commercial Banking | Commercial Banking includes depository institutions accepting deposits and providing loans, representing capital source and destination relationships for financial intermediation activities. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 16.9% | 1,956 |
| 2 | Texas | 14.7% | 1,700 |
| 3 | Florida | 8.3% | 968 |
| 4 | New York | 7.8% | 910 |
| 5 | Illinois | 3.4% | 394 |
| 6 | Colorado | 3.4% | 393 |
| 7 | Georgia | 3.0% | 354 |
| 8 | Massachusetts | 2.9% | 340 |
| 9 | Nevada | 2.5% | 285 |
| 10 | Arizona | 2.5% | 285 |
% Of Establishments
0%
17%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
88
Total SBA Loans
$18.2M
Total Loan Volume
$207K
Average Loan Size
10 yrs
Average Loan Term
11.02%
Average Interest Rate
424
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per SBA size standards[8], NAICS 523910 has a size standard of $47 million in average annual receipts over the preceding five fiscal years. Businesses meeting this threshold may qualify for federal contracting programs, SBA loans, and other support services. Eligible businesses can access SBA 7(a) loans[9] for working capital, equipment, and acquisition financing, while 504 loans[10] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Northeast Bank | 24 | $6.4M | $267K |
| 2 | Readycap Lending, LLC | 16 | $5.6M | $350K |
| 3 | Live Oak Banking Company | 16 | $3.0M | $185K |
| 4 | BayFirst National Bank | 8 | $1.2M | $150K |
| 4 | CDC Small Business Finance Corp. | 8 | $1.2M | $150K |
Frequently Asked Questions
Common questions about this industry.
What distinguishes NAICS 523910 from investment banking and securities brokerage?
NAICS 523910 covers intermediaries acting as principals using their own capital, whereas investment bankers and securities dealers are classified under NAICS 523150. Per Census Bureau[5] definitions, principal traders buy or sell financial contracts on their own account to generate spread-based profits.
How many establishments operate in Miscellaneous Intermediation?
Per Census Bureau[7] data, roughly 9,491 businesses were classified in NAICS 523910, with employment exceeding 57,000 workers and annual payroll reaching $12.04 billion across the sector.
What is the SBA size standard for NAICS 523910?
Per SBA standards[8], firms must have average annual receipts not exceeding $47 million over the preceding five fiscal years to qualify as small businesses under SBA definitions.
Which industries closely relate to NAICS 523910?
Related classifications include Investment Banking and Securities Intermediation (NAICS 523150), Securities and Commodity Exchanges (NAICS 523210)[5], Commodity Contracts Intermediation (NAICS 523160), and Portfolio Management (NAICS 523940).
What types of financial contracts do intermediaries typically handle?
Common instruments include futures contracts, options, margin lending arrangements, loan contracts, mortgage agreements, and mineral and oil royalty contracts. Per BLS[11] industry profiles, revenue comes through spread differences rather than commissions.
How do venture capital activities fit within NAICS 523910?
Venture capital operations are included when firms act as principals investing their own capital. Venture capital partnerships and investment groups buying equity stakes in early-stage companies without providing additional management services fall within this classification.
What skills and qualifications are required for employment?
Jobs typically require financial analysis expertise, market knowledge, and licensing. Average hourly wages of $78.87 reflect specialized skills in trading operations, financial regulations, and risk management, with many positions requiring Series licenses or certifications.
Are there specific regulations governing NAICS 523910 establishments?
Per SEC[12] rules, firms must comply with securities laws, state regulations, and FINRA requirements for broker-dealer activities. Licensing, capital requirements, and disclosure obligations vary based on the specific financial contracts being traded.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]Census Bureau census.gov
- [6]SBA sba.gov
- [7]Census Bureau data.census.gov
- [8]SBA size standards sba.gov
- [9]SBA 7(a) loans sba.gov
- [10]504 loans sba.gov
- [11]BLS bls.gov
- [12]SEC sec.gov
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