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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Components of Trading Securities Owned and Trading Securities Sold, But Not Yet Purchased | The components of financial instruments owned and financial instruments sold, but not yet purchased, at September 30, 2025 and December 31, 2024 are as follows (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Financial instruments owned: |  |  |  |  |  |
U.S. government securities |  | $ | 15,370 |  |  | $ | 20,045 |
U.S. government agency securities |  |  | 275,046 |  |  |  | 149,479 |
Agency mortgage-backed securities |  |  | 446,693 |  |  |  | 262,629 |
Asset-backed securities |  |  | 60,135 |  |  |  | 113,033 |
Corporate securities: |  |  |  |  |  |
Fixed income securities |  |  | 311,339 |  |  |  | 274,207 |
Equity securities |  |  | 123,932 |  |  |  | 50,787 |
State and municipal securities |  |  | 241,755 |  |  |  | 229,342 |
Other (1) |  |  | 66,208 |  |  |  | 69,486 |
|  | $ | 1,540,478 |  |  | $ | 1,169,008 |
Financial instruments sold, but not yet purchased: |  |  |  |  |  |
U.S. government securities |  | $ | 366,214 |  |  | $ | 370,373 |
Agency mortgage-backed securities |  |  | 168,692 |  |  |  | 65,946 |
Corporate securities: |  |  |  |  |  |
Fixed income securities |  |  | 153,144 |  |  |  | 174,425 |
Equity securities |  |  | 116,835 |  |  |  | 34,437 |
Syndicated loans |  |  | 1,235 |  |  |  | 1,090 |
|  | $ | 806,120 |  |  | $ | 646,271 |
(1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

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- Definition Tabular disclosure of financial instruments held by a broker-dealer for its own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent + Details
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