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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Tables)
 9 Months Ended
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.