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Collateralized Transactions
 9 Months Ended
Sep. 30, 2025
Collateralized Agreements [Abstract]  
Collateralized Transactions Collateralized Transactions
The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At September 30, 2025 and December 31, 2024, substantially all of the securities received as collateral have been repledged.
The fair value of the collateralized transactions at September 30, 2025 and December 31, 2024 are summarized as follows:
(in thousands)September 30, 2025December 31, 2024
Securities received as collateral:
Securities borrowed$3,005,737 $2,222,054 
Securities purchased under agreements to resell1,265,955 983,753 
 $4,271,692 $3,205,807 
In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at September 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)September 30, 2025December 31, 2024
Equities$2,500,017 $2,269,299 
Exchange traded notes7,267 13,338 
 $2,507,284 $2,282,637