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Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements Measured on a Recurring Basis | Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2025:
|  | December 31, 2025
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,511,213 |  |  | $ | 2,839,183 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,350,396 |
U.S. and Non-U.S. government obligations |  | 459,943 |  |  | 1,210,309 |  |  | — |  |  | — |  |  | 1,670,252 |
Corporate Bonds |  | — |  |  | 1,207,385 |  |  | — |  |  | — |  |  | 1,207,385 |
Exchange traded notes |  | — |  |  | 10,459 |  |  | — |  |  | — |  |  | 10,459 |
Currency forwards |  | — |  |  | 211,856 |  |  | — |  |  | (204,775) |  |  | 7,081 |
Options |  | 97,459 |  |  | — |  |  | — |  |  | — |  |  | 97,459 |
|  | $ | 2,068,615 |  |  | $ | 5,479,192 |  |  | $ | — |  |  | $ | (204,775) |  |  | $ | 7,343,032 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,896,091 |  |  | $ | 1,304,254 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,200,345 |
Exchange traded notes |  | — |  |  | 8,180 |  |  | — |  |  | — |  |  | 8,180 |
|  | $ | 1,896,091 |  |  | $ | 1,312,434 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,208,525 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 86,491 |  |  | $ | — |  |  | $ | 86,491 |
Digital assets |  | 154,610 |  |  | — |  |  | — |  |  | — |  |  | 154,610 |
Exchange stock |  | 1,020 |  |  | — |  |  | — |  |  | — |  |  | 1,020 |
|  | $ | 155,630 |  |  | $ | — |  |  | $ | 86,491 |  |  | $ | — |  |  | $ | 242,121 |
Receivables from broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Receivables linked to digital assets |  | $ | — |  |  | $ | 328,934 |  |  | $ | — |  |  | $ | — |  |  | $ | 328,934 |
|  | $ | — |  |  | $ | 328,934 |  |  | $ | — |  |  | $ | — |  |  | $ | 328,934 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 2,933,027 |  |  | $ | 2,784,522 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,717,549 |
U.S. and Non-U.S. government obligations |  | 234,169 |  |  | 1,155,901 |  |  | — |  |  | — |  |  | 1,390,070 |
Corporate Bonds |  | — |  |  | 1,754,517 |  |  | — |  |  | — |  |  | 1,754,517 |
Exchange traded notes |  | — |  |  | 26,135 |  |  | — |  |  | — |  |  | 26,135 |
Currency forwards |  | — |  |  | 198,463 |  |  | — |  |  | (198,463) |  |  | — |
Options |  | 216,992 |  |  | — |  |  | — |  |  | — |  |  | 216,992 |
|  | $ | 3,384,188 |  |  | $ | 5,919,538 |  |  | $ | — |  |  | $ | (198,463) |  |  | $ | 9,105,263 |
Payables to broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Payables linked to digital assets |  | $ | — |  |  | $ | 181,272 |  |  | $ | — |  |  | $ | — |  |  | $ | 181,272 |
|  | $ | — |  |  | $ | 181,272 |  |  | $ | — |  |  | $ | — |  |  | $ | 181,272 |
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2024:
|  | December 31, 2024
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 686,827 |  |  | $ | 2,471,450 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,158,277 |
U.S. and Non-U.S. government obligations |  | 348,761 |  |  | 908,625 |  |  | — |  |  | — |  |  | 1,257,386 |
Corporate Bonds |  | — |  |  | 967,377 |  |  | — |  |  | — |  |  | 967,377 |
Exchange traded notes |  | 885 |  |  | 40,602 |  |  | — |  |  | — |  |  | 41,487 |
Currency forwards |  | — |  |  | 716,970 |  |  | — |  |  | (676,905) |  |  | 40,065 |
Options |  | 55,423 |  |  | — |  |  | — |  |  | — |  |  | 55,423 |
|  | $ | 1,091,896 |  |  | $ | 5,105,024 |  |  | $ | — |  |  | $ | (676,905) |  |  | $ | 5,520,015 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,639,404 |  |  | $ | 629,895 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,269,299 |
Exchange traded notes |  | — |  |  | 13,338 |  |  | — |  |  | — |  |  | 13,338 |
|  | $ | 1,639,404 |  |  | $ | 643,233 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,282,637 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 75,843 |  |  | $ | — |  |  | $ | 75,843 |
Digital assets |  | 81,671 |  |  | — |  |  | — |  |  | — |  |  | 81,671 |
Exchange stock |  | 812 |  |  | — |  |  | — |  |  | — |  |  | 812 |
|  | $ | 82,483 |  |  | $ | — |  |  | $ | 75,843 |  |  | $ | — |  |  | $ | 158,326 |
Receivables from broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Receivables linked to digital assets |  | $ | — |  |  | $ | 51,595 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,595 |
|  | $ | — |  |  | $ | 51,595 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,595 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,837,195 |  |  | $ | 1,854,883 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,692,078 |
U.S. and Non-U.S. government obligations |  | 107,045 |  |  | 1,313,955 |  |  | — |  |  | — |  |  | 1,421,000 |
Corporate Bonds |  | — |  |  | 1,249,413 |  |  | — |  |  | — |  |  | 1,249,413 |
Exchange traded notes |  | 15 |  |  | 73,225 |  |  | — |  |  | — |  |  | 73,240 |
Currency forwards |  | — |  |  | 681,878 |  |  | — |  |  | (681,878) |  |  | — |
Options |  | 5,240 |  |  | — |  |  | — |  |  | — |  |  | 5,240 |
|  | $ | 1,949,495 |  |  | $ | 5,173,354 |  |  | $ | — |  |  | $ | (681,878) |  |  | $ | 6,440,971 |
Payables to broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 2,572 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,572 |
Payables linked to digital assets |  | — |  |  | 134,164 |  |  | — |  |  | — |  |  | 134,164 |
|  | $ | — |  |  | $ | 136,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 136,736 |
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2025:
|  | December 31, 2025
|  | Carrying Value |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(in thousands) |  |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,061,697 |  |  | $ | 1,061,697 |  |  | $ | 1,061,697 |  |  | $ | — |  |  | $ | — |
Cash restricted or segregated under regulations and other |  | 64,744 |  |  | 64,744 |  |  | 64,744 |  |  | — |  |  | — |
Securities borrowed |  | 3,191,138 |  |  | 3,191,138 |  |  | — |  |  | 3,191,138 |  |  | — |
Securities purchased under agreements to resell |  | 988,929 |  |  | 988,929 |  |  | — |  |  | 988,929 |  |  | — |
Receivables from broker-dealers and clearing organizations |  | 1,567,471 |  |  | 1,567,471 |  |  | — |  |  | 1,567,471 |  |  | — |
Receivables from customers |  | 161,561 |  |  | 161,561 |  |  | — |  |  | 161,561 |  |  | — |
Other assets (1) |  | 39,945 |  |  | 39,945 |  |  | 16,414 |  |  | 23,531 |  |  | — |
Total Assets |  | $ | 7,075,485 |  |  | $ | 7,075,485 |  |  | $ | 1,142,855 |  |  | $ | 5,932,630 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 12,382 |  |  | $ | 12,382 |  |  | $ | — |  |  | $ | 12,382 |  |  | $ | — |
Long-term borrowings |  | 2,039,463 |  |  | 2,098,639 |  |  | — |  |  | 2,098,639 |  |  | — |
Securities loaned |  | 3,477,831 |  |  | 3,477,831 |  |  | — |  |  | 3,477,831 |  |  | — |
Securities sold under agreements to repurchase |  | 1,405,639 |  |  | 1,405,639 |  |  | — |  |  | 1,405,639 |  |  | — |
Payables to broker-dealers and clearing organizations |  | 817,004 |  |  | 817,004 |  |  | — |  |  | 817,004 |  |  | — |
Payables to customers |  | 43,103 |  |  | 43,103 |  |  | — |  |  | 43,103 |  |  | — |
Other liabilities (2) |  | 26,039 |  |  | 26,039 |  |  | — |  |  | 26,039 |  |  | — |
Total Liabilities |  | $ | 7,821,461 |  |  | $ | 7,880,637 |  |  | $ | — |  |  | $ | 7,880,637 |  |  | $ | — |
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2024:
|  | December 31, 2024
|  | Carrying Value |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(in thousands) |  |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 872,513 |  |  | $ | 872,513 |  |  | $ | 872,513 |  |  | $ | — |  |  | $ | — |
Cash restricted or segregated under regulations and other |  | 41,478 |  |  | 41,478 |  |  | 41,478 |  |  | — |  |  | — |
Securities borrowed |  | 2,294,529 |  |  | 2,294,529 |  |  | — |  |  | 2,294,529 |  |  | — |
Securities purchased under agreements to resell |  | 983,941 |  |  | 983,941 |  |  | — |  |  | 983,941 |  |  | — |
Receivables from broker-dealers and clearing organizations |  | 1,049,255 |  |  | 1,049,255 |  |  | — |  |  | 1,049,255 |  |  | — |
Receivables from customers |  | 149,804 |  |  | 149,804 |  |  | — |  |  | 149,804 |  |  | — |
Other assets (1) |  | 31,726 |  |  | 31,726 |  |  | 11,121 |  |  | 20,605 |  |  | — |
Total Assets |  | $ | 5,423,246 |  |  | $ | 5,423,246 |  |  | $ | 925,112 |  |  | $ | 4,498,134 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 38,541 |  |  | $ | 38,541 |  |  | $ | — |  |  | $ | 38,541 |  |  | $ | — |
Long-term borrowings |  | 1,740,467 |  |  | 1,788,719 |  |  | — |  |  | 1,788,719 |  |  | — |
Securities loaned |  | 2,431,878 |  |  | 2,431,878 |  |  | — |  |  | 2,431,878 |  |  | — |
Securities sold under agreements to repurchase |  | 1,271,788 |  |  | 1,271,788 |  |  | — |  |  | 1,271,788 |  |  | — |
Payables to broker-dealers and clearing organizations |  | 781,830 |  |  | 781,830 |  |  | — |  |  | 781,830 |  |  | — |
Payables to customers |  | 46,112 |  |  | 46,112 |  |  | — |  |  | 46,112 |  |  | — |
Other liabilities (2) |  | 26,114 |  |  | 26,114 |  |  | — |  |  | 26,114 |  |  | — |
Total Liabilities |  | $ | 6,336,730 |  |  | $ | 6,384,982 |  |  | $ | — |  |  | $ | 6,384,982 |  |  | $ | — |
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:
|  | December 31, 2025
(in thousands) |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average
Equity investment |  | $ | 86,491 |  |  | Discounted cash flow |  | Estimated revenue growth |  | 5.0% - 6.0% |  | 5.3 | %
|  |  |  |  |  | Discount rate |  | 16.2% - 16.2% |  | 16.2 | %
|  |  |  | Market |  | Future enterprise value/ EBITDA ratio |  | 9.5x - 20.1x |  | 15.0x
|  | December 31, 2024
(in thousands) |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average
Equity investment |  | $ | 75,843 |  |  | Discounted cash flow |  | Estimated revenue growth |  | 5.0% - 5.0% |  | 5.0 | %
|  |  |  |  |  | Discount rate |  | 16.4% - 16.4% |  | 16.4 | %
|  |  |  | Market |  | Future enterprise value/ EBITDA ratio |  | 7.5x - 18.0x |  | 13.2x
Schedule of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis | The following presents the changes in the Company’s Level 3 financial instruments measured at fair value on a recurring basis:
|  | Year Ended December 31, 2025
(in thousands) |  | Balance at December 31, 2024 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) (1) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | Balance at December 31, 2025 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2025
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 75,843 |  |  | $ | — |  |  | $ | 10,648 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,491 |  |  | $ | 10,648 |
Total |  | $ | 75,843 |  |  | $ | — |  |  | $ | 10,648 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,491 |  |  | $ | 10,648 |
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
|  | Year Ended December 31, 2024
(in thousands) |  | Balance at December 31, 2023 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) (1) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | Balance at December 31, 2024 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2024
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 81,805 |  |  | $ | — |  |  | $ | (5,962) |  |  | $ | — |  |  | $ | — |  |  | $ | 75,843 |  |  | $ | (5,962) |
Total |  | $ | 81,805 |  |  | $ | — |  |  | $ | (5,962) |  |  | $ | — |  |  | $ | — |  |  | $ | 75,843 |  |  | $ | (5,962) |
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Schedule of Netting of Certain Financial Assets | The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2025 and December 31, 2024:
|  | December 31, 2025
|  | Gross Amounts of Recognized Assets |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 3,191,138 |  |  | $ | — |  |  | $ | 3,191,138 |  |  | $ | (3,083,612) |  |  | $ | (53,461) |  |  | $ | 54,065 |
Securities purchased under agreements to resell |  | 988,929 |  |  | — |  |  | 988,929 |  |  | (988,274) |  |  | — |  |  | 655 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 211,856 |  |  | (204,775) |  |  | 7,081 |  |  | — |  |  | — |  |  | 7,081 |
Options |  | 97,459 |  |  | — |  |  | 97,459 |  |  | — |  |  | (96,708) |  |  | 751 |
Total |  | $ | 4,489,382 |  |  | $ | (204,775) |  |  | $ | 4,284,607 |  |  | $ | (4,071,886) |  |  | $ | (150,169) |  |  | $ | 62,552 |
|  | Gross Amounts of Recognized Liabilities |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 3,477,831 |  |  | $ | — |  |  | $ | 3,477,831 |  |  | $ | (3,382,370) |  |  | $ | (67,690) |  |  | $ | 27,771 |
Securities sold under agreements to repurchase |  | 1,405,639 |  |  | — |  |  | 1,405,639 |  |  | (1,404,924) |  |  | — |  |  | 715 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 198,463 |  |  | (198,463) |  |  | — |  |  | — |  |  | — |  |  | — |
Options |  | 216,992 |  |  | — |  |  | 216,992 |  |  | — |  |  | (96,708) |  |  | 120,284 |
Total |  | $ | 5,298,925 |  |  | $ | (198,463) |  |  | $ | 5,100,462 |  |  | $ | (4,787,294) |  |  | $ | (164,398) |  |  | $ | 148,770 |
|  | December 31, 2024
|  | Gross Amounts of Recognized Assets |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 2,294,529 |  |  | $ | — |  |  | $ | 2,294,529 |  |  | $ | (2,222,054) |  |  | $ | (39,309) |  |  | $ | 33,166 |
Securities purchased under agreements to resell |  | 983,941 |  |  | — |  |  | 983,941 |  |  | (983,753) |  |  | — |  |  | 188 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 716,970 |  |  | (676,905) |  |  | 40,065 |  |  | — |  |  | — |  |  | 40,065 |
Options |  | 55,423 |  |  | — |  |  | 55,423 |  |  | — |  |  | (55,423) |  |  | — |
Total |  | $ | 4,050,863 |  |  | $ | (676,905) |  |  | $ | 3,373,958 |  |  | $ | (3,205,807) |  |  | $ | (94,732) |  |  | $ | 73,419 |
|  | Gross Amounts of Recognized Liabilities |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 2,431,878 |  |  | $ | — |  |  | $ | 2,431,878 |  |  | $ | (2,375,372) |  |  | $ | (48,545) |  |  | $ | 7,961 |
Securities sold under agreements to repurchase |  | 1,271,788 |  |  | — |  |  | 1,271,788 |  |  | (1,271,573) |  |  | — |  |  | 215 |
Payables to broker-dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 2,572 |  |  | — |  |  | 2,572 |  |  | — |  |  | — |  |  | 2,572 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 681,878 |  |  | (681,878) |  |  | — |  |  | — |  |  | — |  |  | — |
Options |  | 5,240 |  |  | — |  |  | 5,240 |  |  | — |  |  | (5,213) |  |  | 27 |
Total |  | $ | 4,393,356 |  |  | $ | (681,878) |  |  | $ | 3,711,478 |  |  | $ | (3,646,945) |  |  | $ | (53,758) |  |  | $ | 10,775 |
Schedule of Netting of Certain Financial Liabilities | The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2025 and December 31, 2024:
|  | December 31, 2025
|  | Gross Amounts of Recognized Assets |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 3,191,138 |  |  | $ | — |  |  | $ | 3,191,138 |  |  | $ | (3,083,612) |  |  | $ | (53,461) |  |  | $ | 54,065 |
Securities purchased under agreements to resell |  | 988,929 |  |  | — |  |  | 988,929 |  |  | (988,274) |  |  | — |  |  | 655 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 211,856 |  |  | (204,775) |  |  | 7,081 |  |  | — |  |  | — |  |  | 7,081 |
Options |  | 97,459 |  |  | — |  |  | 97,459 |  |  | — |  |  | (96,708) |  |  | 751 |
Total |  | $ | 4,489,382 |  |  | $ | (204,775) |  |  | $ | 4,284,607 |  |  | $ | (4,071,886) |  |  | $ | (150,169) |  |  | $ | 62,552 |
|  | Gross Amounts of Recognized Liabilities |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 3,477,831 |  |  | $ | — |  |  | $ | 3,477,831 |  |  | $ | (3,382,370) |  |  | $ | (67,690) |  |  | $ | 27,771 |
Securities sold under agreements to repurchase |  | 1,405,639 |  |  | — |  |  | 1,405,639 |  |  | (1,404,924) |  |  | — |  |  | 715 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 198,463 |  |  | (198,463) |  |  | — |  |  | — |  |  | — |  |  | — |
Options |  | 216,992 |  |  | — |  |  | 216,992 |  |  | — |  |  | (96,708) |  |  | 120,284 |
Total |  | $ | 5,298,925 |  |  | $ | (198,463) |  |  | $ | 5,100,462 |  |  | $ | (4,787,294) |  |  | $ | (164,398) |  |  | $ | 148,770 |
|  | December 31, 2024
|  | Gross Amounts of Recognized Assets |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 2,294,529 |  |  | $ | — |  |  | $ | 2,294,529 |  |  | $ | (2,222,054) |  |  | $ | (39,309) |  |  | $ | 33,166 |
Securities purchased under agreements to resell |  | 983,941 |  |  | — |  |  | 983,941 |  |  | (983,753) |  |  | — |  |  | 188 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 716,970 |  |  | (676,905) |  |  | 40,065 |  |  | — |  |  | — |  |  | 40,065 |
Options |  | 55,423 |  |  | — |  |  | 55,423 |  |  | — |  |  | (55,423) |  |  | — |
Total |  | $ | 4,050,863 |  |  | $ | (676,905) |  |  | $ | 3,373,958 |  |  | $ | (3,205,807) |  |  | $ | (94,732) |  |  | $ | 73,419 |
|  | Gross Amounts of Recognized Liabilities |  | Amounts Offset in the Consolidated Statements of Financial Condition |  | Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 2,431,878 |  |  | $ | — |  |  | $ | 2,431,878 |  |  | $ | (2,375,372) |  |  | $ | (48,545) |  |  | $ | 7,961 |
Securities sold under agreements to repurchase |  | 1,271,788 |  |  | — |  |  | 1,271,788 |  |  | (1,271,573) |  |  | — |  |  | 215 |
Payables to broker-dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 2,572 |  |  | — |  |  | 2,572 |  |  | — |  |  | — |  |  | 2,572 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 681,878 |  |  | (681,878) |  |  | — |  |  | — |  |  | — |  |  | — |
Options |  | 5,240 |  |  | — |  |  | 5,240 |  |  | — |  |  | (5,213) |  |  | 27 |
Total |  | $ | 4,393,356 |  |  | $ | (681,878) |  |  | $ | 3,711,478 |  |  | $ | (3,646,945) |  |  | $ | (53,758) |  |  | $ | 10,775 |
Schedule of Gross Obligations for Repurchase Agreement and Securities Borrowed Transactions by Remaining Contractual Maturity and Class of Collateral Pledged | The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged as of December 31, 2025 and December 31, 2024:
|  | December 31, 2025
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Greater than 90 days |  | Total
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 315,000 |  |  | $ | 85,000 |  |  | $ | 100,000 |  |  | $ | — |  |  | $ | 500,000 |
U.S. and Non-U.S. government obligations |  | 905,639 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 905,639 |
Total |  | $ | 905,639 |  |  | $ | 315,000 |  |  | $ | 85,000 |  |  | $ | 100,000 |  |  | $ | — |  |  | $ | 1,405,639 |
Securities loaned: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 3,477,831 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,477,831 |
Total |  | $ | 3,477,831 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,477,831 |
|  | December 31, 2024
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Greater than 90 days |  | Total
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 190,000 |  |  | $ | 185,000 |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | 450,000 |
U.S. and Non-U.S. government obligations |  | 821,788 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 821,788 |
Total |  | $ | 821,788 |  |  | $ | 190,000 |  |  | $ | 185,000 |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | 1,271,788 |
Securities loaned: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 2,431,878 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,431,878 |
Total |  | $ | 2,431,878 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,431,878 |

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