Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 2023, are as follows (in thousands):

	December 31,
	2024		2023
Financial instruments owned:
U.S. government securities	$	20,045	$	32,411
U.S. government agency securities		149,479		106,634
Agency mortgage-backed securities		262,629		159,903
Asset-backed securities		113,033		19,604
Corporate securities:
Fixed income securities		274,207		237,671
Equity securities		50,787		52,520
State and municipal securities		229,342		223,155
Other (1)		69,486		86,843
	$	1,169,008	$	918,741
Financial instruments sold, but not yet purchased:
U.S. government securities	$	370,373	$	273,653
Agency mortgage-backed securities		65,946		52,664
Corporate securities:
Fixed income securities		174,425		138,359
Equity securities		34,437		21,576
Other (2)		1,090		11,489
	$	646,271	$	497,741

(1)Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

(2)Includes syndicated loans, U.S. government agency securities, sovereign debt, state and municipal securities, and asset-backed securities.