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

3 Months Ended

Mar. 31, 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 March 31, 2025 and December 31, 2024 are as follows (in thousands):

	March 31, 2025		December 31, 2024
Financial instruments owned:
U.S. government securities	$	11,963	$	20,045
U.S. government agency securities		142,251		149,479
Agency mortgage-backed securities		408,100		262,629
Asset-backed securities		156,321		113,033
Corporate securities:
Fixed income securities		311,548		274,207
Equity securities		84,247		50,787
State and municipal securities		255,835		229,342
Other (1)		48,891		69,486
	$	1,419,156	$	1,169,008
Financial instruments sold, but not yet purchased:
U.S. government securities	$	495,106	$	370,373
Agency mortgage-backed securities		140,550		65,946
Corporate securities:
Fixed income securities		154,125		174,425
Equity securities		34,565		34,437
Other (2)		1,142		1,090
	$	825,488	$	646,271

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

(2) Includes syndicated loans.