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

6 Months Ended

Jun. 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 June 30, 2025 and December 31, 2024 are as follows (in thousands):

	June 30, 2025		December 31, 2024
Financial instruments owned:
U.S. government securities	$	24,466	$	20,045
U.S. government agency securities		122,226		149,479
Agency mortgage-backed securities		476,953		262,629
Asset-backed securities		113,938		113,033
Corporate securities:
Fixed income securities		285,451		274,207
Equity securities		59,147		50,787
State and municipal securities		213,226		229,342
Other (1)		48,106		69,486
	$	1,343,513	$	1,169,008
Financial instruments sold, but not yet purchased:
U.S. government securities	$	477,514	$	370,373
Agency mortgage-backed securities		171,839		65,946
Corporate securities:
Fixed income securities		137,127		174,425
Equity securities		31,361		34,437
Other (2)		1,714		1,090
	$	819,555	$	646,271

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

(2) Includes syndicated loans and sovereign debt.