| Schedule of Securities Borrowing and Lending Activity |
The
following table presents information about the Company’s securities borrowing and lending activity depicting the potential effect
of rights of setoff between these recognized assets and liabilities.
| | |
As of June 30, 2025 | |
| | |
Gross Amounts
of Recognized
Assets and
Liabilities | | |
Gross Amounts Offset
in the Consolidated
Statements of Financial
Condition1 | | |
Net Amounts
Presented in the
Consolidated
Statements of
Financial Condition | | |
FMV -
Collateral
Received or
Pledged2 | | |
Net Amount3 | |
| Assets | |
| | |
| | |
| | |
| | |
| |
| Securities borrowed | |
$ | 238,721,000 | | |
$ | — | | |
$ | 238,721,000 | | |
$ | 227,061,000 | | |
$ | 11,660,000 | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Securities loaned | |
$ | 235,674,000 | | |
$ | — | | |
$ | 235,674,000 | | |
$ | 223,407,000 | | |
$ | 12,267,000 | |
| | |
As of December 31, 2024 | |
| | |
Gross Amounts
of Recognized
Assets and
Liabilities | | |
Gross Amounts Offset
in the Consolidated
Statements of
Financial Condition1 | | |
Net Amounts
Presented in the
Consolidated
Statements of
Financial Condition | | |
FMV -
Collateral
Received or
Pledged2 | | |
Net Amount3 | |
| Assets | |
| | |
| | |
| | |
| | |
| |
| Securities borrowed | |
$ | 139,040,000 | | |
$ | — | | |
$ | 139,040,000 | | |
$ | 126,484,000 | | |
$ | 12,556,000 | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Securities loaned | |
$ | 184,962,000 | | |
$ | — | | |
$ | 184,962,000 | | |
$ | 170,780,000 | | |
$ | 14,182,000 | |
| (1) | Amounts
represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff. The Company did
not net any securities borrowed or securities loaned as of June 30, 2025 or December 31, 2024. |
| (2) | Represents
the fair value of collateral the Company had received or pledged under enforceable master agreements. |
| (3) | Represents
the total contract value as presented in the financial statements less the fair market value of the collateral received or pledged. |
|