The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of December 31, 2025 and 2024:


	Gross amounts recognized		Gross amounts offset in the Consolidated Balance Sheets(1)		Net amounts included in the Consolidated Balance Sheets		Amounts not offset in the Consolidated Balance Sheets but eligible for offsetting upon counterparty default(2)		Net amounts
As of December 31, 2025
Securities borrowed	$	114,937	$	—	$	114,937	$	119,872	$	—
Securities loaned	$	97,321	$	—	$	97,321	$	89,142	$	8,179
As of December 31, 2024
Securities borrowed	$	43,022	$	—	$	43,022	$	48,429	$	—
Securities loaned	$	27,942	$	—	$	27,942	$	22,518	$	5,424

(1)Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.

The following table presents the contract value of securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties as of December 31, 2025 and 2024:



	December 31, 2025				December 31, 2024
	Remaining contractual maturity				Remaining contractual maturity
	Overnight and continuous		Total		Overnight and continuous		Total
Securities lending transactions
Corporate securities - fixed income	$	305	$	305	$	310	$	310
Equity securities	114,632		114,632		42,712		42,712

Total borrowings	$	114,937	$	114,937	$	43,022	$	43,022

The Company’s securities lending transactions require us to pledge collateral based on the terms of each contract which is generally denominated in U.S. dollars and marked to market on a daily basis. If the fair value of the collateral pledged for these transactions declines, the Company could be required to provide additional collateral to the counterparty, therefore decreasing the amount of assets available for other liquidity needs that may arise. The Company’s liquidity risk is mitigated by maintaining offsetting securities borrowed transactions in which the Company receives cash from the counterparty which, in general, is equal to or greater than the cash the Company posts on securities lending transactions.

Interest expense from securities lending activities is included in operating expenses related to operations in the Capital Markets segment. Interest expense from securities lending activities is incurred from equity and fixed income securities that are loaned to the Company and totaled $5,794 and $66,128 during the years ended December 31, 2025 and 2024, respectively.