| 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, 2026 and December 31, 2025 are as follows (in thousands):
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March 31, 2026 |
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December 31,
2025 |
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Financial instruments owned: |
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U.S. government securities |
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$ |
8,227 |
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$ |
5,196 |
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U.S. government agency securities |
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321,696 |
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|
174,478 |
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Agency mortgage-backed securities |
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|
497,724 |
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|
515,634 |
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Asset-backed securities |
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|
132,752 |
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|
143,723 |
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Corporate securities: |
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Fixed income securities |
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|
332,056 |
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|
|
295,570 |
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Equity securities |
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|
60,180 |
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|
|
55,312 |
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State and municipal securities |
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|
222,931 |
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|
|
174,579 |
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Other (1) |
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|
81,783 |
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|
63,343 |
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Total financial instruments owned |
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$ |
1,657,349 |
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|
$ |
1,427,835 |
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Financial instruments sold, but not yet purchased: |
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U.S. government securities |
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$ |
603,437 |
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$ |
475,449 |
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Agency mortgage-backed securities |
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|
154,512 |
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|
|
154,983 |
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Corporate securities: |
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|
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Fixed income securities |
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|
155,972 |
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|
|
145,582 |
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Equity securities |
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|
9,248 |
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|
16,363 |
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Other (2) |
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|
1,216 |
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|
1,249 |
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Total financial instruments sold, but not yet purchased |
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$ |
924,385 |
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$ |
793,626 |
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(1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt. (2) Includes syndicated loans and state and municipal securities.
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