| 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, 2026 and December 31, 2025 are as follows (in thousands):
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June 30,
2026 |
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December 31,
2025 |
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Financial instruments owned: |
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|
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U.S. government securities |
|
$ |
32,340 |
|
|
$ |
5,196 |
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U.S. government agency securities |
|
|
240,600 |
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|
|
174,478 |
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Agency mortgage-backed securities |
|
|
515,218 |
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|
|
515,634 |
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Asset-backed securities |
|
|
206,923 |
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|
|
143,723 |
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Corporate securities: |
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|
|
|
|
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Fixed income securities |
|
|
307,044 |
|
|
|
295,570 |
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Equity securities |
|
|
47,009 |
|
|
|
55,312 |
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State and municipal securities |
|
|
275,626 |
|
|
|
174,579 |
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Other (1) |
|
|
74,310 |
|
|
|
63,343 |
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Total financial instruments owned |
|
$ |
1,699,070 |
|
|
$ |
1,427,835 |
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Financial instruments sold, but not yet purchased: |
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|
|
|
|
|
U.S. government securities |
|
$ |
661,011 |
|
|
$ |
475,449 |
|
Agency mortgage-backed securities |
|
|
156,073 |
|
|
|
154,983 |
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Corporate securities: |
|
|
|
|
|
|
Fixed income securities |
|
|
141,150 |
|
|
|
145,582 |
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Equity securities |
|
|
4,362 |
|
|
|
16,363 |
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Other (2) |
|
|
374 |
|
|
|
1,249 |
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Total financial instruments sold, but not yet purchased |
|
$ |
962,970 |
|
|
$ |
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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