The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of June 30, 2026 and December 31, 2025:


	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 June 30, 2026
Securities borrowed	$	206,717	$	—	$	206,717	$	206,717	$	—
Securities loaned	$	189,192	$	—	$	189,192	$	189,192	$	—
As of December 31, 2025
Securities borrowed	$	114,937	$	—	$	114,937	$	119,872	$	—
Securities loaned	$	97,321	$	—	$	97,321	$	89,142	$	8,179

(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 June 30, 2026 and December 31, 2025:


	Remaining contractual maturity -
	Overnight and continuous
	June 30, 2026		December 31, 2025
Securities lending transactions:
Corporate securities - fixed income	$	277	$	305
Equity securities	206,440		114,632
Total securities borrowed	$	206,717	$	114,937

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. Such expense is incurred from equity and fixed income securities that are loaned to the Company and totaled $906 and $1,968 during the three months ended June 30, 2026 and 2025, respectively, and $1,623 and $2,687 during the six months ended June 30, 2026 and 2025, respectively.