| 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, 2026 | | | | | 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 | | $ | 619,576,000 | | | $ | — | | | $ | 619,576,000 | | | $ | 609,639,000 | | | $ | 9,937,000 | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | Securities loaned | | $ | 609,796,000 | | | $ | — | | | $ | 609,796,000 | | | $ | 600,117,000 | | | $ | 9,679,000 | |
| | | As of December 31, 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 | | $ | 408,495,000 | | | | — | | | $ | 408,495,000 | | | $ | 391,168,000 | | | $ | 17,327,000 | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | Securities loaned | | $ | 407,258,000 | | | | — | | | $ | 407,258,000 | | | $ | 389,817,000 | | | $ | 17,441,000 | | | | (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, 2026 or December 31, 2025. | | | (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. |
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