The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of September 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 September 30, 2026
Securities borrowed	$	235,009	$	—	$	235,009	$	235,009	$	—
Securities loaned	$	217,125	$	—	$	217,125	$	217,125	$	—
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.
(2)			Represents the fair value of collateral held/posted which is comprised of financial instruments.

The following table presents the gross obligation of securities lending transactions accounted for as secured borrowings by the class of collateral pledged as of September 30, 2026 and December 31, 2025:


	Remaining contractual maturity -
	Overnight and continuous
	September 30, 2026		December 31, 2025
Securities lending transactions:
Corporate securities - fixed income	$	265	$	453
Equity securities	216,860		96,868
Total securities loaned	$	217,125	$	97,321

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 $1,100 and $2,094 during the three months ended September 30, 2026 and 2025, respectively, and $2,723 and $4,781 during the nine months ended September 30, 2026 and 2025, respectively.