v3.26.3
Financial Instruments and Other Inventory Positions (Tables)
 9 Months Ended
Sep. 30, 2026
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]  
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased by Type
September 30,December 31,
(Amounts in thousands)20262025
Financial instruments and other inventory positions owned
Corporate securities:
Convertible securities$128,934 $140,306 
Equity securities492 — 
Fixed income securities2,783 2,831 
Municipal securities:
Taxable securities26,238 33,021 
Tax-exempt securities139,263 125,419 
Short-term securities88,973 19,531 
Asset-backed securities
60,981 92,472 
U.S. government agency securities51,928 82,666 
U.S. government securities7,705 201 
Derivative contracts3,401 5,823 
Total financial instruments and other inventory positions owned$510,698 $502,270 
Financial instruments and other inventory positions sold, but not yet purchased
Corporate securities:
Equity securities$19,923 $— 
Fixed income securities2,535 3,300 
U.S. government securities39,303 43,403 
Derivative contracts758 1,811 
Total financial instruments and other inventory positions sold, but not yet purchased$62,519 $48,514 
Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position:
September 30, 2026December 31, 2025
(Amounts in thousands)DerivativeDerivativeNotionalDerivativeDerivativeNotional
Derivative CategoryAssets (1)Liabilities (2)AmountAssets (1)Liabilities (2)Amount
Interest rate:
Customer matched-book$9,885 $7,927 $370,230 $7,033 $4,878 $355,129 
Trading securities18,055 6,559 343,847 1,063 5,695 236,400 
$27,940 $14,486 $714,077 $8,096 $10,573 $591,529 
(1)Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition.
(2)Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.
Unrealized Gains/(Losses) on Derivative Instruments The following table presents the Company's unrealized gains/(losses) on derivative instruments:
Three Months EndedNine Months Ended
(Amounts in thousands)September 30,September 30,
Derivative CategoryOperations Category2026202520262025
Interest rate derivative contractInvestment banking$(130)$(30)$(234)$(55)
Interest rate derivative contractInstitutional brokerage12,236 (4,305)15,882 (4,056)
$12,106 $(4,335)$15,648 $(4,111)