Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

NOTE 5 – Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

The components of financial instruments owned and financial instruments sold, but not yet purchased, at March 31, 2024 and December 31, 2023 are as follows (in thousands):


	March 31, 2024		December 31, 2023
Financial instruments owned:
U.S. government securities	$	19,071	$	32,411
U.S. government agency securities		195,116		106,634
Agency mortgage-backed securities		208,299		159,903
Asset-backed securities		80,121		19,604
Corporate securities:
Fixed income securities		340,239		237,671
Equity securities		62,434		52,520
State and municipal securities		224,714		223,155
Other (1)		100,861		86,843
	$	1,230,855	$	918,741
Financial instruments sold, but not yet purchased:
U.S. government securities	$	411,916	$	273,653
Agency mortgage-backed securities		56,755		52,664
Corporate securities:
Fixed income securities		164,227		138,359
Equity securities		45,530		21,576
Other (2)		3,851		11,489
	$	682,279	$	497,741

(1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

(2) Includes syndicated loans, U.S. government agency securities, state and municipal securities, and asset-backed securities.

At March 31, 2024 and December 31, 2023, financial instruments owned in the amount of $385.7 million and $303.2 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition.

Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition.