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

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 and December 31, 2024 are as follows (in thousands):


	September 30, 2025		December 31, 2024
Financial instruments owned:
U.S. government securities	$	15,370	$	20,045
U.S. government agency securities		275,046		149,479
Agency mortgage-backed securities		446,693		262,629
Asset-backed securities		60,135		113,033
Corporate securities:
Fixed income securities		311,339		274,207
Equity securities		123,932		50,787
State and municipal securities		241,755		229,342
Other (1)		66,208		69,486
	$	1,540,478	$	1,169,008
Financial instruments sold, but not yet purchased:
U.S. government securities	$	366,214	$	370,373
Agency mortgage-backed securities		168,692		65,946
Corporate securities:
Fixed income securities		153,144		174,425
Equity securities		116,835		34,437
Syndicated loans		1,235		1,090
	$	806,120	$	646,271

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

At September 30, 2025 and December 31, 2024, financial instruments owned in the amount of $579.8 million and $597.0 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.