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

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 are as follows (in thousands):

	June 30, 2022		December 31, 2021
Financial instruments owned:
U.S. government securities	$	55,870	$	10,774
U.S. government agency securities		201,613		143,793
Agency mortgage-backed securities		349,887		335,050
Asset-backed securities		128,314		132,087
Corporate securities:
Fixed income securities		230,175		255,999
Equity securities		56,622		75,056
State and municipal securities		136,879		162,335
Other (1)		111,672		41,910
	$	1,271,032	$	1,157,004
Financial instruments sold, but not yet purchased:
U.S. government securities	$	478,722	$	377,023
U.S. government agency securities		56,721		37,395
Agency mortgage-backed securities		122,369		156,628
Corporate securities:
Fixed income securities		124,305		153,852
Equity securities		25,034		28,482
Other (2)		4,751		2,770
	$	811,902	$	756,150

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

(2) Includes loans, state and municipal securities, and sovereign debt.

At June 30, 2022 and December 31, 2021, financial instruments owned in the amount of $363.3 million and $394.0 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.