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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

NOTE 6 – 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 December 31, 2022 and 2021, are as follows (in thousands):

 

 

December 31,

 

 

 

2022

 

 

2021

 

Financial instruments owned:

 

 

 

 

 

 

U.S. government securities

 

$

38,956

 

 

$

10,774

 

U.S. government agency securities

 

 

73,608

 

 

 

143,793

 

Agency mortgage-backed securities

 

 

172,642

 

 

 

335,050

 

Asset-backed securities

 

 

8,270

 

 

 

132,087

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

202,169

 

 

 

255,999

 

Equity securities

 

 

38,129

 

 

 

75,056

 

State and municipal securities

 

 

126,237

 

 

 

162,335

 

Other (1)

 

 

71,741

 

 

 

41,910

 

 

 

$

731,752

 

 

$

1,157,004

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

U.S. government securities

 

$

254,265

 

 

$

377,023

 

U.S. government agency securities

 

 

3,971

 

 

 

37,395

 

Agency mortgage-backed securities

 

 

44,793

 

 

 

156,628

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

134,381

 

 

 

153,852

 

Equity securities

 

 

11,590

 

 

 

28,482

 

Other (2)

 

 

5,817

 

 

 

2,770

 

 

 

$

454,817

 

 

$

756,150

 
(1)
Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.
(2)
Includes syndicated loans, state and municipal securities, and sovereign debt.

At December 31, 2022 and 2021, financial instruments owned in the amount of $218.9 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.