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

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 are as follows (in thousands):

	June 30, 2023		December 31, 2022
Financial instruments owned:
U.S. government securities	$	24,571	$	38,956
U.S. government agency securities		351,095		73,608
Agency mortgage-backed securities		173,629		172,642
Asset-backed securities		46,022		8,270
Corporate securities:
Fixed income securities		243,240		202,169
Equity securities		40,392		38,129
State and municipal securities		159,089		126,237
Other (1)		106,860		71,741
	$	1,144,898	$	731,752
Financial instruments sold, but not yet purchased:
U.S. government securities	$	445,251	$	254,265
U.S. government agency securities		12,889		3,971
Agency mortgage-backed securities		69,150		44,793
Corporate securities:
Fixed income securities		116,263		134,381
Equity securities		16,067		11,590
Other (2)		5,867		5,817
	$	665,487	$	454,817

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

(2) Includes syndicated loans and state and municipal securities.

At June 30, 2023 and December 31, 2022, financial instruments owned in the amount of $326.7 million and $218.9 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.