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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
 9 Months Ended
Sep. 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 September 30, 2023 and December 31, 2022 are as follows (in thousands):

 

 

September 30, 2023

 

 

December 31,
2022

 

Financial instruments owned:

 

 

 

 

 

 

U.S. government securities

 

$

10,479

 

 

$

38,956

 

U.S. government agency securities

 

 

158,086

 

 

 

73,608

 

Agency mortgage-backed securities

 

 

199,294

 

 

 

172,642

 

Asset-backed securities

 

 

63,046

 

 

 

8,270

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

321,842

 

 

 

202,169

 

Equity securities

 

 

43,091

 

 

 

38,129

 

State and municipal securities

 

 

163,139

 

 

 

126,237

 

Other (1)

 

 

97,768

 

 

 

71,741

 

 

 

$

1,056,745

 

 

$

731,752

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

U.S. government securities

 

$

334,630

 

 

$

254,265

 

U.S. government agency securities

 

 

5,439

 

 

 

3,971

 

Agency mortgage-backed securities

 

 

70,344

 

 

 

44,793

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

135,080

 

 

 

134,381

 

Equity securities

 

 

20,114

 

 

 

11,590

 

Other (2)

 

 

12,683

 

 

 

5,817

 

 

 

$

578,290

 

 

$

454,817

 

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

(2) Includes asset-backed securities, syndicated loans, and state and municipal securities.

At September 30, 2023 and December 31, 2022, financial instruments owned in the amount of $418.8 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.